CITIC Construction Investment: the rise of the third generation of semiconductors-5G, fast charge, UVC
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Source: CITIC Construction Investment GaN Industry Depth: 5G, fast charge, UVC-three-generation semiconductor surge surge Leiming @ csc.
CN practice certificate number: Research Assistant Liu Shuangfeng liushuangfeng @ csc.
cn research assistant Zhu Liwen zhuliwen @ csc.
cn RF GaN has unique advantages in the application of 5G base stations and military radars. GaN radio frequency devices have the characteristics of high frequency, high power, wide width, low loss, and small size, which can save valuable PCB space in the 5G era and achieve good performance.Strength control.
GaN-on-Si is expected to challenge existing LDMOS solutions in the BTS and RF power markets.
By 2024, the GaN RF market space will reach US $ 2 billion, with a CAGR of 21%, driven mainly by the military radar and wireless infrastructure markets.
The global market is dominated by American and Japanese companies represented by Cree and Sumitomo Electric. Domestic manufacturers such as Sanan Optoelectronics, Hitech High-tech, and Huajin Chuangwei have certain strengths in the field of GaN RF HEMT.
Fast charging, automotive electronics, and consumer electronics drive power GaN volume GaN has significant technical advantages in power management, power generation, and power output.
At around 600 volts, it significantly overlaps silicon in terms of chip area, circuit efficiency, and switching frequency, which makes power products thinner and more efficient.
In addition, the GaN charger is small in size, high in power, and supports the PD protocol. It is expected to unify the charger market for laptops and mobile phones in the future, and the market prospect is broad.
The GaN power market is expected to exceed 3 in 2024.
500 million US dollars, CAGR reached 85%, GaN fast charge is the main driving force.
The global market is responsible for 无锡夜网 companies such as Infineon, EPC, GaN Systems, Transphorm and Navitas. The products are mainly manufactured by TSMC, Episil, X-FAB.
Among emerging foundries in China, Sanan Optoelectronics and Hitech have the ability to mass-produce GaN power devices.
The epidemic is stimulating the optoelectronic market in the short term. The demand for GaN-based deep ultraviolet UVC is rising. GaN is a good material for preparing ultraviolet light because of its high-frequency characteristics. GaN-based ultraviolet lasers have important applications in the fields of ultraviolet curing and ultraviolet sterilizationvalue.
During the epidemic, both China and the United States have enabled GaN-based UVC for disinfection.
The global UVLED market size reached 2 in 2018.
USD 9.9 billion, the market size is expected to reach 9 by 2023.
USD 9.1 billion, with a compound growth rate of 27% in 2018-2023.
At present, the high-end deep UV LED products on the market are still mainly Japanese and Korean manufacturers. There are Qingdao Jiesheng (Yuanrong Optoelectronics) in the deep UV chip-package-module industry chain in China, and Sanan Optoelectronics for deep UV LED chips.Hubei Deep Purple, Zhongke Lu’an, Huacan Optoelectronics, Hongli Bingyi, and Gallium-Sensitive Optoelectronics for super ultraviolet sensor chips.
Investment suggestion We believe that the demand for high-power radio frequency in 5G, the demand for high-efficiency, light-weight, fast-charging of mobile phones and laptops will erupt in 2020-2021, and the demand for deep ultraviolet UVC in the epidemic will be concentrated in the short-term in 2020.
In the medium and long term, the three types of demand are facing the blue ocean market of GaN devices, which has considerable growth space.
We recommend paying attention to Sanan Optoelectronics (600703.
SH), Hite High-tech (002023.
SZ), Wingtech (600745).
SH), Huacan Optoelectronics (300323.
SZ), Silan Micro (600460.
SH) and so on.
Risk prompts The technological innovation progress is slow, the market promotion is less than expected, the consumer market demand is weak, the third-generation semiconductor GaN: radio frequency, power, and optoelectronics are widely used1.
In the 5G era, the advantages of the third-generation semiconductor are obvious. The first-generation semiconductor materials mainly refer to silicon (Si) and germanium (Ge) element semiconductors.
They have been widely used in various types of discrete devices and integrated circuits in international information industry technology, electronic information network engineering and other fields.
Second-generation semiconductor materials refer to compound semiconductor materials such as gallium arsenide (GaAs), indium antimonide (InSb), indium phosphide (InP), and ternary compound semiconductor materials such as aluminum gallium arsenide (GaAsAl), phosphorousGallium arsenide (GaAsP), etc.
