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AI芯片的“退烧药”:碳化硅基板量产加速

发布于 2025-09-09

<p data-pm-slice="0 0 []"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="n" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="dcC0-SaEyg" style="" data-dir-key="dcC0-SaEyg"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">核心观点</span></span></strong></span></span></h3><ol class="list-paddingleft-1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">事件驱动</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:英伟达计划在新一代GPU芯片的先进封装中采用碳化硅(SiC)衬底作为中介层材料;台积电计划将12英寸单晶碳化硅用于散热载板。</span></span></span></span></li></ol><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">行业突破</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:碳化硅材料因优异导热性(热导率达500W/mK,远超硅的150W/mK),有望从新能源车拓展至AI算力芯片封装领域,打开新成长空间。</span></span></span></span></li></ol><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="6B2PQiBF7U" style="" data-dir-key="6B2PQiBF7U"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">技术逻辑链条</span></span></strong></span></span></h3><h4 data-slate-node="element" data-block-id="toMA_-7Sz2" style="" data-dir-key="toMA_-7Sz2"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">背景需求</span></span></strong></span></span></h4><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">GPU功率跃升</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:英伟达GPU芯片功率从H200的700W增至B300的1400W(行家说三代半数据)。</span></span></span></span></li></ul><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100044861" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwnibvXV3icCunbLOBibwCvXbibziaZZxKbuBh7PgQRVxibicPbd4SAw1gFdVtpGgHKtgtNaC4aKekuCAnhfw/640?wx_fmt=png&amp;from=appmsg" data-type="png" type="block" /></section><ul style="list-style-type: disc;" class="list-paddingleft-1"><li><section><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">封装散热瓶颈</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:CoWoS封装技术对散热要求骤增,传统热界面材料(TIM)和热堆叠结构优化空间有限。</span></span></span></span></section></li></ul><h4 data-slate-node="element" data-block-id="_K2Sx_wR8M" style="" data-dir-key="_K2Sx_wR8M"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">碳化硅优势</span></span></strong></span></span></h4><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">导热性能</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:碳化硅晶体热导率达500W/mK,为硅的3.3倍(数据来源:《碳化硅在导热材料中的应用及其最新进展》)。</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">应用场景</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">中介层替代</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:SiC替代硅中介层可缩小散热片尺寸,优化封装体积(目前硅中介层为CoWoS核心部件)。</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">散热载板升级</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:12英寸SiC载板替代氧化铝、蓝宝石基板,热导率显著领先陶瓷材料(AlN仅150W/mK)。</span></span></span></span></li></ul><h4 data-slate-node="element" data-block-id="XVi2qCR9Xa" style="" data-dir-key="XVi2qCR9Xa"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">产业动态</span></span></strong></span></span></h4><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">头部企业布局</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">应用材料公司指出SiC是“中介层理想材料”,中国厂商已量产12英寸晶圆。</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">台积电推进SiC在散热载板的应用验证。</span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="9-2kKWfw_R" style="" data-dir-key="9-2kKWfw_R"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">投资建议</span></span></strong></span></span></h3><ol class="list-paddingleft-1" start="1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">受益标的</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">天岳先进(688234)</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:全球SiC衬底份额22.8%(2024年富士经济数据),稳居全球第二;已量产12英寸全系列衬底(半绝缘/导电P型/N型)。</span></span></span></span></li></ul><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100044862" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwnibvXV3icCunbLOBibwCvXbibzrEVy5QEjLuw4tsob25JAZQM0NiatiabDgobp9QBets2RCSUZwDVpxM4Q/640?wx_fmt=png&amp;from=appmsg" data-type="png" type="block" /></section><ul style="list-style-type: disc;" class="list-paddingleft-1"><li><section><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">三安光电(600703)</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:重庆8英寸衬底产线投产(规划年产能48万片),垂直整合衬底-外延-器件制造。</span></span></span></span></section></li></ul><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">成长空间</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">SiC在先进封装的中介层、散热载板渗透率提升,将突破新能源车单一场景限制。</span></span></span></span></li></ul><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100044864" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwnibvXV3icCunbLOBibwCvXbibzfFztKKia5YhZf26NU2PHqGjCjKhHxxlVnF6Ih5VJGaVoRGSmJZkcxXg/640?wx_fmt=png&amp;from=appmsg" data-type="png" type="block" /></section><h3 data-slate-node="element" data-block-id="OuUJiRqhNC" style="" data-dir-key="OuUJiRqhNC"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf=""><span textstyle="" style="font-weight: normal;">3.</span>风险提示</span></span></strong></span></span></h3><ol class="list-paddingleft-1" start="1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">需求不确定性</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:汽车需求疲软、AI落地不及预期影响产业链。</span></span></span></span></li></ol><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">竞争与成本压力</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:行业竞争加剧、SiC衬底降本/工艺进步不及预期,或延缓封装领域渗透。</span></span></span></span></li></ol><ol class="list-paddingleft-1" start="3"><li><span data-marker="3."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">替代材料风险</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:潜在新型散热材料可能冲击SiC应用前景。</span></span></span></span></li></ol><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="a7-0RH-xpf" style="" data-dir-key="a7-0RH-xpf"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">结论</span></span></strong></span></span></h3><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">碳化硅凭借优异热导性能,正从功率半导体向AI芯片先进封装环节突破,天岳先进(衬底龙头)与三安光电(IDM产能释放)为核心受益标的。需持续跟踪头部晶圆厂(台积电、英伟达)的技术验证进展及成本优化节奏。</span></span></span></span></p><section><span 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