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Investment research perspective | Electronic component upgrade wave in the context of carbon neutrality

With the promotion of carbon neutrality and carbon peaking policies, new energy vehicles, wind and solar energy storage and other fields have ushered in great development, and the electronics industry, which is a basic component, has also ushered in new development opportunities. Clean energy has higher requirements for power conversion technology, and the demand for power conversion equipment such as inverters will increase rapidly, which will promote the increase in the volume and price of power semiconductors and other Electronic components. Under the impact of the “intelligence” wave of science and technology, the industries supported by electronic components, such as semiconductors, passive components, and optical components, will be greatly upgraded under 5G, new energy vehicles and other carriers.

When it comes to carbon neutrality, the first thing that comes to mind is new energy vehicles, among which electrification and intelligence are the major trends in the future. In the past, research on new energy vehicles mainly focused on batteries. In fact, in addition, there are also many innovations in the fields of electric motors, electronic control, and intelligent driving of new energy vehicles, which contain a lot of investment opportunities.

Due to the change in electrification, the demand for power semiconductors for new energy vehicles relative to traditional fuel vehicles has surged, and the amount of IGBTs for new energy vehicles has reached US$400. Mainly because new energy vehicles generally use high-voltage circuits, when the battery outputs high voltage, frequent voltage changes are required. Therefore, in the fields of main drive/inverter, on-board charger, etc., the demand for IGBT, MOSFET and other devices has increased significantly. In the past, the high-voltage power electronic component market was monopolized by overseas suppliers for a long time. However, the rapid development of the domestic market and the long-term technology accumulation of domestic companies in the superimposed industrial chain have begun to replace overseas. You can see the power of new energy vehicles. The proportion of device localization is gradually increasing, and in the future, it will be able to get out of the “Infineon” belonging to China in A shares.

In terms of intelligence & networking, new energy vehicles have increased demand for information perception, processing, and interaction, which is reflected in the surge in demand for cameras, sensors, and lidar. Intelligentization requires automobiles to perceive, make decisions, and execute external information, and ultimately realize a series of intelligent functions such as automatic driving. In the process of processing information, sensors, MCUs, and power semiconductors play the roles of touch, cognition, and power respectively. This part of the demand is not available in the past, and it is particularly important in the era of intelligence. What is even more surprising is that with the gradual maturity of domestically produced cars and the supply chain, more domestic suppliers will participate in this round of automotive intelligence, which maps to the A-share market and has broader investment options. .

There are not only new energy vehicles for carbon neutrality, but also an important part of the new energy power generation industry. Among them, the market for electronic components is also huge. Taking the photovoltaic industry chain we are familiar with as an example, the cost of the core component inverter is split, and electronic components such as power devices, capacitors, inductors, and PCBs account for the main manufacturing costs. At present, the domestic photovoltaic industry is leading the world. It provides a broad market space for the rapid development of upstream electronic component companies. In the process of converting wind and solar energy corresponding to new energy power generation into electric energy, a large number of electronic components are needed for the transmission, storage, and conversion of current. At present, the localization rate of this part has room for improvement, corresponding to IGBT, MOSFET, capacitor and Inductor fields. Will accompany the common development of the industry.

Electric vehicles and new energy power generation are currently in a period of rapid penetration, and the demand is large. At the same time, due to the impact of the epidemic and lack of cores, the global supply of upstream components is also limited in the short term. At the moment when there is a short-term gap between supply and demand, domestic power electronics industry companies have seized a rare development opportunity, and domestic supply chains are accelerating to catch up with overseas first-line levels and achieve leapfrog development.

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