证 券 研 究 报 告 模拟板块开启涨价周期，重点关注两大方向！ 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 方向1——海外大厂涨价，为国内平台型模拟公司创造了好的替代窗口和定价空间。海外大厂相继提价， 价格竞争或缓解。2025年6月、8月TI持续涨价，2025年12月ADI向客户发出涨价通知，2026年3月NXP、 安森美等发涨价函。部分国产厂商已发涨价函，在海外提价打开空间后，以温和方式跟涨。 ◼ 方向2——卡位稀缺赛道，受益国产GPU供电芯片需求爆发。通过多相控制器和智能功率级模块的组合 使用，将多个降压电路的输出并联使用，从而输出数百安培到数千安培的电流，适用于超大功率供电的 需求。以英伟达GPU为例，预计V100到B300单卡DrMOS价值量增长约4倍！我们预计未来3年国内AI服 务器电源DrMos市场规模超40亿元，其中杰华特4Q24放量。同时，多家国产厂商争相布局AI电源解决 方案，如晶丰明源、南芯科技、芯朋微等。 ◼ 投资分析意见：1）海外大厂涨价，国内价格竞争缓解：思瑞浦、纳芯微、圣邦股份等。2）卡位稀缺赛 道，受益国产GPU供电芯片需求爆发：杰华特、南芯科技、晶 ...

Core Viewpoint - The company has officially launched multi-phase controllers for AI PCs and edge servers in Q3 of this year, emphasizing its focus on business opportunities in the AI server power sector [1] Group 1: Product Development - The company is actively laying out its AI computing power power supply ecosystem, focusing on high current areas including multi-phase controllers, DrMOS, high current DCDC, and high current PMIC [1] - The company has accelerated the research and development of related power supply and driver chips in the medium and high voltage power supply sector, having officially launched a 700V high-voltage GaN half-bridge power chip and a high-power LLC SR controller [1] Group 2: Business Confidence - The company expresses confidence in the development of its business related to AI computing power power supplies [1]

Core Viewpoint - The semiconductor industry is undergoing a transformation driven by AI and automotive electronics, with analog integrated circuits (ICs) playing a crucial role as a bridge between the physical and digital worlds. Jiewa Microelectronics, a leading company in analog IC design listed on China's STAR Market, is seeking to list on the Hong Kong Stock Exchange to establish a dual financing platform [1]. Company Overview - Jiewa Microelectronics has established a leading position in China's analog IC market, particularly in the power management IC sector, ranking among the top four Chinese companies in terms of revenue [1]. - The company is currently facing significant financial challenges, including ongoing net losses and negative operating cash flow, despite its strong market position [1]. Business Model - Jiewa adopts a "virtual IDM" model, which balances flexibility and process innovation by outsourcing capital-intensive manufacturing processes while maintaining control over key technology aspects [2]. - This model allows Jiewa to focus on high-tech R&D and IC design, avoiding the heavy capital investments associated with traditional manufacturing [2]. Financial Performance - Jiewa's revenue has shown a strong recovery, with reported revenues of 1.448 billion RMB in 2022, 1.297 billion RMB in 2023, 1.679 billion RMB in 2024, and 2.113 billion RMB in the first ten months of 2025 [2]. - Despite a slight decline in 2023 due to industry destocking and weak consumer demand, revenue growth is expected to rebound significantly in 2024, with a projected year-on-year increase of 59.8% in the first ten months of 2025 [2]. R&D Investment - The company maintains a high R&D expenditure, with R&D costs consistently exceeding 35% of revenue, amounting to 746 million RMB in the first ten months of 2025 [3]. - This investment strategy aims to capitalize on opportunities in AI servers and automotive electronics, focusing on high-performance products [3]. Profitability and Market Position - Jiewa is currently in a loss-making phase, with net losses of 533 million RMB in 2023, 611 million RMB in 2024, and 496 million RMB in the first ten months of 2025 [3]. - The company's gross margin has improved, reaching 22.6% in the first ten months of 2025, up from 11.8% in 2023, driven by increased revenue from high-value segments [3]. Competitive Landscape - The analog chip industry is highly competitive, with Jiewa facing challenges from global giants like Texas Instruments and Analog Devices [4]. - Jiewa's virtual IDM model reduces financial pressure but requires higher demands for capacity coordination and proprietary technology rights [4]. Market Share - Jiewa ranks 13th globally in the analog IC market and 6th in the more lucrative DC-DC IC market, with a market share of 1.9% among domestic companies [4][5]. - The company is positioned as the second-largest domestic player in China's power management market for computing and storage, establishing a solid foundation for long-term growth amid the AI wave [5]. Future Outlook - The upcoming Hong Kong listing will focus on funding the development of high-end power management and signal chain chips, aiming to enhance product line completeness and capture market share in high-value growth areas [6]. - The key to Jiewa's future success lies in leveraging its virtual IDM model to achieve scale in high-tech areas and convert its technological investments into positive cash flow [6].