There are also some solid solution semiconductor materials, such as silicon germanium (Ge-Si), gallium arsenide-gallium phosphide (GaAs-GaP), etc .; glass semiconductor (also known as amorphous semiconductor) materials, such as amorphous silicon, glassy oxidationSemiconductors, etc .; organic semiconductor materials, such as tantacyanine, copper tertiary cyanide, polyacrylonitrile, etc.
The second generation of semiconductor materials is mainly used to make high-speed, high-frequency, high-power and light-emitting electronic devices. It is an excellent material for making high-temperature microwave, millimeter-wave devices and light-emitting devices. The third generation of semiconductor materials is mainly a wide band gap (forbidden band Eg> 2) represented by silicon carbide (SiC), gallium nitride (GaN), zinc oxide (ZnO), diamond, and aluminum nitride (AlN).
3eV) semiconductor materials.
Wide band gap semiconductors are suitable materials for high temperature, high frequency, radiation resistant and high power devices.
Compared with the first and second generation semiconductor materials, the third generation semiconductor material has a wider band gap width, higher breakdown electric field, higher thermal conductivity, greater electron saturation speed, and higherAnti-radiation ability, more suitable for making high temperature, high frequency, anti-radiation and high power devices.
From the current research on the third-generation semiconductor materials and devices, the more mature third-generation semiconductor materials are SiC and GaN, while the research on ZnO, diamond, aluminum nitride and other third-generation semiconductor materials is still in its infancy.
1.2 GaN has obvious advantages. In the 5G era, there are abundant application scenarios. Gallium nitride (GaN) is an extremely stable compound, and it is a hard and high-melting material with a melting point of 1700 ° C.
GaN has a high degree of ionization, the highest among the three or five compounds (0.
5 or 0.
Under atmospheric pressure, the GaN crystal is generally a hexagonal wurtzite structure. Because of its high hardness, it is also a good coating protection material.
GaN has excellent breakdown capability, higher electron density and electron speed, and higher operating temperature.
GaN has a wide energy gap of 3.
4eV, and has the advantages of low conduction loss and high current density.
GaN is a III / V direct-bandgap semiconductor, which is commonly used in the three major fields of microwave radio frequency, power electronics, and optoelectronics.
具体而言，微波射频方向包含了 5G 通信、雷达预警、卫星通讯等应用；电力电子方向包括了智能电网、高速轨道交通、新能源汽车、消费电子等应用；光电子方向包括了 LED、激光器、光电Detectors and other applications.
RF: 5G base stations, radars-GaN RF devices are promising. 2.
1 GaN 在高温、 高频、 大功率射频应用 中 独具优势 自 20 年前出现首批商业产品以来，GaN 已成为射频功率应用中 LDMOS 和 GaAs 的重要竞争对手，其性能和可靠性不断提高且Costs keep falling.
The first GaN-on-SiC and GaN-on-Si devices appeared almost simultaneously, but GaN-on-SiC technology was more mature.
GaN-on-SiC, which currently dominates the RF GaN market, breaks through the 4G LTE wireless infrastructure market and is expected to be deployed in the Remote Radio Head (RRH) of the 5G Sub-6GHz implementation.
In common semiconductor processes, CMOS has significant advantages such as low power consumption, high integration, and low cost.
The SiGe process compatibility advantage is outstanding, and it is compatible with almost all new process technologies in the silicon semiconductor VLSI industry.
GaAs has excellent physical properties in the field of high power transmission.
GaN has unique advantages in high-temperature, high-frequency, high-power RF component applications.
基于功耗和成本等因素，消费终端产品明显更多采用 CMOS技术；CPE 采用 CMOS 和 SiGe BiCMOS；低功耗接入点则采用 CMOS、SiGe BiCMOS 和 GaAs；而 高功率基站领域则是 GaAs 和 和 The world of GaN.
Compared with 4G systems, 5G mMIMO has more transceivers and antenna units, and uses beamforming signal processing to deliver RF energy to users.
mMIMO 系统可将 192 个天线单元连接到 64 个发送/接收（TRx）FEM，这些 TRx FEM 具有 16 个收发器 RFIC和 4 个数字前端（DFE），与典型的 LTE 4T MIMO 中的 4 个收发器相比，数字信号处理性能可提高 16 倍.
Under the design of 5GmMIMO, the dramatically increased signal processing hardware greatly affects the system size, and the power consumption of signal processing is also approaching the power consumption of the on-board power amplifier. In some cases, it has even exceeded the power consumption of the on-board power amplifier.
