Industry Overview
1, Industry Definition
Power management integrated circuits (ICs) belong to the analog chip, is the heart of the power supply of the electronic equipment, is responsible for the power required by the electronic equipment to transform, distribution, detection and other control functions. Power management chip is a key device in electronic equipment, its performance has a direct impact on the performance and reliability of electronic products, widely used in various types of electronic products and equipment, is one of the largest analog chip market segments.
Power management chip synchronization of electronic product technology and application areas upgraded, a wide range of products. The main types include: power management, AD/DC, DCDC, lithium battery charging management chip, CPU power monitoring circuit, load switch, LED driver and so on. Widely used in cell phones and communications, consumer electronics, industrial control, medical instruments, automotive electronics and other applications, with the Internet of Things, new energy, artificial intelligence, robotics and other emerging applications, the downstream market for power management chips continues to develop.
2, industry chain analysis: the industry chain is long and multi-company layout
With the development of the semiconductor industry, cell phones and communications, consumer electronics, industrial control, medical instruments, automotive electronics, and other downstream demand for the pull, the application of power management chips is gradually increasing, to promote the improvement of the industrial chain and the upstream and downstream of the power management chip. Extension.
From the industrial chain point of view, the upstream of the power management chip for the wafer manufacturing, packaging and testing, downstream for the distributor, module factory and machine manufacturers.
Industry development history: the industry has entered a rapid expansion stage
Prior to 2000, the domestic power management chip industry was in the nascent stage of development, the stage of the enterprise mostly Sino-foreign joint venture companies, the layout of the power management chip business. 2000-2008 with the development of China's communications and industry, the domestic power management chip business. With the development of China's communications and industry, domestic power management chips started to develop as advantageous enterprises represented by Shengbang shares, Weir shares, etc. have been established. By 2017, by the advantageous enterprises in the field of power management chip R & D investment and technology accumulation continues to increase, enter the development stage of the market, the degree of attention of enterprises, market competitiveness continues to increase, and some enterprises listed on the market. 2018 China-US trade friction and chip "neck" constraints increased China's attention to chip R & D and independent production capacity in various fields, power management chip business, power management chip business. In 2018, the trade friction between China and the United States and the constraints of the chip "neckline" have increased the importance of China's various fields to the chip research and development and independent production capacity, and the domestic substitution of power management chips has promoted the industry to enter a rapid expansion stage.
Industry policy background: policy support, chip development has been highly valued
China's chip localization is struggling, long-term dependence on imports, and the chip is the core of the information industry, a high degree of dependence on imports will inevitably lead to the development of China's information technology industry is restricted. Chip industry is also the core components and cornerstone of the entire information industry, is the last barrier to national information security, chip highly dependent on imports make the entire national security is seriously threatened. Therefore, in recent years, the state has introduced a series of incentives to support policies for the chip industry to establish an excellent policy environment to promote the development of chips and power management chips as a representative of the segment.
Industry Development Status
1, the global power management chip industry is developing steadily
Analog chip is an indispensable part of signal processing, the overall fluctuation of the global analog chip market size in 2016-2020 changes. According to the latest data from WSTS, the global analog chip market has improved in 2020, the global analog chip market size of $55.658 billion, an increase of 3.2%.
Power management chip as an important field of analog chip, the market size continues to increase. 2020 global power management chip market size of about 33 billion U.S. dollars, according to Transparency Market Research power management chip has a broad market space in the high-efficiency and low-consumption, integration, core digitization and intelligence to become a new generation of power management chip technology development trend. Driven by the development trend of high efficiency and low power consumption, integration, core digitization and intelligence as the new generation of power management chip technology, the demand for power management chips will also realize great growth and upgrade. In the next few years, the global power management chip will maintain a growth rate of about 10% continued growth, it is expected that by 2026 the global power management chip will reach 57 billion U.S. dollars.
2, China's power management chip industry steady development
The two most important categories of common analog integrated circuits are signal chain products and power management chips.
China's analog chip market size is increasing in 2018-2020, and the market size of the analog chip business in 2020 will be about 145.107 billion yuan, accounting for 16.4% of China's integrated circuit size in that year. Power management chip as an important segment of analog chip, preliminary statistics 2020 business scale of 76.3 billion yuan, accounting for more than 50% of the analog chip market size.
Industry Competitive Landscape
1, the advantage of enterprise business and product introduction
At present, a number of enterprises in China to participate in the development of the power management chip business, the enterprise was established in the early 2000s, the enterprise mostly in the early 2000s, in 2017, has experienced a listing climax, the Shengbang shares , Weir shares, Fu Manchu Electronics, etc. were all listed in 2017, and the other representative enterprises, such as CorePower Micro, Power Core Micro, Ming Microelectronics, etc., were also listed in 2020 and 2021. This shows that the market position, market recognition and competitiveness of domestic power management chip enterprises are constantly improving.
