斯达半导：积技以培风，以IGBT/SiC大翼将图南

Investment Rating - The investment rating for the company is "Buy" and is maintained at "A" [1]. Core Views - The company focuses on IGBT modules and SiC power semiconductor fields, successfully developing a full range of IGBT chips, FRD chips, and IGBT modules, achieving import substitution. The IGBT module products exceed 600 types, with voltage levels covering 100V-3300V and current levels covering 10A-3600A. These products have been successfully applied in various fields such as new energy vehicles, inverters, UPS, photovoltaic/wind power generation, SVG, and white goods [1][14]. - Benefiting from the continuous advancement of automotive electrification, automotive electronics have become a representative of counter-cyclical growth in the semiconductor field. The demand for SiC power electronic devices under the 800V platform architecture has shown significant growth, providing strong growth momentum for the company in the medium to long term, opening a second growth curve [1][3]. Summary by Sections Company Overview - The company is a leading enterprise in the power semiconductor device field in China, focusing on the design, research and development, production, and sales of IGBT and other power semiconductor chips and modules. It has established subsidiaries in Shanghai, Chongqing, Zhejiang, and Europe, with R&D centers in both domestic and European locations [14][17]. - The company has a relatively concentrated shareholding structure, with the actual controller having a professional background that supports rapid development. The core technical team is stable, with 24% of employees engaged in R&D [17][20]. IGBT Technology and Market - IGBT technology is a combination of MOSFET and BJT, serving as the "CPU" of the power electronics industry. The company has developed advanced technologies such as trench field stop technology, which has been applied in the latest generation of automotive-grade IGBT modules [1][3]. - The domestic IGBT production capacity is expected to reach 75 million units in 2024, with a self-sufficiency rate of about 40% [3][6]. Financial Performance - In 2023, the company achieved operating revenue of 3.663 billion yuan, a year-on-year increase of 35.39%, and a net profit attributable to shareholders of 911 million yuan, a year-on-year increase of 11.36%. The revenue from the new energy sector grew by 48.09% [5][26]. - The forecast for operating revenue from 2024 to 2026 has been adjusted to 4.522 billion yuan, 5.256 billion yuan, and 6.176 billion yuan, with corresponding growth rates of 23.5%, 16.2%, and 17.5% respectively [3][5]. Future Growth Drivers - The company is expected to benefit from the increasing demand for SiC MOSFET modules in new energy vehicles, with significant growth projected in the sales of automotive-grade SiC MOSFET modules from 2024 to 2030 [3][14]. - The company has plans to expand its production capacity for high-voltage specialty process power chips and SiC chips, aiming to enhance its product structure and market competitiveness [3][5].