美模拟芯片倾销幅度300%以上，两大细分国产化空间巨大

Core Insights - The Ministry of Commerce received an anti-dumping investigation application regarding imported analog chips from the U.S., with evidence showing a dumping margin exceeding 300% and a market share of 41% in China [1][2] - Major U.S. manufacturers involved include Texas Instruments, ADI, Broadcom, and ON Semiconductor, with significant import volumes of general interface chips and gate driver chips from the U.S. [1] - The anti-dumping measures are expected to significantly expand the market for domestic general interface chips and gate driver chips in China [3] Market Dynamics - In 2024, China is projected to account for approximately 35% of the global analog chip market, making it a key revenue source for major overseas manufacturers [2] - The revenue from major U.S. companies like TI, ADI, and MPS from China is estimated at $30 million, $21 million, and $12 million respectively, totaling $630 million [2] - The domestic analog chip leaders in A-shares are expected to generate only 3.35 billion yuan in revenue in 2024, indicating substantial potential for domestic production [2] Impact of Anti-Dumping Measures - According to estimates, the anti-dumping measures could expand the market for general interface chips and gate driver chips in China by 3.3 times and 1.6 times respectively [3] - The projected domestic production for general interface chips in 2024 is 1.18 billion units, with a demand of 3.54 billion units, indicating a significant gap that could be filled by domestic manufacturers [4] - The current import volume of general interface chips is 2.36 billion units, with 1.59 billion units coming from the U.S., representing 67.5% of total imports [4] Company Developments - Several semiconductor companies in Jiangsu, such as Naxin Micro, Sirepu, and Chipeng Micro, are positioned to benefit from the potential market expansion [5] - Tuojing Technology announced plans to raise 4.6 billion yuan for the construction of a high-end semiconductor equipment industrialization base, indicating a strong commitment to the semiconductor sector [5] - The semiconductor equipment sector is expected to see significant growth driven by the AI wave and domestic production demands, with potential for exceeding performance expectations [6]