Behind this, it can be seen as the mutual support and joint self-help of China enterprises in holding high the banner of American technology blockade. At the same time, the domestic substitution of "China Core" is imminent. BYD Semiconductor's action at this time is of great significance.
In fact, as early as April this year, BYD announced that its subsidiary "BYD Microelectronics" was officially renamed as "BYD Semiconductor" through internal restructuring and planned to go public. The company will deeply aggregate BYD's semiconductor business, and plans to introduce strategic investors through capital increase and share expansion, realize the diversification of shareholder structure, and actively seek independent listing at an appropriate time.
"BYD's current opening strategy is not only aimed at traditional car companies, but also includes overseas brands and domestic new power car brands. Whether it is battery, motor, electronic control or IGBT, we welcome cooperation as long as there is demand. " ? Li Wei, director of BYD President's Office, said.
This statement seems to be BYD's business declaration? But in fact, in the current complicated technology blockade environment, a new round of investment boom of China National Core is starting in China in a unique way and speed, and it is the internal and external environment that caused this decision.
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To break down the barriers of foreign investment, China's "core" is in urgent need of domestic production.
History is a reincarnation field.
Hundreds of years ago, after the American War of Independence, the United States made every effort to develop its own industrial system, but Britain, once its big brother, completely blocked its technology, listed steam engines and Jenny spinning machines as "high-tech products" and prohibited exports to the United States, trying to prevent the United States from honestly providing itself with raw materials.
Today's high-tech and powerful trade war in the United States is precisely the high-end technology blockade of some enterprises in China. Therefore, the substitution of domestic technology has become particularly urgent.
This is also one of a long list of investment projects introduced by BYD Semiconductor. In the A round of financing, BYD Semiconductor introduced investment institutions such as Sequoia Capital China, CICC Capital and SDIC Innovation Lead Investment. A+ round financing is dominated by industrial investors, including SK Group, Xiaomi Group, CMB International, Lenovo Group, CITIC Industrial Fund, ARM, SMIC, SAIC, BAIC, Shenhuaqiang, Blue Ocean Hua Teng and Enliven.
BYD Semiconductor has gradually completed internal restructuring, equity incentives and the introduction of strategic investors, and will accelerate the pace of IPO. CICC predicts that the market value of BYD Semiconductor will reach 30 billion yuan after the spin-off.
CICC Capital once pointed out in a report that China's semiconductor industry has grown into an investment track with a scale exceeding 1 trillion yuan, driven by the wave of scientific and technological innovation board and semiconductor localization. With the development of new energy vehicle market, the demand for IGBT will explode.
In just two months, BYD Semiconductor has raised nearly 2.7 billion yuan. As for the capital market betting on the IGBT semiconductor market, you can find that this reflects the capital market's optimism about the prospects of the semiconductor market and confidence in BYD technology, especially the domestic substitution of technology, which is both a commercial awareness and a feeling of home and country.
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The next unicorn is on its way.
In China market alone, the scale of new energy vehicles will accumulate 5 million electric vehicles on the road in 2025, which will also bring huge output value to IGBT. According to the analysis of relevant reports, during the period from 2065.438 to 2025, the market scale of IGBT driven by new energy vehicles and related industries in China will exceed 654.38+0.20 billion yuan.
China ranks first in the global production and sales of new energy vehicles for four consecutive years, and new energy vehicles are developing rapidly under the blessing of favorable conditions and geographical conditions, especially in China and Europe, two regions that are most supported by global new energy industry policies, which often lead to the growth of many suppliers behind them, among which power semiconductors are one, and Contemporary Anpu Technology Co., Ltd. will become a unicorn enterprise in a short time.
Compared with traditional fuel vehicles and weak hybrid vehicles, electric vehicles have fewer engines and start-stop systems, but more power electronic devices such as batteries, motors, electronic control core components, on-board DCDC, electric air conditioner drive and on-board charger (OBC).
IGBT (insulated gate bipolar? Insulated gate bipolar transistor) is the core component of electronic control, accounting for about one-third of its cost. Power battery cells are also called electric vehicles? "Dual-core" is the key technology that affects the performance of electric vehicles, and its cost accounts for about 5% of the total vehicle cost. (There are also articles that account for 7%- 10% of the cost of new energy vehicles), second only to batteries. At present, IGBT chips and modules in China are heavily dependent on imports, and currently rank in the top ten. Du Fangci, consultant of China Automobile Industry Association, said in an interview that the import rate was over 90%.
In terms of technology, BYD has never been afraid of competition. BYD sued Sanyo and Sony in those years. Although BYD was under great pressure in those years, it is now a fortune. Now, similar competition will be staged again. BYD has the heavy responsibility of independently producing IGBT and breaking foreign monopoly.
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Open supply chain system? What happened to BYD?
Subsequently, the blade battery was released on March 29th this year. The first BYD Korean EV equipped with blade battery is expected to be launched in mid-July. He Long, vice president of BYD Group and chairman of Foday Battery, said: "All the new energy brands you can think of are talking to us about cooperation schemes based on blade battery technology." ? Reveal BYD's thickness and confidence in the field of parts and components.
In addition to loading blade batteries on its new models, BYD will also cooperate with more car companies to supply blade batteries and become a battery supplier. It is reported that BYD will fully load blade batteries on new models in 2020 and 20021year.
Since then there have been rumors about global brands such as Audi. For BYD, the strategic adjustment, opening up the battery supply chain system, splitting the battery and listing it for any car company have already made a successful start.
Followed by BYD semiconductor, which is the IGBT chip mentioned at the beginning of the article.
Semiconductor independence, introducing strategic investors, seeking separate listing, is essentially an open supply chain system, and obtaining financing after listing. As we all know, IGBT has the characteristics of high technical threshold, great difficulty and high investment, and listing financing is the best solution. At the same time, foreign suppliers are also taking the route of blade batteries.
In terms of electronic control, BYD is the only automobile enterprise in China with a complete IGBT industrial chain, and also the largest supplier of automotive power semiconductors in the world. In terms of power batteries, so far, Dongfeng Motor, Chengdu Bus and Li are all partners of BYD's power batteries. In addition, BYD and Toyota have their own demands. BYD hopes to open the window of overseas supply of BYD parts by hanging Toyota brand cars. This is especially important for a company that is obsessed with technology.
There's an episode here. It is said that Huawei is a "wolf culture", and BYD, who is also in Shenzhen, is also involved. Earlier, BYD executives talked about their "kangaroo theory". Kangaroos have three characteristics: long legs, a bag and the ability to run by themselves. For BYD, the "long legs" of kangaroo theory are BYD's technology, and the "bags" are batteries, microelectronics and cars. Looking back, the problem lies in "self-running".
Wang Chuanfu is an out-and-out technical madman, and his inner obsession is also an important reason why Buffett supports him. In terms of batteries and semiconductors, Wang Chuanfu has amazing foresight and foresight. The only strategic mistake he made was probably due to "self-running", thus refusing to supply batteries for a long time. Now, regardless of battery or chip, BYD has readjusted its strategy.
This is good news for BYD itself and for SMIC.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.