Core Viewpoint - The analog chip industry is entering an upward cycle, with expected global market growth of 3.3% in 2025 and 5.1% in 2026, reaching $82.2 billion and $86.4 billion respectively. The long-term growth is driven by AI applications such as data centers, autonomous driving, and humanoid robots, indicating significant potential for domestic companies [3][7][12]. Industry Overview - The global analog chip market has a CAGR of 4.77% from 2004 to 2024, with a projected market size of $79.6 billion in 2024, which is a 2.0% decrease from the previous year. The market is expected to recover in 2025 and 2026 [3][12]. - The Chinese analog chip market is projected to reach ¥195.3 billion in 2024, with a CAGR of 11% from 2025 to 2029. The market is driven by sectors such as industrial, automotive, and AI [18][21]. Key Applications and Growth Areas - Key growth areas for analog chips include industrial applications, AI, and automotive sectors. The industrial sector is expected to see a recovery in procurement and new product introductions, while the automotive sector is experiencing a shift towards electrification and intelligence [7][21][37]. - AI applications are expected to significantly increase the demand for analog chips, particularly in power management and signal processing [31][34]. Domestic Market Potential - China accounts for approximately 35% of the global analog chip market, making it a crucial revenue source for international manufacturers. However, the domestic self-sufficiency rate remains low, indicating substantial room for growth [7][34]. - Major international players like TI and ADI derive significant revenue from China, with TI's revenue from China estimated at $3 billion in 2024, while ADI's is around $2.1 billion [34][35]. Competitive Landscape - The competitive landscape is characterized by a mix of established international firms and emerging domestic players. The industry is seeing increased competition as domestic companies aim to capture market share in high-end applications [51][52]. - The growth model for analog chip companies often involves a combination of product diversification and customer base expansion, with established firms leveraging extensive product lines and customer relationships to drive revenue [23][28]. Investment Strategy - The report recommends investing in companies with high-end and platform capabilities, as these firms are better positioned to capitalize on the growth opportunities in the analog chip market [5][8].

点击 关注我们 报告发布日期：2025年9月7日 报告名称:《京东方A（000725.SZ）-2Q25营收利润同比增长，"1+4+N"业务布局多点开花》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003/ 连欣然S0980525080004 完整报告请扫描下方二维码 核心观点 1H25营收、归母净利润同比增长，多元化业务布局协同发展 公司发布2025年半年度报告，1H25营收1012.78亿元（YoY +8.45%），归母净利润32.47亿元（YoY +42.15%），扣非后归母净利润22.82亿元（YoY +41.45%）。分业务看，1H25显示器件/物联网创新/传 感 /MLED/ 智 慧 医 工 业 务 分 别 实 现 营 收 843.32/181.91/2.24/43.47/9.17 亿 元 ， 分 别 占 总 营 收 的 83%/18%/0.2%/4.3%/0.9% 。 2Q25 营 收 506.79 亿 元 ...

Core Viewpoint - The report highlights the potential for aluminum electrolytic capacitors and supercapacitors to be widely used in AI servers, driven by increasing demand for high voltage and compact components in the AI sector [4] Financial Performance - In 1H25, the company achieved revenue of 2.694 billion yuan (YoY +13.96%) and a net profit attributable to shareholders of 358 million yuan (YoY +3.19%). The net profit after deducting non-recurring items was 344 million yuan (YoY +8.96%) [5] - For 2Q25, the company reported revenue of 1.536 billion yuan (YoY +17.02%, QoQ +32.69%) and a net profit of 206 million yuan (YoY -1.92%, QoQ +35.82%). The net profit after deducting non-recurring items was 207 million yuan (YoY +10.54%, QoQ +51.01%) [5] - The company's gross margin for 1H25 was 24.93% (YoY -0.01 percentage points), and the net margin was 13.42% (YoY -1.46 percentage points) [5] Aluminum Electrolytic Capacitors - In 1H25, revenue from aluminum electrolytic capacitors reached 2.229 billion yuan (YoY +16.70%) with a gross margin of 26.75% (YoY +0.19%). Growth was driven by increased demand in the photovoltaic sector and robust needs in UPS and communication power supply sectors [6] - The introduction of new products, such as MLPC for AI servers and solid-liquid hybrid capacitors for the automotive sector, is expected to enhance growth. The shift towards higher voltage requirements in AI servers will significantly increase the demand for horn-shaped capacitors [6] - The manufacturing process for horn-shaped aluminum electrolytic capacitors will transition from traditional chemical etching to atomic deposition technology, leading to higher product prices [6] Supercapacitors - In 1H25, supercapacitor revenue was 162 million yuan (YoY +48.93%) with a gross margin of 16.86% (YoY -3.71%). The decline in gross margin is attributed to the company's efforts to explore new application areas [7] - Supercapacitors are expected to become standard components in AI computing clusters due to their ability to provide instantaneous power compensation during significant power fluctuations caused by AI chip power consumption [7] - The company's EDLC and LIC products have received certifications from several leading domestic and international companies, with EDLC expected to achieve scale due to its lower heat generation and cost advantages [7] - The supercapacitor market is anticipated to experience explosive growth driven by increasing demand across various sectors, including AI servers, energy storage, smart meters, and controlled nuclear fusion [7]

