Core Viewpoint - The rapid development of downstream markets such as automotive, servers, and communications in China is driving a significant increase in the demand for multi-phase power supplies, which is becoming a notable growth market in the semiconductor sector. By 2024, the demand for multi-phase power supplies in China is expected to reach 22.0139 million sets, a year-on-year increase of 17.0%, with a market size of 11.342 billion yuan, a year-on-year increase of 20.0% [1][10]. Overview - Multi-phase power supplies convert electrical energy to higher or lower voltage, current, or power, primarily serving the power supply needs of high-load chips like CPUs and GPUs. The term "phase" refers to the number of parallel combinations of inductors and MOS power devices [2][5]. - A multi-phase power supply consists of a controller and several power stages, utilizing PWM (Pulse Width Modulation) technology to control output voltage and frequency, requiring high design and manufacturing standards [2][5]. Industry Chain - The upstream of the multi-phase power supply industry includes semiconductor materials, electronic components, and EDA tools. The midstream involves design, manufacturing, packaging, and testing, while the downstream applications include automotive, servers, desktop computers, communications, and consumer electronics [8][9]. Market Demand - The automotive sector is the largest demand market for multi-phase power supplies in China, expected to account for over 50% of the market by 2024. The automotive industry is a crucial pillar of the national economy, with China being the world's largest automobile producer for 16 consecutive years [9][10]. Competitive Landscape - The multi-phase power supply market is primarily dominated by overseas leaders such as TI, Infineon, and MPS. Domestic companies like Jingfeng Mingyuan, Silergy, and Jiewater are emerging players, with Jingfeng Mingyuan being the first domestic power chip company to enter NVIDIA's recommended supplier list [11][12]. Development Trends - The multi-phase power supply industry in China is accelerating its shift towards emerging markets such as AI computing and intelligent driving. In the server sector, the dependence on high-performance chips is increasing, making multi-phase power supplies essential for stable operation. In the automotive sector, the demand for high current power supply is driving upgrades to high integration solutions [14][15].

Core Viewpoint - The company Si Rui Pu (688536) is enhancing its product offerings and market position through the acquisition of Aola Semiconductor, which will complement its existing signal chain product line and strengthen its competitive edge in various markets [2][3][5]. Product Aspects - Aola Semiconductor's clock chips will provide a crucial addition to Si Rui Pu's signal chain product line, forming a complete product portfolio alongside operational amplifiers, comparators, and interface products [2]. - The integration of Aola Semiconductor's power products will help Si Rui Pu expand its key categories, such as multi-phase power and ET chips, thereby building differentiated competitive advantages in important application areas [2]. Market Aspects - Both Si Rui Pu and Aola Semiconductor have extensive market applications and customer bases, which will allow them to create a more comprehensive product portfolio targeting the communications market and solidifying their leadership in wireless communications [3]. - Si Rui Pu's rich customer resources in automotive and industrial sectors will support Aola Semiconductor's future business expansion [3]. Team and Technology Aspects - Both companies exhibit strong technology-driven characteristics, with outstanding R&D capabilities. Successful integration could enhance the overall technological competitiveness of the group [4]. Supply Chain Aspects - Si Rui Pu's accumulated expertise in processes and supply chain resources will aid in the continuous updating of Aola Semiconductor's products and improve cost competitiveness [5]. - The transaction price will be determined based on industrial acquisition logic, ensuring the protection of the listed company and minority shareholders' interests [5]. Financial Performance - For the first three quarters of 2025, Si Rui Pu reported a main revenue of 1.531 billion, a year-on-year increase of 80.47%, and a net profit of 126 million, up 227.64% year-on-year [5]. - In Q3 2025 alone, the company achieved a main revenue of 582 million, a 70.29% increase year-on-year, and a net profit of 60.32 million, reflecting a 282.31% year-on-year growth [5]. - The company's debt ratio stands at 13.72%, with an investment income of 32.76 million and a gross margin of 46.46% [5]. Analyst Ratings - In the last 90 days, 12 institutions have rated the stock, with 8 buy ratings and 4 hold ratings, and the average target price set at 208.97 [6].

点击 关注我们 报告发布日期：2025年2 月05日 报告名称:《半导 体专题 ： 多相电源是增量蓝海市场，看好国产替代机遇 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶子 S0980522100003 / 詹 浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 国信研究 半导体专题: 多相电源是增量蓝海市场,看 好国产替代机遇 2025-02-05 | 胡剑 胡慧 叶子 张大为 詹浏洋 多相控制器+DrMOS的多相电源是XPU主流供电技术 。多相控制器与XPU通过协议通信,不同XPU厂商具有不 同的协议,比如英特尔的SVID、AMD的SVI2/3、英伟达 的OVR、基于ARM芯片的AVS等。DrMOS是英特尔200 4年推出的一种高效节能技术,将驱动IC和MOSFET上下 管集成到同一封装中,不仅显著减小面积,还极大降低由多 个元件带来的寄生参数,显著提升电源转换效率。DrMOS 主要有两种方案:1) 驱动IC和MOSFET在不同晶圆上生 产,最后合封在一起,称 ...