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電(dian)(dian)(dian)源(yuan)(yuan)是(shi)(shi)將一(yi)種(zhong)制式的電(dian)(dian)(dian)能轉(zhuan)化成(cheng)其(qi)他(ta)制式電(dian)(dian)(dian)能的裝置。電(dian)(dian)(dian)源(yuan)(yuan)不(bu)同(tong)于(yu)電(dian)(dian)(dian)池，其(qi)本身并不(bu)產生(sheng)電(dian)(dian)(dian)能，而(er)是(shi)(shi)將一(yi)種(zhong)制式（電(dian)(dian)(dian)流(liu)、電(dian)(dian)(dian)壓）轉(zhuan)化成(cheng)另一(yi)種(zhong)制式（電(dian)(dian)(dian)流(liu)、電(dian)(dian)(dian)壓）的裝置。不(bu)同(tong)元(yuan)器件(jian)、模(mo)塊(kuai)標(biao)準工(gong)況下(xia)的電(dian)(dian)(dian)流(liu)、電(dian)(dian)(dian)壓并不(bu)相同(tong)，而(er)不(bu)同(tong)的電(dian)(dian)(dian)源(yuan)(yuan)可以(yi)為(wei)相應(ying)(ying)元(yuan)器件(jian)、模(mo)塊(kuai)等提供適合的電(dian)(dian)(dian)流(liu)、電(dian)(dian)(dian)壓，故電(dian)(dian)(dian)源(yuan)(yuan)被(bei)稱作(zuo)電(dian)(dian)(dian)子設(she)備心臟。作(zuo)為(wei)電(dian)(dian)(dian)子設(she)備中的重要組成(cheng)部分，電(dian)(dian)(dian)源(yuan)(yuan)廣(guang)泛應(ying)(ying)用于(yu)消(xiao)費電(dian)(dian)(dian)子、通信(xin)、工(gong)業、汽車(che)、航空(kong)航天等下(xia)游領(ling)域。

電源的分類

電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)系統通常(chang)需要(yao)多次電(dian)(dian)(dian)(dian)(dian)(dian)(dian)流(liu)(liu)(liu)、 電(dian)(dian)(dian)(dian)(dian)(dian)(dian)壓(ya)變(bian)化(hua)，才可將外部電(dian)(dian)(dian)(dian)(dian)(dian)(dian)能(neng)轉(zhuan)化(hua)為電(dian)(dian)(dian)(dian)(dian)(dian)(dian)子設備標況下所需電(dian)(dian)(dian)(dian)(dian)(dian)(dian)能(neng)。按輸(shu)入、輸(shu)出電(dian)(dian)(dian)(dian)(dian)(dian)(dian)能(neng)的(de)(de)(de)形(xing)式分類，電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)可分為 AC/AC 電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)（交(jiao)流(liu)(liu)(liu)轉(zhuan)交(jiao)流(liu)(liu)(liu)）、AC/DC 電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)（交(jiao)流(liu)(liu)(liu)轉(zhuan)直流(liu)(liu)(liu)）、DC/AC 電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)（直 流(liu)(liu)(liu)轉(zhuan)交(jiao)流(liu)(liu)(liu)）及(ji) DC/DC 電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)（直流(liu)(liu)(liu)轉(zhuan)直流(liu)(liu)(liu)）。其中，AC/DC 電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)主(zhu)要(yao)負責將發電(dian)(dian)(dian)(dian)(dian)(dian)(dian)機輸(shu)出的(de)(de)(de)交(jiao)流(liu)(liu)(liu)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)轉(zhuan)化(hua)為大電(dian)(dian)(dian)(dian)(dian)(dian)(dian)壓(ya)直流(liu)(liu)(liu)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)，實(shi)現對電(dian)(dian)(dian)(dian)(dian)(dian)(dian)能(neng)的(de)(de)(de)“粗調”；DC/DC 電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)主(zhu)要(yao)負責將蓄(xu)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)池或經 AC/DC 電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)變(bian)換后的(de)(de)(de)直流(liu)(liu)(liu)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)，進一步轉(zhuan)化(hua)為適合下游元器件工作的(de)(de)(de)小電(dian)(dian)(dian)(dian)(dian)(dian)(dian)壓(ya)直流(liu)(liu)(liu)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)，實(shi)現對電(dian)(dian)(dian)(dian)(dian)(dian)(dian)能(neng)的(de)(de)(de)“精調”。

