电子行业简评报告：英飞凌推出12英寸氮化镓晶圆，有望降低成本

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The demand for computing power is increasing alongside energy consumption, driven by AI model requirements. Chip suppliers are upgrading computing chips to enhance performance, but this leads to higher power consumption, with NVIDIA's H100 GPU consuming around 700W and the upcoming B200 GPU expected to reach 1000W [5] - Gallium Nitride (GaN) offers low conduction resistance and high switching speed, which helps reduce energy consumption. Its high electron mobility makes it suitable for high-frequency and high-power electronic devices [6] - GaN technology is expected to lower energy consumption in AI data centers. The power supply for AI processors requires multiple voltage conversion stages, where GaN can effectively handle the final conversion from 48V to 0.5V [7] - Infineon has launched the world's first 12-inch GaN power semiconductor wafer, which is expected to significantly advance the GaN power semiconductor market. The larger wafer size increases chip production efficiency by 2.3 times compared to 8-inch wafers [8] - The transition to larger GaN wafers will help reduce costs, making GaN devices more competitive with silicon-based devices, thus promoting wider adoption of GaN technology [9] Investment Recommendations - It is recommended to pay attention to companies within the GaN industry chain [9]