半导体行业研究框架培训

Semiconductor Industry Research Summary Industry Overview - The semiconductor industry is driven by Moore's Law, which states that the number of components on integrated circuits doubles approximately every 18 to 24 months, leading to reduced costs and expanded application scenarios, including IoT and brain-machine interfaces [1][6] - The global semiconductor market is expected to exceed $1 trillion by 2030, with integrated circuits being the main driver, accounting for 80% of the market, and digital chips making up 80% of integrated circuits [1][15] Key Points on Semiconductor Chips - Semiconductor chips are categorized into five functional types: information acquisition, transmission, processing, storage, and output [1][7] - Integrated circuits represent 80% of the semiconductor industry's value, with digital chips resembling the human brain, responsible for logic and information storage [1][8] - Digital chips include various types such as CPU, MCU, FPGA, GPU, DRAM/Flash, and ASIC/SoC, while analog chips manage signal chains and power distribution [1][10][12] Market Dynamics - The semiconductor market is primarily driven by consumer electronics, which account for 60%-70% of downstream applications, with mobile phones representing about 30% [1][16] - AI development is rapidly changing the market landscape, with NVIDIA's data center revenue nearing 25% of the semiconductor market, and AI-related semiconductors approaching 30% [1][16] Manufacturing and Design Processes - Semiconductor manufacturing involves design, fabrication, and testing, with critical processes including photolithography, etching, deposition, and ion implantation [1][4][17] - The semiconductor industry operates in a triangular structure, with product layers at the bottom, manufacturing layers vertically, and equipment and materials on the sides [1][20] Financial Aspects and Valuation - Chip design companies generate revenue based on sales volume multiplied by unit price, while wafer manufacturers rely on capacity, utilization rates, and pricing [1][22][23] - Valuation methods differ across semiconductor sectors, with design companies typically evaluated on PE ratios based on growth expectations, while wafer and testing companies are often assessed using PB ratios [1][26] Innovation and Growth Opportunities - Innovation cycles are crucial in the semiconductor industry, as they drive value growth across various applications, particularly in AI [1][28] - Identifying high-quality semiconductor companies involves analyzing end-user growth rates and changes in chip value, particularly in emerging sectors like electric vehicles and photovoltaics [1][29] Investment Considerations - Key investment points in the semiconductor industry include innovation, new directions, and understanding the flow from downstream to terminal products and from manufacturing to testing [1][30] - The semiconductor industry is characterized by cycles, including long-term innovation cycles, capacity expansion cycles, and short-term inventory cycles, which are influenced by product launches and market demand [1][32][33] Domestic and International Trends - The trend towards domestic production in the semiconductor industry is progressing, with many segments achieving initial domestic production and beginning to internationalize [1][34]