从德州仪器看模拟芯片趋势 20260128 摘要 德州仪器预计 2026 年第一季度收入环比增长 2%，同比增长约 10%， 这在季节性较弱的第一季度尤为显著，表明下游需求持续复苏。 工业市场虽环比小幅下滑，但正处于复苏阶段，自 2025 年第一季度起 出现拉货迹象，目前仍在补库周期中，预计未来将持续向上拉动。 汽车市场波动较大，虽持续销库存，但中国电动车需求带动 2024 年第 三季度增长，预计 2026 年第一季度或因春节因素缓降，但整体趋势仍 向上，同比预计高个位数增长。 数据中心业务表现强劲，环比增长约 5%，同比增长近 70%，全年同比 增长 64%，占总收入 9%，AI 数据中心对模拟芯片需求拉动作用显著。 模拟芯片行业因库存水位较低，工业、AI 等需求复苏带来补库效应，叠 加贵金属等原材料涨价导致制造成本上升，推动价格上涨。 8 寸晶圆供不应求导致成本上升，并传导至客户，封装厂也面临类似情 况，毛利率较低的公司将不得不将成本上涨传导给客户。 预计 2026 年模拟芯片市场将迎来收入增长，工业、汽车领域占比较高 的公司将受益于国产化率提升及补库周期一致性的推动，毛利率较低的 产品最先受益于涨价。 ...

Core Insights - Meixinsheng Technology (688458.SH) successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, contributing to the domestic semiconductor industry [1] - The company has evolved from a single product focus to a diversified ecosystem, significantly enhancing its development quality and product matrix [1] - Meixinsheng's signal chain product series, particularly optical sensors, has seen a substantial revenue increase of 527.78% year-on-year, now accounting for 17.11% of total revenue [1] Group 1: Product Development and Strategy - Initially, Meixinsheng established a solid foundation in analog power technology with LED drivers and later expanded into mixed-signal chips, creating a comprehensive high-voltage, high-current power management product system [1][2] - The company has formed a robust strategic partnership with leading industry clients, focusing on customized solutions and joint innovation, enhancing its product integration and innovation [2] - Meixinsheng's dual-driven product strategy of "power management + signal chain" aims to provide a wide range of chip products and solutions across various applications, including communication terminals, consumer electronics, automotive electronics, and smart homes [2] Group 2: Technological Advancements - In the signal chain domain, Meixinsheng has developed a comprehensive optical product series, including ambient light and proximity sensors, optical tracking sensors, and laser ranging products, applicable in smartphones, AI, robotics, drones, and automotive electronics [5] - The company has achieved significant breakthroughs in low-noise signal processing and high-precision image processing, with several products outperforming international benchmarks [5] - Meixinsheng has established a complete product line for wireless charging, covering power ranges from small to 100W, and is accelerating the development of high-efficiency wired fast-charging products [5] Group 3: Market Position and Future Outlook - Meixinsheng has successfully entered the automotive-grade chip market, with multiple products certified by AEC-Q100 and ISO26262, marking its position as a supplier in this sector [5] - The company is actively exploring AI intelligent sensing fields, aiming to integrate AI technology into existing and new product lines to enhance user experience and provide high-value solutions for emerging markets [6] - With a strong technical foundation and efficient customer service, Meixinsheng has become a leading player in the domestic analog chip sector, poised to seize new market opportunities driven by the deepening of domestic substitution strategies and technological autonomy [6]