长电科技 20250821 摘要 长电科技 2025 年上半年营收达 186.1 亿元，同比增长 20.1%，创历史 新高，二季度营收 92.7 亿元，同比增长 7.2%，为历史单季新高。产能 利用率显著提升，二季度平均达到 70%左右，部分产线接近满产，显示 出强劲的增长势头。 先进封装业务增长显著，2025 年上半年同比增长 22%，其中晶圆级封 装增速接近 30%。汽车板块收入同比增长 34%，工业类产品收入同比 增长 39%，运算类电子收入同比增长 72%，表明公司在多元化应用领 域取得进展。 存储业务收入同比增长超过 150%，营收占比接近中双位数，主要受益 于运算电子领域需求强劲。功率器件方面，通过技术创新，推动碳化硅 器件技术走向量产和市场应用，与国内外头部第三代半导体客户合作。 公司积极布局汽车电子，在上海临港建立新工厂，预计年底量产，服务 国内外大客户。中期目标是使汽车电子收入占公司总营收超过 20%，表 明公司对汽车电子市场的重视和投入。 Q&A 长电科技在 2025 年上半年的市场表现如何？ 2025 年上半年，全球半导体行业延续了结构性复苏的态势，人工智能和基础 设施的持续拉动使高端芯 ...

由宽禁带半导体国家工程研究中心主办，InSemi Research、协创微半导体联合承办，碳化硅芯观察协办，功率半导体行业联盟、高端芯片产业创新发展联盟、无锡市 半导体行业协会、无锡市集成电路学会协办的 "功率器件制造测试与应用大会(第三届IPF 2025)" 将于 2025年8月21-22日在中国无锡 盛大启幕。 大会最新议程，重磅公布 | 大会议程 | | | | --- | --- | --- | | FORUM AGENDA | | | | . | | | | 0 0 | 产业领袖峰会 | | | INDUSTRY LEADERSHIP SUMMIT | | Dav1 / 8.21 星期四上午 | | 09:00-09:10 | 大会致辞 | | | 09:10-09:30 | 宽禁带半导体功率器件研究进展 | | | 那跃 - 中国科学院 院士 西安电子科技大学微电子学院 教授 | | | | 09:30-10:00 | 功率半导体材料与器件多场跨尺度建模仿真与数字李生 | | | 刘胜 - 中国科学院 院士 武汉大学 教授 | | | | 10:00-10:30 | 碳化硅缺陷对器件性能影响及碳化 ...

Core Viewpoint - Xiaomi has officially launched its first SUV model, YU7, which utilizes an 800V silicon carbide (SiC) high-voltage platform, showcasing the company's commitment to advanced electric vehicle technology [1][3][6]. Group 1: Product Specifications - The Xiaomi YU7 comes in three versions: Standard, Pro, and Max, all featuring the 800V SiC high-voltage platform [7]. - The Standard version has a single motor with a power of 235kW, achieving 0-100 km/h in 5.88 seconds and a range of 835 km [9]. - The Pro version features dual motors with a total power of 365kW, achieving 0-100 km/h in 4.27 seconds and a range of 770 km [9]. - The Max version also has dual motors, with a peak power of 288kW, achieving 0-100 km/h in 3.23 seconds and a range of 769 km [9]. - The YU7 supports fast charging, with the Max version capable of charging from 10% to 80% in just 12 minutes [9]. Group 2: Technology and Supplier Relationships - The YU7 is equipped with the V6s Plus super motor, featuring a conversion efficiency of 99.85% and a peak torque of 528N·m [11]. - The SiC suppliers for the YU7 include Infineon and Bosch, with the main electric drive systems provided by Huichuan United Power and United Automotive Electronics [16][25]. - The YU7's SiC components are expected to increase compared to the SU7, with the single motor version using approximately 64 SiC MOSFETs and the dual motor version using about 112 [23]. - Domestic suppliers such as ChipLink, Linzhong Electronics, and others are entering Xiaomi's supply chain, indicating a shift towards local SiC component sourcing [25].

Core Viewpoint - The article discusses the second power architecture revolution initiated by NVIDIA for data centers, focusing on the transition from 54V low-voltage direct current (DC) to 800V high-voltage direct current (HVDC) systems to improve energy efficiency and reduce power consumption in data centers [2][4][24]. Group 1: Power Architecture Revolution - NVIDIA is collaborating with Infineon and Navitas to develop an 800V HVDC system aimed at reducing energy consumption in data centers [2][5][6]. - The new architecture will require a significant number of silicon carbide (SiC) and gallium nitride (GaN) devices, including various voltage specifications [3][20]. - The shift to 800V HVDC is driven by the exponential growth of AI workloads, which increases the energy demands of data centers [13][24]. Group 2: Benefits of 800V HVDC - The 800V HVDC architecture is expected to reduce copper usage by 45%, improve efficiency by 5%, and lower maintenance costs by up to 70% compared to the existing 54V system [17][24][25]. - The new system allows for higher power capacity and better energy efficiency, while also reducing material costs due to lower copper requirements [22][24]. - By eliminating the need for AC/DC power supply units (PSUs) within IT racks, cooling costs can also be reduced [26]. Group 3: Industry Context and Future Outlook - The article highlights the significant energy consumption of data centers, with China's data centers consuming over 237.2 billion kilowatt-hours in 2021, equivalent to the output of two Three Gorges dams [7]. - The full-scale implementation of the 800V HVDC system is planned for 2027, coinciding with the launch of NVIDIA's Kyber rack-level systems [26].

