全球汽车芯片乍暖还寒

Core Viewpoint - The automotive chip market, initially expected to recover, is showing renewed pressure in Q2, with major chip manufacturers reporting a decline in growth rates for automotive chips, indicating a setback in the recovery process [1] Group 1: Market Performance - Major chip manufacturers like Texas Instruments, STMicroelectronics, and ON Semiconductor reported a decline in automotive chip performance in Q2, contrasting with previous signs of recovery [1] - Texas Instruments experienced approximately 5% year-on-year growth in the automotive market but saw a low single-digit percentage decline quarter-on-quarter, indicating that the automotive sector is a drag on overall company growth [2] - STMicroelectronics reported a 24% year-on-year decline in automotive business but a 14% quarter-on-quarter increase, suggesting volatility influenced by specific customer decisions [3] Group 2: Demand and Supply Dynamics - The global automotive supply chain is still adjusting inventory levels, with weak market demand and geopolitical factors impacting the recovery of automotive chips [1][4] - The demand for automotive chips is expected to improve marginally due to the increasing interest in smart driving technologies like Robotaxi and Robobus, which may stimulate chip demand [1][6] - The automotive chip market is facing structural differences in recovery, with power chips and high-end intelligent chips expected to recover faster than general-purpose chips like MCU and PMIC, which are hindered by high inventory levels and weak demand for traditional fuel vehicles [6][7] Group 3: Regional Insights - The recovery in the automotive sector varies by region, with China showing early signs of recovery, while Europe and Japan lag behind [2] - The demand for electric vehicles is slowing down, and traditional fuel vehicle demand remains weak, leading to a decline in chip procurement from automakers [4][5] Group 4: Future Outlook - The automotive chip market is projected to see a recovery in specific segments by late 2025, with power chips and high-end intelligent chips leading the way, while general-purpose chips may lag until late 2025 or early 2026 [6] - The introduction of advanced driving assistance systems and AI models is expected to drive demand for automotive AI chips, although significant impacts on the overall market may not be felt until inventory levels are optimized by late 2025 [7][8] - Domestic chip manufacturers in China are gaining ground in the low-end chip market but still face challenges in high-end segments, relying heavily on foreign manufacturing capabilities [9]