国信证券：模拟芯片行业周期上行推荐具有高端化和平台化能力的企业

智通财经07-08

智通财经APP获悉，国信证券发布研报称，模拟芯片行业正处于周期向上阶段，国内企业近几年推出的新产品有望进入规模放量阶段。从下游来看，工业、AI、汽车是国际大厂布局的重点领域，也是国产化的重点。该行认为，随着价格竞争环境好转，以及工业、AI等高端领域收入占比提高，叠加收入规模效应持续摊薄费率，国内模拟芯片头部企业，尤其是非消费电子收入占比较高的企业，有望率先进入利润改善通道。目前国内模拟芯片企业的...

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capabilities","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"91268":1.85,"688052":1.84,"688141":1.84,"688484":1.84,"ADI":1.86,"TXN":1.87,"002736":1.9,"TDIV":0.6,"02676":1.84},"content_text":"智通财经APP获悉，国信证券发布研报称，模拟芯片行业正处于周期向上阶段，国内企业近几年推出的新产品有望进入规模放量阶段。从下游来看，工业、AI、汽车是国际大厂布局的重点领域，也是国产化的重点。该行认为，随着价格竞争环境好转，以及工业、AI等高端领域收入占比提高，叠加收入规模效应持续摊薄费率，国内模拟芯片头部企业，尤其是非消费电子收入占比较高的企业，有望率先进入利润改善通道。目前国内模拟芯片企业的核心推荐逻辑是行业周期上行+AI增量+国产化率提高+新品放量+盈利能力改善。国信证券主要观点如下：模拟芯片行业周期向上TI 1Q25营收在连续九个季度同比下降后首季同比转正，之后均保持同比正增长;ADIFY2Q25(截至5月3日)营收在连续七个季度同比减少后首季同比转正，之后均保持同比正增长。ADI表示受需求回升带动供应吃紧，部分产品交期最长达6个月，该行认为模拟芯片行业正处于周期向上阶段，国内企业近几年推出的新产品有望进入规模放量阶段。AI为模拟芯片带来增量，国内企业与海外厂商同台竞技基建侧：模拟芯片广泛应用在AI服务器一次/二次/三次电源中，且需求随着系统功率提高而增加;光模块中也需要使用模拟芯片，包括信号链芯片和电源管理芯片。应用侧：AI应用的终端数量远超AI服务器，长期来看对模拟芯片量的拉动将更明显。海外企业TI、ADI的数据中心敞口约10%左右，国内企业圣邦股份网络与计算的敞口超15%。国产化空间较大，工业、AI、汽车是重点根据WSTS和弗若斯特沙利文的数据，2025年我国占全球模拟芯片市场的35%左右，是海外模拟芯片大厂收入的主要来源地之一，TI/ADI/MPS 2025财年来自中国的收入分别约38/29/15亿美元，合计82亿美元，而A股模拟芯片龙头圣邦股份2025年收入仅39亿元，潜在国产化空间较大。从下游来看，工业、AI、汽车是国际大厂布局的重点领域，也是国产化的重点。以手机为代表的消费电子领域，为客户提供一站式解决方案成为必然选择，马太效应将愈加明显。价格竞争环境好转，头部企业有望率先进入利润改善通道国内模拟芯片企业圣邦股份、纳芯微、南芯科技、杰华特、思瑞浦等均在2025年收入创历史新高，但利润端表现欠佳。该行认为，随着价格竞争环境好转，以及工业、AI等高端领域收入占比提高，叠加收入规模效应持续摊薄费率，国内模拟芯片头部企业，尤其是非消费电子收入占比较高的企业，有望率先进入利润改善通道。风险提示：国产替代进程不及预期，下游需求不及预期，行业竞争加剧的风险，国际关系发生不利变化的风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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国信证券：模拟芯片行业周期上行 推荐具有高端化和平台化能力的企业

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国信证券：模拟芯片行业周期上行推荐具有高端化和平台化能力的企业