As one of the few chip varieties that has crossed this downward cycle, IGBT still maintains its growth momentum driven by shipments of renewable energy and electric vehicles.

Top IGBT manufacturers make big profits

According to incomplete statistics from Intel, in the international market, IGBT European and American manufacturers represented by Infineon, Ansemy, and STMicroelectronics still performed very well in Q3. Except for Q3, where overall performance continued to grow, these three manufacturers achieved significant growth in both revenue and net profit in the first three quarters; Japanese manufacturers represented by Mitsubishi Electric, Fuji Electric, Hitachi, and Rom Semiconductor, although their overall performance in the mid year report (April September) of 2023 was still good, the performance of Hitachi and Rom in the mid year report has declined compared to the same period last year.

Q3 performance of major international IGBT manufacturers

Specifically, driven by orders in the electric vehicle and renewable energy sectors, Infineon's revenue in FY23Q4 was $4.383 billion, a year-on-year increase of 0.14% and a month on month increase of 1.47%. The net profit was 795 million US dollars, a year-on-year increase of 2.45%. In the fiscal year 2023, the company's revenue was $17.229 billion, a year-on-year increase of 14.71%. The net profit was $3.314 billion, a year-on-year increase of 43.97%. Infineon has the widest range of automotive semi-finished product portfolio, covering over 300 different product series, and has now achieved a single vehicle value of between $500 and $1300 per vehicle, with over 10 different models. In Q3, the revenue of many business departments of the company reached a historic high, demonstrating their growth and profitability potential.

In addition, Ansemy's revenue in Q3 2023 was $2.18 billion, an increase of 4.15% compared to the previous period. The net profit was 583 million US dollars, a year-on-year increase of 86.82% and a month on month increase of 1.06%. From the performance of Ansemy's terminal market, driven by the demand for silicon and silicon carbide, as well as electrification and electrification, the company's automotive business revenue reached nearly 1.2 billion US dollars in Q3 2023, an increase of 9% month on month and 33% year-on-year, setting a new high in recent times. In addition, the company's industrial sector grew by 1% month on month with sustained strength in the energy, infrastructure, and healthcare sectors, reaching a record high of 616 million US dollars in revenue; Similar to Ansemy, driven by continuous growth in the automotive business, STMicroelectronics achieved a quarterly revenue of $4.43 billion in Q3, a year-on-year increase of 2.55%, a month on month increase of 2.31%, and a gross profit margin of 47.6%.

In the domestic market, benefiting from the promotion of domestic substitution of IGBT, manufacturers such as Silan Micro, Times Electric, Star Semiconductor, Hongwei Technology, and China Resources Micro still maintained a growth trend in revenue in Q3. In addition, based on the performance of the first three quarters, the overall performance is still impressive. The three manufacturers, Time Electric, Star Semiconductor, and Hongwei Technology, have seen significant growth in both revenue and net profit compared to the same period last year.

Q3 performance of major domestic IGBT manufacturers

Specifically, in the third quarter of 2023, Star Semiconductor achieved a revenue of 931 million yuan, a year-on-year increase of 29.26% and a month on month increase of 2.52%. The net profit attributable to the parent company was 228 million yuan, a month on month increase of 2.02%. In H1 2023, the company's vehicle grade IGBT modules applied to the main motor controller continued to increase in volume, supporting a total of over 600000 new energy vehicles, helping the company further increase its market share in downstream markets such as automotive air conditioning and charging stations. At the same time, the company's large-scale installation of 750V vehicle grade IGBT modules based on the seventh generation Trench Field Stop technology will provide a sustained driving force for the sales growth of new energy vehicle IGBT modules from 2024 to 2030