[Table_Page] 跟踪分析|通用设备 证券研究报告 [Table_Title] 人形机器人跟踪 识别风险，发现价值 请务必阅读末页的免责声明 1 / 4 重视氮化镓方案在人形机器人电驱的应用 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-12-04 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]代川 SAC 执证号：S0260517080007 SFC CE No. BOS186 021-38003678 daichuan@gf.com.cn 分析师： 孙柏阳 SAC 执证号：S0260520080002 021-38003680 sunboyang@gf.com.cn 分析师： 蒲明琪 SAC 执证号：S0260524080003 SFC CE No. BUP066 021-38003807 pumingqi@gf.com.cn 请注意，孙柏阳并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 - ...

Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1]. Core Insights - The electronic industry is experiencing a significant downturn, with the SW electronic industry index declining by 4.77% in the week of November 10-14, 2025, compared to a 1.08% drop in the CSI 300 index [2]. - The global server market is accelerating, with a projected market size of $117.3 billion in 2024 and a compound annual growth rate (CAGR) of 8.5% from 2019 to 2024 [6][10]. - The GaN semiconductor device market is expected to grow at a CAGR of 92.3% from 2019 to 2028, reaching approximately 50.142 billion yuan by 2028 [19][18]. Summary by Sections Section 1: GaN Semiconductor Devices - The collaboration between Navitas and NVIDIA is progressing well, focusing on the development of next-generation AI server power architectures [5]. - The demand for GaN devices is expected to rise significantly due to the expansion of server capacity and the increasing power demand of chips [6]. - GaN devices are projected to cover various applications, with consumer electronics expected to account for 76.41% of the market share in 2024 [19]. Section 2: Company Insights - InnoSilicon is a leading global manufacturer of GaN chips and power modules, with a revenue of 828 million yuan in 2024, reflecting a CAGR of 129.86% from 2021 to 2024 [24]. - The company maintains a high level of R&D investment, with R&D expenses as a percentage of revenue reaching 970.02% in 2021 [24]. - InnoSilicon's product sales are diversified, with significant growth in overseas markets, achieving a 117.24% increase in overseas sales in 2024 [29]. Section 3: Market Performance - The SW electronic industry index ranked 30th out of 31 sectors, indicating a poor performance relative to other sectors [2]. - The top-performing sub-sectors within the electronic industry included panels, while passive components and printed circuit boards saw significant declines [45]. - The report highlights the increasing demand for AI servers, which is expected to drive the growth of GaN semiconductor devices [2][5].

Core Viewpoint - Gallium Nitride (GaN) is poised to become a key component in next-generation high-speed communication systems and advanced data centers, but its high cost and integration challenges with traditional electronics have limited its commercial application [2][3]. Group 1: GaN Technology and Integration - Researchers at MIT have developed a new manufacturing method that allows for the integration of high-performance GaN transistors into standard silicon CMOS chips in a cost-effective and scalable manner [2][3]. - The new method involves constructing numerous micro-transistors on the surface of GaN chips, cutting them out, and then bonding them to silicon chips using a low-temperature process, preserving the functionality of both materials [2][3][4]. - This integration approach enables significant performance improvements while keeping costs low, as only a small amount of GaN material is added to the chip [2][3][4]. Group 2: Performance Enhancements - The new GaN-based power amplifiers demonstrate higher signal strength and efficiency compared to devices using silicon transistors, leading to improved call quality, increased wireless bandwidth, enhanced connectivity, and extended battery life in smartphones [2][3][4][8]. - The compact chips, measuring less than half a square millimeter, utilize advanced silicon processes, allowing for the integration of commonly used components like neutral capacitors, which significantly boosts amplifier gain [8]. Group 3: Manufacturing Process - The manufacturing process involves creating tightly packed micro-transistors on GaN wafers, which are then cut into "dielets" measuring 240 x 410 micrometers [5][7]. - A new tool has been developed to precisely integrate these tiny GaN transistors with silicon chips, utilizing vacuum adhesion and advanced microscopy for alignment [7]. - The bonding process uses copper instead of gold, allowing for lower temperature and cost, while also avoiding contamination issues associated with gold [5][7]. Group 4: Future Implications - The integration of GaN with silicon chips could lead to advancements in quantum applications, as GaN performs better than silicon under low-temperature conditions required for many types of quantum computing [3][4]. - This technology has the potential to revolutionize various commercial markets by combining the best characteristics of silicon with the superior properties of GaN electronic components [3][4].