△DC/DC模塊電(dian)源產品 外部(bu)（資料來源于VICOR官網）

按產品名(ming)稱(cheng)(cheng)和原(yuan)理分類，開(kai)(kai)關(guan)電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)為主要品種。根據中(zhong)國電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)學(xue)會(hui)出版的《中(zhong)國電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)行業年鑒(jian) 2021》，電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)按產品名(ming)稱(cheng)(cheng)和原(yuan)理可主要分為開(kai)(kai)關(guan)電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)、UPS 電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)、線性(xing)(xing)電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)、逆變電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)、變頻器(qi)電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)和其他(ta)電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)。開(kai)(kai)關(guan)電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)是指通(tong)過控制(zhi)開(kai)(kai)關(guan)開(kai)(kai)通(tong)和關(guan)斷的時間比率，維持穩定輸出電(dian)(dian)(dian)(dian)(dian)(dian)壓的一(yi)種電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)，具備功耗小、轉化效率高、負載(zai)穩定度高等優點，故其已經逐步代替(ti)線性(xing)(xing)電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)成為電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)主要品種，占電(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)市(shi)場規模一(yi)半以上(shang)。

模塊化大勢所趨

厚(hou)膜及微電路電源各(ge)有千秋

多數(shu)模(mo)(mo)塊(kuai)(kuai)電(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)基于開關電(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)原(yuan)理，為(wei) DC/DC 電(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)。模(mo)(mo)塊(kuai)(kuai)電(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)又稱為(wei)電(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)模(mo)(mo)塊(kuai)(kuai)，是指可(ke)以直(zhi)接貼裝在印(yin)刷電(dian)(dian)(dian)(dian)(dian)路板上的電(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)供應器(qi)，可(ke)為(wei)專用集成電(dian)(dian)(dian)(dian)(dian)路（ASIC）、數(shu)字信號處理 器(qi)（DSP）、微處理器(qi)、存儲(chu)器(qi)、現場可(ke)編程門陣列（FPGA）及(ji)其他數(shu)字或模(mo)(mo)擬負載供電(dian)(dian)(dian)(dian)(dian)。大多數(shu)模(mo)(mo)塊(kuai)(kuai)電(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)基于開關電(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)原(yuan)理，為(wei) DC/DC 電(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)（直(zhi)流(liu)轉直(zhi)流(liu)），作(zuo)為(wei)二(er)次電(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)實現電(dian)(dian)(dian)(dian)(dian)能的“精調”。

模(mo)塊(kuai)(kuai)(kuai)電(dian)源(yuan)位于(yu)(yu)產(chan)業(ye)(ye)鏈中(zhong)(zhong)游，電(dian)子材(cai)料(liao)及元(yuan)器(qi)件為主要原材(cai)料(liao)。電(dian)源(yuan)產(chan)業(ye)(ye)鏈包括原材(cai)料(liao)供(gong)(gong)應商(shang)、電(dian)源(yuan)制(zhi)(zhi)造商(shang)、設(she)(she)備制(zhi)(zhi)造商(shang)和(he)行(xing)業(ye)(ye)應用客戶。原材(cai)料(liao)供(gong)(gong)應商(shang)處(chu)于(yu)(yu)電(dian)源(yuan)產(chan)業(ye)(ye)鏈上游， 提供(gong)(gong)控制(zhi)(zhi)芯片(pian)、功率(lv)器(qi)件、變(bian)壓器(qi)、PCB 板等電(dian)子器(qi)件；模(mo)塊(kuai)(kuai)(kuai)電(dian)源(yuan)企業(ye)(ye)處(chu)于(yu)(yu)產(chan)業(ye)(ye)鏈中(zhong)(zhong)游， 采用不同(tong)的設(she)(she)計(ji)和(he)生產(chan)方案，將上游元(yuan)器(qi)件加工成模(mo)塊(kuai)(kuai)(kuai)電(dian)源(yuan)產(chan)品；下游設(she)(she)備商(shang)主要為航空(kong) 航天院所及整機企業(ye)(ye)、通(tong)信設(she)(she)備制(zhi)(zhi)造商(shang)等，負責(ze)將模(mo)塊(kuai)(kuai)(kuai)電(dian)源(yuan)集成入(ru)相(xiang)應電(dian)子設(she)(she)備中(zhong)(zhong)。

集(ji)成化(hua)、小型化(hua)大勢所趨，模塊電源(yuan)優勢明顯。如今電子設備(bei)內部功能結(jie)構日趨復雜(za)，集(ji)成化(hua)可有效減少內部引(yin)線長度降低(di)寄生參數，降低(di)電源(yuan)系統設計成本；小型化(hua)在(zai)航空(kong)航天(tian)等對體積、重量(liang)、參數分配要(yao)求嚴苛(ke)的領(ling)域占有優勢。模塊電源(yuan)集(ji)成度高，并具備(bei)通用(yong)性(xing)強(qiang)、靈活性(xing)高、散熱較好(hao)、可靠性(xing)高等優點，因而廣(guang)泛應用(yong)在(zai)航空(kong)航天(tian)、通訊、新能源(yuan)車等領(ling)域。