The mMIMO design helps reduce the steps required for analog-to-digital and digital-to-analog conversion in traditional transceiver architectures, thereby reducing the size and weight of 5G antennas.
Compared with LDMOS devices, silicon-based GaN provides good broadband performance and excellent power density and efficiency, can meet strict thermal specifications, and save valuable PCB space for tightly integrated mMIMO antenna arrays.
GaN is well-suited for the high frequencies and wide bandwidths required in the millimeter wave field, meeting performance and small size requirements.
Applications using the mmWave band will require highly directional beamforming, which means that the RF subsystem will require a large number of active components to drive a relatively compact aperture.
GaN is well-suited for these applications because the power of small packages is one of the most significant features of GaN.
In terms of high power amplifiers, LDMOS technology has made only small advances in high RF power due to its low frequency limitations.
GaAs technology can work above 100GHz, but its low thermal conductivity and operating voltage limit its output power level.
50V GaN / SiC technology provides hundreds of watts of output power at high frequencies and provides the ruggedness and reliability required by radar systems.
HV GaN / SiC enables higher power while significantly reducing the number of RF power transistors, system complexity, and total cost.
2.2 The GaN RF market size will be about US $ 2 billion by 2024, with a CAGR of 21%. GaN is more focused on high-power, high-frequency scenarios in the RF market.
Because of its higher power output and smaller area at high frequencies, GaN has been widely adopted by the RF industry.With the arrival of 5G, GaN has found a place in Sub-6GHz macro base stations and millimeter wave (above 24GHz) small base stations.
The GaN RF market is recovering in 20186.
The US $ 4.5 billion will increase to approximately US $ 2 billion by 2024. This is mainly driven by the application of telecommunications infrastructure and defense. Satellite communications, wired broadband and RF power have also contributed to some extent.
With the implementation of the new GaN-based Active Electronic Scanning Array (AESA) radar system, GaN-based military radars are expected to transform the GaN military market from 2 in 2018.
$ 700 million to 9 in 2024.
US $ 7.7 billion with a CAGR of 23.
91%, with great growth potential.
The market size of GaN wireless infrastructure resets 3 in 2018.
$ 0.4 billion to 7 in 2024.
US $ 5.2 billion with a CAGR of 16.
The GaN wired broadband market size has grown from US $ 15.5 million in 2018 to US $ 65 million in 2024, with a CAGR of 26.
The GaN RF power market size has grown from USD 2 million in 2018 to USD 104.6 million in 2024, with a CAGR of 93.
38%, with great room for growth.
Layered GaN in the GaN Transceiver (BTS) ecosystem can greatly increase front-end efficiency, making it a new technology suitable for high-power and low-power applications. GaN-on-Si is expected to challenge the market for base station transceivers (BTS) and RF powerThe existing LDMOS scheme.
To meet average 5G requirements, GaN manufacturers need to provide choices covering multiple frequencies and power levels.
In satellite communications requiring high frequency and high power output, GaN is expected to gradually replace GaAs solutions.
In the cable television (CATV) and civilian radar markets, the cost of GaN is still higher compared to LDMOS or GaAs, but its added value is higher.
For the huge consumer-grade RF power transmission market that represents GaN, GaN-on-Si offers a more cost-effective solution.
2.3 GaN RF market: ruled by the United States and Japan, followed by Europe, and China’s new entry According to Yole statistics, more than 3,750 patents worldwide in 2019 can be divided into more than 1,700 patent families.
These patents cover RF GaN epitaxy, RF semiconductor devices, integrated circuits, and packaging.
Cree (Wolfspeed) has the strongest patent strength. In the GaN HEMT patent competition for RF applications, it is a leader in GaN-on-SiC technology, far ahead of its main patents Sumitomo Electric and Fujitsu.
Intel and MACOM are currently the most active RF GaN patent applicants, focusing on GaN-on-Si technology.
New entrants in the field of GaN RF HEMT-related patents are mainly Chinese manufacturers, such as HiWafer, Sanan Integration, and Huajin Chuangwei.
The patents related to RF GaN-on-Si have been steadily increasing since 2011, while the patents related to GaN-on-Si have been changing.
Of the RFGaN-on-Si patents, 17% of the RF GaN patents are explicitly declared as GaN substrates.
The main patent assignees are Cancer and MACOM, followed by Sumitomo Electric, Infineon, Panasonic, HiWafer, CETC, Fujitsu and Mitsubishi Electric.
In the field of GaN MMIC, Toshiba and Cree (Wolfspeed) have the most important patent portfolios.
