Jiwei Network reported that on February 8, Suzhou Dongwei Semiconductor Co., Ltd. recently issued an announcement on the results of the initial public offering of shares and listing on the Science and Technology Innovation Board, and its stock is referred to as Dongwei Semi-Guide, and the stock code is 688261, which also means that Dongwei Semiconductor is about to be listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange.
According to public information, Dongwei Semiconductor is a technology-driven semiconductor enterprise focusing on the research and development and sales of high-performance power devices, and its products focus on medium and high power applications such as industry and automobiles. With excellent semiconductor device and process innovation capabilities, the company concentrates superior resources to focus on the development of new power devices, is one of the few high-performance power device design companies with complete experience from patents to mass production in China, and has achieved localization substitution in the field of high-voltage super junction, medium and low voltage SGT power devices and IGBT chips applied to the industrial field. From the company's public information, it can be seen that Dongwei Semiconductor emphasizes more on the originality of its technology, and relies on the innovation of device structure and process to highlight the leading nature of the product, which is unique among many domestic power semiconductor manufacturers.
Focus on the industrial and automobile markets, the per capita output value of more than 10 million yuan
In recent years, the demand for new technology applications such as carbon neutrality, carbon peaking, new energy vehicles, 5G and cloud computing has ushered in explosive growth, and power semiconductors are the core basic components for realizing power conversion in the above applications. Public information shows that most of the business of Dongwei Semiconductor comes from industrial grade and automotive-related applications. As the industry knows, compared with the consumer electronics market, the industrial and automotive markets have higher requirements for the performance and quality of chips, and there are high technical barriers. In the field of power devices, the chips used in new energy vehicles are basically monopolized by imported chip brands, and only a few domestic chip suppliers can enter the above fields, and Dongwei Semiconductor is one of the leaders. After years of verification, in 2021, the company's products began to enter BYD new energy vehicles in batches, and successfully entered the in-vehicle chip market.
The prospectus discloses that Dongwei Semi-Guide expects operating income of 772 million yuan to 803 million yuan in 2021, an increase of 150% to 160% year-on-year; net profit attributable to owners of the parent company in 2021 is expected to be 132 million yuan to 153 million yuan, an increase of 377% to 453% year-on-year; and net profit after deduction of non-profit in 2021 is expected to be 127 million yuan to 147 million yuan, an increase of 522% to 620% year-on-year. The main reason for the sharp increase in the company's performance in 2021 is the surge in demand for new energy vehicle charging piles, communication power supplies and photovoltaic inverters.
According to the prospectus, as of June 30, 2021, the R & D staff of Dongwei Semi-Guide accounted for 46%, and according to the number of employees, the per capita output value is expected to exceed 10 million yuan, which is a typical technology-intensive chip design high-tech company.
Wei Shaojun of the China Semiconductor Association has publicly stated that in 2021, there will be about 221,000 employees in the mainland chip design industry, with a per capita output value of 2.076 million yuan. The per capita output value of Dongwei Semiconductor is about 5 times that of the per capita output value of the domestic chip design industry, which is at the leading level in the industry.
The per capita output value is much higher than that of its peers, and it is inseparable from the excellent R&D team of Dongwei Semiconductor. Founded in 2008, Wang Pengfei and Gong Yi are the co-founders and co-controllers of the company, both of whom have studied and worked abroad and have rich experience in the integrated circuit industry. Among them, CTO Dr. Wang Pengfei has served as a professor at the School of Microelectronics of Fudan University for more than ten years, and has a certain reputation in academics.
According to public information, as early as August 2013, Dr. Wang Pengfei had cooperated with Dongwei and Fudan University to publish a heavyweight paper on a new type of microelectronic component in the top US journal Science, which was reported by authoritative media such as News Network, People's Daily, Wen Wei Po and so on.
