谁说半导体都拼算力？ 当AI席卷一切，算力似乎成了半导体领域的唯一主角。 但有一类芯片偏偏不凑这个热闹，其既不参与算力竞争，也不依赖先进制程，甚至对光刻机都没有需求，性能 的飞跃靠特色工艺的打磨和材料创新。 正因如此，这类芯片在半导体国产化的过程里，反而率先有望杀出重围！ 这就是功率半导体！ 简单说，功率半导体不像CPU那样精于复杂计算，主要功能是对电能进行转换和控制。比如，手机充电的过程 里，就是功率半导体把墙上的交流电转化成手机电池需要的直流电。 在这一进程中，华润微、士兰微和扬杰科技等力量都功不可没，这几家企业都已经在中低压MOSFET、IGBT 等领域实现规模化量产，逐步斩下国产替代的份额。 这就给我国企业带来了难得的竞争缝隙。 再加上近年来国内在新能源汽车、光伏和5G等下游产业一路高速奔跑，更为国内企业提供了强劲的需求牵引。 如今来看，我国企业已然在功率半导体市场撕开了口子。截至2024年底，功率半导体整体的国产化率已经冲到 15%-20%，技术门槛更高的IGBT和SiC功率器件领域更是有近35%！ 而且，功率半导体是个大家族，从基础的单向阀功率二极管，到高频高速的MOSFET和驾驭高压大电流的 I ...

Key Takeaways Navitas is transitioning GaN production from 6-inch to 8-inch wafers through a partnership with Powerchip.The 8-inch wafers can yield about 80% more chips, enabling efficiency and margin improvements. Navitas plans to focus on higher-margin AI and energy chips while phasing out lower-margin consumer products.Navitas Semiconductor ((NVTS) has started working with Powerchip to move its gallium nitride (GaN) chip production from 6-inch to 8-inch wafers. The goal here is to produce more chips at l ...

26 September 2025 Japan/EU Semi Japan/EU Semi: IGBT to SiC - Can global power semi giants stay ahead of China competition? David Dai, CFA +852 2918 5704 david.dai@bernsteinsg.com Juho Hwang +852 2123 2632 juho.hwang@bernsteinsg.com Carmine Milano +44 207 762 1857 carmine.milano@bernsteinsg.com In this report, we discuss the outlook for two essential power semiconductor products: SiC and IGBT, and assess the outlook for the global power semi giants in light of the current pessimistic sentiment of overcapacit ...

on 24-Sep-2025 24 September 2025 Global Semis Global Semis: SiC for advanced packaging? Identifying the investment opportunities David Dai, CFA +852 2918 5704 david.dai@bernsteinsg.com Mark Li +852 2123 2645 mark.li@bernsteinsg.com Juho Hwang +852 2123 2632 juho.hwang@bernsteinsg.com Carmine Milano +44 207 762 1857 carmine.milano@bernsteinsg.com Edward Hou, CFA +852 2123 2623 edward.hou@bernsteinsg.com Yipin Cai, CFA +852 2123 2669 yipin.cai@bernsteinsg.com According to news reports, TSMC is considering usi ...

随着智能手机创新放缓，AR眼镜因其便携性、与现实世界增强交互的独特性，有望成为继智能手机之 后的下一代智能计算平台的核心载体，成为连接物理世界和数字世界的桥梁。伴随AI、5G、空间计算 等技术的深度融合，AR/AI智慧化浪潮正在彻底改写人机交互的边界。AR/AI眼镜已成为引领未来发展 的关键赛道，吸引了Meta、谷歌、阿里巴巴、小米、歌尔股份、雷鸟等全球众多科技巨头重兵布局， 一场人机交互的"百镜大战"正在拉开帷幕。 AR眼镜 "百镜大战" 市场潜力巨大：从核心部件到应用场景的全产业链机遇 根据维深信息wellsenn XR数据，2025年二季度全球AR眼镜销量为15.1万台，同比增长40%，预计2025 年销量将为85万台，同比增长70%。未来，伴随AI技术的快速发展以及智能眼镜硬件的不断升级， AI+AR智能眼镜将进入高速发展期，2030年全球AI眼镜出货量有望增长至8,000万副。 极致散热性能：热导率高达490W/m•K，与铜金属相当，远超普通玻璃百倍以上，能迅速导出Micro- LED发热，保障高亮度光源稳定运行与使用寿命。 上游核心部件：显示领域Micro LED因"高分辨率、低功耗"成为AR眼镜 ...

