Group 1 - The global power semiconductor industry is undergoing structural adjustments, driven by the continuous growth in downstream demand from electric vehicles and smart grids, leading to improved supply-demand dynamics for IGBT and accelerated adoption of SiC technology, marking the beginning of a new growth cycle [1] Group 2 - The supply-demand balance for IGBT is improving, with prices stabilizing after a nearly 30% year-on-year decline in Q1 2024, and a positive growth in shipments from Q2 onwards, indicating the end of the industry downturn [2] Group 3 - China's self-sufficiency rate in IGBT is gradually increasing, as domestic manufacturers narrow the gap with international leaders through technological breakthroughs and capacity expansion, leveraging cost advantages to replace imported products in mid-to-low-end markets [3] Group 4 - The mid-to-low-end vehicle segment is becoming a new growth market, with rising sales and penetration rates of electric vehicles by 2025, and increased competition driving down prices, creating significant opportunities for domestic manufacturers to enter the automotive supply chain [4] Group 5 - The capacity expansion in the SiC industry is accelerating, with China's production increasing threefold compared to 2022, and major overseas companies planning to achieve 8-inch substrate mass production by 2025, leading to a downward pressure on prices [5] Group 6 - The transition to 8-inch substrates is expected to reduce costs, as leading Chinese companies have initiated 8-inch production lines, and the cost gap between SiC modules and IGBT modules is projected to narrow from 2-3 times to below 1.5 times by 2026 [6] Group 7 - The shift from 400V to 800V platforms in electric vehicles is accelerating, with SiC's properties making it increasingly prevalent in mid-to-high-end vehicle power systems, suggesting a broader market potential as costs decrease and technology matures [7]

Investment Rating - The report recommends a "Buy" rating for the semiconductor industry, specifically highlighting the potential for recovery in the IGBT market [5]. Core Insights - The IGBT market is showing signs of recovery, with shipments expected to return to positive growth by Q2 2024, indicating the end of the industry downturn. IGBT prices have stabilized after a nearly 30% year-on-year decline in Q1 2024, suggesting a potential upward trend in prices and continued growth in shipments [1][11]. - China's IGBT self-sufficiency is improving, driven by capacity expansion and technological advancements among domestic manufacturers. The report anticipates a shift in the silicon carbide (SiC) market towards oversupply in 2024, leading to a decline in SiC prices [2][12]. - Demand for IGBT is expected to rise due to increased sales of mid-range electric vehicles (EVs) and the penetration of 800V platforms, which will enhance the adoption of SiC in higher-end models. The price gap between SiC and IGBT modules is projected to narrow significantly by 2026, facilitating broader application [3][13]. Summary by Sections Overall Viewpoint - The IGBT market is entering a recovery phase, with signs of demand resurgence and price stabilization. The report highlights the importance of the automotive sector in driving IGBT demand, particularly in the context of electric vehicles [11][20]. IGBT Industry Improvement and SiC Adoption - The report emphasizes the critical role of power semiconductors in various applications, including electric vehicles and industrial control. The IGBT market is expected to grow significantly, with a projected CAGR of 11.23% from 2023 to 2030 [16][23]. Capacity Side: China's IGBT Self-Sufficiency and SiC Price Decline - China's IGBT production is forecasted to increase from 15.5 million units in 2019 to 39 million units by 2024, with a self-sufficiency rate expected to rise as domestic manufacturers enhance their capabilities [31][33]. The SiC market is anticipated to experience a shift towards oversupply, leading to price reductions [12][33]. Demand Side: Mid-Range Vehicle Demand Boosting IGBT and SiC Adoption - The report notes a significant increase in global and Chinese EV sales, with projections indicating continued growth. The demand for IGBT is expected to be bolstered by the rising sales of mid-range EVs, which are more cost-sensitive and likely to continue using IGBT technology in the short term [44][45]. The penetration of 800V platforms is also highlighted as a key driver for SiC adoption in higher-end models [50]. Competitive Landscape - The report outlines the competitive dynamics in the IGBT market, noting that while overseas manufacturers currently dominate, Chinese companies are gradually increasing their market share through technological advancements and capacity expansions [13][15]. Companies to Watch - The report suggests monitoring companies such as Sijia Semiconductor, Times Electric, Silan Microelectronics, China Resources Microelectronics, Sanan Optoelectronics, and others for potential investment opportunities [4].

股票简称：锴威特 股票代码：688693 苏州锴威特半导体股份有限公司 （Suzhou Convert Semiconductor CO., LTD.） （张家港市杨舍镇沙洲湖科创园B2幢01室） 首次公开发行股票科创板上市公告书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 401） 2023 年 8 月 17 日 1 苏州锴威特半导体股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依法 承担法律责任。 苏州锴威特半导体股份有限公司 上市公告书 特别提示 苏州锴威特半导体股份有限公司（以下简称"锴威特"、"本公司"、"发 行人"或"公司"）股票将于 2023 年 8月 18日在上海证券交易所科创板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不 表明 ...

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科 创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本 公司所披露的风险因素，审慎作出投资决定。 科创板风险提示 苏州锴威特半导体股份有限公司 （Suzhou Convert Semiconductor CO., LTD.） （张家港市杨舍镇华昌路 10 号沙洲湖科创园 B2 幢 01 室） 招股说明书 （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 首次公开发行股票并在科创板上市 保荐人（主承销商） 苏州锴威特半导体股份有限公司 招股说明书 发 行 人 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 ...

科创板风险提示 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科 创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本 公司所披露的风险因素，审慎作出投资决定。 苏州锴威特半导体股份有限公司 （Suzhou Convert Semiconductor CO., LTD.） （张家港市杨舍镇华昌路 10 号沙洲湖科创园 B2 幢 01 室） 招股意向书 首次公开发行股票并在科创板上市 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 苏州锴威特半导体股份有限公司 招股意向书 发 行 人 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 ...

苏州锴威特半导体股份有限公司 （Suzhou Convert Semiconductor CO., LTD.） （张家港市杨舍镇华昌路 10 号沙洲湖科创园 B2 幢 01 室） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 科创板风险提示 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科 创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本 公司所披露的风险因素，审慎作出投资决定。 3-1-1 这个 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 苏州锴威特半导体股份有限公司 招股说明书（注册稿） 声明：本公司的发行申请尚需经交易所和中国证监会履行相应程序。本 招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应 当以正式公告的招股说明书作为投资决定的依据。 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对 ...

科创板风险提示 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科 创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本 公司所披露的风险因素，审慎作出投资决定。 苏州锴威特半导体股份有限公司 （Suzhou Convert Semiconductor CO., LTD.） （张家港市杨舍镇华昌路 10 号沙洲湖科创园 B2 幢 01 室） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 保荐机构（主承销商） 公司负责人和主管会计工作的负责人、会计机构负责人保证招股说明书中 财务会计资料真实、完整。 发行人及全体董事、监事、高级管理人员、发行人的控股股东、实际控制 人以及保荐人、承销的证券公司承诺因发行人招股说明书及其他信息披露资料 有虚假记载、误导性陈述或者重大遗漏，致使投资者在证券发行和交易中遭受 损失的，将依法赔偿投资者损失。 保荐人及证券服务机构承诺因其为发行人本次公开发行制作、出具的文件 有虚假记载、误导性陈述或者重大遗漏，给投资者造成损失的，将依法赔偿投 资者损失。 中国证监会、交易所对本次发行所 ...