电子行业化合物半导体系列报告之三：碳化硅-国内弯道超车趋势已现

上海申银万国证...2025-06-28

碳化硅具有耐高温、高压等优势，渗透率提升空间大。随着应用场景提出更高的要求，以碳化硅、氮化镓等为代表的第三代半导体材料发展迅速。与第一代半导体材料硅相比，碳化硅具备更高的击穿电场强度、饱和电子漂移速率、热导性和热稳定性，更适合在高压、高频、高功率等领域中应用，并且能实现器件小型化、轻量化。根据Yole数据，2024年SiC材料渗透率从2020年4%提升到15%。海外大厂发生较多变动，SiC竞争格局...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2546709774?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-06-28 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2546709774","market":"sh","top_or_hot":-1,"title":"电子行业化合物半导体系列报告之三：碳化硅-国内弯道超车趋势已现","media":"上海申银万国证...","content":"<div>\n<p>碳化硅具有耐高温、高压等优势，渗透率提升空间大。随着应用场景提出更高的要求，以碳化硅、氮化镓等为代表的第三代半导体材料发展迅速。与第一代半导体材料硅相比，碳化硅具备更高的击穿电场强度、饱和电子漂移速率、热导性和热稳定性，更适合在高压、高频、高功率等领域中应用，并且能实现器件小型化、轻量化。根据Yole数据，2024年SiC材料渗透率从2020年4%提升到15%。海外大厂发生较多变动，SiC竞争格局...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025062817052997925eb6&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>电子行业化合物半导体系列报告之三：碳化硅-国内弯道超车趋势已现</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n电子行业化合物半导体系列报告之三：碳化硅-国内弯道超车趋势已现\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-06-28 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025062817052997925eb6&s=b><strong>上海申银万国证...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>碳化硅具有耐高温、高压等优势，渗透率提升空间大。随着应用场景提出更高的要求，以碳化硅、氮化镓等为代表的第三代半导体材料发展迅速。与第一代半导体材料硅相比，碳化硅具备更高的击穿电场强度、饱和电子漂移速率、热导性和热稳定性，更适合在高压、高频、高功率等领域中应用，并且能实现器件小型化、轻量化。根据Yole数据，2024年SiC材料渗透率从2020年4%提升到15%。海外大厂发生较多变动，SiC竞争格局...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025062817052997925eb6&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"688416","symbol_name":"恒烁股份","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025062817052997925eb6&s=b","article_id":"2546709774","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025062817052997925eb6&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2546709774","pubTimestamp":1751040000,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"碳化硅具有耐高温、高压等优势，渗透率提升空间大。1）衬底、外延环节国产厂商弯道超车趋势已现。以比亚迪半导体代表的国产碳化硅模块企业表现出了强劲的增长态势，如芯联集成、斯达半导、基本半导体等不仅具备模块的供应能力，还可自主供应碳化硅芯片。2）价格端，外延+衬底在产业链制造成本占比；3）器件端，国内新能源车上碳化硅节奏。风险提示：1）碳化硅渗透率提升不及预期；2）国产厂商产能及良率提升不及预期。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"159582":"半导体","561980":"半导体设备ETF","600171":"上海贝岭","600206":"有研新材","600360":"*ST华微","600584":"长电科技","600745":"闻泰科技","600877":"电科芯片","603005":"晶方科技","603061":"金海通","603068":"博通集成","603375":"盛景微","603501":"豪威集团","603893":"瑞芯微","603986":"兆易创新","605111":"新洁能","605358":"立昂微","688008":"澜起科技","688012":"中微公司","688018":"乐鑫科技","688037":"芯源微","688041":"海光信息","688045":"必易微","688048":"长光华芯","688049":"炬芯科技","688052":"纳芯微","688061":"灿瑞科技","688072":"拓荆科技","688099":"晶晨股份","688107":"安路科技","688110":"东芯股份","688123":"聚辰股份","688126":"沪硅产业","688130":"晶华微","688135":"利扬芯片","688138":"清溢光电","688146":"中船特气","688167":"炬光科技","688173":"希荻微","688200":"华峰测控","688209":"英集芯","688213":"思特威","688216":"气派科技","688220":"翱捷科技","688230":"芯导科技","688233":"神工股份","688256":"寒武纪","688259":"创耀科技","688261":"东微半导","688270":"臻镭科技","688279":"峰岹科技","688286":"敏芯股份","688325":"赛微微电","688332":"中科蓝讯","688347":"华虹公司","688352":"颀中科技","688361":"中科飞测","688362":"甬矽电子","688368":"晶丰明源","688372":"伟