三安光电:Mos新品发布+产能持续扩张,碳化硅业务扬帆起航

（以下内容从天风证券《三安光电:Mos新品发布+产能持续扩张,碳化硅业务扬帆起航》研报附件原文摘录）
　　Sanan Optoelectronics (600703 CH) Mos新品发布+产能持续扩张，碳化硅业务扬帆起航 Sanan releases new MOS products; production capacity ramp-up continues on high SiC demand prospects BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 碳化硅对新能源汽车性能至关重要，公司产品有望取得突破性进展 随着公司Mos产品发布，公司碳化硅业务有望快速增长，主要用于车载充电OBC/直流快充、电机驱动/逆变器、DC-DC三方面。从整车性能看，搭载碳化硅后，车辆损耗降低80%，充电速度增加2倍，功率密度提高，体积减小。从车辆各模块来看，1）车载充电OBC/直流快充：碳化硅器件将助力电动汽车充电模块性能提升；2）电机驱动/逆变器：SiC 高耐压、宽禁带和高导热率特性使得SiC更适合应用在高功率密度和高开关频率的场合；3）DC-DC：SiC二极管能较好平衡耐压和效率问题，同时提升集成度。 We expect product breakthroughs as SiC is crucial for NEV performance As Sanan launches new MOS products, we expect its silicon carbide (SiC) business to grow fast, driven by these 3 main application areas: on-board and DC fast charging; motor drive/inverters; and DC-to-DC. An SiC-equipped vehicle reduces loss by 80% while charging is 2x faster on better power density and a smaller volume. In detail: ·On-board charging and DC fast charging: SiC devices improve the performance of EV charging modules. ·Motor drive/inverter: SiC withstands high voltage, has a wide band gap and high thermal conductivity, so it suits applications with higher power density and higher switching frequency. ·DC-to-DC: SiC diodes improve integration while providing a better balance between voltage withstand and efficiency issues. 碳化硅未来产能缺口较大，公司技术路线行业领先 SiC总体市场布局逐渐拓展，公司SiC技术路线稳中有进，牢筑核心技术壁垒。在新能源车的普及和高压化的推进下，SiC在高压平台的未来需求量较为可观，未来SiC产能缺口进一步扩大。为此公司提前布局SiC领域，技术路线稳中有进，并且在衬底、芯片、器件、模块四类产品中均有所布局并研发新技术。公司发布的碳化硅Mos系列产品在不管在设计品质还是在技术良率等方面都处于行业前列，在工艺能力、栅氧技术、终端设计和芯片技术等方面均具备相应核心技术壁垒。 Sanan‘s tech edge and SiC capacity ramp-up set to lengthen its competitive lead The SiC market structure is shifting as technological advances and core know-how raise competitive barriers. With NEVs entering the mainstream and driving high-voltage product requirements, we see considerable future demand for high-voltage SiC systems. We thus expect the SiC capacity gap to widen in the future. For this reason, Sanan planned its SiC ramp-up in advance and has been making progress in terms of technical mastery, developing and rolling out new technologies in 4 product categories: substrates, chips, devices and modules. Its SiC MOS product series launches are cutting-edge in design and technical yield, and it is highly competitive in the core areas of process capability, gate oxide technology, terminal design and chip technology. 在建项目稳步拓展产能，与理想合作注入发展新动能 公司产能稳步扩张，有望为公司业绩持续赋能。公司各业务扩产建制达预期，目前砷化镓射频产能已扩充到12,000片/月、光技术2,000片/月，其余在建项目产能均稳步扩张：1）湖南三安：项目达产后，配套产能约36万片/年。目前湖南三安电力电子碳化硅产能6,000片/月、电力电子硅基氮化镓产能1,000片/月。碳化硅产能有望于年底实现1.3w片/月，后续随着公司持续扩产目标实现4w片/月产能。2）湖北三安：项目达产后新增芯片产能约236万片/年（以4寸为当量片）和4K显示屏用封装产品8.4万台/年的生产能力，目前产能约6.5万片/月。3）泉州三安：项目达产后，新增产能约892万片/年（折合倒装、垂直的产品产能446万片/年）和特种封装 8.72KKK/年的生产能力，目前芯片产能达35.70万片/月（以4寸折算）、特种封装产能20,825KK/月。公司还联手理想汽车完善车规碳化硅芯片布局，年内竣工后进入设备安装和调试阶段，2023年上半年启动样品试制，2024年预计达到240万只碳化硅半桥功率模块的年生产能力。 Projects under construction to expand capacity; Li Autos tie-up adds momentum Sanan is expanding production capacity gradually and this would improve incremental performance. It has fulfilled expansion targets in each business area. GaAs RF production capacity expanded to 12,000 units/month and optical technology to 2,000 units/month. Other expansion projects are in progress with incremental roll-outs: ·Sanan Hunan: this will add complementary capacity of about 360,000 wafers p.a. on project commencement. Hunan Sanan Power Electronics currently has an SiC production capacity of 6,000 wafers per month and in power electronics it has GaN-on-silicon production capacity of 1,000 wafers per month. Its SiC production capacity is slated to reach 13,000 wafers per month by the year end, and 40,000 wafers per month further ahead as the company continues to raise production capacity targets. ·Sanan Hubei: on commencement, new chip production capacity will reach about 2.36m units p.a. (4-inch equivalent) with annual production capacity of 4K display packaging products at 84,000 units p.a. Current production capacity is about 65,000 units per month. ·Sanan Quanzhou: on commencement, new production capacity will reach about 8.92m units p.a. (equivalent to flip-chip and vertical product production capacity of 4.46m units p.a.) and special packaging production capacity will reach 8.72KKK p.a. Current chip production capacity is at 357,000 units per month (4-inch) with special packaging production capacity at 20,825KK per month. The company teamed up with Li Autos to improve the structure of SiC chips for automotive applications. Sanan will enter the equipment installation and commission stage on the completion of the project during the year. It will start sample trial production in 23H1. Production capacity for 2.4m p.a. SiC half-bridge power modules is slated to roll out in 2024E. 投资建议/Investment Ideas 投资建议：预测公司2022/23/24年实现营业收入152.00亿元、185.44亿元、235.50亿元，归母净利润2022-2024年预计为19.98亿元,31.72亿元、43.17亿元，维持“买入”评级。 Forecast and risks We project revenue of RMB15.2bn/18.54bn/23.55bn and net profit of RMB2bn/3.17bn/4.32bn in 2022/23/24E. We maintain our BUY rating on Sanan. 风险提示：国际宏观经济政治形势波动、行业和技术变革风险、产能扩张不及预期与规模扩张引发的管理风险、研发进程不及预期。 Risks include: global macroeconomic and political volatility; impact of industrial and technological changes; management risks arising from lower-than-expected capacity and scale expansion; and worse-than-expected R&D progress. 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