星空天美MV视频播放_快播av网址_乱人伦人妻中文字幕无码久久网_翁吻乳婷婷小玲21

電(dian)(dian)(dian)(dian)(dian)(dian)源是將一種制(zhi)式(shi)(shi)的(de)(de)(de)電(dian)(dian)(dian)(dian)(dian)(dian)能轉(zhuan)化成其他制(zhi)式(shi)(shi)電(dian)(dian)(dian)(dian)(dian)(dian)能的(de)(de)(de)裝置。電(dian)(dian)(dian)(dian)(dian)(dian)源不同(tong)于電(dian)(dian)(dian)(dian)(dian)(dian)池，其本身(shen)并不產生(sheng)電(dian)(dian)(dian)(dian)(dian)(dian)能，而是將一種制(zhi)式(shi)(shi)（電(dian)(dian)(dian)(dian)(dian)(dian)流(liu)(liu)、電(dian)(dian)(dian)(dian)(dian)(dian)壓(ya)）轉(zhuan)化成另一種制(zhi)式(shi)(shi)（電(dian)(dian)(dian)(dian)(dian)(dian)流(liu)(liu)、電(dian)(dian)(dian)(dian)(dian)(dian)壓(ya)）的(de)(de)(de)裝置。不同(tong)元(yuan)器(qi)件(jian)、模(mo)塊標(biao)準工(gong)況下的(de)(de)(de)電(dian)(dian)(dian)(dian)(dian)(dian)流(liu)(liu)、電(dian)(dian)(dian)(dian)(dian)(dian)壓(ya)并不相(xiang)同(tong)，而不同(tong)的(de)(de)(de)電(dian)(dian)(dian)(dian)(dian)(dian)源可(ke)以為相(xiang)應元(yuan)器(qi)件(jian)、模(mo)塊等提(ti)供適合的(de)(de)(de)電(dian)(dian)(dian)(dian)(dian)(dian)流(liu)(liu)、電(dian)(dian)(dian)(dian)(dian)(dian)壓(ya)，故(gu)電(dian)(dian)(dian)(dian)(dian)(dian)源被(bei)稱作(zuo)電(dian)(dian)(dian)(dian)(dian)(dian)子(zi)設(she)備心臟。作(zuo)為電(dian)(dian)(dian)(dian)(dian)(dian)子(zi)設(she)備中的(de)(de)(de)重(zhong)要組成部分，電(dian)(dian)(dian)(dian)(dian)(dian)源廣(guang)泛應用于消(xiao)費電(dian)(dian)(dian)(dian)(dian)(dian)子(zi)、通信(xin)、工(gong)業、汽車、航空航天等下游領域。

電源的分類

電(dian)(dian)(dian)源(yuan)(yuan)系(xi)統(tong)通常(chang)需要多次電(dian)(dian)(dian)流(liu)(liu)(liu)、 電(dian)(dian)(dian)壓(ya)(ya)變(bian)化，才可將外(wai)部電(dian)(dian)(dian)能轉(zhuan)(zhuan)化為電(dian)(dian)(dian)子設備標況下(xia)所(suo)需電(dian)(dian)(dian)能。按輸(shu)入、輸(shu)出電(dian)(dian)(dian)能的形式分(fen)類，電(dian)(dian)(dian)源(yuan)(yuan)可分(fen)為 AC/AC 電(dian)(dian)(dian)源(yuan)(yuan)（交(jiao)(jiao)(jiao)(jiao)流(liu)(liu)(liu)轉(zhuan)(zhuan)交(jiao)(jiao)(jiao)(jiao)流(liu)(liu)(liu)）、AC/DC 電(dian)(dian)(dian)源(yuan)(yuan)（交(jiao)(jiao)(jiao)(jiao)流(liu)(liu)(liu)轉(zhuan)(zhuan)直(zhi)(zhi)流(liu)(liu)(liu)）、DC/AC 電(dian)(dian)(dian)源(yuan)(yuan)（直(zhi)(zhi) 流(liu)(liu)(liu)轉(zhuan)(zhuan)交(jiao)(jiao)(jiao)(jiao)流(liu)(liu)(liu)）及(ji) DC/DC 電(dian)(dian)(dian)源(yuan)(yuan)（直(zhi)(zhi)流(liu)(liu)(liu)轉(zhuan)(zhuan)直(zhi)(zhi)流(liu)(liu)(liu)）。其(qi)中，AC/DC 電(dian)(dian)(dian)源(yuan)(yuan)主要負(fu)責將發電(dian)(dian)(dian)機輸(shu)出的交(jiao)(jiao)(jiao)(jiao)流(liu)(liu)(liu)電(dian)(dian)(dian)轉(zhuan)(zhuan)化為大電(dian)(dian)(dian)壓(ya)(ya)直(zhi)(zhi)流(liu)(liu)(liu)電(dian)(dian)(dian)，實(shi)現對電(dian)(dian)(dian)能的“粗調(diao)”；DC/DC 電(dian)(dian)(dian)源(yuan)(yuan)主要負(fu)責將蓄電(dian)(dian)(dian)池(chi)或經 AC/DC 電(dian)(dian)(dian)源(yuan)(yuan)變(bian)換后的直(zhi)(zhi)流(liu)(liu)(liu)電(dian)(dian)(dian)，進一步轉(zhuan)(zhuan)化為適合下(xia)游元器件工作的小電(dian)(dian)(dian)壓(ya)(ya)直(zhi)(zhi)流(liu)(liu)(liu)電(dian)(dian)(dian)，實(shi)現對電(dian)(dian)(dian)能的“精調(diao)”。

