电子2023和2024Q1总结之IC设计：数字芯片复苏趋势初显，模拟芯片出现分化

Industry Investment Rating - The report gives the electronics industry a "Stronger than Market" rating [1] Core Views - The digital chip design industry shows initial signs of recovery, while the analog chip design industry's profitability still needs further repair [2][3] - The SoC industry is performing well, with leading companies focusing on the edge AI market [3] - Overseas analog leaders like Texas Instruments and Analog Devices are seeing declining performance, while some domestic analog companies are showing signs of improvement [3] Digital Chip Design Industry - The digital chip design industry shows initial recovery signals with a 32% YoY increase in Q1 2024 revenue to 30.5 billion CNY [8] - Net profit attributable to the parent company surged 223% YoY to 2.49 billion CNY in Q1 2024 [9] - Gross margin improved to 33.9% in Q1 2024, up 1.4 percentage points QoQ and 0.5 percentage points YoY [10] Analog Chip Design Industry - The analog chip design industry saw a 34% YoY increase in Q1 2024 revenue to 10.1 billion CNY, but net profit remained negative at -110 million CNY [11][12] - Gross margin improved to 35.6% in Q1 2024, up 1.5 percentage points QoQ, but down 2.6 percentage points YoY [13] SoC Industry - Global smartphone sales reached 287 million units in Q1 2024, up 8.9% YoY, driving recovery in the smartphone SoC market [18] - Qualcomm's Q1 2024 revenue reached 9.39 billion USD, with a 56.3% gross margin [15] - MediaTek's Q1 2024 revenue increased 40% YoY to 133.5 billion TWD, with a 52.4% gross margin [20] Overseas Analog Leaders - Texas Instruments' Q1 2024 revenue declined 16% YoY to 3.66 billion USD, with a 57.2% gross margin [29] - Analog Devices' Q1 2024 revenue declined 23% YoY to 2.51 billion USD, with a 58.7% gross margin [32] Domestic Analog Companies - Awinic's Q1 2024 revenue surged 102% YoY to 780 million CNY, with inventory decreasing 22% YoY [35] - Silergy's Q1 2024 revenue declined 35% YoY to 200 million CNY, with inventory increasing 22% YoY [35] - Novosense's Q1 2024 revenue declined 23% YoY to 360 million CNY, with inventory increasing 15% YoY [35] Investment Recommendations - For the digital chip industry, focus on Rockchip, Allwinner, Amlogic, and BES [40] - For the analog chip industry, focus on SG Micro and Awinic [40]