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原标题 快充新“赛道”,行业势不可挡
来源 民生证券
报告摘要
有线充电器:快充走向百瓦时代,协议兼容性增强推动第三方充电器迅速放量
(1)快充走向百瓦时代:手机功耗提升和手机电池容量受限催生快充解决方案,通过充电头/电池/数据线及接口三方配合,快充已由过去传统高压低电流和低压高电流方案,走向高电流高电压融合方案,OPPO/VIVO/小米均于今年7月推出百瓦以上快充。此外,主流厂商通过GaN开关、平板变压器等使快充变得更便携,通过VC液冷散热、石墨烯、高导散热凝胶等使快充变得更安全。
(2)协议兼容性增强推动一对多充成为可能:一是快充技术方案逐步实现对USB-PD协议的兼容,二是私有协议正逐步走向开放,华为、OPPO开放快充技术授权,第三方快充有望迅速放量。
(3)竞争格局:上游包括电子元器件、IC与快充设计,国外企业掌握IC市场,国产替代正在进行。下游包括代工厂与品牌商,代工国内企业优势明显,包括领益智造(赛尔康)、奥海科技等。
(4)市场空间:预计2022年整体有线充电器市场空间为1081亿元,其中快充986亿元,2020-22年CAGR为40%。
无线充电器:国内厂商推动无线充电走向快充时代,使用体验协同快速改进
(1)无线充电是最近三年新兴的充电方式,国产厂商率先推出20W以上的高功率无线快充,今年小米/华为/OPPO已推出40W以上产品。在散热方面,手机厂商采用主动散热(风扇)+被动散热(半导体制冷)结合方案,65W产品温度可以控制在40℃以内;在使用体验方面,小米近期推出智能追踪无线充电器,可实现随意放置功能。
(2)市场格局(发射端):上游包括方案设计、IC、线圈、磁性材料与模组组装,其中方案设计、IC技术含量较高,以国外厂商为主。下游包括代工厂和第三方品牌商,智能终端产品品牌(如苹果华为)的无线充电器均为代工,代工厂商有立讯精密、信维通信、奥海科技等;第三方品牌厂商包括Belkin、Anker等,他们的无线充电器一部分自产一部分由代工厂代工。
(3)市场空间(发射端与接收端):预计2022年智能手机无线渗透率达60%、可穿戴设备达70%,2022年无线充电市场空间将达59亿 美元,未来3年CAGR为21%。
投资建议
手机功耗提升和电池容量受限推动快充市场成长,看好(1)代工厂:领益智造、海能实业、奥海科技;(2)一站式无线充电解决方案制造商:信维通信;(3)品牌厂商:安克创新;(4)充电器元器件/芯片厂商:圣邦股份、富满电子。
风险提示
中美贸易摩擦加剧,疫情控制不及预期,快充渗透率不及预期。
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