Cree has the strongest IP in this field, but Toshiba is currently the most active patent applicant and will further strengthen its IP position in the next few years.
The main new entrants are Tiger Microwave and Huajin Skyworth.
In the field of RF GaN PA, Cree (Wolfspeed) is in the lead.
Other major IP vendors are Toshiba, Fujitsu, Mitsubishi Electric, Qorvo, Raytheon, and Sumitomo Electric. Newcomers include MACOM.
In the field of GaN RF switches, Intel is the most active. Newcomers include Tagore Technology.
Intel is the main patent applicant for GaN RF filters.
Third, power electronics: GaN promotes fast charging, and automotive electronics enters the era of small size and high efficiency3.
1 GaN has a variety of application scenarios in automotive electronics GaN technology is expected to significantly improve applications such as power management, power generation and power output.
In 2005, about 30% of energy was managed in the power electronics sector. By 2030, this number will reach 80%.
This is equivalent to saving more than 3 billion kilowatt-hours of electricity, which can support more than 300,000 homes for one year.From smartphone chargers to data centers, all equipment that draws power directly from the grid can benefit from GaN technology, increasing the efficiency and scale of power management systems.
Silicon power switches successfully address efficiency and switching frequency issues in low voltages (<100 volts) or high voltage tolerances (IGBTs and super junction devices). However, due to silicon limitations, not all functions are available in a single silicon power FET. Wide bandgap power transistors (such as GaN and SiC) can provide high power efficiency at high voltages and high switching frequencies, far exceeding silicon MOSFET products. Due to the differences in material characteristics, SiC has advantages in high-voltage and high-power applications higher than 1200V, and GaN devices are more suitable for high-frequency applications at 40-1200V, especially in applications below 600V / 3KW. Therefore, in the fields of micro-inverters, servos, motor drives, UPS, etc., GaN can challenge the status of traditional MOSFET or IGBT devices. GaN makes power products thinner and more efficient. The characteristics and functions of current cars are power consumption and electronic drive, which brings additional burden to the traditional 12V power distribution bus. For 48V bus systems, GaN technology can increase efficiency, reduce size, and reduce system costs. While the ray type distance maintaining and measuring function (Lidar) uses pulsed laser to quickly provide a high-resolution 360 ° three-dimensional image of the vehicle's surroundings, GaN technology can make the laser signal transmission speed much faster than similar silicon MOSFET devices. GaN-based lidars enable autonomous vehicles to see farther, faster, and better, becoming the eyes of the vehicle. In addition, GaN FETs operate at high efficiency, enabling maximum wireless power system efficiency at low cost. When used in high-intensity LED headlamps, GaN technology improves efficiency, improves thermal management, and reduces system costs. Higher switching frequencies allow operation above the AM band and reduce EMI. Taken together, GaN has rich application scenarios in automotive electronics. 3.2 GaN can provide a better choice for the next-generation charger market. GaN will replace silicon in many applications in the next few years. Among them, fast charging is the first application that can be mass-produced. At a voltage of around 600 volts, GaN performs significantly better than silicon in terms of chip area, circuit efficiency, and switching frequency, so GaN can be used instead of silicon in wall chargers. The screen of 5G smart phones is getting larger and larger, corresponding to the increasing demand for battery life, which means that the battery capacity is increasing. GaN fast charging technology can well solve the charging time problem caused by large batteries. Silicon is gradually reaching its physical limits, especially in terms of power density. This in turn limits the compactness of devices equipped with silicon power components. At very high voltages, temperatures, and switching frequencies, GaN has superior performance compared to silicon, which can significantly improve energy efficiency. Power GaN emerged in the aftermarket in the mid-to-late 2018, mainly with 24- to 65-watt chargers from Anker, Aukey, and RAVpower. After years of academic research on discrete GaN in the 1990s and integrated GaN in the 2000s, Navitas' GaNFast source integrated circuits have now become industry-recognized and commercially attractive next-generation solutions. It can be used to design smaller, lighter and faster chargers and power adapters. Single- and half-bridge GaNFast power ICs are 650V silicon-based GaN FETs that are monolithically integrated with drivers and logic in a quad flat no-lead (QFN) package. GaNFast technology allows switching frequencies up to 10 MHz, allowing the use of smaller, lighter passive components. In addition, parasitic inductance limits the switching speed of Si and older discrete GaN circuits, while integration minimizes delays and eliminates parasitic inductance. 