△DC/DC模塊電源產品 外部（資料(liao)來源于VICOR官網）

按產品(pin)名稱和(he)原理(li)分(fen)類(lei)，開(kai)關電(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)為(wei)主要(yao)(yao)品(pin)種。根據(ju)中(zhong)國電(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)學會(hui)出版的《中(zhong)國電(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)行業年(nian)鑒 2021》，電(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)按產品(pin)名稱和(he)原理(li)可主要(yao)(yao)分(fen)為(wei)開(kai)關電(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)、UPS 電(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)、線性電(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)、逆變電(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)、變頻器電(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)和(he)其他電(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)。開(kai)關電(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)是指通(tong)過控(kong)制(zhi)開(kai)關開(kai)通(tong)和(he)關斷的時(shi)間比率，維(wei)持穩定(ding)輸出電(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)壓的一種電(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)，具備(bei)功耗(hao)小、轉(zhuan)化效率高、負載穩定(ding)度高等優(you)點(dian)，故其已(yi)經逐步代替線性電(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)成(cheng)為(wei)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)主要(yao)(yao)品(pin)種，占電(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)(yuan)市場規模一半以上。

模塊化大勢所趨

厚膜及(ji)微電路電源各(ge)有千秋

多數模塊(kuai)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)基于開關電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)原理(li)(li)，為 DC/DC 電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)。模塊(kuai)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)又稱為電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)模塊(kuai)，是(shi)指可以(yi)直(zhi)接貼裝在印刷電(dian)(dian)(dian)(dian)(dian)(dian)(dian)路(lu)板上的電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)供應器(qi)(qi)，可為專用集成電(dian)(dian)(dian)(dian)(dian)(dian)(dian)路(lu)（ASIC）、數字(zi)信號處理(li)(li) 器(qi)(qi)（DSP）、微處理(li)(li)器(qi)(qi)、存儲器(qi)(qi)、現(xian)場可編程門陣列（FPGA）及其他數字(zi)或模擬負載(zai)供電(dian)(dian)(dian)(dian)(dian)(dian)(dian)。大多數模塊(kuai)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)基于開關電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)原理(li)(li)，為 DC/DC 電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)（直(zhi)流轉直(zhi)流），作為二次(ci)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)實現(xian)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)能的“精調(diao)”。

模(mo)塊電(dian)源(yuan)(yuan)位于(yu)產(chan)(chan)業(ye)(ye)鏈中(zhong)游(you)，電(dian)子(zi)材料(liao)及元器(qi)(qi)件(jian)為主要原材料(liao)。電(dian)源(yuan)(yuan)產(chan)(chan)業(ye)(ye)鏈包(bao)括原材料(liao)供(gong)應(ying)(ying)商、電(dian)源(yuan)(yuan)制(zhi)(zhi)造商、設(she)備制(zhi)(zhi)造商和行業(ye)(ye)應(ying)(ying)用客戶。原材料(liao)供(gong)應(ying)(ying)商處(chu)于(yu)電(dian)源(yuan)(yuan)產(chan)(chan)業(ye)(ye)鏈上游(you)， 提供(gong)控制(zhi)(zhi)芯片、功率器(qi)(qi)件(jian)、變壓器(qi)(qi)、PCB 板(ban)等電(dian)子(zi)器(qi)(qi)件(jian)；模(mo)塊電(dian)源(yuan)(yuan)企(qi)業(ye)(ye)處(chu)于(yu)產(chan)(chan)業(ye)(ye)鏈中(zhong)游(you)， 采(cai)用不(bu)同的設(she)計和生產(chan)(chan)方案(an)，將上游(you)元器(qi)(qi)件(jian)加(jia)工成模(mo)塊電(dian)源(yuan)(yuan)產(chan)(chan)品(pin)；下游(you)設(she)備商主要為航(hang)空(kong) 航(hang)天院所及整機企(qi)業(ye)(ye)、通信設(she)備制(zhi)(zhi)造商等，負(fu)責將模(mo)塊電(dian)源(yuan)(yuan)集成入相應(ying)(ying)電(dian)子(zi)設(she)備中(zhong)。

