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民生證券:電子快充新“賽道“,行業勢不可擋-20200831
格隆匯 08-31 10:43

機構:民生證券

評級:增持

報告摘要:
有線充電器:快充走向百瓦時代,協議兼容性增強推動第三方充電器迅速放量
1)快充走向百瓦時代:手機功耗提升和手機電池容量受限催生快充解決方案,通過充電頭/電池/數據線及接口三方配合,快充已由過去傳統高壓低電流和低壓高電流方案,走向高電流高電壓融合方案,OPPO/VIVO/小米均於今年7月推出百瓦以上快充。此外,主流廠商通過GaN開關、平板變壓器等使快充變得更便攜,通過VC液冷散熱、石墨烯、高導散熱凝膠等使快充變得更安全。
(2)協議兼容性增強推動一對多充成為可能:一是快充技術方案逐步實現對USB-PD協議的兼容,二是私有協議正逐步走向開放,華為、OPPO開放快充技術授權,第三方快充有望迅速放量。
(3)競爭格局:上游包括電子元器件、IC 與快充設計,國外企業掌握 IC 市場,國產替代正在進行。下游包括代工廠與品牌商,代工國內企業優勢明顯,包括領益智造(賽爾康)、奧海科技等。
(4)市場空間:預計 2022 年整體有線充電器市場空間為 1081 億元,其中快充 986 億

元,2020-22 年 CAGR 為 40%。

無線充電器:國內廠商推動無線充電走向快充時代,使用體驗協同快速改進

(1)無線充電是最近三年新興的充電方式,國產廠商率先推出 20W 以上的高功率無線快充,今年小米/華為/OPPO 已推出 40W 以上產品。在散熱方面,手機廠商採用主動散熱(風扇)+被動散熱(半導體制冷)結合方案,65W 產品温度可以控制在 40℃以內;在使用體驗方面,小米近期推出智能追蹤無線充電器,可實現隨意放置功能。
(2)無線快充市場(發射端):上游包括方案設計、IC、線圈、磁性材料與模組組裝,其中方案設計、IC 技術含量較高,以國外廠商為主。下游包括代工廠和第三方品牌商,智能終端產品品牌(如蘋果華為)的無線充電器均為代工,代工廠商有立訊精密、信維通信、奧海科技等;第三方品牌廠商包括 BelkinAnker 等,他們的無線充電器一部分自產一部分由代工廠代工。
(3)市場空間(發射端與接收端):預計 2022 年智能手機無線滲透率達 60%、可穿戴設備達 70%2022 年無線充電市場空間將達 59 億美元,未來 3 CAGR 21%
投資建議

手機功耗提升和手機電池容量受限推動快充市場成長,建議關注(1)代工廠:領益智造、奧海科技、海能實業;(2)一站式無線充電解決方案製造商:信維通信;(3)品牌廠商:安克創新;(4)充電器元器件/芯片廠商:聖邦股份、富滿電子。
風險提示

中美貿易摩擦加劇,疫情控制不及預期,快充滲透率不及預期。 

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