3.3 The GaN power market is about 3. $ 500 million, CAGR reached 85%. In September 2019, OPPO announced that it will use GaN HEMT devices in its 65W built-in fast charger. GaN will enter mainstream consumer applications for the first time in 2019. In February 2020, Xiaomi also announced the use of 65W GaN fast charging at the Xiaomi 10 launch conference, which caused great market attention. GaN power devices are expected to accelerate their popularity in 2020. Because GaN chargers have the characteristics of small size, low heat generation, high power, and support for the PD protocol, GaN chargers are expected to unify the charger market for notebook computers and mobile phones in the future. According to Yole's forecast, driven by consumer fast charger applications, the size of the GaN power supply market will exceed 3 by 2024. 500 million US dollars, CAGR is 85%, there is great room for growth. In addition, GaN is also expected to enter automotive and industrial and telecommunications power applications. From the production side, GaN power semiconductors have begun to ship in volume, but their prices are still expensive. Manufacturing costs are a major obstacle to market growth, as GaN is still mainly produced today with 6-inch and smaller wafers. Once the cost can be reduced to a certain threshold, the market will burst. Based on the fierce competition of fast mobile phone charging, Chinese mobile phone manufacturers such as OPPO, vivo, and Xiaomi will drive the rapid growth of the GaN power market. The field of GaN power devices has been dominated by pure GaN startups such as EPC, GaN Systems, Transphorm and Navitas. Their products are mainly produced by TSMC, Episil or X-FAB. Among the emerging foundries in China, Sanan Integration and Haiwei Huaxin have the ability to mass-produce GaN power devices. 3.4 Infineon and Transphorm are leaders in the field of power GaN patents. Chinese OEM manufacturers OPPO have adopted GaN HEMT in their 65W fast chargers. Power GaN is entering mainstream consumer applications. The value of the GaN power market will exceed 3 by 2024. 500 million US dollars, CAGR is 85%. In the fierce competition in recent years, Infineon and Transphorm have mastered the top power GaN patents. Infineon has the most comprehensive patents and can be used for commercial activities in various GaN application scenarios. Transphorm is mainly focused on power GaN, temporarily leading other competitors. Infineon leads the field of cascode topology with its International Rectifier patent obtained in 2014. Fujitsu and Transphorm have important patents related to E-type GaN transistors. Infineon, EPC and Renesas are currently actively developing and applying for power GaN patents. In addition, both Infineon and Intel are developing technologies for monolithic integration of GaN power devices with other types of devices, such as RF circuits and LED and / or Si CMOS technology. 4. Optoelectronics: GaN has low power consumption, high luminous efficiency for LED, and UV laser assist 4. 1 GaN is the basic material of blue LEDs, and has important applications in Micro LEDs and UV lasers. In 1993, Nichia Nakamura launched the first high-brightness GaN blue LED, which solved the problem of the lack of efficient blue light since the advent of LED in 1962In 1996, the yellow phosphor was replaced on the blue LED for the first time to achieve white light emission, which opened a new era of white LED lighting. At present, there are three main methods for realizing white light LEDs: (1) using blue LEDs to excite yellow light phosphors to achieve binary mixed white light; (2) using ultraviolet LEDs to excite three primary color phosphors and synthesize white light from the light emitted by the phosphors;) Based on the principle of three primary colors, the red, green and blue primary color LED chips are used to synthesize white light. These several methods of obtaining white LED lighting have their own advantages and disadvantages. Micro LED is a new generation display technology, which has higher brightness and better luminous efficiency than the existing OLED technology, but can be replaced. In May 2017, Apple has started the development of a new generation of display technology. In February 2018, Samsung launched the Micro LED TV at CES 2018. Micro LED display technology can thin the LED structure design, miniaturize and array, the size is only about 1? 100μm level, but the accuracy can reach 10,000 times that of traditional LED. In addition, Micro LEDs are similar to OLEDs in terms of display characteristics, do not require a backlight and can self-emit. The only difference is that OLEDs are self-emissive organic materials. At present, OLED is favored by major manufacturers because it is replaced by TFT-LCD in terms of response time, viewing angle, flexibility, color rendering and relative, etc., but Micro LED is easier to accurately adjust the color and may have a luminous life.And higher brightness. Micro LED is expected to become another technology to promote display quality after OLED. Jingneng Optoelectronics' current silicon substrate GaN-based LED has achieved 8-inch mass production, and has achieved excellent uniformity of wavelength dispersion within 8-inch