微電路工藝及厚膜工藝

集成(cheng)(cheng)(cheng)化趨勢下“和而(er)不同”，微(wei)(wei)(wei)電(dian)(dian)路(lu)工(gong)藝(yi)(yi)(yi)(yi)及厚(hou)膜(mo)工(gong)藝(yi)(yi)(yi)(yi)為主要(yao)路(lu)徑。按(an)工(gong)藝(yi)(yi)(yi)(yi)區分(fen)，模(mo)塊電(dian)(dian)源(yuan)(yuan)可分(fen)為微(wei)(wei)(wei)電(dian)(dian)路(lu)電(dian)(dian)源(yuan)(yuan)（PCB 工(gong)藝(yi)(yi)(yi)(yi)）及厚(hou)膜(mo)電(dian)(dian)源(yuan)(yuan)（厚(hou)膜(mo)工(gong)藝(yi)(yi)(yi)(yi)），二(er)者(zhe)均可使電(dian)(dian)源(yuan)(yuan)集成(cheng)(cheng)(cheng)度進一步提升：①PCB 工(gong)藝(yi)(yi)(yi)(yi)：是指運用自動化設備，將表面(mian)貼裝(zhuang)(zhuang)元(yuan)器(qi)件(jian)安裝(zhuang)(zhuang)、焊接(jie)在印(yin)制好的(de) PCB 板上(shang)，而(er)后進行入殼封裝(zhuang)(zhuang)并形(xing)成(cheng)(cheng)(cheng)模(mo)塊電(dian)(dian)源(yuan)(yuan)產品(pin)(pin)的(de)過程(cheng)。②厚(hou)膜(mo)工(gong)藝(yi)(yi)(yi)(yi)：采用絲網印(yin)刷、燒(shao)結等(deng)厚(hou)膜(mo)工(gong)藝(yi)(yi)(yi)(yi)在同一基片(pian)上(shang)制作無源(yuan)(yuan)網絡，而(er)后在其上(shang)組(zu)裝(zhuang)(zhuang)半(ban)導體器(qi)件(jian)芯片(pian)、單片(pian)集成(cheng)(cheng)(cheng)電(dian)(dian)路(lu)、微(wei)(wei)(wei)型(xing)元(yuan)件(jian)等(deng)，再外加封裝(zhuang)(zhuang)形(xing)成(cheng)(cheng)(cheng)模(mo)塊電(dian)(dian)源(yuan)(yuan)產品(pin)(pin)。

微電路電源和厚膜電源的區別

微(wei)(wei)電(dian)(dian)(dian)路(lu)電(dian)(dian)(dian)源和(he)厚(hou)膜(mo)電(dian)(dian)(dian)源各有千秋(qiu)。工(gong)(gong)藝(yi)(yi)角度(du)，微(wei)(wei)電(dian)(dian)(dian)路(lu)電(dian)(dian)(dian)源與厚(hou)膜(mo)電(dian)(dian)(dian)源區別主(zhu)要在(zai)基(ji)(ji)板(ban)(ban)(ban)及封裝(zhuang)(zhuang)環節：1）基(ji)(ji)板(ban)(ban)(ban)：微(wei)(wei)電(dian)(dian)(dian)路(lu)電(dian)(dian)(dian)源在(zai)外采(cai)PCB板(ban)(ban)(ban)上直接貼片組裝(zhuang)(zhuang)，而厚(hou)膜(mo)電(dian)(dian)(dian)源首(shou)先在(zai)“白板(ban)(ban)(ban)”上印制所需電(dian)(dian)(dian)路(lu)結構，故厚(hou)膜(mo)工(gong)(gong)藝(yi)(yi)也被稱作(zuo)“微(wei)(wei)電(dian)(dian)(dian)子”工(gong)(gong)藝(yi)(yi)。2）封裝(zhuang)(zhuang)：厚(hou)膜(mo)電(dian)(dian)(dian)源通(tong)常充入(ru)氮(dan)氣等惰性(xing)氣體，進(jin)行金屬(shu)氣密封裝(zhuang)(zhuang)。由于二者工(gong)(gong)藝(yi)(yi)差異，厚(hou)膜(mo)電(dian)(dian)(dian)源通(tong)常成(cheng)本及技術難度(du)更高、可(ke)靠性(xing)更好、可(ke)儲存時間更長、溫(wen)度(du)范圍更寬、體積重量更小主(zhu)要應用(yong)于航(hang)空航(hang)天領域(yu)；微(wei)(wei)電(dian)(dian)(dian)路(lu)電(dian)(dian)(dian)源成(cheng)本較低(di)、大功率表(biao)現更好、通(tong)用(yong)性(xing)更強，除航(hang)空航(hang)天外還廣泛應用(yong)于通(tong)訊(xun)等領域(yu)。

