功率半导体市场调研 20250820 摘要 功率半导体价格预计持续下降，受国内竞争和原厂主动降价影响，2025 年上半年 ST、高压 MOS 等产品平均降幅 10%-20%，碳化硅竞争激烈 降幅或达 20%，传统 MOS 和 IGBT 降幅约 10%。 进口品牌调整价格策略，缩小与国产品牌差距，客户可接受的进口品牌 溢价降至 10%-30%，若进口品牌继续降价，国内厂商或将跟进。 国产功率半导体产品获市场认可，逐步占据一定份额，为维持竞争力， 国产产品也在不断调整价格以应对进口品牌的降价策略。 原厂如依法、英飞凌等通过优化原材料和生产工艺降低成本，如实行 "in China for China"策略，维持较高毛利率，本土化生产是关键。 2025 年上半年 IGBT 和碳化硅单管市场竞争激烈，新能源车架构升级推 动碳化硅模块在汽车电子领域应用，如电机主控和汽车悬架。 国内碳化硅晶圆生产依赖进口，但未来八寸碳化硅衬底有望降低成本约 60%，逐步替代传统硅 MOS 产品，斯达、比亚迪等公司在车规认证方 面具有优势。 AI 行业对功率器件需求爆发式增长，尤其是 AI 服务器电源，对碳化硅和 MOS 器件需求量巨大，推 ...

Core Viewpoint - The article highlights the successful financing and growth of "Puxi Guangjing," a company specializing in silicon carbide (SiC) special chips and system solutions, which has become one of the few profitable enterprises in the SiC sector in China [4][5]. Group 1: Company Overview - "Puxi Guangjing" was founded in March 2020 by four undergraduate classmates from Tsinghua University, focusing on the research and production of SiC special chips, modules, and power systems [4][6]. - The company has completed over six rounds of financing, amounting to several hundred million yuan, to accelerate the process of domestic substitution [6]. Group 2: Market Demand and Product Development - There is a significant increase in demand for SiC applications in extreme environments, particularly in energy exploration, where traditional silicon-based chips cannot meet the high-temperature requirements [5]. - "Puxi Guangjing" has developed SiC chips and systems that can withstand temperatures up to 230°C, addressing issues such as temperature drift and parasitic parameters in extreme conditions [5]. Group 3: Financial Performance and Production Capacity - The company has achieved profitability and has begun mass supply to major domestic energy enterprises and aerospace institutions, with a material gross margin exceeding 85% [5]. - The production base in Zhejiang supports a "virtual IDM" model, with an annual production capacity of over ten thousand special systems [5]. Group 4: Future Plans and Challenges - The company plans to optimize system costs for photovoltaic inverters, electric vehicles, and charging piles through its high-temperature technology platform, while also developing AI power supplies and high-voltage SiC modules [5]. - Technical iteration and cost pressure remain core challenges for the industry [5].

Core Viewpoint - The article discusses the advancements and applications of Silicon Carbide (SiC) technology in various sectors, particularly in electric vehicles and renewable energy, highlighting the industry's growth potential and challenges ahead [2][4][16]. Group 1: Industry Developments - The third generation of SiC MOSFET products is being developed by STMicroelectronics, with a focus on the Chinese market, aiming for better alignment with local automotive needs [5][6]. - National Electronic has achieved significant advancements in SiC technology, with their MOSFET chips demonstrating a minimum on-resistance of 11mΩ and trench chips as low as 9mΩ, indicating a strong competitive edge [6][7]. - SiC products from various companies are being increasingly adopted in industrial applications, including energy storage systems and AI data centers, showcasing the versatility of SiC technology [8][9]. Group 2: Market Opportunities - The electric vehicle (EV) sector remains the primary market for SiC, accounting for nearly 80% of its application, but emerging markets such as AI server power supplies and industrial applications are expected to drive future growth [16][24]. - The potential for SiC applications in eVTOL (electric vertical takeoff and landing) and electric shipping is being explored, with significant weight and efficiency advantages noted for eVTOL applications [10][13]. - The demand for SiC in the power supply sector, including charging stations and fast charging for electric trucks, is anticipated to grow, driven by the need for efficient energy solutions [17][18]. Group 3: Challenges and Considerations - The industry faces challenges in standardization and cost-effectiveness for SiC applications in new markets, particularly in eVTOL and electric shipping, where high voltage requirements and cost considerations are critical [11][12]. - Companies are urged to focus on product maturity, cost optimization, and innovation to capture emerging market opportunities effectively [25][26]. - The need for tailored solutions in industrial applications is emphasized, as diverse customer requirements necessitate customized designs and approaches [27][28].

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].