Science journal is the world's most famous scientific and technological journal, but also one of the most representative, well-known and authoritative comprehensive academic journals in the world, enjoying a high academic reputation and world influence. Prior to this, Chinese companies had never published research papers on microelectronic devices in Science, and the ability of Dongwei Semiconductor to publish papers in such a high-level academic journal reflected the company's strong innovation ability in microelectronics basic components. The R&D team of Dongwei Semi-Guide focuses on the field of new microelectronic devices, and casts a deep technical moat for the company's long-term high-quality development through the underlying innovation of semiconductor device technology.
Create ace products with better performance than international counterparts
Through consulting the prospectus, Jiwei Network discovered many technical highlights of Dongwei Semiconductor, including the world's leading super junction MOSFET, super silicon MOSFET technology, the industry's original Tri-gate IGBT technology and Hybrid-FET device technology.
It is understood that the high-voltage super junction MOSFET is the trump card product of The East Micro Semiconductor, and it is also the largest proportion of its power discrete devices, high-voltage super junction MOSFET devices have the characteristics of high frequency, easy drive, high power density, and the application field is very extensive, covering communications, automotive electronics, industrial control, photovoltaic, energy storage, smart grid, consumer electronics and other fields.
However, for a long time, the high-voltage super junction MOSFET market has been mainly occupied by imported manufacturers, and the domestic high-performance high-voltage super junction MOSFET power device market accounts for a relatively small proportion. In this case, since its inception, Dongwei Semiconductor has actively invested in the research and development of high-voltage super junction MOSFET products, and has been recognized by Huawei, BYD, Trident, General Electric, Vision, Infineon, Encore, Gosbao, Jinshengyang, Leineng, Midea, Skyworth, Konka and other world-renowned customers, and achieved a good market reputation.
On April 14, 2016, people's daily published a report that the high-voltage super junction MOSFET of Dongwei Semiconductor was first localized in the field of high-voltage high-speed core semiconductor devices for charging piles, and determined the status of Dongwei Semiconductor as the "first domestic core" in the field of charging pile power devices.
According to the prospectus, the on-resistance of osg65R017HT3F, the most advanced high-voltage super junction product of Dongwei Semiconductor, is 14mohm, which is similar to the smallest on-resistance of infineon, an international leading brand, 15mohm, and the 650V withstand voltage of the company's products is higher than infineon's 600V withstand voltage, and the comprehensive performance advantage is obvious. For MOSFETs, on-resistance is an important performance parameter, the smaller the value, the smaller the power loss when the MOSFET operates, and the more it can reflect the company's technological innovation ability.
It is worth mentioning that the performance of the super silicon series proposed by Dongwei Semiconductor in 2016 is more prominent, and the advantage value (FOM) of the OSS60R190FF model is 2.53Ω·nC, which is better than the advantages of all international brands in the same platform, including Infineon's latest generation product IPDD60R190G7.
The reason why the product performance of Dongwei Semiconductor can occupy a dominant position in many imported chips is mainly due to its profound accumulation and technological innovation ability. In the field of high-voltage super junction MOSFET technology, Dongwei Semiconductor has accumulated industry-leading patented technologies including optimized charge balance technology, optimized gate design and core protocellular structure of slow-change capacitors, and the key technical indicators of the products have reached a level comparable to those of international leading manufacturers. In the field of medium and low voltage SGT MOSFET, the company has also accumulated core technologies including optimized charge balance and self-aligning processing, and the key technical indicators of the products have reached the leading level in China.
Off the beaten path, develop the original Tri-gate IGBT to achieve batch shipments
Thanks to the rapid development of the new energy industry, the demand for IGBT devices in downstream applications has grown rapidly in recent years. At present, the international mainstream IGBT uses a trench grid FS-IGBT structure. The Tri-gate IGBT (TGBT) proposed by Dongwei Semiconductor is a first device structure in the world, which realizes a significant enhancement of the concentration of carriers and improves the withstand voltage through electric field modulation, realizing the performance advantages of high current density and low switching loss. At the same time, due to the use of innovative device structure, the current density of the IGBT of The East Micro Semiconductor has been greatly improved, and its chip area has been further reduced, breaking through the current density level of traditional IGBTs, and directly eliminating the technical generation difference between domestic IGBTs and imported IGBT chips for many years. Due to the performance of catching up with the traditional trench structure of IGBT, Dongwei Semiconductor named this new Tri-gate IGBT TGBT.