Summary of CR Micro (688396.SS) Conference Call Company Overview - **Company**: CR Micro (688396.SS) - **Industry**: Semiconductor, specifically Power Semiconductors Key Points Industry Dynamics - Management sees an improving supply/demand relationship in power semiconductors, with high levels of utilization reported [1] - Positive outlook for the China semiconductor supply chain, driven by demand recovery in industrial and new energy sectors, as well as new demand from AI and computing [1] Company Performance and Strategy - CR Micro is ramping up 12-inch wafer capacities in Shenzhen and plans to increase capacities in Chongqing and 6-inch SiC in the future [2] - Current utilization rates: 6-inch and 8-inch capacities are fully utilized; 12-inch line in Chongqing is fully loaded with wafer-in, while output is still ramping up [2] - Pricing adjustments: CR Micro has increased pricing on IGBT in October 2025 and is negotiating further price increases with customers [2] - Products for AI server applications yield higher margins compared to general products, with plans to introduce DrMOS products for AI servers this year [2] Financial Outlook - Target price set at Rmb37.46 based on a P/E ratio of 34.0x for 2026E, which is within CR Micro's historical trading range [3] - Current market cap is Rmb84.8 billion ($12.2 billion) with projected revenues increasing from Rmb10,118.5 million in 2024 to Rmb13,634.4 million by 2027 [9] Risks and Considerations - Key risks include better-than-expected average selling price (ASP) trends for MOSFET, IGBT, and SiC; faster-than-expected new design wins and market share gains; and fewer entrants in the IGBT/SiC space, which could reduce competition [4] Valuation Metrics - Current price is Rmb64.09, indicating a downside potential of 41.5% to the target price [9] - Earnings per share (EPS) projections show growth from Rmb0.58 in 2024 to Rmb1.29 in 2027 [9] - P/E ratios are projected to decrease from 72.3x in 2024 to 49.5x in 2026 [9] Additional Insights - Management's positive view aligns with broader industry trends, suggesting potential for growth despite current valuation concerns [1][2] - The competitive landscape in power semiconductors remains a critical factor for CR Micro's future performance [1][4]

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 Insights - Jiewaite reported a revenue of approximately 1.942 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 63.01%, while the net loss attributable to shareholders narrowed to about 460 million yuan, a reduction of 9.29% year-on-year [1][2] Group 1: Company Performance - Jiewaite has maintained stable revenue growth for seven consecutive quarters, achieving a revenue growth rate exceeding 70% year-on-year for the first three quarters of 2025 [2] - The company has invested a total of 679 million yuan in R&D for the first three quarters of 2025, accounting for 34.96% of its revenue [2] - Jiewaite's product offerings have expanded to over 3,200 models, covering sectors such as new energy, communications, security, automotive electronics, and computing control [2] Group 2: Market Trends - The analog chip market is gradually recovering, driven by accelerated domestic substitution and innovative applications in downstream industries [3] - Major industry players like Texas Instruments have reported revenue recovery and price increases, positively influencing market expectations [3] - The average gross margin of 16 key analog chip manufacturers improved from 34.4% in Q4 2023 to 36.3% in the first half of 2025, indicating a recovery trend in the industry [3] Group 3: Strategic Initiatives - Jiewaite is focusing on expanding its signal chain product line, having acquired a 40.9% stake in Tianyi Hexin for 319 million yuan, which will enhance its product offerings in optical sensing and health detection [2] - The company is leveraging its core business in power management chips while expanding into emerging fields such as AI, computing, new energy, and automotive electronics [3] - With the overall gross margin recovery in the analog chip sector, Jiewaite is positioned to achieve performance recovery and growth momentum through product upgrades and strategic acquisitions [3]

Group 1 - The company Jingfeng Mingyuan (688368.SH) reported a significant revenue increase of 419.81% in its high-performance computing power chip business for the first half of the year compared to the same period last year [1] - The company has successfully mass-produced and entered the scale sales stage for its entire range of products, including digital multi-phase controllers, DrMOS, POL, and Efuse [1] - New generation graphics card applications have been shipped in large quantities to multiple domestic and international customers [1] Group 2 - The company's self-developed first-generation 40V BCD process platform has achieved stable mass production [1] - The second-generation 40V BCD process platform's designed DrMOS products have significantly improved cost-performance and have entered mass production [1] - The research and development of the third-generation process is progressing, with chip design completed and mass production expected in 2026 [1]

Core Viewpoint - Nanchip Technology plans to raise 1.933 billion yuan through convertible bonds to invest in three high-growth areas: smart computing power, automotive chips, and industrial sensors, aiming for strategic expansion and technological advancement [1][2][6]. Group 1: Investment Projects - The total investment for the three projects is approximately 4.592 billion yuan for smart computing power chips, 8.433 billion yuan for automotive chips, and 6.318 billion yuan for industrial sensor chips, summing up to 19.333 billion yuan [2][4]. - The smart computing power project focuses on developing multi-phase controllers and DrMOS chips to enhance the company's position in the PC, data center, and edge computing sectors [3][4]. - The automotive chip project addresses the low domestic chip localization rate, aiming to provide domestic alternatives to enhance supply chain security [4][5]. Group 2: Financial Performance - Nanchip Technology has shown robust growth, with revenue increasing from 1.301 billion yuan in 2022 to 2.567 billion yuan in 2024, and net profit rising from 246 million yuan to 307 million yuan during the same period [5]. - In the first half of 2025, the company achieved a revenue of 1.470 billion yuan, reflecting a year-on-year growth of 17.6% [5]. Group 3: Research and Development - The company invested 282 million yuan in R&D in the first half of 2025, a significant increase of 54.62% year-on-year, with 68.35% of its workforce dedicated to R&D [5][6]. - Nanchip Technology has developed key technologies such as multi-phase control technology for smart computing and high-side driver technology for automotive applications, positioning itself strongly in these markets [7][8]. Group 4: Market Position and Strategy - The company has established deep partnerships with leading brands in consumer electronics, such as Xiaomi and OPPO, and has entered the supply chains of several automotive manufacturers, facilitating quicker product validation and integration [8][9]. - The funding from the convertible bonds is expected to accelerate the implementation of these projects, potentially initiating a new growth cycle for the company [9].

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 ...