功(gong)率(lv)變換器主要性能(neng)發展趨勢

[資(zi)源(yuan)來源(yuan)于(yu)《高(gao)功(gong)率密度(du)DC/DC模塊電源(yuan)研(yan)究》]

高功率密度和高效率

高(gao)(gao)功(gong)(gong)(gong)率(lv)(lv)密度(du)(du)、高(gao)(gao)效率(lv)(lv)為(wei)發展(zhan)趨勢，數字(zi)化方(fang)興(xing)未艾。①高(gao)(gao)功(gong)(gong)(gong)率(lv)(lv)密度(du)(du)：在下(xia)游(you)應(ying)用端 小型化、輕量化需(xu)求(qiu)引領下(xia)，在更(geng)(geng)小體積(ji)、更(geng)(geng)輕質量的情況(kuang)下(xia)輸出(chu)更(geng)(geng)大功(gong)(gong)(gong)率(lv)(lv)是(shi)主要發展(zhan)趨勢；②高(gao)(gao)效率(lv)(lv)：功(gong)(gong)(gong)率(lv)(lv)密度(du)(du)提(ti)(ti)升通(tong)常伴隨著發熱量的提(ti)(ti)升，且在提(ti)(ti)升至(zhi)一定程度(du)(du)后(hou)往往會受(shou)散熱問題限制。通(tong)過降低(di)功(gong)(gong)(gong)率(lv)(lv)器件損耗來降低(di)模塊電源(yuan)發熱量，是(shi)功(gong)(gong)(gong)率(lv)(lv)密度(du)(du)提(ti)(ti)升的應(ying)有之義。此(ci)外，通(tong)過數字(zi)化編程實現控制策略與保護邏輯，可以有效簡(jian)化模塊電源(yuan)外圍電路，進一步縮小體積(ji)、提(ti)(ti)升功(gong)(gong)(gong)率(lv)(lv)密度(du)(du)，故數字(zi)化也逐步成為(wei)模塊電源(yuan)重要發展(zhan)方(fang)向。

信息化搭臺 國產化起舞

軍(jun)民有別 高可靠為核(he)心(xin)要義

由于應用(yong)終端(duan)特殊性等(deng)(deng)(deng)(deng)，高(gao)可靠(kao)為(wei)軍(jun)(jun)用(yong)模塊電(dian)源核心要義。作為(wei)較基(ji)礎的(de)(de)(de)元器件，軍(jun)(jun)用(yong)模塊電(dian)源廣泛應用(yong)于海、陸、空、天(tian)(tian)的(de)(de)(de)各式(shi)電(dian)子化(hua)、信息化(hua)裝(zhuang)備(bei)中(zhong)，下游涵蓋軍(jun)(jun)機、導(dao)彈(dan)、火箭、雷達(da)、衛星(xing)、艦船、裝(zhuang)甲車等(deng)(deng)(deng)(deng)各終端(duan)。軍(jun)(jun)品工作環境(jing)常涉及(ji)較極端(duan)的(de)(de)(de)工況，如導(dao)彈(dan)在軌(gui)時需(xu)面對強加速度、強振(zhen)動、高(gao)溫等(deng)(deng)(deng)(deng)極端(duan)環境(jing)，對于元器件抗(kang)振(zhen)動、耐沖擊、耐高(gao)溫等(deng)(deng)(deng)(deng)要求較高(gao)；衛星(xing)在軌(gui)時需(xu)面對較大溫差以及(ji)宇宙射線的(de)(de)(de)干擾，著重強調寬溫度范圍、 抗(kang)輻照(zhao)等(deng)(deng)(deng)(deng)性能(neng)指標。同時，航空航天(tian)(tian)等(deng)(deng)(deng)(deng)下游設備(bei)具備(bei)成(cheng)本高(gao)、結構(gou)復雜、一旦故障即會造(zao)成(cheng)嚴(yan)重損失。綜上(shang)，質(zhi)量(liang)為(wei)軍(jun)(jun)用(yong)模塊電(dian)源最為(wei)核心的(de)(de)(de)要求。

由于(yu)高可靠(kao)需求及軍品(pin)機制(zhi)，軍用模(mo)塊(kuai)電(dian)源從研發到生產(chan)均(jun)與(yu)民品(pin)有別(bie)。以(yi)下將從進入資質、訂單模(mo)式、研發、生產(chan)模(mo)式、生產(chan)工藝五大方面說明軍用與(yu)民用模(mo)塊(kuai)電(dian)源區別(bie)：

