耐心资本观察 | 锚定自主可控攻坚 半导体IP吸引资本加码布局

Core Insights - The semiconductor IP sector is becoming a strategic focus for capital investment amid increasing demands for self-sufficiency in the semiconductor industry, particularly in the context of global technological competition [1][2] - A recent seminar in Shanghai highlighted the collaboration between leading semiconductor companies and state-owned capital platforms, marking a new phase of capital empowerment and upstream-downstream cooperation in China's semiconductor IP industry [1][3] Industry Overview - Semiconductor IP refers to reusable functional modules in integrated circuit design, which are crucial for the industry and essential for overcoming key technological challenges [2] - The global semiconductor IP market is projected to reach $8.49 billion in 2024, reflecting a year-on-year growth of 20.2% [2] - In Q1 2025, the semiconductor and electronic equipment sector led in investment cases and amounts, with 514 investment cases completed, a 12.5% increase year-on-year, and an investment amount of 43.476 billion yuan, up 37.0% year-on-year [2] Company Developments - Chip design company Xinyaohui recently completed a Series B financing round aimed at accelerating core technology innovation and expanding the domestic semiconductor IP market [2][3] - Xinyaohui is the only domestic supplier with a complete solution for high-speed interfaces required for large model computing chips, establishing a comprehensive and controllable IP technology system [3] Market Trends - The semiconductor IP industry is increasingly recognized for its role in simplifying chip design processes, enhancing innovation, and reducing design costs [4] - The demand for high-speed interface IP is expected to surge due to the exponential growth of parameters in large models, positioning it as a critical area for AI chip competitiveness [5] Investment Landscape - State-owned capital is playing a significant role in the semiconductor IP sector, focusing on technology innovation, industry chain collaboration, and application-driven enterprises [4][6] - The semiconductor IP market in China is anticipated to maintain rapid growth in the coming years, driven by the expansion of AI and big data industries [6] - The next 5-10 years are viewed as a golden period for breakthroughs in domestic technology and ecosystem development, presenting a prime opportunity for patient capital to support enterprise growth [6]