集(ji)成(cheng)(cheng)化(hua)(hua)、小型化(hua)(hua)大勢(shi)(shi)所趨，模塊電源優勢(shi)(shi)明(ming)顯。如今電子設備內(nei)部(bu)功能結構日趨復雜，集(ji)成(cheng)(cheng)化(hua)(hua)可有效減少內(nei)部(bu)引(yin)線長度降低(di)寄(ji)生參數，降低(di)電源系統設計成(cheng)(cheng)本；小型化(hua)(hua)在航空航天(tian)等(deng)對體積、重量(liang)、參數分配要求嚴(yan)苛的領域占有優勢(shi)(shi)。模塊電源集(ji)成(cheng)(cheng)度高(gao)，并具備通(tong)用性強(qiang)、靈(ling)活(huo)性高(gao)、散熱較好、可靠性高(gao)等(deng)優點，因而廣泛(fan)應用在航空航天(tian)、通(tong)訊、新(xin)能源車等(deng)領域。

微電路工藝及厚膜工藝

集(ji)成(cheng)(cheng)化趨勢下“和而不同(tong)”，微(wei)電(dian)路(lu)工(gong)(gong)藝(yi)及厚膜(mo)(mo)工(gong)(gong)藝(yi)為主要路(lu)徑。按工(gong)(gong)藝(yi)區(qu)分(fen)，模塊電(dian)源(yuan)可分(fen)為微(wei)電(dian)路(lu)電(dian)源(yuan)（PCB 工(gong)(gong)藝(yi)）及厚膜(mo)(mo)電(dian)源(yuan)（厚膜(mo)(mo)工(gong)(gong)藝(yi)），二者(zhe)均可使(shi)電(dian)源(yuan)集(ji)成(cheng)(cheng)度(du)進一(yi)步提升：①PCB 工(gong)(gong)藝(yi)：是指(zhi)運用(yong)自動化設備(bei)，將表面貼裝元(yuan)器件(jian)(jian)安裝、焊接(jie)在(zai)印制(zhi)好的 PCB 板(ban)上(shang)，而后進行入(ru)殼封裝并形(xing)成(cheng)(cheng)模塊電(dian)源(yuan)產(chan)(chan)品的過程。②厚膜(mo)(mo)工(gong)(gong)藝(yi)：采用(yong)絲網(wang)印刷、燒結等厚膜(mo)(mo)工(gong)(gong)藝(yi)在(zai)同(tong)一(yi)基片上(shang)制(zhi)作無源(yuan)網(wang)絡，而后在(zai)其上(shang)組裝半導體器件(jian)(jian)芯片、單片集(ji)成(cheng)(cheng)電(dian)路(lu)、微(wei)型元(yuan)件(jian)(jian)等，再外加封裝形(xing)成(cheng)(cheng)模塊電(dian)源(yuan)產(chan)(chan)品。

微電路電源和厚膜電源的區別

微(wei)(wei)電(dian)路(lu)電(dian)源(yuan)和厚膜(mo)(mo)電(dian)源(yuan)各有千秋(qiu)。工(gong)藝(yi)角(jiao)度(du)(du)，微(wei)(wei)電(dian)路(lu)電(dian)源(yuan)與(yu)厚膜(mo)(mo)電(dian)源(yuan)區(qu)別(bie)主要在(zai)基板(ban)(ban)及(ji)封裝(zhuang)環節(jie)：1）基板(ban)(ban)：微(wei)(wei)電(dian)路(lu)電(dian)源(yuan)在(zai)外采PCB板(ban)(ban)上直接貼(tie)片組裝(zhuang)，而厚膜(mo)(mo)電(dian)源(yuan)首先在(zai)“白板(ban)(ban)”上印制所需電(dian)路(lu)結構，故厚膜(mo)(mo)工(gong)藝(yi)也(ye)被稱作“微(wei)(wei)電(dian)子”工(gong)藝(yi)。2）封裝(zhuang)：厚膜(mo)(mo)電(dian)源(yuan)通(tong)常充(chong)入(ru)氮氣(qi)等(deng)惰性(xing)氣(qi)體，進行金屬氣(qi)密封裝(zhuang)。由于(yu)二者工(gong)藝(yi)差異，厚膜(mo)(mo)電(dian)源(yuan)通(tong)常成本(ben)及(ji)技術難度(du)(du)更(geng)(geng)高、可靠性(xing)更(geng)(geng)好、可儲存時間更(geng)(geng)長、溫度(du)(du)范圍更(geng)(geng)寬(kuan)、體積重量更(geng)(geng)小主要應(ying)用(yong)于(yu)航空航天領(ling)域；微(wei)(wei)電(dian)路(lu)電(dian)源(yuan)成本(ben)較低、大功率表現更(geng)(geng)好、通(tong)用(yong)性(xing)更(geng)(geng)強，除航空航天外還(huan)廣泛(fan)應(ying)用(yong)于(yu)通(tong)訊等(deng)領(ling)域。