 ① 進(jin)入資(zi)質

需多重資(zi)質認(ren)證(zheng)(zheng)。軍(jun)用(yong)模塊電源(yuan)企業(ye)首先需取(qu)得“軍(jun)工(gong)三(san)證(zheng)(zheng)”，即(ji) 軍(jun)工(gong)產(chan)(chan)品質量管理體系(xi)認(ren)證(zheng)(zheng)、武器裝備(bei)(bei)科研生產(chan)(chan)單位(wei)保密資(zi)格認(ren)證(zheng)(zheng)、裝備(bei)(bei)承制單位(wei)資(zi)格認(ren)證(zheng)(zheng)；其(qi)次，需取(qu)得中國(guo)軍(jun)用(yong)電子(zi)元器件(jian)質量委(wei)員會頒發的(de)各種(zhong)國(guo)軍(jun)標(biao)生產(chan)(chan)線認(ren)證(zheng)(zheng)；最后(hou)，需通過(guo)下游設備(bei)(bei)廠商的(de)供(gong)貨資(zi)質認(ren)證(zheng)(zheng)，方可進入軍(jun)用(yong)模塊電源(yuan)行業(ye)進行供(gong)貨。

 ② 訂(ding)單(dan)模式

小(xiao)批(pi)量、多品(pin)(pin)類，定(ding)制(zhi)化(hua)程度高。由于武器(qi)裝備型(xing)號(hao)種(zhong)類繁多， 各型(xing)號(hao)對(dui)于電源參數需(xu)求不同，故相較于民品(pin)(pin)而(er)言，軍品(pin)(pin)訂(ding)單具備小(xiao)批(pi)量、 多品(pin)(pin)類的特點，且常需(xu)要根據下游需(xu)求開發高度定(ding)制(zhi)化(hua)產品(pin)(pin)。

 ③ 研 發

周期(qi)(qi)較長。由(you)于軍品(pin)在產品(pin)驗證部分普(pu)遍較民(min)品(pin)周期(qi)(qi)更長，且部分軍 品(pin)模塊電(dian)(dian)源(yuan)需與下游客戶一起聯合研制，故(gu)軍品(pin)模塊電(dian)(dian)源(yuan)研發(fa)周期(qi)(qi)通常長于 民(min)品(pin)模塊電(dian)(dian)源(yuan)。由(you)于小(xiao)批量、多品(pin)類訂單模式，軍品(pin)定制化研發(fa)的占比較高。

 ④ 生產模式(shi)

以銷定(ding)(ding)產(chan)(chan)為(wei)主。軍(jun)品通(tong)常采用以銷定(ding)(ding)產(chan)(chan)模式進行(xing)排產(chan)(chan)，在公司內 部(bu)評審(shen)訂(ding)單(dan)后，再根(gen)據訂(ding)單(dan)進行(xing)物料準備(bei)。同時，軍(jun)品也會輔(fu)以一定(ding)(ding)程(cheng)度的 產(chan)(chan)品儲(chu)備(bei)，來縮短產(chan)(chan)品交貨(huo)周期(qi)，快速響應市場需(xu)求。

 ⑤ 生產工藝(yi)

可(ke)(ke)靠性(xing)要求(qiu)致使檢驗步驟(zou)增多。相(xiang)比于(yu)民品(pin)模塊(kuai)電源(yuan)，軍品(pin)模塊(kuai)電源(yuan)在生產過程(cheng)中(zhong)檢驗步驟(zou)較(jiao)多，從而保證生產流程(cheng)可(ke)(ke)溯(su)源(yuan)的(de)同時(shi)，進一(yi)步提升產品(pin)可(ke)(ke)靠性(xing)。

△軍用電子元器件

由于從資質認(ren)證到生產(chan)工(gong)藝等(deng)方面的差異(yi)，軍品(pin)模(mo)(mo)塊電(dian)源(yuan)較(jiao)(jiao)民品(pin)附加(jia)(jia)值更高(gao)(gao)。由于軍品(pin)的資質壁壘以及較(jiao)(jiao)長的研發、驗證周期，新(xin)品(pin)通常需要(yao) 3-5 年的時間才可能形(xing)成(cheng)規(gui)模(mo)(mo)收 入；同時，小(xiao)批(pi)量、多品(pin)類、高(gao)(gao)度定(ding)制化(hua)的訂單(dan)模(mo)(mo)式也帶來了(le)額外的管理(li)要(yao)求(qiu)，且較(jiao)(jiao)難形(xing)成(cheng)明(ming)顯(xian)的規(gui)模(mo)(mo)效應；此外，軍方下(xia)游客戶最為(wei)看重(zhong)可靠性，而(er)(er)對于價(jia)(jia)格的敏感度相(xiang)對較(jiao)(jiao)弱。綜合上述(shu)因素，軍品(pin)模(mo)(mo)塊電(dian)源(yuan)往(wang)往(wang)定(ding)價(jia)(jia)較(jiao)(jiao)高(gao)(gao)，且相(xiang)較(jiao)(jiao)于民品(pin)具(ju)備更高(gao)(gao)的附加(jia)(jia)值。以國(guo)內模(mo)(mo)塊電(dian)源(yuan)核心供應商新(xin)雷能為(wei)例，其特(te)種(zhong)業(ye)務(wu)毛(mao)利率(lv)持續高(gao)(gao)于通信業(ye)務(wu)，2021 年特(te)種(zhong)業(ye)務(wu)毛(mao)利率(lv)達(da) 60.9%，而(er)(er)通訊(xun)業(ye)務(wu)毛(mao)利率(lv)為(wei) 26.8%，軍品(pin)毛(mao)利率(lv)明(ming)顯(xian)較(jiao)(jiao)高(gao)(gao)。

