StarData raises 3.5 billion yuan, betting heavily on SiC

Latest update time：2021-09-02 11:57

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Source: Content from Semiconductor Industry Observation Comprehensive , thank you.

According to Star's latest announcement, the company will raise no more than RMB 350,000,000 (including the principal amount) through non-public offering of shares. The net proceeds after deducting the issuance expenses will be used for the following projects:

Among them, high-voltage special process power chips and SiC chip R&D and industrialization projects are also the focus of Star's fundraising this time. As we all know, in recent years, due to the popularity of new energy vehicles, SiC has become the focus of the industry. As the domestic IGBT leader, Star will naturally not give up this opportunity.

According to Star, the company plans to build new factories and warehouses and other supporting facilities, purchase photolithography machines, developers, etc., PECVD, annealing furnaces, electron microscopes and other equipment to achieve the research and development and industrialization of high-voltage special process power chips and SiC chips. After the project reaches full production, it is expected to form an annual production capacity of 360,000 power semiconductor chips. The successful implementation of this project will help the company enrich its product line, effectively integrate industrial resources, and consolidate and improve the company's market position and comprehensive competitiveness. Its wholly-owned subsidiary Jiaxing Star Microelectronics Co., Ltd. is the implementing entity of this project.

Star said that in the smart grid industry, high-voltage IGBT is an indispensable core power device for flexible DC converter valves. At present, the flexible DC transmission projects completed and under construction in China include Zhoushan 400MW flexible DC transmission project, Xiamen 1000MW flexible DC transmission project, Yunnan Luxi 1000MW flexible DC transmission project, Zhangbei 3000MW flexible DC transmission project, etc. Flexible DC transmission technology is the key development direction of future smart grid technology.

In the rail transit industry, high-voltage IGBT is the core device of the "traction inverter" of rail transit trains, and the traction inverter is one of the most critical components for driving rail transit trains. As a safe, reliable, fast, comfortable, large-capacity, low-carbon and environmentally friendly mode of transportation, rail transit has been rapidly promoted throughout the world. In my country, the rail transit industry is one of the basic industries related to the national economy and people's livelihood, and it is also a strategic emerging industry that the central and local governments at all levels attach great importance to and the national industrial policy supports. Industrial policies such as the "Medium- and Long-Term Railway Network Plan (Adjusted in 2016)", "Outline for the Construction of a Strong Transportation Country", "Outline for the Development of Smart Urban Rail in China's Urban Rail Transit", and "Outline for the Priority Planning of Railways in a Strong Transportation Country in the New Era" have planned broad prospects for the development of my country's rail transit industry.

At present, domestic power devices of 3300V and above are basically dependent on imports, and there is an urgent need to develop domestic core power semiconductor devices to assist in the localization of core components of smart grids and rail transit.

When it comes to SiC, Star said that SiC power devices can reduce losses and reduce the volume and weight of modules. With the rapid development of the new energy vehicle market, SiC power devices are widely used in high-end new energy vehicle controllers. In 2018, Tesla's main inverter began to adopt SiC MOSFET solutions. Subsequently, many component manufacturers such as ZF and Bosch, as well as automobile manufacturers such as BYD and Renault, announced that they would adopt SiC MOSFET solutions in some of their products. The market prospects of SiC power devices are very broad.

According to IHS data, the market size of silicon carbide power devices was approximately US$390 million in 2018. Driven by the huge demand in the new energy vehicle industry and the impact of increased efficiency and power consumption requirements in fields such as photovoltaics, wind power and charging piles, the market size of silicon carbide power devices is expected to exceed US$10 billion by 2027, with a compound growth rate of nearly 40% from 2018 to 2027.

Driven by the demand of downstream industries such as smart grid, rail transit, and new energy vehicles, the market size of high-voltage special process power chips and SiC chips is growing rapidly. In terms of smart grid, according to the forecast of China Business Industry Research Institute, by 2020, the market size of my country's smart grid industry will be nearly 80 billion yuan. Driven by the huge market demand, the market potential of high-voltage power modules is huge. In terms of rail transit, according to a research report by CITIC Securities, the demand for high-voltage power modules in China's subways will maintain an annual compound growth rate of 15%-20% from 2021 to 2023, and the railway demand will remain stable, with an annualized demand expected to be around 1.5 billion yuan. In terms of new energy vehicles, according to YOLE statistics, the global market size of IGBT modules for new energy vehicles reached US$909 million in 2018, and is expected to grow to US$1.91 billion by 2024, with an annual compound growth rate of 13.17%. With the widespread application of SiC power devices in the new energy vehicle industry, it will bring huge market space for SiC chips. The rapid development of the above-mentioned downstream industries will bring huge development momentum to the high-voltage special process power chip and SiC chip industries.

In addition, Star also plans to use the existing plant to implement the production line automation transformation project, purchase fully automatic dicing machines, online fully automatic printing machines, online fully automatic placement machines, online fully automatic vacuum reflow ovens, online fully automatic cleaning machines and other equipment, and implement the power semiconductor module production line automation transformation project. After the project reaches full production, it is expected to form an additional annual production capacity of 4 million power semiconductor modules.

Star pointed out that in the field of power semiconductor devices, overseas leading companies represented by Infineon entered the market earlier, formed strong advantages in design technology, process level, product serialization, etc., and had a high market share. Through years of technological accumulation, the IGBT modules and SiC modules produced by the company have been recognized by many mainstream downstream manufacturers at home and abroad, and the product performance and quality stability are comparable to those of overseas brands. The implementation of this project will help improve the company's quality control capabilities, further improve the company's product quality stability, and thus enhance the company's comprehensive product competitiveness.

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