投资建议： 在光伏 IGBT 领域， 我们重点推荐在 IGBT 领域深耕多年且 具有 IGBT 模块封装能力的斯达半导和宏微科技以及拥有 12 吋产线的 IDM 龙头士兰微。推荐关注从 MOSFET 等功率半导体器件逐渐向 IGBT 发力的扬杰科技和新洁能以及轨交等高压 IGBT 龙头时代电气和以车规 IGBT 为核心的比亚迪半导体。

1 IGBT 是光伏逆变器实现 DC/AC 核心器件..................................................................................................................1
2 根据逆变器功率选择 IGBT 单管或模块方案...............................................................................................................2
2.1 光伏逆变器以组串式和集中式为主....................................................................................................................2
2.2 集中式逆变器多用 IGBT 模块方案 ....................................................................................................................3
2.3 组串式逆变器兼用 IGBT 单管和模块.................................................................................................................5
2.3.1 单相组串式逆变器多用 IGBT 单管方案..................................................................................................6
2.3.2 三相组串式逆变器可选 IGBT 单管或模块..............................................................................................7
2.4 光伏逆变器用 IGBT 向高功率方向发展 ............................................................................................................9
3 光伏装机量增长将拉动 IGBT 需求爆发.......................................................................................................................9
4 光伏逆变器用 IGBT 市场规模测算.............................................................................................................................10
4.1 光伏逆变器用 IGBT 整体规模测算 ..................................................................................................................10
4.2 光伏逆变器用 IGBT 单管和模块规模测算.......................................................................................................11
5 投资建议 ........................................................................................................................................................................11
5.1 斯达半导..............................................................................................................................................................12
5.2 宏微科技..............................................................................................................................................................13
5.3 士兰微..................................................................................................................................................................14
5.4 扬杰科技..............................................................................................................................................................15
5.5 新洁能..................................................................................................................................................................16
5.6 时代电气..............................................................................................................................................................16
5.7 比亚迪半导体......................................................................................................................................................17
6 风险提示 ........................................................................................................................................................................18