电机驱动芯片行业研究报告：见微知著，国产替代加速渗透

Investment Rating - The report maintains an "Overweight" rating for the electric motor driver chip industry [1] Core Insights - The domestic substitution in the electric motor driver chip industry is accelerating, with significant potential for local manufacturers to capture market share [2][3] - The global electric motor driver chip market was valued at $3.88 billion in 2021 and is projected to grow to $5.59 billion by 2028, with a CAGR of 5.3% [2][9] - The industry faces high barriers to entry, with a focus on hardware integration and software algorithm upgrades as key trends [2][3] Summary by Sections 1. Overview of the Electric Motor Driver Chip Industry - Domestic manufacturers are still in the early stages, with vast potential for domestic substitution [12][53] 2. Industry Barriers & Development Trends - The industry is characterized by hardware integration and the parallel upgrade of supporting algorithms [12][53] - Key players are expected to integrate pre-drivers, MOSFETs, and other components into single-chip solutions to provide comprehensive solutions for downstream customers [2][3] 3. Downstream Applications - The household appliance sector is benefiting from the trend of smart and variable frequency upgrades, with the market for domestic white goods motor driver control chips projected to reach approximately 12.3 billion yuan in 2024 [2][43] - The automotive sector is experiencing rapid growth in the domestic new energy vehicle market, with a conservative estimate indicating a market space of over 4 billion yuan for electric motor driver control chips [2][45][48] - Industrial and humanoid robots are also significant applications, requiring drivers for traditional and specialized servo motors [2][50] 4. Investment Recommendations - The report suggests focusing on companies like Peak Technology, which has made significant breakthroughs in the white goods sector and is expanding into automotive applications [3][54] - Other companies to watch include Crystal Clear Technology, which has a strong product line and competitive pricing, and Sanray Technology, which has unique product lines [3]