信息化提速

百億賽道蓬勃發展

我(wo)國(guo)強軍(jun)目標(biao)明確(que)，信(xin)(xin)息化(hua)建(jian)設(she)提速(su)。軍(jun)隊信(xin)(xin)息化(hua)意為通過信(xin)(xin)息化(hua)整(zheng)合(he)，實(shi)現(xian)目標(biao)探 測(ce)跟蹤、指揮(hui)(hui)控(kong)制、火力(li)打擊(ji)、戰(zhan)場防護和毀傷評估(gu)功能一體(ti)化(hua)，以及聯(lian)合(he)指揮(hui)(hui)中心(xin)和各 軍(jun)種(zhong)作戰(zhan)組(zu)織的(de)一體(ti)化(hua)。我(wo)國(guo)自 1998 年起發布(bu)的(de) 10 部《國(guo)防白皮書》中多次闡述我(wo)國(guo)軍(jun) 隊信(xin)(xin)息化(hua)建(jian)設(she)的(de)要(yao)求及進(jin)(jin)程，黨(dang)的(de)十(shi)九大也提出“確(que)保 2020 年信(xin)(xin)息化(hua)建(jian)設(she)取得重大進(jin)(jin)展” “力(li)爭到 2035 年基本實(shi)現(xian)國(guo)防和軍(jun)隊現(xian)代化(hua)”，相(xiang)較于(yu)十(shi)八大時期的(de)“三步(bu)走”，將(jiang)實(shi)現(xian)軍(jun)隊現(xian)代化(hua)的(de)目標(biao)提前了 15 年。在(zai)政策驅動(dong)下，軍(jun)隊信(xin)(xin)息化(hua)建(jian)設(she)正快速(su)推進(jin)(jin)。

在(zai)軍隊信(xin)息化(hua)建設提速背景下(xia)，國內軍用模(mo)塊(kuai)電源(yuan)行(xing)業(ye)將受(shou)益(yi)于：武器裝(zhuang)(zhuang)備加速換裝(zhuang)(zhuang)列(lie)裝(zhuang)(zhuang)和新式裝(zhuang)(zhuang)備電子系統價值量占比提升(sheng)，迎來快速成長。

武器裝備“補償式”發展空間廣闊

國(guo)(guo)(guo)防支出方(fang)面(mian)，我國(guo)(guo)(guo) 2021 年國(guo)(guo)(guo)防預(yu)算占 GDP 比(bi)重(zhong)約 1.2%；對比(bi)其他軍(jun)(jun)(jun)事(shi)強國(guo)(guo)(guo)（集團）軍(jun)(jun)(jun)費占 GDP 比(bi)重(zhong)，美(mei)(mei)國(guo)(guo)(guo)維(wei)持(chi) 在 3.2%左右(you)，印度維(wei)持(chi)在 2%左右(you)，北(bei)約秘書(shu)長也多次敦促成員國(guo)(guo)(guo)將該比(bi)例提(ti)至 2%以(yi)上(shang)，我國(guo)(guo)(guo)國(guo)(guo)(guo)防支出仍有(you)較(jiao)大提(ti)升空(kong)間。裝備(bei)數量(liang)及(ji)結(jie)構(gou)(gou)方(fang)面(mian)，我國(guo)(guo)(guo)軍(jun)(jun)(jun)機(ji)(ji)(ji)在數量(liang)及(ji)代(dai)次結(jie)構(gou)(gou)上(shang)均(jun)與美(mei)(mei)國(guo)(guo)(guo)有(you)較(jiao)大差距(ju)，據《World Airforces2022》 （Flight Global），2021年我國(guo)(guo)(guo)軍(jun)(jun)(jun)機(ji)(ji)(ji)總(zong)量(liang)仍不足美(mei)(mei)國(guo)(guo)(guo)的(de)(de)一半，其中三(san)代(dai)機(ji)(ji)(ji)、四代(dai)機(ji)(ji)(ji)占比(bi)合計僅 54%（美(mei)(mei)國(guo)(guo)(guo)幾乎(hu)全為三(san)代(dai)機(ji)(ji)(ji)及(ji)以(yi)上(shang)），我國(guo)(guo)(guo)武器裝備(bei)建設仍存 廣闊空(kong)間。模塊電源作為較(jiao)基礎的(de)(de)功能模塊，其需求將伴隨裝備(bei)放量(liang)而快速增長。

