海外硬科技龙头复盘研究系列之六：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

Investment Rating - The report maintains a positive outlook on the analog chip industry, indicating a "Buy" rating for the sector [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][15]. - The global analog chip market is expected to recover in 2024, driven by demand from sectors such as artificial intelligence, high-performance computing, and electric vehicles [3][39]. - Major application areas for analog chips include communications, industrial, and automotive sectors, each accounting for over 20% of the market [2][28]. Summary by Sections 1. Overview of Analog Chips - Analog chips are composed of resistors, capacitors, and transistors, processing continuous analog signals and facilitating interaction between humans and devices [1][15]. - The market is divided into general-purpose analog chips (40% market share) and specialized analog chips (60% market share) [19]. 2. Market Growth and Trends - 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][41]. - The automotive sector, particularly the electric vehicle market, is a significant growth driver, with sales in China reaching 9.495 million units in 2023, a 37.9% increase year-on-year [2][31]. 3. Insights from Leading Companies - Texas Instruments (TI) and Analog Devices (ADI) dominate the market, holding 19% and 9% market shares respectively, with TI's revenue in 2023 reaching $17.519 billion [3][42]. - 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][55]. 4. Domestic Market Dynamics - The domestic analog chip industry is competitive, with companies like Shengbang Technology and Hiwatt Microelectronics showing substantial revenue growth in Q1 2024 [6][7]. - The report highlights the importance of continuous R&D investment and product line expansion for domestic firms to compete effectively against international giants [5][6].