Core Viewpoint - The 3rd "Electric Transportation & Digital Energy SiC Technology Application and Supply Chain Upgrade Conference" successfully gathered over 400 elite representatives from leading companies in the SiC industry, discussing the current status and future opportunities of SiC technology in various applications [2][4][88]. Group 1: Conference Overview - The conference featured discussions on "Digital Energy SiC Technology Application" and "Electric Transportation SiC Technology Application," with participation from major players like Mitsubishi Electric, STMicroelectronics, and Wolfspeed [4][6]. - Keynote speeches highlighted the latest research and technological advancements in the SiC industry, emphasizing the importance of collaboration among companies to drive innovation [4][6][13]. Group 2: Industry Trends and Opportunities - The CEO of 行家说 presented insights on the SiC industry's performance in 2024 and projected structural opportunities for 2025, indicating a market scale approaching 100 billion [13]. - The conference emphasized the need for local supply chain support and innovation in capital paths due to tightening IPO regulations in the A-share market [13]. Group 3: Technological Innovations - STMicroelectronics showcased its 8-inch SiC wafer technology, which is expected to reduce costs by 30% compared to 6-inch wafers, facilitating the adoption of automotive-grade SiC devices [16]. - Hong Kong University presented advancements in copper sintering technology, which significantly reduces material costs while enhancing thermal and mechanical performance [21]. - 元山电子 discussed breakthroughs in SiC power modules, focusing on collaborative design platforms that optimize performance and reliability [24]. Group 4: Application and Market Expansion - The conference highlighted the growing applications of SiC technology in electric vehicles, digital energy, and other sectors, with a focus on high-performance solutions for various demanding environments [52]. - The roundtable discussions addressed the current challenges and future trends in the SiC market, emphasizing the importance of industry collaboration for scaling up production and application [30][54]. Group 5: Future Directions - The launch of the "2025 SiC Substrate and Epitaxy Industry Research White Paper" indicates a commitment to understanding and shaping the future of the SiC industry [56]. - Companies are expected to optimize their capacity layouts and enhance resilience in the supply chain to meet the anticipated demand in the coming years [34].

Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Insights - The company achieved a significant revenue increase of 35.05% year-on-year, reaching 2.845 billion yuan, while the net profit attributable to shareholders surged by 115.87% to 473 million yuan in 2024 [3][4]. - The strong performance is attributed to robust sales in two core product lines, with power semiconductor chip production and sales increasing by 43.93% and 63.10% respectively, leading to a revenue growth of 44.59% and a gross margin of 23.47% [4]. - The company is expanding its product structure with a new 6-inch wafer production line, which has reached a capacity of 50,000 pieces per month, enhancing its offerings in the power semiconductor sector [5]. - A subsidiary focused on high-end isolation chips has been established, aiming to tap into new growth areas in high-end manufacturing and domestic substitution, with expected sales of around 5 million yuan in 2025 [6]. Financial Performance Summary - The company reported a total revenue of 2,845 million yuan for 2024, with a year-on-year growth rate of 35.05% [12]. - The net profit attributable to shareholders for 2024 was 473 million yuan, reflecting a growth rate of 115.87% [12]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 0.78 yuan, 1.02 yuan, and 1.35 yuan respectively [6][12].

Core Viewpoint - Onsemi plans to cut 9% of its workforce, approximately 2,400 employees, to maintain innovation amid declining demand and revenue, with expected annual savings of $105 million to $115 million [2][6]. Group 1: Workforce Reduction and Financial Impact - The company anticipates a challenging start to 2025, prompting the workforce reduction to adjust its financial scale while continuing to innovate [2]. - The layoffs are expected to incur costs of $50 million to $60 million, which will be recorded in 2025 [2]. - Onsemi's fourth-quarter revenue fell by 15% to $1.72 billion, with the automotive sector accounting for about half of its revenue [2]. Group 2: Strategic Focus and Innovation - CEO Hassane El-Khoury emphasized that the cuts will not affect R&D spending, focusing instead on pausing ancillary projects that do not impact the company's core business [3][4]. - The company aims to prepare for rising demand in artificial intelligence, indicating that approximately 12 million Onsemi power chips are needed to power 112,000 GPUs [5]. - Onsemi's strategy includes reallocating resources to higher-margin chips while outsourcing other manufacturing processes to enhance competitiveness [7]. Group 3: Market Context and Future Outlook - The semiconductor industry is facing demand fluctuations, particularly in the electric vehicle sector, which has seen a slowdown [7]. - Onsemi's recent layoffs are part of a broader strategy to manage costs and optimize operations in response to current market challenges [7]. - Despite the workforce reduction, Onsemi plans to reinvest some savings into new business initiatives and growth opportunities to strengthen its market position [7].