先進武器裝備電子系統價值量占比提升

在新一(yi)輪科(ke)技革(ge)命和產業變革(ge)推動下(xia)，武(wu)器(qi)(qi)裝(zhuang)備遠程精確化、智能(neng)(neng)化、隱身化、無人化趨勢更加明(ming)顯。海、陸、 空、天武(wu)器(qi)(qi)裝(zhuang)備中電子系統的功能(neng)(neng)趨向多(duo)元化，結構趨于復雜化，價值量占比迎來持續提(ti)升。平(ping)均來看，單(dan)個武(wu)器(qi)(qi)裝(zhuang)備模塊電源用(yong)量及價值量將(jiang)進(jin)一(yi)步提(ti)升，拉動行業需求進(jin)一(yi)步擴容。

△2027年(nian)國(guo)內軍用電源市場規模（單位: 億美元）

[來源于Reportlinker(含預(yu)測）,中信證券研(yan)究部]

預計 2027 年(nian)國(guo)內軍(jun)(jun)用(yong)(yong)電(dian)源(yuan)市(shi)場(chang)規模(mo)達(da) 28億美(mei)(mei)元(yuan)，對應 2021-2027 年(nian) CAGR 為 11.9%。據 Reportlinker，2020 年(nian)全球軍(jun)(jun)用(yong)(yong)電(dian)源(yuan)市(shi)場(chang)規模(mo)達(da) 73 億美(mei)(mei)元(yuan)，預計 2027 年(nian)規模(mo)達(da) 124 億美(mei)(mei)元(yuan)，對應 CAGR 為 7.8%；預計 2027 年(nian)國(guo)內軍(jun)(jun)用(yong)(yong)電(dian)源(yuan)市(shi)場(chang)規模(mo)將達(da) 28 億美(mei)(mei)元(yuan)，對應 2021-2027 年(nian) CAGR 為 11.9%，我們據此推算得(de) 2020 年(nian)國(guo)內軍(jun)(jun)用(yong)(yong)電(dian)源(yuan)市(shi)場(chang)規模(mo)約(yue) 12.7 億美(mei)(mei)元(yuan)（按(an)當年(nian)平(ping)均匯率(lv)折算約(yue) 88 億元(yuan)）。在(zai)武(wu)器裝(zhuang)備(bei)(bei)加速(su)換裝(zhuang)列裝(zhuang)、先進武(wu)器裝(zhuang)備(bei)(bei)電(dian)子 系(xi)統(tong)價值量占比提升兩(liang)大(da)邏輯驅動下，軍(jun)(jun)用(yong)(yong)模(mo)塊電(dian)源(yuan)市(shi)場(chang)正蓬勃發(fa)展。

自主可控需求迫切

國內企業迎(ying)黃金發展機(ji)遇

海外廠(chang)商長(chang)(chang)期主導，貿易摩(mo)擦(ca)為國(guo)產替代(dai)外源催化(hua)。國(guo)內電(dian)(dian)源模(mo)塊(kuai)行(xing)業起步較(jiao)晚，美(mei) 國(guo) VICOR、Interpoint、VTP 等(deng)廠(chang)商長(chang)(chang)期主導國(guo)內軍用電(dian)(dian)源模(mo)塊(kuai)市場。據甘化(hua)科工公(gong)告， 2018 年(nian)(nian)以前(qian)，國(guo)內軍用模(mo)塊(kuai)電(dian)(dian)源國(guo)產化(hua)率不足20%。2018 年(nian)(nian)中美(mei)貿易摩(mo)擦(ca)爆(bao)發(fa)，美(mei)國(guo)限制(zhi)包(bao)括部分模(mo)塊(kuai)電(dian)(dian)源在內的電(dian)(dian)子元器(qi)件對華出口(kou)，供給端進一(yi)步收緊；同時(shi)，軍改影響逐步落地，下游采購備貨(huo)總體較(jiao) 2017 年(nian)(nian)有較(jiao)大提(ti)升，需(xu)求端缺口(kou)進一(yi)步放大。供需(xu)兩端催化(hua)下，模(mo)塊(kuai)電(dian)(dian)源自(zi)主可控(kong)需(xu)求迫切。

