Silan(600460) 证券时报网·2025-05-12 00:31Core Insights - The global semiconductor industry is expected to recover in 2024 after a downturn in 2023, driven by national policies aimed at boosting domestic demand, consumption, and technological innovation [1][2] - The market for power semiconductors is projected to decrease from 32.3 billion in 2024, yet domestic companies like Silan Microelectronics and BYD have significantly increased their market shares [2][3] Group 1: Market Performance - Silan Microelectronics' revenue in the power semiconductor sector is estimated to reach 928 million in 2023, with market share rising from 2.6% to 3.3%, making it the sixth largest globally [2][3] - BYD has entered the top ten in global power semiconductor market share with 3.1%, benefiting from a significant increase in its automotive sales, which exceeded 4.27 million units in 2024, a 41.1% year-on-year increase [2][3] Group 2: Industry Trends - Only Silan Microelectronics and BYD saw an increase in market share among the top ten power semiconductor companies in 2024, while leading competitors like Infineon and ON Semiconductor experienced declines [3] - The automotive semiconductor market remains dominated by foreign companies, with the top five holding 48.2% of the market share in 2024, indicating a highly concentrated market [5][6] Group 3: Future Projections - The global automotive semiconductor market is expected to grow nearly 29% over the next three years, reaching a size of $68.4 billion in 2024, with China's automotive semiconductor market projected to reach 120 billion yuan in 2024 and exceed 300 billion yuan by 2030 [6][7] - The demand for automotive chips is driven by the increasing penetration of electric vehicles and advanced driver-assistance systems, with a compound annual growth rate exceeding 25% anticipated for China's market [6][7] Group 4: Company Strategies - Silan Microelectronics is focusing on expanding its automotive semiconductor capabilities, with significant investments in new production lines and projects aimed at enhancing its market position [9][10] - The company has achieved substantial growth in its automotive semiconductor revenue, with a 60% increase in sales from IGBT and SiC products, indicating a strong commitment to innovation and market expansion [8][11]