点击 关注我们 报告发布日期：2025年9月9日 报告名称:《 敏芯股份（688286.SH）2Q25营收利润同比大幅增长，产品结构优化带动毛利率提升 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 张大为 S0980524100002/ 詹浏洋 S0980524060001 / 李书颖 S0980122080309/ 连欣然S0980525080004 完整报告请扫描下方二维码 核心观点 2Q25公司营收同比增长43.9%，毛利率同环比提升 公司发布2025年半年度报告，2025年上半年公司实现营收3.04亿元（YoY +47.82%），实现归母净利润0.25亿 元，同比扭亏为盈，毛利率为31.64%（YoY +10.21pct）。公司在新产品领域的研发投入及市场推广取得成 效，压力产品线和惯性传感器产品收入同比大幅增长，带动公司上半年营收创历史同期新高。2Q25公司营收 1.69亿元（YoY+43.9%，QoQ+25.2%），归母净利润0.22亿元（YoY+207.9%，QoQ+684.3%），毛利率36.2% （YoY+15 ...

点击 关注我们 报告发布日期：2025年9月2日 报告名称: 《佰维存储（688525.SH）：2Q25毛利率环比提升11.7pct，AI端侧应用多点开花》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 张大为 S0980524100002/ 詹浏洋 S0980524060001 / 李书颖 S0980122080309/ 连欣然S0980525080004 完整报告请扫描下方二维码 核心观点 消费电子需求不及预期，产品产能提升不及预期。 国信电子团队 胡剑： 电子行业首席分析师，复旦大学电子系学士，复旦大学世界经济系硕士，法国EDHEC商学院交换生。2021年8月加入国信研究 所，之前任华泰研究所消费电子行业首席，2018年第一财经最佳分析师电子行业第3名，2019年证券时报金翼奖分析师电子行业第2名， 2019年II China科技行业入围，2019年新浪财经金麒麟新锐分析师电子行业第1名，2020年II China科技行业第2名，2023年Wind金牌分析师 电子行业第3名，2023年新浪财经金麒麟菁英分析师半导体行业第2名、 ...

Core Viewpoint - The company reported a 17.3% year-on-year increase in net profit for the first half of 2025, driven by robust growth in its consumer electronics and automotive electronics segments, particularly in AR optical technology [3][4][5]. Financial Performance - The company achieved a revenue of 3.02 billion yuan in the first half of 2025, representing a 13.8% year-on-year growth, with a net profit of 501 million yuan, up 17.3% year-on-year [4][5]. - In Q2 2025, revenue reached 1.54 billion yuan, marking a 17.4% year-on-year increase, while net profit was 280 million yuan, reflecting a 12.8% year-on-year growth [6]. Business Segments - **Consumer Electronics**: Revenue from this segment was 2.54 billion yuan, growing 12.8% year-on-year, with a gross margin of 29.52% [7]. - **Automotive Electronics**: The AR+ business generated 241 million yuan, a significant increase of 79.07% year-on-year, with a gross margin of 25.24% [8]. - **AR/VR Business**: The company has made breakthroughs in product development and established deep collaborations with leading domestic and international firms, enhancing its product lineup in optical components and display systems [9].