epitaxial wafers of less than 1 nm in a monolithic MOCVD cavity.Important. Commercial silicon wafers of 12 inches and above have been fully matured. With the introduction of high uniformity MOCVD epitaxial large cavities, there is no essential difficulty in upgrading silicon substrate LED epitaxy to the size of wafer size. Therefore, the characteristics of silicon-based GaN-based technology are a natural choice for manufacturing Micro LED chips. Because of its high-frequency characteristics, gallium nitride (GaN) is a good material for the preparation of ultraviolet light devices, and there is a wide range of military and civilian prospects for ultraviolet photovoltaic chips. In the military field, typical military applications are: fire suppression systems (ground tank armored vehicles, ships and aircraft), ultraviolet guidance, ultraviolet reflection, ultraviolet communication, ultraviolet search and rescue positioning, aircraft landing (land) guidance, space detection, Nuclear radiation and biological warfare agent monitoring, explosives detection, etc. In the civil field, typical applications are: flame detection, corona discharge detection, medical monitoring diagnosis, water quality monitoring, atmospheric monitoring, criminal biological detection, etc. It can be seen that GaN has a wide range of applications in the field of optoelectronics and microelectronics. Among them, GaN-based UV lasers have important application values in the fields of UV curing and UV sterilization, and they are also international research hotspots. According to the "Aerospace-technology" authoritative American media report, to stop the rapid spread of the new coronavirus (2019-nCov), Los Angeles International Airport (LAX), San Francisco International Airport (SFO) and New York John F. Kennedy International Airport (JFK) The UVC ultraviolet sterilization robot from DimerUVC Innovations in the United States has been used to comprehensively sterilize all internal cabins of aircraft entering and leaving the port to effectively prevent the transmission of the new coronavirus (2019-nCov). Its GermFalcon system uses UVC to eliminate viruses, bacteria and super bacteria on the surface of the aircraft cabin and in the air. The overall design of the system exposes all surfaces of the aircraft cabin to sterilized UVC. Its core light source adopts GaN UV LED technology, which makes the robot as a whole lighter, can be reduced, and the light-emitting diodes can be controlled and adjusted (harmless to the human body). 4. 2 The GaN optoelectronics market is growing rapidly, and the market size is expected to increase. According to LEDinside analysis, the LED lighting market size will have a CAGR of 6% in 2018-2023. In the new era of the Internet of Things and 5G, the penetration rate of smart products is increasing more rapidly, and business opportunities for smart home lighting are about to erupt. In addition, the market output value of Micro LED and Mini LED is expected to reach 13 in 2022. 8 billion dollars. The earliest Mini LED backlight technology will be the focus of development of various manufacturers. By 2023, the size of the Mini LED market is expected to reach one billion US dollars. The growth rate of display applications is expected to exceed 50% CAGR from 2018 to 2023. The Micro LED industry chain is roughly divided into four major substitutions of LED chips, transfer, panel and terminal applications. At present, the chip and application end are the most powerful, and the middle end is weak. The upstream manufacturers that have been deployed include Osram, Nichia, Jingdian, PlayNitride, Sanan, etc .; Luxvue, mLED and ITRI in the midstream; Apple, Sony, and Lumiode in the downstream. From a regional perspective, European and American manufacturers focus on downstream terminal application development, and Asia-Pacific manufacturers focus on the development of key components. According to the "Deep UV LED Application Market Report 2019" released by LEDinside, the global UV LED market size reached 2 in 2018. USD 9.9 billion, the market size is expected to reach 9 by 2023. USD 9.1 billion, with a CAGR of 27% in 2018-2023. The broad development prospects of UV LED are attracting more and more manufacturers to enter. GaN semiconductor-based deep ultraviolet light-emitting diodes (LEDs) are the mainstream development direction of ultraviolet disinfection light sources. The light source has a small volume, high efficiency, long life, and a chip module the size of a thumb cover.Ultraviolet light. As it has all the potential advantages of LED cold light sources, deep ultraviolet LEDs are recognized as a green, energy-saving and environmentally friendly product to replace ultraviolet mercury lamps in the future. However, the performance of the deep ultraviolet LED technology door is very high, and it is still in the development stage. It still needs to be improved in terms of optical power, light efficiency, life, and cost. The technological level and chip performance of cutting-edge, deep UV LEDs have improved rapidly, and they have been applied in batches in some high-end fields, and they are expected to be more widely used in the future. At present, the high-end deep ultraviolet LED products