新股预览：英诺赛科

Investment Rating - The report assigns a basic rating of ★★★☆☆ for the company [4]. Core Insights - The company is a pioneer in the global power semiconductor industry, focusing on the development of GaN (Gallium Nitride) power semiconductors and promoting its ecosystem. It is the first in the world to achieve mass production of 8-inch silicon-based GaN wafers and is the only company providing a full voltage spectrum of silicon-based GaN semiconductor products at an industrial scale [1]. - The industry shows significant growth potential, with the company holding a 0.2% market share in the global power semiconductor market and a 0.4% share in the domestic market. It ranks first among all GaN power semiconductor companies by revenue in 2023. The demand for more efficient and cost-effective power semiconductor products is increasing due to the rise of renewable energy and compute-intensive applications [2]. - The company holds a leading position in the GaN semiconductor industry, with 406 patents and 387 patent applications covering key areas such as chip design, device structure, wafer manufacturing, packaging, and reliability testing. The company collaborates closely with well-known clients across various industries to innovate and expand the application range of GaN products [3]. Summary by Sections Industry Overview - The GaN power semiconductor market is expected to grow from 0.5% of the global power semiconductor market in 2023 to 10.1% by 2028, indicating a significant market penetration and transformation within the industry [2]. Company Positioning - The company adopts an IDM (Integrated Device Manufacturer) model, allowing it to control the entire process from design to sales. This integrated operational framework enhances coordination and synergy, ensuring product quality while providing stable production capacity and supporting cost-effective scale expansion [3].