Guoxin Securities·2025-05-22 13:51Investment Rating - The industry investment rating is "Outperform" (maintained) [2] Core Insights - The profitability of the power semiconductor industry is steadily improving, with the automotive sector and data centers being the main growth drivers. The domestic production of medium and low voltage devices for automobiles is continuously advancing [4][7] - The penetration of SiC MOSFETs in new energy vehicles is increasing, with a notable rise in the market share of domestic suppliers in the IGBT module sector [38][39] - The overall industry is entering a stable phase, with demand from consumption and industrial control maintaining steady growth, while the new energy vehicle market continues to expand [6][21] Summary by Sections Power Semiconductor Performance - The industry is experiencing a recovery in profitability as revenues improve, with automotive and data center applications being the primary growth areas [4] - The sales volume of new energy vehicles in March reached 1.24 million units, a year-on-year increase of 40.1%, with a penetration rate of 42.4% [32][34] New Energy Vehicles - The market share of new energy vehicles with a peak power of over 200kW has increased from 9% in 2022 to 25% in the first quarter of 2025 [35] - The penetration rate of SiC MOSFETs in new energy vehicles reached 18.9% in the first quarter of 2025, indicating a shift towards higher power modules [38] Charging Infrastructure - The number of charging stations in March 2025 increased by 634,000 units, with public charging stations showing a year-on-year decrease of 18.35% [5] Market Dynamics - The competition among leading companies in the IGBT module market is stabilizing, with domestic suppliers gaining market share as overseas competitors decline [38][39] - The industry is expected to continue its growth trend in 2024, driven by the demand for automotive power devices and the ongoing transition to electric vehicles [6][21]