点击 关注我们 报告发布日期：2025年9月1日 报告名称:《翱捷科技-U（688220.SH）-ASIC业务在手订单充足，4G八核8662首发G9智能机》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003/ 连欣然S0980525080004 完整报告请扫描下方二维码 核心观点 2025上半年营收同比增长14.67%，归母净利润同比减亏 公司发布2025年半年度报告，1H25实现营收18.98亿元(YoY +14.67%)，实现归母净利润-2.45亿元(YoY +7.29%)，同比减亏约0.2亿元，若扣除股份支付影响，归母净利润为-1.61 亿元。单二季度营收为9.88亿元(YoY +19.76%，QoQ +8.59%)，归母净利润-1.23亿元(YoY +11.66%，QoQ -0.76%)，其中，芯片产品销售7.97亿，半 导体IP授权0.9亿，芯片定制业务0.64亿，其他业务0.38亿。 4G蜂窝物联网同比增长 ...

点击 关注我们 报告发布日期：2025年9月7日 报告名称: 《 电子行业周报——电子板块戴维斯双击趋势不改，AR眼镜及折叠屏加速落地 》 分析师：胡剑 S098052 1080001/胡慧 S0980521080002/ 叶子 S0980522100003 / 詹 浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003/ 连欣然S0980525080004 完整报告请扫描下方二维码 国信研究 电子行业周报-电子板块戴维斯双击趋势不 改,AR眼镜及折叠屏加速落地 2025-09-08 | 胡剑 胡慧 叶子 詹浏洋 张大为 李书颖 连欣然 电子板块戴维斯双击趋势不改,AR眼镜及折叠屏加速 落地。过去一周上证下跌1.18%,电子下跌4.57%,子行 业中半导体下跌6.55%。同期恒生科技、费城半导体、台 湾资讯科技上涨0.23%、1.63%、1.30%。继北美算力产 业链高速增长的业绩兑现催化主线行情之后,半导体在台积 电上修年度业绩指引、中芯国际和华虹半导体在法说会上对 未来订单及景气乐观展望的背景下,迎来板块性快速上涨行 情。与此同时,Deepseek ...

点击 关注我们 报告发布日期：2025年9月1日 报告名称: 《乐鑫科技（688018.SH）：收入利润齐创新高，WiFi6E计划下半年量产》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 张大为 S0980524100002/ 詹浏洋 S0980524060001 / 李书颖 S0980122080309/ 连欣然S0980525080004 完整报告请扫描下方二维码 2025上半年营收同比增长35.35%，归母净利润同比增长72.29% 核心观点 公司发布2025年半年度报告，实现营业收入12.46亿元，同比增加35.35%；实现归母净利润2.61亿元，同比增 加72.29%；扣非归母净利润2.39亿元，同比增加64.22%。其中，2Q25实现收入6.88亿元(YoY +29.02%，QoQ +23.28%)，归母净利润1.68亿元(YoY +71.45%，QoQ +78.82%)。 收入利润齐创新高，2Q毛利率环比提升 二季度公司营业收入创下历史新高，并实现同环比稳步增长，收入增长的主要来源是下游各行各业数字化与智 能化渗透率 ...

Core Viewpoint - The report emphasizes the importance of the "three-cycle" resonance in the semiconductor industry, highlighting the potential for valuation expansion elasticity [3]. Market Performance - In the past week, the Shanghai Composite Index rose by 3.49%, while the electronic sector increased by 8.95%. Within this sector, semiconductors surged by 12.26%, and components rose by 1.68%. In contrast, the Hang Seng Tech Index and Philadelphia Semiconductor Index saw increases of 1.89% and 0.03%, respectively, while Taiwan's information technology sector declined by 3.35% [3]. Industry Trends - The strong rise in computing power in North America has become a major sentiment driver, particularly benefiting the switch and server supply chains due to changes in network architecture driven by ASIC trends. This has led to significant incremental growth in these industries [3]. - Supply chains have recently revised upward their shipment expectations for NVIDIA's GB series products for 2026, indicating that profit elasticity in the server assembly segment will gradually become evident [3]. - TSMC anticipates sustained strong demand for AI, with moderate recovery in non-AI demand, which is expected to contribute to annual revenue growth [3].