功率變換器主要(yao)性能(neng)發展趨勢

[資源(yuan)來(lai)源(yuan)于《高(gao)功率密度DC/DC模塊電源(yuan)研究》]

高功率密度和高效率

高功(gong)率(lv)密(mi)度(du)(du)、高效率(lv)為發展(zhan)趨勢(shi)，數(shu)(shu)(shu)字化方興未艾。①高功(gong)率(lv)密(mi)度(du)(du)：在(zai)下(xia)游(you)應用端 小(xiao)型(xing)化、輕(qing)量化需求(qiu)引領下(xia)，在(zai)更小(xiao)體積、更輕(qing)質量的情況下(xia)輸出(chu)更大功(gong)率(lv)是主要(yao)(yao)發展(zhan)趨勢(shi)；②高效率(lv)：功(gong)率(lv)密(mi)度(du)(du)提(ti)(ti)(ti)升通常(chang)伴隨(sui)著發熱(re)量的提(ti)(ti)(ti)升，且(qie)在(zai)提(ti)(ti)(ti)升至一定程度(du)(du)后往往會受散熱(re)問(wen)題限制。通過(guo)降低(di)功(gong)率(lv)器(qi)件損耗來(lai)降低(di)模(mo)塊電源(yuan)發熱(re)量，是功(gong)率(lv)密(mi)度(du)(du)提(ti)(ti)(ti)升的應有之義。此外(wai)，通過(guo)數(shu)(shu)(shu)字化編程實現控制策略與(yu)保(bao)護邏(luo)輯，可以有效簡化模(mo)塊電源(yuan)外(wai)圍電路，進一步縮小(xiao)體積、提(ti)(ti)(ti)升功(gong)率(lv)密(mi)度(du)(du)，故數(shu)(shu)(shu)字化也逐步成(cheng)為模(mo)塊電源(yuan)重要(yao)(yao)發展(zhan)方向。

信息化搭臺 國產化起舞

軍民有(you)別(bie) 高可靠為核心要義

由于(yu)應用終(zhong)端特殊(shu)性等(deng)(deng)，高(gao)(gao)(gao)可靠(kao)為軍(jun)用模塊(kuai)電(dian)源核心(xin)要義。作為較(jiao)(jiao)基礎的(de)元(yuan)器件(jian)，軍(jun)用模塊(kuai)電(dian)源廣(guang)泛應用于(yu)海、陸、空、天的(de)各式電(dian)子化(hua)、信息化(hua)裝備中，下游涵蓋軍(jun)機、導彈、火箭、雷達(da)、衛(wei)星、艦(jian)船、裝甲車等(deng)(deng)各終(zhong)端。軍(jun)品工作環(huan)境常涉及(ji)較(jiao)(jiao)極端的(de)工況，如導彈在軌時需面(mian)對強(qiang)加速度、強(qiang)振動(dong)、高(gao)(gao)(gao)溫(wen)等(deng)(deng)極端環(huan)境，對于(yu)元(yuan)器件(jian)抗(kang)振動(dong)、耐沖擊、耐高(gao)(gao)(gao)溫(wen)等(deng)(deng)要求(qiu)較(jiao)(jiao)高(gao)(gao)(gao)；衛(wei)星在軌時需面(mian)對較(jiao)(jiao)大溫(wen)差以及(ji)宇宙射線的(de)干擾，著重(zhong)(zhong)強(qiang)調寬溫(wen)度范圍、 抗(kang)輻照等(deng)(deng)性能指標。同時，航空航天等(deng)(deng)下游設備具備成(cheng)本(ben)高(gao)(gao)(gao)、結構(gou)復雜、一旦故障即會造成(cheng)嚴重(zhong)(zhong)損失(shi)。綜上，質(zhi)量為軍(jun)用模塊(kuai)電(dian)源最(zui)為核心(xin)的(de)要求(qiu)。

由于高可靠需求及軍(jun)(jun)品(pin)機制，軍(jun)(jun)用模(mo)(mo)塊電(dian)源從(cong)研發到生產均與(yu)民品(pin)有別(bie)。以下將從(cong)進(jin)入資質(zhi)、訂單模(mo)(mo)式、研發、生產模(mo)(mo)式、生產工(gong)藝五大方面說明(ming)軍(jun)(jun)用與(yu)民用模(mo)(mo)塊電(dian)源區別(bie)：

 ① 進(jin)入資質(zhi)

