模拟芯片行业：连接数字世界和物理世界的桥梁，国内模拟IC行业百舸争流——海外硬科技龙头复盘研究系列之六

Investment Rating - The report maintains a positive outlook on the semiconductor industry, specifically the analog chip sector, indicating a "Buy" rating for the industry [1]. Core Insights - The analog chip industry serves as a bridge between the digital and physical worlds, with a high design threshold and longer product lifecycle compared to digital integrated circuits [1][14]. - The global analog chip market is expected to recover in 2024, driven by growth in sectors such as artificial intelligence, high-performance computing, and electric vehicles [3][27]. - Major applications for analog chips include communications, industrial, and automotive sectors, each accounting for over 20% of the market [2][21]. Summary by Sections 1. Analog Chips: Bridging Digital and Physical Worlds - Analog chips are composed of resistors, capacitors, and transistors, processing continuous analog signals [1][14]. - They can be categorized into general-purpose and application-specific analog chips, with the latter having a higher complexity and integration level [17]. 2. Global Analog Chip Industry Growth Prospects - The analog IC market is projected to grow from $83.91 billion in 2023 to $91.26 billion in 2024, with a long-term forecast of reaching $129.69 billion by 2029 [3][27]. - The automotive sector, particularly the electric vehicle market, is expected to be a significant growth driver, with 2023 sales of 9.495 million units in China, a 37.9% year-on-year increase [2][23]. 3. Insights from Leading Companies: Texas Instruments and Analog Devices - Texas Instruments (TI) holds a 19% market share, while Analog Devices (ADI) has approximately 9% [3][28]. - Both companies have significantly increased their capital expenditures over the past decade, with TI's CAPEX rising from $410 million in 2013 to $5.07 billion in 2023 [3][34]. 4. Domestic Analog Chip Market Dynamics - Domestic companies like 圣邦股份 (Silan Microelectronics) and 希荻微 (Higreen) are leading in the analog chip design sector, with significant revenue growth reported in Q1 2024 [6]. - The domestic market is characterized by a competitive landscape, with various companies focusing on different segments such as power management and signal chain chips [6][21]. 5. Investment Recommendations - The report suggests focusing on leading domestic companies in the analog IC sector, including 圣邦股份, 思瑞浦, 希荻微, 南芯科技, 艾为电子, and 芯海科技, to capitalize on growth opportunities [7].