斯达半导公司研究报告-功率半导体-十五年耕耘，终成IGBT国产龙头会员免费优质

/ IGBTIGBTIGBT2%IGBTFabless+FablessIGBTIGBTIGBTIGBTIGBTIGBT120IGBT/IGBTIGBTIGBT70%IGBTIGBT201520213.62%201920217.759.7112.99EPS0.831.191.54PE47.1732.9825.52SiCGaN2017A2018A2019E2020E2021E438 675 775 971 1,299 (+/-)%45.67%54.20%14.81%25.19%33.84%53 97 133 191 247 (+/-)%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 2020/2/14689.2539.351215.2939.356,296160A160B/H0/000%19%38%57%76%2020/1%1M3M12M0%0%0%5%-2%-17%600584.SH2019-12-225G2019-11-2620205G2019-11-23S055051806000401058034600zhshij@yeah.netS055051605000202120361230djm@nesc.cn603290/2020-02-15

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 .............................................................................................................................................. 152.2. IGBT ................................................................. 16 2.2.1............................................................................................................................................... 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 .......................