Inverter high growth, drive capacitor / inductor / IGBT demand continued upward

Benefiting from the rapid development of scenery storage and new energy vehicles, the increase of inverter shipments is expected to continue to open up the growth space of capacitors/inductors/IGBTs. According to Goodway's prospectus, capacitors, inductors and IGBTs account for 10%/13%/13% of the cost of raw materials for inverters. According to Goodway's prospectus, capacitors, inductors and IGBTs account for 10%, 13% and 13% of the cost of raw materials. We assume that the wind and solar storage and new energy vehicle inverter gross margin of 30%, to IGBT and other discrete devices, for example, we predict that the wind and solar storage and new energy vehicle inverter market demand for IGBT and other discrete devices will grow from 7.7 billion yuan in 20 years to 20.2 billion yuan in 25 years, 20-25E CAGR 21%.