能源电子月报：行业进入平稳期，汽车主驱模块格局渐收敛

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The industry is entering a stable phase, with the automotive main drive module landscape gradually converging [4] - In October, the penetration rate of SiC MOSFET in new energy passenger vehicles was 13.9%, while IGBT modules dominated the domestic supply [59] - The sales of new energy vehicles in China reached 1.43 million units in October, representing a year-on-year increase of 49.6% and a month-on-month increase of 11.1% [52] Summary by Relevant Sections New Energy Vehicles - In October, the sales of new energy vehicles reached 1.43 million units, with a penetration rate of 46.8% [52] - Plug-in hybrid sales were 587,300 units, showing a year-on-year increase of 89.5% [56] - The main drive IGBT module manufacturers are gradually establishing a leading advantage, with domestic suppliers capturing approximately 75.4% of the market share [62] Power Modules - In October, the penetration rate of 800V models among new energy vehicles was about 10.7%, with SiC models making up 76% of that segment [5][65] - The report highlights that the competition in the industry will increasingly focus on market share shifts among leading manufacturers [62] Charging Infrastructure - From January to October 2024, the increase in charging stations was 3.288 million units, a year-on-year increase of 19.8% [74] - The ratio of new charging stations to vehicles was 1:2.6, indicating a growing infrastructure to support electric vehicles [74] Market Trends - The report suggests that the demand for high-pressure products is improving, and the overall industry is expected to stabilize or enter a phase of sequential improvement [7] - The growth in the data center sector and the continued expansion of the new energy vehicle market are identified as key drivers for future growth [7]