Core Viewpoint - Yangjie Technology is accelerating its industrial layout by acquiring 100% equity of Dongguan Better Electronics Technology Co., Ltd. for a cash consideration of 2.218 billion yuan, representing a premium acquisition with an estimated value increase of 270%-283% [1][2][3] Group 1: Acquisition Details - The acquisition price for Better Electronics is set at 2.218 billion yuan, and the transaction is expected to enhance Yangjie Technology's long-term development [1][2] - Better Electronics specializes in the research, production, and sales of power electronic protection components and has over 200 product series, covering various downstream sectors such as automotive electronics and consumer electronics [2][3] - The acquisition follows a previous attempt by Better Electronics to go public, which was withdrawn in August 2024 [2][3] Group 2: Financial Performance - Better Electronics reported revenues of 837 million yuan and 218 million yuan for the fiscal years 2024 and Q1 2025, respectively, with net profits of 148 million yuan and 41.13 million yuan [3] - As of March 2025, Better Electronics had total assets of 1.024 billion yuan and total liabilities of 434 million yuan, resulting in equity of 590 million yuan [3] Group 3: Strategic Implications - The acquisition is expected to create synergies in product categories, technology research and development, downstream customers, and sales channels, enhancing the overall competitiveness of Yangjie Technology [3] - The transaction includes performance commitments, with a target net profit of no less than 555 million yuan for Better Electronics from 2025 to 2027 [1][3] Group 4: Company Growth and Market Position - Yangjie Technology has been actively expanding its asset scale, growing from 1.331 billion yuan in 2015 to 14.27 billion yuan by the end of 2024 [5] - The company achieved record revenue of 3.455 billion yuan in the first half of 2025, a year-on-year increase of 20.58%, and a net profit of 601 million yuan, up 41.55% [6] - Yangjie Technology has a strong market position in several emerging segments, ranking among the top in the global power semiconductor market [5][6]

Core Viewpoint - Yangjie Electronics announced the acquisition of 100% equity of Better Electronics for a total price of 2.218 billion yuan, which will enhance its market position and product offerings in the semiconductor industry [6][10]. Group 1: Company Overview - Yangjie Electronics, established in 2000, is a vertically integrated manufacturer in the semiconductor discrete device sector, with a registered capital of 543 million yuan [9]. - The company’s product line includes discrete device chips, MOSFETs, IGBTs, power modules, SiC, rectifiers, and protection devices, serving various sectors such as automotive electronics, AI, clean energy, 5G communications, and consumer electronics [9]. - Better Electronics, founded in 2003, specializes in the R&D, production, and sales of power electronic protection components, with a registered capital of 102 million yuan [10]. Group 2: Financial Data - As of September 11, Yangjie Electronics had a total market capitalization of 35.5 billion yuan [10]. - Better Electronics reported total assets of approximately 1.007 billion yuan and net assets of about 538 million yuan for 2024, with an operating income of around 837 million yuan [13]. - The acquisition price of 2.218 billion yuan represents a significant premium over Better Electronics' net asset value, with an appraisal increase of 270.46% compared to the book value of 599 million yuan [15]. Group 3: Strategic Implications - The acquisition is expected to create synergies between Yangjie Electronics and Better Electronics, allowing for shared resources in R&D, management, and market access, which could lead to improved revenue and profitability for Yangjie Electronics [20]. - Better Electronics has established a strong market presence with over 200 product series and 9,000 specifications, catering to various application scenarios, which will complement Yangjie Electronics' existing product offerings [10][11].

Core Insights - The integration of AR technology and artificial intelligence is accelerating the penetration of AR glasses into the consumer electronics market, prompting upstream and downstream companies to intensify their investments [2] - Sanan Optoelectronics is becoming a significant player in the AR glasses sector, leveraging its R&D and manufacturing capabilities in Micro LED and SiC components [2][4] Technology Dual Engines: Micro LED and SiC - Micro LED is responsible for delivering exceptional image display, while SiC manages efficient energy and optical waveguide functions, together forming a critical combination for enhancing AR glasses [4] - Sanan Optoelectronics has accumulated extensive R&D experience in Micro LED, achieving miniaturization and efficiency improvements, with products meeting advanced industry standards in brightness, contrast, color saturation, and response speed [4] - The company has initiated small-scale validation of its Micro LED applications in AR scenarios with domestic and international terminal manufacturers [4] - In the SiC domain, Sanan has established a vertically integrated manufacturing platform, achieving outstanding performance in key optical parameters, which meet the manufacturing requirements for AR glasses [5] Industry Chain Advantages: Enabling Large-Scale Deployment of AR Glasses - The AR glasses market is projected to grow significantly, with global sales expected to exceed 850,000 units by 2025, representing a 70% year-on-year increase [7] - The AI/AR glasses industry is anticipated to surpass a scale of 100 billion within three years [7] - Sanan Optoelectronics stands out in the industry for its dual capabilities in Micro LED and SiC, creating a self-controlled supply chain advantage that ensures stability in component supply and cost optimization [8] - The company has a monthly production capacity of 16,000 6-inch SiC wafers and has initiated production lines for 8-inch SiC substrates and chips [8] - Sanan is collaborating closely with domestic and international manufacturers in the AI/AR glasses sector, with small-scale deliveries of SiC optical substrates already underway [8]

