半导体行业深度：模拟芯片公司如何穿越周期成长

Investment Rating - The report maintains an "Outperform" rating for the semiconductor industry [1]. Core Insights - The report emphasizes how analog chip companies can navigate through cycles of growth and downturns, particularly highlighting Texas Instruments (TI) as a case study [1][5]. Summary by Sections 1. Review of Texas Instruments' Development Path - TI has undergone four technology cycles over the past 20 years, transitioning from a diversified conglomerate to a focus on analog and embedded products, achieving record performance in industrial and automotive analog chips [2][5]. - The company has completed nearly 30 acquisitions since the 1990s, strategically shifting its focus to the analog market, particularly in automotive and industrial sectors [3][5]. 2. Why Analog ICs Have Long-Term Potential - The global analog chip market reached $77.3 billion in 2023, accounting for approximately 19% of the total semiconductor market, with a projected CAGR of 8.5% from 2023 to 2029 [3][6]. - The market is characterized by a wide range of applications and a long product lifecycle, which reduces overall risk and uncertainty for analog chip companies [3][6]. 3. Current Position of the Analog Chip Industry - The report identifies a recovery in the consumer electronics sector, with expectations for steady growth in demand for analog chips driven by trends in AI and automotive electrification [5][6]. - The report notes that the inventory cycle is nearing its end, with consumer electronics leading the recovery [6]. 4. Strategies for Domestic Analog IC Companies - The report suggests that "R&D innovation and merger expansion" will be key strategies for the development of the analog IC industry [7][8]. - Domestic companies are encouraged to focus on high-end markets and resource integration to compete with international leaders [8]. 5. Investment Recommendations - The report highlights the potential for domestic analog chip manufacturers to benefit from the trend of domestic substitution, suggesting a focus on companies with strong financial capabilities and robust product portfolios [8].