葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 熊宇翔 xiongyuxiang@huayuanstock.com 证券研究报告 电子 | 半导体 非金融|首次覆盖报告 hyzqdatemark 2026 年 02 月 26 日 证券分析师 | 基本数据 | | | | 年 | 月 25 日 | | | 2026 | | | 02 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 101.30 | | | | | | | 一 | 最 | 高 | 年 内 | | | | 低 | | / | 最 | | | （元） | | | | | 114.50/32.71 | | | | | | | | 总市值（百万元） | | | | ...

Core Insights - The electronic components industry is expected to maintain stability over the next 12 to 18 months, driven by AI computing power and automotive electronics, while facing challenges such as tariff policy uncertainties and rising raw material prices [1][9][25] - Domestic policies like "trade-in" and "purchase subsidies" are effectively boosting downstream demand, countering adverse international trade conditions [1][9] - The industry is transitioning towards high-end products, with leading companies leveraging advanced production capacity and technological advantages [3][25] Industry Overview - The electronic components industry is projected to see a 17.70% year-on-year increase in export value in 2025, driven by a mild recovery in consumer electronics and rapid growth in automotive electronics and AI [2][17] - The PCB sector is entering a high-end cycle, propelled by demand from AI servers and automotive electronics, with a significant increase in capital expenditures [2][19] - The industry is characterized by a tiered structure, with leading firms dominating due to their high-end production capabilities and technological advantages [2][26] Financial Performance - In the first three quarters of 2025, 165 sample companies in the electronic components sector reported a revenue increase of 27.14% and a net profit increase of 36.06% year-on-year, with AI server-related companies contributing significantly to profit growth [2][30] - Despite a 20.88% decline in operating cash flow, capital expenditures rose by 44.48%, indicating a focus on capacity expansion and overseas layout [2][30] - The debt scale of sample companies has increased, but the financial leverage remains low, with a debt-to-asset ratio of 43.08%, indicating good solvency [2][30] Market Dynamics - The demand for electronic components is being driven by AI computing needs, with data center capital expenditures expected to grow significantly, leading to increased demand for high-bandwidth memory and high-speed optical modules [19][25] - The penetration rate of new energy vehicles has exceeded 50%, driving demand for SiC devices and automotive-grade MCUs [21][25] - Traditional consumer electronics are recovering, but their impact on overall industry growth is limited compared to automotive electronics and AI [19][25] Policy Environment - Domestic policies are expected to continue focusing on consumption stimulation and technological innovation, while global tariff policies remain uncertain [1][9] - The adjustment of export tax rebates in fields like photovoltaics and batteries starting April 2026 will increase short-term export costs but is aimed at pushing for high-end upgrades in the industry [1][11]

Core Viewpoint - The company, Dongwei Semiconductor, is currently operating normally despite stock price fluctuations influenced by multiple factors [1] Group 1: Company Overview - Dongwei Semiconductor is a technology-driven semiconductor enterprise focused on the research and sales of high-performance power devices [1] - Main products include Super Junction MOSFETs, medium and low voltage shielded gate MOSFETs, TGBT series products, SiC devices, and high-density power modules [1] - These products are widely used in industrial and automotive applications, including 5G base station power supplies, communication power supplies, data centers, computing server power supplies, and onboard chargers [1] Group 2: Market Strategy - The company will continue to closely monitor market dynamics and leverage its technological accumulation to actively expand its product offerings and application areas [1] - Business operations will be reported in the company's periodic reports and temporary announcements [1]

格隆汇2月13日丨东微半导(688261.SH)在投资者互动平台表示，公司是一家以高性能功率器件研发与销 售为主的技术驱动型半导体企业，主营产品包括超级结MOSFET、中低压屏蔽栅MOSFET、TGBT系列 产品、SiC器件以及高密度功率模块，广泛应用于以5G基站电源及通信电源、数据中心和算力服务器电 源、车载充电机等工业及汽车相关的中大功率应用领域。后续公司仍将密切关注市场动态，依托自身技 术积累，积极拓展公司产品及其应用领域。 ...

Group 1 - The core viewpoint of the article is that Times Electric's SiC devices have applications in various sectors including new energy vehicles, photovoltaic power generation, energy storage, charging piles, and rail transit [1]

Core Viewpoint - The newly launched 8-inch SiC production line by Times Electric is seen as a test of its technological competitiveness, with potential to enter the supply chains of leading power manufacturers like Vertiv and Huawei [1] Group 1: Company Developments - Times Electric (688187.SH) has confirmed that its SiC devices can be applied in various sectors including new energy vehicles, photovoltaic power generation, energy storage, charging piles, and rail transit [1]