需(xu)多重資(zi)質認(ren)(ren)證(zheng)(zheng)。軍(jun)(jun)用(yong)模(mo)塊電(dian)源企業首先需(xu)取(qu)得“軍(jun)(jun)工三證(zheng)(zheng)”，即 軍(jun)(jun)工產(chan)(chan)品質量管(guan)理體系認(ren)(ren)證(zheng)(zheng)、武器裝(zhuang)備科研生產(chan)(chan)單(dan)位保密資(zi)格認(ren)(ren)證(zheng)(zheng)、裝(zhuang)備承制單(dan)位資(zi)格認(ren)(ren)證(zheng)(zheng)；其(qi)次，需(xu)取(qu)得中國軍(jun)(jun)用(yong)電(dian)子(zi)元器件質量委員會頒發的各種國軍(jun)(jun)標生產(chan)(chan)線(xian)認(ren)(ren)證(zheng)(zheng)；最后，需(xu)通過下游設備廠商(shang)的供(gong)(gong)貨資(zi)質認(ren)(ren)證(zheng)(zheng)，方可進入(ru)軍(jun)(jun)用(yong)模(mo)塊電(dian)源行(xing)業進行(xing)供(gong)(gong)貨。

 ② 訂單模式

小(xiao)批量、多品(pin)類，定制化程度高(gao)。由于(yu)武器裝備(bei)(bei)型號種類繁多， 各型號對于(yu)電源參數需(xu)求不同(tong)，故相(xiang)較于(yu)民品(pin)而言，軍品(pin)訂單具備(bei)(bei)小(xiao)批量、 多品(pin)類的特(te)點，且常需(xu)要根據下游需(xu)求開(kai)發高(gao)度定制化產品(pin)。

 ③ 研 發

周(zhou)(zhou)期(qi)較長(chang)。由于軍(jun)品在產品驗證部分普(pu)遍較民品周(zhou)(zhou)期(qi)更長(chang)，且部分軍(jun) 品模(mo)塊電(dian)(dian)源(yuan)需與下游客戶一起聯合研(yan)制(zhi)，故軍(jun)品模(mo)塊電(dian)(dian)源(yuan)研(yan)發周(zhou)(zhou)期(qi)通常長(chang)于 民品模(mo)塊電(dian)(dian)源(yuan)。由于小批量(liang)、多品類訂(ding)單模(mo)式，軍(jun)品定制(zhi)化研(yan)發的占比(bi)較高。

 ④ 生(sheng)產模(mo)式

以(yi)銷定產為(wei)主(zhu)。軍品(pin)(pin)通常采用(yong)以(yi)銷定產模式進行排(pai)產，在公司內 部評審訂單后(hou)，再根據(ju)訂單進行物料準備。同時，軍品(pin)(pin)也會輔(fu)以(yi)一定程(cheng)度的 產品(pin)(pin)儲備，來縮短(duan)產品(pin)(pin)交貨(huo)周期(qi)，快速(su)響應市(shi)場需求。

 ⑤ 生產工藝

可(ke)靠(kao)性(xing)要求致使檢驗步驟(zou)增多(duo)(duo)。相比于民品模塊電(dian)源(yuan)，軍品模塊電(dian)源(yuan)在生(sheng)產過程(cheng)中檢驗步驟(zou)較(jiao)多(duo)(duo)，從而保證生(sheng)產流(liu)程(cheng)可(ke)溯源(yuan)的同時，進(jin)一步提升產品可(ke)靠(kao)性(xing)。

△軍用電子元器件

由(you)于(yu)從資(zi)質(zhi)認證(zheng)到(dao)生產工藝等方面的(de)(de)差異，軍(jun)品(pin)模(mo)塊(kuai)電源較(jiao)民(min)品(pin)附加(jia)值(zhi)更高(gao)(gao)。由(you)于(yu)軍(jun)品(pin)的(de)(de)資(zi)質(zhi)壁壘以(yi)及(ji)較(jiao)長的(de)(de)研(yan)發、驗證(zheng)周期，新(xin)(xin)品(pin)通常需要 3-5 年的(de)(de)時間(jian)才可能形成(cheng)規(gui)模(mo)收 入；同時，小批量、多品(pin)類、高(gao)(gao)度定(ding)(ding)制化的(de)(de)訂單(dan)模(mo)式也帶來(lai)了額(e)外的(de)(de)管理要求，且(qie)較(jiao)難(nan)形成(cheng)明(ming)顯的(de)(de)規(gui)模(mo)效應；此外，軍(jun)方下(xia)游客戶最為(wei)看重可靠性，而(er)對(dui)于(yu)價(jia)格的(de)(de)敏感(gan)度相對(dui)較(jiao)弱。綜(zong)合上(shang)述因素，軍(jun)品(pin)模(mo)塊(kuai)電源往往定(ding)(ding)價(jia)較(jiao)高(gao)(gao)，且(qie)相較(jiao)于(yu)民(min)品(pin)具(ju)備更高(gao)(gao)的(de)(de)附加(jia)值(zhi)。以(yi)國內模(mo)塊(kuai)電源核心供應商(shang)新(xin)(xin)雷能為(wei)例，其特種(zhong)業(ye)務(wu)毛利(li)(li)率(lv)(lv)持續高(gao)(gao)于(yu)通信業(ye)務(wu)，2021 年特種(zhong)業(ye)務(wu)毛利(li)(li)率(lv)(lv)達(da) 60.9%，而(er)通訊業(ye)務(wu)毛利(li)(li)率(lv)(lv)為(wei) 26.8%，軍(jun)品(pin)毛利(li)(li)率(lv)(lv)明(ming)顯較(jiao)高(gao)(gao)。

