中国集成电路设计行业首次覆盖：本土化进程或将加速

Investment Rating - The report initiates coverage of the Chinese integrated circuit (IC) design industry with a leading rating, expecting continued market share growth for Chinese IC design companies [5][9]. Core Insights - The report anticipates a compound annual growth rate (CAGR) of 9.8% for the Chinese IC design industry from 2023 to 2032, surpassing the global IC market's CAGR of 8.5% during the same period [5][9]. - The self-sufficiency rate of the Chinese IC design industry is projected to increase from 18% in 2022 to 27% by 2028 [5][9]. - Key drivers for the growth of the Chinese IC design industry include localization in downstream industries, technological advancements, and strong policy support [5][9]. - The report highlights the potential benefits for Chinese IC design companies from the recovery of global semiconductor markets and the increasing market share of domestic smartphone manufacturers [5][9]. Summary by Sections Executive Summary - The report covers the Chinese IC design industry and two leading companies, Weir Shares (603501 CH) and Zhaoshengwei (300782 CH), both of which are positioned favorably in the CIS and RF front-end sectors [9][10]. Valuation Overview - Weir Shares is rated as a buy with a target price of 133 CNY, while Zhaoshengwei is also rated as a buy with a target price of 107 CNY [10][12]. Downstream Localization - The report notes that by 2023, China assembled approximately 81% of personal computers, 75% of smartphones, and 58% of electric vehicles globally, indicating a strong domestic supply chain [16][18]. Market Share Growth Potential - The report emphasizes that the IC design sector is crucial for the entire semiconductor supply chain, contributing the highest added value at 34% of the total industry value [18][20]. Technology Gap Closing - The report indicates that the technology gap between domestic and international IC companies is narrowing, particularly in the CIS and RF front-end sectors [5][9]. Policy and Financial Support - Strong policy and financial backing, particularly from the National Integrated Circuit Industry Investment Fund, are identified as key pillars supporting the domestic semiconductor industry [9][10].