【公司研究】捷捷微电-立足晶闸管剑指功率器件全领域-20200629[36页].pdf

1、 / 25 20193.3 6.06%IDM MOSFETIGBTFabless+ 8 MOSFET IGBTIGBT MOSFET 686 8CAGR2.89% 6CAGR1.18% 5CAGR2.01%MOSFET 3.42%IGBT7.62% MOSFETIGBT MOSFETIGBTIDM 2022 4.958.57%MOSFETIGBT MOSFETMOSFETIGBT Fabless+ 20202022 8.2110.2812.45EPS0.470.630.87 PE62.8747.0834.15 2018A 2019A 2020E 2021E 2022E 537 674 821

2、1,028 1,245 (+/-)% 24.76% 25.40% 21.82% 25.19% 21.08% 166 190 230 308 424 (+/-)% 14.93% 14.50% 21.46% 33.55% 37.85% 0.54 0.62 0.47 0.63 0.87 43.26 42.36 62.87 47.08 34.15 5.31 3.58 3.52 2.98 2.51 (%) 12.27% 8.45% 8.96% 10.14% 11.74% (%) 0.00% 0.00% 0.50% 0.00% 0.00% () 180 305 488 488 488 2020/6/24

3、6 39.95 29.66 12 17.7148.90 14,486 488 A 488 B/H 0/0 34 -24% 2% 28% 54% 80% 2019/62019/92019/122020/3 % 1M 3M 12M 25% 44% 112% 17% 30% 104% 688396.SH IDM 2020-05-06 603986.SH Nor 2020-03-06 603290.SH IGBT 2020-02-17 600584.SH 2019-12-22 S0550518060004 01058034600 300623 / 2020-06-29 2 / 36 1. . 5 1.

4、1. IDMFablessMOSFETIGBT. 5 1.2. . 8 1.3. IDMFabless . 11 2. . 13 2.1. . 13 2.1.1. 15 2.1.2.MOSFETIGBT . 18 2.1.3. . 20 2.2. . 20 2.2.1.8 . 20 2.2.2. . 23 2.3. . 24 2.3.1.IGBTMOSFET. 24 2.3.2.LCC HVDC/FACTS . 27 2.4. . 28 3. . 30 3.1. . 30 3.2. MOSFETIGBT . 31 4. . 32 4.1. . 32 4.2. . 32 3 / 36 1. 5

5、2. 5 3. 6 4. 6 5. 7 6 . 7 7. 8 8. 9 9 . 9 10. 9 11 . 9 12 . 10 13 . 10 14 . 10 15. 11 16. 11 17. 11 18. 11 19IDMFabless . 12 20. 12 21. 13 22SiGaNSiC . 13 23SiGaNSiC . 13 24. 14 25Si . 15 26 . 16 27 . 16 28 . 16 29. 16 30 . 16 31. 18 4 / 36 32 . 18 33IGBTMOSFETBJT . 18 34IGBT . 19 35IGBT . 19 36TVS

6、. 20 37. 21 38wafer . 21 3912 . 21 40 . 22 41. 22 42Infineon2019 . 22 43. 23 44 . 24 45 . 24 46 . 24 47DC-AC . 25 48DC-DC . 26 49 . 26 50 . 27 51LCC HVDC . 27 52FACTS . 28 53 . 29 5468. 30 55 . 31 56. 32 57PE . 33 58PE Band. 33 1 . 17 5 / 36 1. 1.1. IDMFablessMOSFETIGBT 1 1995 20