信息化提速

百億賽道蓬勃發展

我國(guo)(guo)強(qiang)軍目(mu)(mu)標明確，信息(xi)化(hua)(hua)(hua)建(jian)設(she)提速。軍隊(dui)信息(xi)化(hua)(hua)(hua)意為通過(guo)信息(xi)化(hua)(hua)(hua)整合，實現(xian)(xian)目(mu)(mu)標探 測跟蹤、指揮(hui)控制、火力(li)(li)打擊、戰(zhan)場防(fang)(fang)護和(he)毀傷評估功(gong)能一(yi)體化(hua)(hua)(hua)，以及聯合指揮(hui)中(zhong)心(xin)和(he)各 軍種作戰(zhan)組(zu)織的(de)一(yi)體化(hua)(hua)(hua)。我國(guo)(guo)自 1998 年起發布(bu)的(de) 10 部(bu)《國(guo)(guo)防(fang)(fang)白皮書(shu)》中(zhong)多次闡述我國(guo)(guo)軍 隊(dui)信息(xi)化(hua)(hua)(hua)建(jian)設(she)的(de)要求(qiu)及進程，黨的(de)十(shi)九大(da)也提出“確保(bao) 2020 年信息(xi)化(hua)(hua)(hua)建(jian)設(she)取得重(zhong)大(da)進展” “力(li)(li)爭到 2035 年基(ji)本實現(xian)(xian)國(guo)(guo)防(fang)(fang)和(he)軍隊(dui)現(xian)(xian)代(dai)化(hua)(hua)(hua)”，相較(jiao)于十(shi)八(ba)大(da)時期(qi)的(de)“三步走”，將實現(xian)(xian)軍隊(dui)現(xian)(xian)代(dai)化(hua)(hua)(hua)的(de)目(mu)(mu)標提前了 15 年。在政策驅(qu)動下，軍隊(dui)信息(xi)化(hua)(hua)(hua)建(jian)設(she)正快速推進。

在軍隊(dui)信(xin)息化建(jian)設提速(su)背景(jing)下，國內(nei)軍用模塊(kuai)電源行業將受益(yi)于：武器(qi)裝備加速(su)換裝列裝和新式(shi)裝備電子(zi)系統價值(zhi)量占比提升，迎來快(kuai)速(su)成長。

武器裝備“補償式”發展空間廣闊

國(guo)(guo)(guo)(guo)防(fang)支(zhi)出方面(mian)，我(wo)國(guo)(guo)(guo)(guo) 2021 年國(guo)(guo)(guo)(guo)防(fang)預算占(zhan) GDP 比重約 1.2%；對(dui)比其他軍(jun)事(shi)強國(guo)(guo)(guo)(guo)（集團）軍(jun)費占(zhan) GDP 比重，美國(guo)(guo)(guo)(guo)維持(chi) 在 3.2%左(zuo)右(you)，印度(du)維持(chi)在 2%左(zuo)右(you)，北約秘書長也多次敦促成(cheng)員國(guo)(guo)(guo)(guo)將該(gai)比例提至(zhi) 2%以上(shang)(shang)，我(wo)國(guo)(guo)(guo)(guo)國(guo)(guo)(guo)(guo)防(fang)支(zhi)出仍(reng)有(you)較大提升空間。裝備數量(liang)及結構方面(mian)，我(wo)國(guo)(guo)(guo)(guo)軍(jun)機(ji)在數量(liang)及代次結構上(shang)(shang)均與(yu)美國(guo)(guo)(guo)(guo)有(you)較大差距，據《World Airforces2022》 （Flight Global），2021年我(wo)國(guo)(guo)(guo)(guo)軍(jun)機(ji)總量(liang)仍(reng)不足美國(guo)(guo)(guo)(guo)的一半(ban)，其中三代機(ji)、四代機(ji)占(zhan)比合計(ji)僅 54%（美國(guo)(guo)(guo)(guo)幾乎(hu)全為(wei)三代機(ji)及以上(shang)(shang)），我(wo)國(guo)(guo)(guo)(guo)武(wu)器裝備建設仍(reng)存(cun) 廣(guang)闊空間。模塊電源作為(wei)較基礎的功能(neng)模塊，其需求將伴隨裝備放量(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)(yi)輪科技革(ge)命和產業變革(ge)推動下，武器裝備遠程精確(que)化、智能(neng)(neng)化、隱身化、無(wu)人化趨(qu)勢(shi)更加(jia)明顯。海(hai)、陸、 空、天武器裝備中電子(zi)系統(tong)的功能(neng)(neng)趨(qu)向多元化，結構趨(qu)于復雜化，價(jia)值量(liang)(liang)占(zhan)比迎(ying)來持(chi)續提(ti)(ti)升。平均來看，單(dan)個武器裝備模塊(kuai)電源(yuan)用量(liang)(liang)及價(jia)值量(liang)(liang)將進(jin)一(yi)(yi)步提(ti)(ti)升，拉動行業需求進(jin)一(yi)(yi)步擴容。