on the market are still mainly Japanese and Korean manufacturers, but more and more domestic semiconductor companies have begun to pay attention to the deep ultraviolet industry and have carried out in-depth layout. Such as the layout of the deep UV chip-package-module industry chain of Qingdao Jiesheng (Yuanrong Optoelectronics), deep UV LED chips, Sanan Optoelectronics, Hubei Deep Purple, Zhongke Luan, Huacan Optoelectronics, Hongli Bingyi, andGallium-sensitive optoelectronics for high-performance UV sensor chips. At present, gallium-sensitive optoelectronics is the only company in the country that has ultraviolet sensor chip technology. The high-end gallium nitride and silicon carbide ultraviolet sensor chips developed by it have been put into mass production, and are used in circulation, air, food, clothing and medical devices.The field of ultraviolet purification has been applied on a large scale. 5. Carding of important gallium nitride companies and industry chain 5. 1 CREE: Cre (Wolfspeed), the world's largest manufacturer of SiC and GaN devices, is a leader in the global LED chip, LED component, lighting products, power conversion and wireless communications equipment markets. Cree has the production capacity of SiC power devices and GaN radio frequency devices. Among them, Wolfspeed has the world's largest ownership in the SiC power device market, and the company has also led the wave of SiC wafer size changes. In the GaN RF market, Wolfspeed ranks second. The company's GaN HEMT expansion has exceeded 15 million units, and has further expanded GaN-on-SiC foundry services. 5, 2 Infineon: Infineon, the world's leading provider of semiconductor and system solutions, offers a variety of semiconductor solutions, including microcontrollers, LED drivers, sensors, and automotive and power management ICs. After announcing the acquisition of Cypress in June 2019, Infineon has become the eighth largest chip maker in the world. Infineon maintains a leading position in the entire market including power ICs and achieves the largest natural growth in the entire industry. As of 2018, Infineon has a market share of 37 in the discrete IGBT segment. 4%, ranking first; market share in the MOSFET segment reached 26. 4%, ranked first. 5, 3 Sumitomo Electric: Sumitomo Group, the world's largest supplier of GaN radio frequency devices, has a 400-year history. Sumitomo Electric (Sumitomo Electric) is a manufacturer of GaAs low-noise amplifiers (LNA), GaN amplifiers, optical transceivers and modules. Sumitomo Electric is the world's largest supplier of GaN radio frequency devices and also the largest supplier of Huawei's GaN radio frequency devices. Sumitomo Electric also supplies a large number of optical transceivers and modules to Huawei, ranking it among Huawei's top 50 core suppliers. Sumitomo Electric has a monopoly on the global GaN substrate market, and its technology has previously taken the lead. 5, 4 Navitas: Navitas Semiconductor, the creator of the world's leading GaN power IC-GaNFast technology, was established in 2014 to promote a high-speed revolution in the power electronics field. Navitas believes that combining high switching frequency with high energy efficiency can enable power systems to significantly increase charging speed and power density, and reduce costs. Navitas invented the industry's first GaN power IC, a technology that increased switching speeds by a factor of 100 while saving energy by 40% and more. The company's technology includes the industry's first commercial planar power MOSFET, the first high-voltage power IC, the first driver + MOSFET integration, the first dedicated power MOS chipset, the first cascaded GaN power FET and other products in all major power electronics markets. The Navitas team has created more than $ 4 billion in new power semiconductor businesses. The 65W GaN fast charge released by Xiaomi in February 2020 uses IC chips provided by Navitas. 5,5 Sanan Optoelectronics: Sanan Optoelectronics, a domestic leader in GaN radio frequency, power devices and optoelectronics, is a giant of traditional lighting LED chips. It has achieved mass production of deep ultraviolet LED chips in 2019, which is upstream of the entire industry product chain. As a leading domestic supplier of deep UV LED chips, the company's deep UV UVC LED chips are widely used in terminal disinfection products and application scenarios such as air, water and surface disinfection. In terms of optical power, Sanan Optoelectronics' UVC performance is already internationally equivalent, and can reach 2-4% light efficiency. Since the outbreak this year, Sanan Optoelectronics has received a surge in demand from many customers and the government, and the company's UVC chips are in full production. Company 260? 