Core Viewpoint - The company, Hongwei Technology, has not established a direct commercial partnership with NVIDIA, indicating a focus on independent product development in the high-voltage direct current (HVDC) sector [1] Group 1: Company Developments - Hongwei Technology is responding to the demand for high-voltage platforms in the HVDC field, specifically for 240V/±400V/400V/800V applications [1] - The company offers a 1700V GWB module product that is compatible with solid-state transformers (SST) [1] - Hongwei Technology plans to launch multiple SiC and GaN device products for use in HVDC power systems, aiming to enhance the supply of efficient power devices in high-voltage, high-power scenarios [1]

Group 1 - The inventory of MOSFETs and diodes has tightened significantly since mid-October, with lead times for automotive-grade components extending to over 12 weeks, leading to price increases as customers rush to stock up [1] - Market estimates suggest that MOSFET and diode prices may rise by 5% to 15% in Q4, with high-end automotive and industrial control components potentially exceeding a 20% increase [1] - The power semiconductor industry is expected to show clear signs of recovery in the first half of 2025, with inventory levels declining and supply-demand relationships improving [1] Group 2 - The power semiconductor market is experiencing structural adjustments, with MOSFETs maintaining steady growth in consumer electronics and mid-power supply sectors, projected to reach a market size of 40 billion yuan by 2030 [2] - Companies like JieJie Microelectronics are leading in the thyristor sector, with MOSFETs becoming their primary revenue source, offering nearly 200 automotive-grade MOSFET products [2] - New Clean Energy has launched over 200 automotive-grade MOSFET products, with a year-on-year supply increase exceeding 60%, collaborating extensively with leading automotive clients [2]

Core Viewpoint - Suzhou Goodark (002079.SZ) reported significant growth in its H1 2025 performance, with revenue reaching 1.993 billion yuan and net profit increasing by 310.28% to 43.7021 million yuan, driven by advancements in the semiconductor and new energy materials sectors [1] Semiconductor Business - The company has established a comprehensive solution capability in semiconductor discrete devices and integrated circuit packaging, achieving world-class standards in diode manufacturing and maintaining a leading position in China's rectifier diode sales for over a decade [2] - In H1 2025, the semiconductor business generated 461 million yuan in revenue, focusing on a dual-driven strategy of technology and market to overcome development bottlenecks [3] New Energy Materials - Suzhou Goodark is a key player in the domestic production of photovoltaic silver paste, with a complete product matrix that supports various mainstream photovoltaic cell technologies [4] - The company has seen a significant reduction in its asset-liability ratio, enhancing its financial foundation for sustainable growth [4] - The photovoltaic industry has shown signs of recovery, with a 36.9% increase in polysilicon prices from late June to late July 2025, which is expected to benefit the company's profitability [5] Global Expansion - The company has strategically focused on global expansion since 2017, establishing a presence in Southeast Asia to mitigate geopolitical risks and seize international market opportunities [6] - Significant progress has been made in overseas operations, with a fully-owned subsidiary in Malaysia achieving profitability in its first year of production [7] - A new subsidiary in Singapore is set to enhance international collaboration and serve as a research and management hub, aiming to elevate the company's technological capabilities and market presence [8] Future Outlook - The company anticipates synergistic effects across technology, market, and capacity dimensions, positioning itself for higher quality development in the global supply chain [9]

Core Viewpoint - The company, Xi'an Pairui Power Semiconductor Technology Co., Ltd., is adjusting its fundraising project by changing part of the construction content, project location, and extending the implementation period due to market conditions and operational considerations [2][9]. Fundraising Project Adjustment Overview - The company raised a total of RMB 318.4 million by issuing 80 million shares at RMB 3.98 per share, with a net amount of RMB 269.31 million after deducting issuance costs [1]. - The adjustments were approved in meetings held on January 17, 2024, and February 2, 2024, and will be submitted for shareholder approval [2][8]. Original and Adjusted Project Details - The original project was focused on the industrialization of high-power semiconductor devices, with a total planned investment of RMB 57 million, using RMB 26.93 million from the raised funds [4][6]. - The adjusted project will now focus on 5-inch and 6-inch thyristors, IGCT, FRD, and other power semiconductor modules, with a revised total investment of RMB 53.53 million, maintaining the use of RMB 26.93 million from the raised funds [7][4]. Reasons for Adjustment - The company identified intense competition in the SiC market, dominated by international firms, leading to the decision to cancel SiC-related R&D and production plans due to high investment costs and limited market entry channels [6][3]. - The adjustments are deemed necessary to align with market conditions and the company's strategic development, aiming to reduce investment risks and protect shareholder interests [9][8]. Review and Approval Process - The adjustments have been reviewed and approved by the company's board and supervisory committee, and are pending approval from the shareholders [9][8]. - The sponsor institution, China International Capital Corporation, has confirmed that the adjustments comply with relevant regulations and do not harm shareholder interests [9].