从英飞凌业绩看 AI 对功率的挤占情况 20260205 摘要 AI 驱动英飞凌电源芯片业务显著增长，尤其在碳化硅技术和 800 伏 NV 白皮书发布后，对电源芯片需求增加明显，MOSFET 细分板块受益于 AI 高景气度，交货周期和稼动率表现良好。 英飞凌第一季度收入同比增长 7%至 36 亿欧元，考虑汇率影响实际增长 14%。汽车业务增长 4%，电源类业务增长 16%，工业部门增长 19%，物联网部门下降 7%。 预计未来几个季度，海外复苏和 AI 叠加需求将驱动功率板块供需改善并 持续涨价，关键在于海外相关产品稼动率和景气度，若表现良好将推动 板块超预期发展。 英飞凌预计 2026 年 AI 相关收入将达 15 亿欧元，并可能上修。2027 年规划实现 25 亿欧元，主要受限于产能建设需求，目前产能是 AI 收入 增长的最大制约。 英飞凌在 AI 电源芯片领域积极布局，尤其在 800 伏直流数据中心和固 态变压器（SSC）方面，与 SolarEdge 等合作进行技术积累。DR MOS 产品用于 GPU 供电，每个 GPU 需约 30 颗，核心组件 MOSFET 需求大 增。 Q&A 英飞凌在功率芯片市场 ...

Summary of Conference Call on Semiconductor Industry and TI Industry Overview - The analog IC market is showing a gradual recovery in demand starting from Q2 2024 after being at a low point before 2023 [2][3] - The consumer electronics sector is expected to recover first in March-April 2024, while the automotive market is anticipated to rebound significantly in Q3 2024, driven by the increase in electric vehicle (EV) adoption in China [2][3] - The industrial market is stabilizing after hitting a low in 2023, with expectations of growth by late 2024 to early 2025 [2][3] Key Points on TI (Texas Instruments) - TI's gross margin is expected to remain stable between 57% and 60% in 2024, with no significant price reduction strategy implemented [2][5] - To maintain market share, TI may adopt aggressive pricing strategies, but any price cuts are expected to be limited to 1-2% due to current profit margins being close to management's set bottom line [2][6] - TI has increased its total production capacity by 25%-30% since 2023, primarily in the analog chip sector, with no significant new capacity expected until 2026-2027 [2][7][8] - Overall inventory levels at TI have risen, with structural characteristics; some consumer electronics and automotive products have seen inventory reductions, while industrial sector inventory remains high at over four months [2][9][10] Market Dynamics - Demand from downstream customers is expected to improve in Q2 2025 compared to Q1, particularly in consumer electronics and new energy vehicles, leading to a slight increase in overall revenue [2][11] - The Chinese government's subsidy policies have positively impacted demand for consumer electronics, leading to an increase in chip orders, although the actual demand transmission to upstream manufacturers is smoothed out due to inventory chains [2][12][13] - The U.S. plans to impose tariffs on traditional semiconductor exports from China may have limited short-term effects but could hinder future market access to Europe and the U.S. [2][14] Competitive Landscape - The U.S. automotive industry is currently in a downturn, facing challenges from economic factors and competition from Chinese electric vehicles, leading to a pessimistic outlook among many U.S. manufacturers [2][15] - Domestic semiconductor manufacturers are rapidly advancing in the automotive sector, with significant progress in battery protection and autonomous driving camera chips [2][20] - Price differences exist between domestic manufacturers and TI, with domestic products typically 20%-30% cheaper due to intense local competition [2][23] Conclusion - The semiconductor industry, particularly the analog IC market, is on a recovery path with varying dynamics across sectors - TI is strategically managing its pricing and production capacity to navigate competitive pressures while maintaining profitability - The evolving landscape of domestic competition and international trade policies will continue to shape the industry's future.