280nm wide-edge deep ultraviolet UVC products have accumulated more than 100 customers. Sanan Optoelectronics is currently building a Mini / Micro LED R & D base in the central region with an investment of 12 billion yuan (1.7 billion US dollars). Sanan will begin research and development of GaN and GaAs micro / micro LED chips and 4K displays at this research and development base. Only Sanan plans to build an annual production capacity of 1.61 million GaN micro / micro LED chips, 750,000 GaAs micro / micro LED chips and 84,000 4K displays at the base. The annual production capacity of the GaN business unit will include 720,000 blue light micro LED chips, 90,000 blue light micro LED chips, 720,000 green light micro LED chips and 80,000 green light micro LED chips, and the annual production capacity of the GaAs business part will include 660000 redLight Mini LED chips and 90,000 red light Micro LED chips. In addition, Sanan Optoelectronics has officially cooperated with Samsung Electronics to jointly develop Mini / Micro LED technology. Sanan Integration was established in 2014. It is a subsidiary of LED chip manufacturing company Sanan Optoelectronics (600703). It is based on gallium nitride and inductive gallium technology. It is a foundry specializing in compound semiconductor manufacturing. It serves the RF industry., Millimeter wave, power electronics and optical markets, including substrate integration, epitaxial growth and industrial integration capabilities of chip manufacturing. The San'an Integrated Project has a total planned land of 281 acres, a total investment of 3 billion, and a planned production capacity of 300,000 GaAs high-speed semiconductor epitaxial wafers per year, 300,000 GaAs high-speed semiconductor chips per year, and 60,000 wafers per year GaN high-power semiconductor epitaxy., 60,000 / year GaN high-power semiconductor chip. The official website shows that Sanan Integrated has established a professional, large-scale, 4-inch, 6-inch compound wafer manufacturing line in the microwave radio frequency field, and has launched high-reliability, high-power-density SiC power diodes and silicon-based in the electronic circuit field.GaN power devices. 5, 6 Haiwei Huaxin: a new force in China's pure wafer foundry (foundry) manufacturers. Haiwei Huaxin is a subsidiary of private aviation equipment and technology company Hightech High Technology (002023), which provides wafer foundry, design, and testing.service. The company actively develops the compound semiconductor business. It has built a 6-inch compound semiconductor commercial production line and completed the development of 6 process products including resonance, gallium nitride, silicon carbide and phosphide inversion. It can support the manufacture of power amplifiers and frequency mixing.Devices, low-noise amplifiers, switches, photodetectors, lasers, power electronics and other products. The business covers aviation, aerospace, satellite, consumer electronics and other fields. The products are widely used in 5G mobile communications, power electronics, fiber optic communications, 3D sensing and other fields. The annual report shows that in 2018, Haite High-tech provided products and technical services to 100 customers, of which 37 orders have been achieved for gallium nitrate and 6 customers have been dated for gallium nitride. Some of these products have achieved batch reduction and foundry for mass production; 5G base station products have passed performance verification and are currently in the reliability verification stage; gallium nitride power devices have been mass-produced on a small scale. Through the continuous advancement of 5G commercial deployment progress, 5GRadio frequency will generate a lot of demand for gallium nitride components, which has broad market prospects. 6. Investment Proposal The large-scale construction of 5G base stations has huge demand for GaN radio frequency. The global GaN radio frequency market is mainly made by Sumitomo Electric (first) and Cree (second). Among them, Sumitomo Electric is the largest supplier of Huawei GaN radio frequency devices.Business. Domestic manufacturers are relatively weak in the GaN RF field, but there are already too many manufacturers in place. The GaN power market is mainly driven by fast charging, and its growth intensity is mainly related to the advancement strength of domestic mobile phone manufacturers in GaN fast charging. At present, this year Mi Mi and some of the flagship brands of affiliated brands will be equipped with GaN fast charging as standard. The production of GaN fast charging is expected to be rolled out this year. Xiaomi's GaN fast-charging power supply IC is supplied by the American manufacturer Navitas. The power supply IC is mainly controlled by foreign manufacturers, and domestic manufacturers have improved their GaN power device foundry. In terms of optoelectronics, the new coronary pneumonia epidemic has led to a high demand for GaN-based deep ultraviolet UVC LEDs in the short term. In the long term, this technology is a new environmentally friendly, high-efficiency UV light source. The short-term demand and long-term market size are considerable.。 The domestic manufacturer Sanan Optoelectronics achieved mass production of deep UV LED chips in 2019, which is located upstream of the entire industry product chain and has certain technical barriers. Investment suggestion: We are optimistic about the full layout of GaN radio frequency, power devices, and deep ultraviolet LED chips, Sanan Optoelectronics, optimistic GaN device foundry, Hitech High-tech, optimistic automotive GaN power supplier Wingtech, and we recommend focusing on Huacan OptoelectronicsLan Wei et al.