With the rapid development of the market for new energy vehicles, photovoltaic wind energy and other new power generation and 5G communication industries, the demand for silicon carbide has exploded. Silicon carbide's electrical conductivity, high temperature resistance, switching frequency, etc. are superior to those of silicon. It is an ideal third-generation semiconductor material . However, the material is scarce and the growth method is complicated, so the price is higher. However, as the technology continues to mature and the industrial chain continues to improve and grow, the cost of silicon carbide will continue to decline. From a time cycle perspective, the earliest commercialization of silicon carbide began with silicon carbide diodes in 2001, which is in line with the fact that new products in power semiconductors take 20 years. development time, so the silicon carbide industry has reached an explosive period.
Silicon carbide upstream, midstream and downstream industrial chain: (1) The upstream uses raw materials to make substrate materials and then makes epitaxial materials; (2) The midstream includes silicon carbide devices, silicon carbide power semiconductors, and silicon carbide power modules ; ( 3) Downstream applications include 5G communications, new energy vehicles, photovoltaics, semiconductors, rail transit, steel industry, building materials industry, etc.
(1) Silicon carbide substrate: Wolfspeed, II-IV in the United States and Shandong Tianyue are the three largest companies, accounting for a total of 98%. Tianyue Advanced (688234) is a leading domestic manufacturer of wide bandgap semiconductor (third generation semiconductor) substrate materials. It is mainly engaged in the research and development, production and sales of silicon carbide substrates. Its products can be widely used in microwave electronics, Power electronics and other fields. Wide bandgap semiconductor substrate materials have clear and considerable market prospects in 5G communications, electric vehicles, new energy, national defense and other fields, and are an important development direction for the semiconductor industry.
Silicon carbide epitaxial wafer: Yangjie Technology (300373) is mainly engaged in silicon carbide chip devices and packaging, and does not involve the material field. Currently, 650V and 1200V silicon carbide SBD and JBS devices can be supplied in batches.
(2) Silicon carbide devices: Sanan Optoelectronics (600703) R&D and application of compound semiconductor materials. The company's Hunan San'an investment and construction includes but is not limited to the research and development and industrialization projects of third-generation semiconductors made of silicon carbide and other compounds, including crystal growth-substrate production-epitaxial growth-chip preparation-packaging industry chain.
Star Semiconductor (603290) designs, develops and produces power semiconductor chips and modules based on IGBT, and sells them in the form of IGBT module . The company invested in building a production line and R&D testing center for automotive-grade full silicon carbide power modules with an annual output of 80,000 units in Jiaxing.
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