【公司研究】斯达半导-十五年耕耘终成IGBT国产龙头-20200215[25页].pdf

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1、 / IGBT IGBT IGBT2%IGBT Fabless+ FablessIGBT IGBT IGBT IGBT IGBTIGBT 120IGBT/ IGBT IGBT IGBT70% IGBT IGBT 2015 20213.62% 20192021 7.759.7112.99EPS0.831.19 1.54PE47.1732.9825.52 SiCGaN 2017A 2018A 2019E 2020E 2021E 438 675 775 971 1,299 (+/-)% 45.67% 54.20% 14.81% 25.19% 33.84% 53 97 133 191 247 (+/-

2、)% 145.61% 83.50% 37.97% 43.01% 29.27% 0.44 0.81 0.83 1.19 1.54 0.00 0.00 47.17 32.98 25.52 0.00 0.00 6.10 5.15 4.29 (%) 15.37% 22.28% 12.94% 15.61% 16.79% (%) 0.00% 0.00% 0.00% 0.00% 0.00% () 120 120 160 160 160 2020/2/14 6 89.25 39.35 12 15.2939.35 6,296 160 A 160 B/H 0/0 0 0% 19% 38% 57% 76% 2020

3、/1 % 1M 3M 12M 0% 0% 0% 5% -2% -17% 600584.SH 2019-12-22 5G 2019-11-26 20205G 2019-11-23 S0550518060004 01058034600 S0550516050002 02120361230 603290 / 2020-02-15 2 / 25 1. IGBT . 5 1.1. FablessIGBT . 5 1.2. . 7 1.3. IGBT . 9 2. . 11 2.1. IGBT . 13 2.1.1.IGBT. 13 2.1.2.IGBT . 15 2.2. IGBT . 16 2.2.1

4、. 16 2.2.2. . 18 3. . 19 4. . 21 4.1. . 21 4.2. . 21 3 / 25 1. 5 2. 5 3 . 6 4FablessIGBT . 6 5 . 6 6. 7 7 . 7 8. 7 9 . 7 10 . 8 11 . 8 12 . 8 13. 9 14IGBT . 10 15Warpage . 10 16IGBT . 10 17. 11 18SiGaNSiC . 11 19SiGaNSiC . 11 20. 12 21IGBTMOSFETBJT . 12 22Si . 12 23IGBT . 13 24IGBT . 13 25IGBT . 14

5、26IGBT . 14 27IGBT . 15 28IGBT . 15 29IGBT . 16 30IGBT . 16 31IGBT . 16 4 / 25 32IGBT . 17 33IGBT . 17 34IGBT . 18 35 . 18 36IGBT . 18 37 . 19 38. 20 39. 20 40. 21 41PE . 22 5 / 25 1. IGBT 1.1. FablessIGBT 1 IGBT 2005427 InfineonXilinx 2005 IGBTIGBT IGBT 2007IGBTIGBT 2018IGBT 202024600 2 6 / 25 3 IG

6、BTIGBT 10838IGBT1200V IGBT421 600V/650V IGBT139 1200VIGBT129 IGBT3300V 4FablessIGBT 5 “Fabless+”IGBTIGBT FablessIGBT IGBTIGBT 20162018 7 / 25 590.221283.502705.76 DBC IGBT IGBT 20162019 50% 1.2. 6 7 IGBT /UPS 2017IGBT2017 8 9 8 / 25 10 wind 20152016 2018201850%2019 20186.759674 30%Fabless 2015 20154