國(guo)內(nei)(nei)外差(cha)距逐步縮小，技術為國(guo)產替(ti)代內(nei)(nei)核驅(qu)動。近年來，國(guo)內(nei)(nei)模(mo)塊(kuai)電(dian)(dian)(dian)源(yuan)(yuan)廠(chang)商(shang)在大功(gong) 率、高可(ke)(ke)靠(kao)、高功(gong)率密度(du)等技術領(ling)域(yu)不斷取得突(tu)破，部(bu)分模(mo)塊(kuai)電(dian)(dian)(dian)源(yuan)(yuan)產品已(yi)可(ke)(ke)對標國(guo)際先進 水平。微(wei)電(dian)(dian)(dian)路電(dian)(dian)(dian)源(yuan)(yuan)而(er)(er)言(yan)，新雷(lei)能高壓全磚(zhuan)模(mo)塊(kuai)電(dian)(dian)(dian)源(yuan)(yuan)產品已(yi)可(ke)(ke)在輸入電(dian)(dian)(dian)壓、輸出功(gong)率等指標中對標 VICOR 產品，甚(shen)至(zhi)在轉化效率上更優(you)；厚膜電(dian)(dian)(dian)源(yuan)(yuan)而(er)(er)言(yan)，中電(dian)(dian)(dian)科(ke) 43 所、振華微(wei)電(dian)(dian)(dian)子(zi) 等公司產品可(ke)(ke)兼容(rong) Interpoint、VPT、IR、DDC 等國(guo)外公司同類產品，可(ke)(ke)研制航天一院(yuan)、五院(yuan)、八(ba)院(yuan)要(yao)求的 LMS、CAST、SAST 等級產品，國(guo)產電(dian)(dian)(dian)源(yuan)(yuan)可(ke)(ke)在各主要(yao)參(can)數上對標國(guo)外競品，甚(shen)至(zhi)在抗輻照等領(ling)域(yu)更優(you)。

國(guo)產(chan)替代(dai)方(fang)興未艾，國(guo)內企(qi)業(ye)(ye)快(kuai)速發展(zhan)(zhan)。貿易摩擦(ca)致使 VICOR 中(zhong)國(guo)區(qu) 2019 年收(shou)入(ru) 同比(bi)-46.6%至 3.9 億元(yuan)，而在(zai)(zai)技術驅動及貿易摩擦(ca)催化下(xia)(xia)，以新雷(lei)能、振華微(wei)等公司為代(dai) 表的國(guo)內廠商迅速成長，2019-2021 年新雷(lei)能軍品(pin)、振華微(wei)、VICOR 營收(shou) CAGR 分(fen)別為53.5%/45.6%/-3.2%，新雷(lei)能與振華微(wei)的凈利潤 CAGR 更是(shi)分(fen)別達到98.7%/162.7%。在(zai)(zai)行(xing)業(ye)(ye)下(xia)(xia)游需求拉動以及國(guo)產(chan)替代(dai)加速推(tui)(tui)進背景下(xia)(xia)，國(guo)內企(qi)業(ye)(ye)正迎(ying)來快(kuai)速發展(zhan)(zhan)期。“小核心大協作”下(xia)(xia)外協趨勢明(ming)顯(xian)，民企(qi)迎(ying)黃金發展(zhan)(zhan)機(ji)遇(yu)。伴(ban)隨(sui)軍品(pin)配(pei)套(tao)體系改(gai)革， 產(chan)業(ye)(ye)鏈中(zhong)下(xia)(xia)游國(guo)企(qi)及科(ke)研(yan)院(yuan)所(suo)逐步聚焦整機(ji)與相關分(fen)系統的研(yan)制(zhi)生產(chan)，元(yuan)器(qi)件、模(mo)塊、組件等中(zhong)上游配(pei)套(tao)外協趨勢明(ming)顯(xian)，體系外民企(qi)在(zai)(zai)電源模(mo)塊行(xing)業(ye)(ye)中(zhong)參與的廣度和(he)深度均(jun)在(zai)(zai)不斷 提升(sheng)。在(zai)(zai)行(xing)業(ye)(ye)整體向好的發展(zhan)(zhan)趨勢以及“小核心大協作”的持續推(tui)(tui)進下(xia)(xia)，民營企(qi)業(ye)(ye)將迎(ying)來黃金發展(zhan)(zhan)機(ji)遇(yu)。

助力電源企業持續增長

洞察行業(ye)(ye)(ye)趨勢，擁抱未(wei)來機遇(yu)，遠大方略聚焦電源行業(ye)(ye)(ye)發展趨勢，專研行業(ye)(ye)(ye)解(jie)決方案(an)，為企(qi)業(ye)(ye)(ye)量身(shen)定(ding)制(zhi)改善方案(an)，幫助企(qi)業(ye)(ye)(ye)突破增長瓶頸，打造企(qi)業(ye)(ye)(ye)核(he)心競(jing)爭力，實現戰略性增長。

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