走进“芯”时代系列之八十“功率半导”深度分析：功率半导”铸全球竞争护城河，产品格局看“底部”机遇

Investment Rating - The report suggests that the power semiconductor sector is currently at a historical valuation bottom, indicating potential investment opportunities in leading domestic companies [7]. Core Insights - Domestic power semiconductor manufacturers are increasingly participating in global competition, with significant improvements in technology and product offerings, leading to a narrowing gap with international leaders [7]. - The market share of domestic power semiconductor companies is approximately 21%, with a long-term potential for replacement and growth as the global market is expected to reach $35.865 billion (approximately 260 billion yuan) by 2026 [7]. - The report highlights that 2024 will be a pivotal year for the domestic SiC MOSFET market, with increasing production capacity and a focus on performance, reliability, and supply stability [7]. Summary by Sections Global Competition and Market Dynamics - Domestic manufacturers have transitioned from slowly catching up to gradually leading in specific areas, establishing strong competitive advantages in the diode and IGBT module sectors [7]. - The report notes that the supply landscape for automotive IGBT modules is stabilizing, with leading suppliers gaining market share due to their reliability and performance [7]. Investment Recommendations - The report recommends focusing on companies such as Yangjie Technology, Sijia Semiconductor, Huazhong Microelectronics, and others, which are well-positioned to benefit from the ongoing market dynamics and technological advancements [7]. Market Trends and Projections - The report anticipates a gradual recovery in demand, with domestic companies expected to capture a larger market share as they enhance their product offerings and expand into overseas markets [7]. - The growth of AI servers is expected to provide additional opportunities for domestic MOSFET manufacturers, further driving market expansion [7].