Core Viewpoint - The company reported strong financial performance in the first half of 2025, driven by growth in the semiconductor industry, particularly in automotive electronics and artificial intelligence sectors [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 3.455 billion yuan, a year-on-year increase of 20.58% - The net profit attributable to shareholders was 601 million yuan, up 41.55% year-on-year - The non-recurring net profit reached 559 million yuan, reflecting a year-on-year growth of 32.33% [1]. - In Q2 2025, the company reported revenue of 1.876 billion yuan, a year-on-year increase of 22.02% and a quarter-on-quarter increase of 18.79% - The net profit attributable to shareholders was 328 million yuan, up 34.40% year-on-year and 20.30% quarter-on-quarter - The non-recurring net profit was 305 million yuan, reflecting a year-on-year growth of 29.93% and a quarter-on-quarter growth of 19.70% [1]. Industry Trends - The semiconductor industry is experiencing a continuous uptrend, with significant growth in automotive electronics, artificial intelligence, and consumer electronics sectors [2][3]. - The demand for power semiconductors is expanding due to policies promoting consumption upgrades and the increasing need for high-performance computing and high-speed communication [3]. Product Development and Market Strategy - The company is focusing on high-value new product development and has increased R&D investments to enhance product competitiveness [2]. - The company is promoting products such as MOSFET, IGBT, and SiC in various markets, leading to a significant increase in overall orders and shipments [2][3]. - The first phase of the MCC factory in Vietnam has achieved full production and sales, with a yield rate of over 99.5% for the first two packaged products [3]. Investment in Advanced Technologies - The company is increasing investments in third-generation semiconductor technologies, particularly SiC, to meet future strategic development needs [4]. - The first production line for SiC automotive-grade power semiconductor modules has been successfully launched, with quality and process standards reaching domestic leading levels [4]. Future Outlook - The company expects continued growth in net profit, projecting 1.267 billion yuan, 1.526 billion yuan, and 1.801 billion yuan for 2025-2027, respectively [5]. - Earnings per share (EPS) are projected to be 2.33, 2.81, and 3.31 yuan per share for the same period, with price-to-earnings (PE) ratios of 27X, 23X, and 19X [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][20]. Core Viewpoints - The semiconductor industry is experiencing a continuous rise in demand, particularly in automotive electronics, artificial intelligence, and consumer electronics, which is driving the company's revenue growth [2][3]. - The company is focusing on high-value new product development and enhancing production efficiency through lean manufacturing principles, resulting in improved gross margins and profitability [2][3]. - The company has successfully ramped up production at its MCC factory in Vietnam, achieving full production and sales, which supports its international market expansion strategy [8][9]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 3.455 billion yuan, a year-on-year increase of 20.58%, and a net profit of 601 million yuan, up 41.55% year-on-year [1]. - The company projects revenue growth from 5.41 billion yuan in 2023 to 10.28 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 18.3% [1]. - The expected net profit for 2025 is 1.267 billion yuan, with further increases projected to 1.526 billion yuan in 2026 and 1.801 billion yuan in 2027 [10]. Market and Product Development - The company is increasing its investment in third-generation semiconductor technologies, particularly SiC, to meet future strategic needs and enhance its competitive position [9]. - The company is expanding its product offerings in MOSFET, IGBT, and SiC across various markets, including automotive electronics and clean energy, leading to a significant increase in orders and shipment volumes [10]. - The company has established a joint research center with Southeast University to strengthen its R&D capabilities in wide-bandgap semiconductors [9]. Valuation Metrics - The report provides projected earnings per share (EPS) of 1.70 yuan for 2023, increasing to 3.31 yuan by 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 37.1 to 19.1 over the same period [1][10]. - The return on equity (ROE) is expected to improve from 10.6% in 2023 to 13.9% in 2027, reflecting enhanced profitability and efficient capital utilization [1].