测科技","688380":"中微半导","688381":"帝奥微","688385":"复旦微电","688391":"钜泉科技","688401":"路维光电","688403":"汇成股份","688409":"富创精密","688416":"恒烁股份","688419":"耐科装备","688432":"有研硅","688458":"美芯晟","688478":"晶升股份","688484":"南芯科技","688486":"龙迅股份","688498":"源杰科技","688508":"芯朋微","688515":"裕太微","688525":"佰维存储","688530":"欧莱新材","688535":"华海诚科","688536":"思瑞浦","688582":"芯动联科","688584":"上海合晶","688589":"力合微","688595":"芯海科技","688601":"力芯微","688605":"先锋精科","688608":"恒玄科技","688620":"安凯微","688653":"康希通信","688661":"和林微纳","688689":"银河微电","688691":"灿芯股份","688693":"锴威特","688699":"明微电子","688709":"成都华微","688711":"宏微科技","688720":"艾森股份","688721":"龙图光罩","688728":"格科微","688766":"普冉股份","688798":"艾为电子","688981":"中芯国际","BK0057":"长吉图板块","BK0214":"IT设备","BK0189":"打板","BK0125":"芯片国产化"},"translate_title":"The third series report on compound semiconductors in the electronics industry: Silicon carbide-the trend of overtaking in domestic corners has emerged","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159582":1,"561980":0.9,"600171":0.9,"600206":0.9,"600360":0.9,"600584":0.9,"600745":0.9,"600877":0.9,"603005":0.9,"603061":0.9,"603068":0.9,"603375":0.9,"603501":0.9,"603893":0.9,"603986":0.9,"605111":0.9,"605358":0.9,"688008":0.9,"688012":0.9,"688018":0.9,"688037":0.9,"688041":0.9,"688045":0.9,"688048":0.9,"688049":0.9,"688052":0.9,"688061":0.9,"688072":0.9,"688099":0.9,"688107":0.9,"688110":0.9,"688123":0.9,"688126":0.9,"688130":0.9,"688135":0.9,"688138":0.9,"688146":0.9,"688167":0.9,"688173":0.9,"688200":0.9,"688209":0.9,"688213":0.9,"688216":0.9,"688220":0.9,"688230":0.9,"688233":0.9,"688256":0.9,"688259":0.9,"688261":0.9,"688270":0.9,"688279":0.9,"688286":0.9,"688325":0.9,"688332":0.9,"688347":0.9,"688352":0.9,"688361":0.9,"688362":0.9,"688368":0.9,"688372":0.9,"688380":0.9,"688381":0.9,"688385":0.9,"688391":0.9,"688401":0.9,"688403":0.9,"688409":0.9,"688416":0.9,"688419":0.9,"688432":0.9,"688458":0.9,"688478":0.9,"688484":0.9,"688486":0.9,"688498":0.9,"688508":0.9,"688515":0.9,"688525":0.9,"688530":0.9,"688535":0.9,"688536":0.9,"688582":0.9,"688584":0.9,"688589":0.9,"688595":0.9,"688601":0.9,"688605":0.9,"688608":0.9,"688620":0.9,"688653":0.9,"688661":0.9,"688689":0.9,"688691":0.9,"688693":0.9,"688699":0.9,"688709":0.9,"688711":0.9,"688720":0.9,"688721":0.9,"688728":0.9,"688766":0.9,"688798":0.9,"688981":0.9},"content_text":"碳化硅具有耐高温、高压等优势，渗透率提升空间大。随着应用场景提出更高的要求，以碳化硅、氮化镓等为代表的第三代半导体材料发展迅速。与第一代半导体材料硅相比，碳化硅具备更高的击穿电场强度、饱和电子漂移速率、热导性和热稳定性，更适合在高压、高频、高功率等领域中应用，并且能实现器件小型化、轻量化。根据Yole数据，2024年SiC材料渗透率从2020年4%提升到15%。海外大厂发生较多变动，SiC竞争格局或收敛。Wolfspeed在2024年关闭达勒姆6英寸工厂，2025年5月正式启动破产保护申请程序，近期宣布将依据重组协议申请破产；瑞萨电子终止原定2025年量产的群马县SiC工厂计划，解散业务团队；罗姆为应对财务压力，已将其位于宫崎县的新SiC工厂的生产时间从2024年推迟到2025年。各个环节我们竞争力如何？1）衬底、外延环节国产厂商弯道超车趋势已现。2）器件环节，国产厂商竞速发展。以比亚迪半导体代表的国产碳化硅模块企业表现出了强劲的增长态势，如芯联集成、斯达半导、基本半导体等不仅具备模块的供应能力，还可自主供应碳化硅芯片。未来需要关注什么？1）衬底端，AR眼镜打开碳化硅衬底的第二增长曲线。2）价格端，外延+衬底在产业链制造成本占比；3）器件端，国内新能源车上碳化硅节奏。投资分析意见：建议关注国产衬底厂商天科合达（未上市）等；外延环节的天域半导体等；器件环节的芯联集成、基本半导体，以及国内最早具备SiC全产业链一体化布局的三安光电；士兰微、斯达半导、华润微、时代电气、扬杰科技等均有器件相关布局。风险提示：1）碳化硅渗透率提升不及预期；2）国产厂商产能及良率提升不及预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2546709774","isCrawlerRequest":true}