The prospectus points out that the IGBT product of Dongwei Semiconductor has improved the current density by optimizing the carrier distribution inside the device, and achieved a lower shutdown loss Eoff without increasing the saturation voltage drop Vce and sat. For example, the company's low saturation voltage drop series 650V75A chip OST75N65HSZF can reduce the saturation voltage drop Vce and sat typical value to 1.50V in the case that Eoff is basically unchanged compared to OST75N65HZF (0.9mJ), and the performance is at the international leading level. At present, Tri-gate IGBT (TGBT) products have been shipped in batches in the fields of photovoltaic inverter, energy storage, charging pile modules, motor drives and so on.
By consulting the official website of The company, Jiwei Network found that its IGBT specifications have reached 31, and the chip voltage has reached 1350V from 600V. Due to the late start of the domestic IGBT industry, the current domestic substitution is still in its infancy, and the performance advantages brought by the Tri-gate IGBT technology of Dongwei Semiconductor are expected to bring explosive growth in various high-performance and high-reliability applications. With the help of the trend of domestic alternative industry and the performance advantages of its own products, it will surely grow into the company's new ace products.
SiC products are low-key, and we continue to cultivate high-performance power devices
In addition to the current hot IGBT, Dongwei Semiconductor established an independent research and development project for the third-generation semiconductor SiC power device in July 2021, mainly for the third-generation semiconductor material power device with silicon carbide as the substrate for research and development.
Surprisingly, there are four SiC-related devices and three Hybrid-FET devices on the official website of Dongwei Semiconductor.
There is no doubt that the third generation of semiconductor materials represented by silicon carbide and gallium nitride have excellent characteristics such as high temperature resistance, high pressure resistance, high frequency, high power, radiation resistance, etc. Compared with silicon-based power devices, silicon carbide or gallium nitride devices have certain advantages in new energy vehicles, UHV, data centers and other scenarios.
With the hot discussion of "carbon neutrality" and "carbon peak", green electricity consumption and efficient power generation are crucial, and the application of new technologies such as new energy vehicles and 5G has accelerated the demand for the industrialization of third-generation semiconductors.
The author also noted that the R&D engineering center construction project in the fundraising of Dongwei Semi-Guide plans to be laid out in the direction of SiC devices and new silicon-based high-voltage power devices, providing more powerful technical support for the sustainable development of the company. The early layout and launch of the silicon carbide power device can continue to expand the company's product types, provide customers with more complete high-performance power device products, and will also provide greater imagination space for future development.
In addition, based on the industry's original Tri-gate IGBT technology, the R&D team of Dongwei Semiconductor creatively proposed the Hybrid-FET device structure, which can maintain a high switching speed while greatly improving the power density of the power device, which can significantly improve the system efficiency.
From high-voltage super junction MOSFETs and IGBTs to SiC and Hybrid-FET devices, Dongwei Semiconductor has been continuously cultivating around high-performance power device technology, and with its strong underlying technological innovation capabilities, the company has also stood at the high point of technology in the power device industry, and has left a strong mark in the industrial and automotive fields with a low chip domestic rate.
Jiwei Network studied the prospectus of Dongwei Semi-Guide and the previous public information, and found a number of unexpected technical highlights, and it is not difficult to understand why this always low-key technology stream Fabless company is favored by big funds and Huawei at the same time. With the original Tri-gate IGBT technology, Dongwei Semiconductor has successfully entered the IGBT market and developed the third generation of semiconductor chips. It is believed that after the successful IPO of Dongwei Semiconductor, it is bound to continue to expand the company's product structure, gradually grow into a power semiconductor manufacturer with diversified products, and launch an impact on the higher-end power device market to achieve high-quality high-speed sustainable development. (Proofreading/Sami)