△2027年國(guo)內軍(jun)用電(dian)源市場規模（單位: 億(yi)美元）

[來源于Reportlinker(含預測）,中信證券研(yan)究部]

預計(ji) 2027 年(nian)國內軍用(yong)電(dian)源市(shi)(shi)場規(gui)模達 28億(yi)美(mei)(mei)(mei)(mei)元(yuan)(yuan)，對應(ying)(ying) 2021-2027 年(nian) CAGR 為 11.9%。據(ju) Reportlinker，2020 年(nian)全球軍用(yong)電(dian)源市(shi)(shi)場規(gui)模達 73 億(yi)美(mei)(mei)(mei)(mei)元(yuan)(yuan)，預計(ji) 2027 年(nian)規(gui)模達 124 億(yi)美(mei)(mei)(mei)(mei)元(yuan)(yuan)，對應(ying)(ying) CAGR 為 7.8%；預計(ji) 2027 年(nian)國內軍用(yong)電(dian)源市(shi)(shi)場規(gui)模將(jiang)達 28 億(yi)美(mei)(mei)(mei)(mei)元(yuan)(yuan)，對應(ying)(ying) 2021-2027 年(nian) CAGR 為 11.9%，我們據(ju)此推(tui)算(suan)得 2020 年(nian)國內軍用(yong)電(dian)源市(shi)(shi)場規(gui)模約 12.7 億(yi)美(mei)(mei)(mei)(mei)元(yuan)(yuan)（按(an)當年(nian)平(ping)均匯率折算(suan)約 88 億(yi)元(yuan)(yuan)）。在武器裝(zhuang)備加(jia)速換裝(zhuang)列裝(zhuang)、先進武器裝(zhuang)備電(dian)子(zi) 系統價值量占比提升兩(liang)大邏輯驅動(dong)下，軍用(yong)模塊電(dian)源市(shi)(shi)場正蓬勃發展。

自主可控需求迫切

國(guo)內(nei)企業迎黃金(jin)發展(zhan)機遇

海外廠商長(chang)(chang)期主(zhu)(zhu)導(dao)，貿易(yi)摩(mo)(mo)擦(ca)為國產替代(dai)外源催化(hua)。國內(nei)(nei)電(dian)(dian)源模(mo)(mo)塊(kuai)行業起步(bu)(bu)較(jiao)(jiao)晚(wan)，美 國 VICOR、Interpoint、VTP 等廠商長(chang)(chang)期主(zhu)(zhu)導(dao)國內(nei)(nei)軍(jun)(jun)用(yong)(yong)電(dian)(dian)源模(mo)(mo)塊(kuai)市場。據甘化(hua)科工公告， 2018 年(nian)(nian)以(yi)前，國內(nei)(nei)軍(jun)(jun)用(yong)(yong)模(mo)(mo)塊(kuai)電(dian)(dian)源國產化(hua)率不足20%。2018 年(nian)(nian)中美貿易(yi)摩(mo)(mo)擦(ca)爆發，美國限(xian)制包(bao)括部分模(mo)(mo)塊(kuai)電(dian)(dian)源在內(nei)(nei)的電(dian)(dian)子元器件對華出口(kou)(kou)，供(gong)給端(duan)進一步(bu)(bu)收緊；同時(shi)，軍(jun)(jun)改(gai)影響逐(zhu)步(bu)(bu)落(luo)地，下游采購備(bei)貨總體(ti)較(jiao)(jiao) 2017 年(nian)(nian)有較(jiao)(jiao)大提升，需(xu)求(qiu)(qiu)端(duan)缺(que)口(kou)(kou)進一步(bu)(bu)放大。供(gong)需(xu)兩端(duan)催化(hua)下，模(mo)(mo)塊(kuai)電(dian)(dian)源自主(zhu)(zhu)可控需(xu)求(qiu)(qiu)迫切。