2, enterprise operation status competition analysis
At present, China's Shengbang shares, Weir shares, LiChin Micro, FuMan Electronics, Shanghai BeLing, Allwinner Technology, Silan Micro, CorePower Micro, JingFeng MingYuan, ZhiGuang Electric top ten enterprises to become the head of the domestic power management chip advantage, which to JingFeng MingYuan, Shengbang shares, Weir shares, MingMicroelectronics and Shengbang shares, Weir shares, Ming Microelectronics and Fu Manchu electronic power management chip business revenue of more than 500 million yuan, in the first echelon of the domestic enterprises in this field, the competitive advantage continues to highlight.
According to statistics, the market share of power management chips of the top ten domestic listed companies accounted for only 6.83%, the domestic market share of power management chips is low, and the concentration of domestic enterprises is not high.
3, power management chip as the main business
From the comparison of the revenue of the power management chip business of each company, the current crystal abundance of Mingyuan point sample? Chip revenue level is the highest, more than 1 billion yuan, Weir shares ranked second, Shengbang shares ranked third, are more than 800 million yuan. Fullman Electronics, Ming Microelectronics power management chip revenue are also more than 500 million yuan. From the business growth of the representative listed companies in the past three years, in addition to Quanzhi Technology and Shiwei Lan 2020 revenue decline, the rest of the enterprises in 2020 power management chip revenue have a significant increase.
Note: ① Weir shares power management chip business includes power IC and TVS product revenue. ② core peng micro power management chip business revenue contains household appliances chip, standard power supply chip combined. ③Jingfeng Mingyuan power management chip business revenue includes general-purpose LED lighting driver chip and intelligent LED lighting driver chip. ④ Fullmark Microelectronics' power management chips include LED lights, LED control and driver chips and power management chips in total. ⑤ Allwinner's power management chips include LED lights, LED control and driver chips, and power management chips combined. ⑥ Silan Micro power management chip business contains light-emitting diode chip products.
From the power management chip revenue share of each company, the power management chip is the main business of Shengbang Microelectronics, LiChin Micro, FuMan Microelectronics, CorePower Micro, JingFengMingYuan company, the revenue share are more than 70%.
4, corporate R & D investment in competitive analysis
Power management chip on behalf of the listed companies to pay attention to R & D investment, the head of the enterprise R & D investment accounted for a high proportion. Among them to all the research, the state shares, Jingfeng Mingyuan, core micro, Shiwei Lan and Weir shares hair investment accounted for more than 10%.
Industry applications
All electronic devices need power, power management chip applications in a wide range of areas, but different systems have different power requirements, according to different applications, power management chip downstream applications, including mobile and consumer electronics, industrial control, automotive, telecommunications and infrastructure. At present, consumer electronics, communications equipment, automotive and other downstream applications account for a higher percentage, more than 50%.
Industry Development Outlook and Trend Forecast
1, power management chip industry localization alternative to become the main theme
Power management IC R & D relies on the experience of senior engineers, with high barriers to product iteration of the slow life cycle, so the stability of earnings Generally higher than the logic chip company. And through mergers and acquisitions to expand product categories horizontally and part of the product migration from 8-inch to 12-inch industry trends are occurring. Power management IC domestic market space of more than 75 billion yuan, Europe and the United States to Texas Instruments, Infineon, Qualcomm, ADI and other companies on behalf of the domestic share of more than 80%. China is the main origin of the downstream application of power management chip, 2020 China's smartphone brand shipments accounted for more than 20% of global smartphone shipments; small household appliances, air conditioning production of more than 80% of the global share; color TV, refrigerator production of more than 50% of the global share; the share of the base station of about 34%; automotive production accounted for about 28% of global production. In the context of strengthening the supply chain controllability and enhance the competitiveness of China's core, the domestic power management IC manufacturers to get more opportunities to send samples, is expected to accelerate domestic substitution.
2, the scale of applications and emerging application scenarios synchronized with the expansion of demand
As the scale of application growth and the expansion of emerging application scenarios, it is expected that the future of the power management chip industry will usher in explosive growth. Application scale growth and the expansion of emerging application scenarios is the main growth driver of the power management chip.
3, product efficiency and low consumption, integration, digitalization, intelligent development
Future, by the downstream application needs, different areas of the demand for power management chip changes in the direction. In the field of power supply, power conversion efficiency and standby power consumption is always one of the core indicators, through more advanced circuit topology technology, lower resistance power device technology, higher switching frequency technology, more sophisticated high-voltage start-up technology to achieve high efficiency and low-power requirements of the power management chip and its power system. In the field of consumer electronics, thin and light power supply has always been the key demand to optimize the user experience, with a smaller size, higher integration, less peripheral devices power management chip into the main demand direction. The input and output of the power management chip are analog signals, the introduction of digital controller kernel to achieve in the same type of conventional power chip is difficult to achieve the kernel digital function, in addition to the power management chip is the trend of intelligent.
-- The above data comes from China Chip Industry Market Demand and Investment Planning Analysis Report
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