國內(nei)(nei)外差距逐步縮小，技(ji)術為國產替(ti)代(dai)內(nei)(nei)核驅動。近年來，國內(nei)(nei)模(mo)塊(kuai)電(dian)(dian)源廠商在大功 率(lv)、高(gao)可(ke)靠、高(gao)功率(lv)密度等(deng)技(ji)術領域不斷取得突破(po)，部分模(mo)塊(kuai)電(dian)(dian)源產品(pin)已(yi)可(ke)對(dui)標國際先進 水平。微(wei)電(dian)(dian)路電(dian)(dian)源而(er)言，新(xin)雷能高(gao)壓(ya)全磚模(mo)塊(kuai)電(dian)(dian)源產品(pin)已(yi)可(ke)在輸(shu)入電(dian)(dian)壓(ya)、輸(shu)出功率(lv)等(deng)指(zhi)標中對(dui)標 VICOR 產品(pin)，甚(shen)至在轉化效率(lv)上更(geng)優；厚膜(mo)電(dian)(dian)源而(er)言，中電(dian)(dian)科 43 所、振(zhen)華微(wei)電(dian)(dian)子 等(deng)公司產品(pin)可(ke)兼容 Interpoint、VPT、IR、DDC 等(deng)國外公司同類產品(pin)，可(ke)研制航天一院(yuan)、五院(yuan)、八院(yuan)要求的(de) LMS、CAST、SAST 等(deng)級產品(pin)，國產電(dian)(dian)源可(ke)在各主要參(can)數上對(dui)標國外競品(pin)，甚(shen)至在抗(kang)輻照等(deng)領域更(geng)優。

國(guo)產(chan)替代(dai)方(fang)興未(wei)艾，國(guo)內企(qi)(qi)業(ye)快速(su)(su)(su)發(fa)(fa)(fa)展(zhan)(zhan)。貿易摩擦致使 VICOR 中國(guo)區(qu) 2019 年收(shou)入(ru) 同比(bi)-46.6%至 3.9 億元，而(er)在(zai)技(ji)術驅動及貿易摩擦催(cui)化下(xia)，以新雷能、振(zhen)華(hua)微(wei)(wei)等(deng)公司為代(dai) 表的國(guo)內廠商迅速(su)(su)(su)成長，2019-2021 年新雷能軍品、振(zhen)華(hua)微(wei)(wei)、VICOR 營(ying)收(shou) CAGR 分別為53.5%/45.6%/-3.2%，新雷能與(yu)振(zhen)華(hua)微(wei)(wei)的凈利潤 CAGR 更是分別達到98.7%/162.7%。在(zai)行業(ye)下(xia)游(you)需求拉動以及國(guo)產(chan)替代(dai)加(jia)速(su)(su)(su)推進(jin)(jin)背景(jing)下(xia)，國(guo)內企(qi)(qi)業(ye)正迎來快速(su)(su)(su)發(fa)(fa)(fa)展(zhan)(zhan)期。“小核心大(da)協作”下(xia)外協趨勢(shi)明(ming)顯，民(min)企(qi)(qi)迎黃金發(fa)(fa)(fa)展(zhan)(zhan)機遇(yu)。伴隨軍品配套體(ti)(ti)系(xi)改革， 產(chan)業(ye)鏈中下(xia)游(you)國(guo)企(qi)(qi)及科研(yan)院所(suo)逐步(bu)聚焦整機與(yu)相關分系(xi)統的研(yan)制生產(chan)，元器件(jian)、模塊、組件(jian)等(deng)中上(shang)游(you)配套外協趨勢(shi)明(ming)顯，體(ti)(ti)系(xi)外民(min)企(qi)(qi)在(zai)電源模塊行業(ye)中參與(yu)的廣度和深(shen)度均在(zai)不斷 提升。在(zai)行業(ye)整體(ti)(ti)向好(hao)的發(fa)(fa)(fa)展(zhan)(zhan)趨勢(shi)以及“小核心大(da)協作”的持續推進(jin)(jin)下(xia)，民(min)營(ying)企(qi)(qi)業(ye)將迎來黃金發(fa)(fa)(fa)展(zhan)(zhan)機遇(yu)。

助力電源企業持續增長

洞察(cha)行(xing)業(ye)趨勢(shi)，擁(yong)抱未來機遇，遠大(da)方略(lve)聚焦電(dian)源(yuan)行(xing)業(ye)發展趨勢(shi)，專研行(xing)業(ye)解決方案，為企業(ye)量身定制(zhi)改善方案，幫助企業(ye)突(tu)破增長(chang)瓶頸，打造企業(ye)核(he)心競爭力，實現戰略(lve)性增長(chang)。

聲明：本網站(zhan)部分作(zuo)品(pin)內容（視頻、圖(tu)片、文(wen)章等(deng)）來源于互(hu)聯(lian)網公開途(tu)徑(jing)搜索獲取(qu)，并未限制轉載或者復(fu)制，如涉及作(zuo)品(pin)侵(qin)權問題，請第(di)一(yi)(yi)時(shi)間告知，我們將(jiang)根據您提供的初步證明材(cai)料確認版權并第(di)一(yi)(yi)時(shi)間刪除。