20240722_东方证券_电子行业深度报告：新策深化科创板改革关注半导体设备和模拟领域外延发展机会_21页.pdf
|2024 6 WSTS 2023 5269 2024 16%6112 2025 3440 1 2 CMP IC-U-U-U-U 岹-W/2024 07 22 021-63325888*8514 S0860514050005 BPT856 S0860523080004 2024-06-16 AI wwdc 2024-06-10 AI 2024-06-07 2 1.4 1.1.4 1.2.4 1.3.5 2.8 2.1.8 2.2.9 2.3.10 2.4.12 2.5.12 3.14 3.1.14 3.2.15.18.18 YWCXvMnQoNrQrPmPrMpQpO8OcM8OoMmMpNnRlOoOoRlOtRnO6MrRxPMYsPmOuOpPqR 3 1.4 2 23H1 top10.5 3.7 4.7 5 1970-2020.8 6.9 7.9 8.10 9 ASML1993-2021.11 10 ASML.11 11 ASML.11 12 ADI.13 13 ADI.13 14.15 15.15 16.16 17.16 18 TCU.17 19.17 20.17 1.5 2.6 3.7 4.14 4 1.1.1 2024 6 WSTS 2023 5269 2024 16%6112 2025 3440 1.2 CMP 1 C1bLb2/27wGASH/MFKVGN0nPyPSCGvG90wyKf2tEx5t8ecLXWR9rSv55fKBrxeGj 5 ASML AMAT TEL LAM CINNO Research 23H1 Top10 522 8%2 23H1 top10 CINNO Research 1 CMP CVD PVD ALD AMAT TEL LAM DNS ASML KLA 1.3 5G 6 2 DC/DC DC/DC LDO AC/DC/AC/DC DC/DC Power Mosfet OVP OCP Transmitter Receiver LED LCD/ADC DAC RS232 RS485 LVDS Frost&Sullivan IC IC IC Insights 2021 IC 68%TI ADI 10%IP IC TI ADI Infineon TI 8 ADI 7.5 2023 32 5,200 7 3 TI 1930 ADI 1965 MEMS Infineon 1999 ON Semi 1999 LED NXP 2006 Renesas 2018 Maxim 1983 ST 1987/AIoT 5G Intersil Device Technology Dialog Celeno 3 4 2017 2018 2019 2020 2021 18%18%19%19%19.0%8%9%10%9%12.7%7%6%7%7%8.0%6%6%6%7%6.5%5%5%7%6%5.3%44%44%49%48%51.5%4%4%5%4%4.7%4%4%4%4%-3%3%4%3%2.9%2%2%3%2%2.5%2%1%2%2%1.5%Qorvo-5.2%59%58%67%63%68%IC insights IC insights 44%44%49%48%52%59%58%67%63%68%40%45%50%55%60%65%70%2017 2018 2019 2020 2021 8 2.2.1(AMAT.O)1967 1992 1970 730 1972 630 2023 265 4000 5 1970-2020 Bloomberg 1970 1996 PC 1976 1987 Precision 5000 1992 1997 2013 PC 2001 1997 Opal Technologies Orbot Instruments CMP 2007 HCT 9 6 2.2/(LAM RESEARCH)(LRCX.O)1980 VLSI Research 2023 174 7 1982 1.5 m AutoEtch 1989 0.8 20 90 1992 ICP 1991 1995 SP SPEED HDP-CVD SABER ECD 10 1998 2014 ALE FLEX KIYO ALE 1997 CMP On Trak Systems 2006 Bullen Semiconductor 2008 SEZ AG Lam Research AG 2008 2012 LAM Novellus Systems 2017 MEMS Coventor 8 2.3(ASML.O)1984 1991 PAS5500 ASML 1995 2001 TWINSCAN ASML 75%7nm EUV 2023 30%276 51.3%390 11 9 ASML1993-2021 Bloomberg、ASML 1995 ASML 2000 2009 20 90 193nm 157nm ASML 2003 ASML EUV 1997 EUV LLC EUV ASML 2006 ASML EUV EUV 10 ASML 11 ASML 被收购公司 关键技术 MicroUnity 的 Mask Tool 部门 光学临近矫正技术 Brion Technologies 计算光刻技术 HMI 电子束检测（整体光刻产品组合）Mapper 电子束光刻 SVG 微激光系统 ASML ASML ASML MicroUnity Mask Tool Brion Technologies HMI Mapper SVG ASML Cymer Berliner Glas 12 2012 ASML 2.4(TXN.O)1930 1951 1954 1958 21 2023 175 272 323 1954 1958 1982 TI DSP TMS32010 21 2011 TI 65 NS 80,000 15 1930 1996 1999 TI DSP TartanGO DSP Butterfly VLSI Unitrode 2000 Burr-Brown 2005 DSP IC 2011 65 NS 3 4.2 17%2.5(ANALOG)(ADI.O)ADI 1965 1969 2.5 12.5 2023 123 2%33.1 21%13 12 ADI 13 ADI 年份 收 购标的 1969 年 Pastoriza Electronics 1971 年 Nova Devices 1978 年 Computer Labs 1984 年 International Imaging Systems 1990 年 Precision Monolithics，Inc 1991 年 Edsun Laboratories 的技术资产 1996 年 Mosaic Microsystems Ltd.1997 年 Medialight Inc.1999 年 Edinburgh Portable Compilers 2000 年 BCO Technologies PLC，Signal Processing Associates，Integrated Micro Instruments Inc.，Chiplogic Inc.和Staccato Systems Inc.2006 年 AudioAsics A/S，Integrant Technologies 和TTPCom 部分资产 2011 年 Lyric Semiconductor，Inc.2012 年 Multigig 2014 年 Hittite Microwave Corporation 2016 年 Sypris Electronics 和 Cyber Security Solutions Business 2017 年 Linear Technology 2018 年 SymeoGmbH 2019 年 Test Motors 2020 年 Maxim Integrated Wind ADI 1969 ADI Pastoriza Research ADI Nova Devices ADI 1980 1983 ADI 11 1992 ADI 2014 6 ADI 20 Hittite Microwave RF 2017 ADI 143 Linear Technology ADI ADI SNAP Sensor SA ADI IoT 2018 ADI OtoSense OtoSense 2019 ADI Test Motors ADI 2020 ADI Maxim Integrated-20%-10%0%10%20%30%40%50%60%70%0204060801001201402015 2016 2017 2018 2019 2020 2021 2022 2023 14 3.3.1 4 2017 Akrion Systems LLC NAURA Akrion INC Akrion Systems LLC 1500 2020 5,922 6,397 2023 Ninebell Co.,Ltd.1,674 Choi Moon-soo Kang Young-sook Choi Ho-yeon Ninebell Co.,Ltd.13%5%2%Ninebell20%2018 51%49,470 2020 Compart Systems Pte.Ltd.3.98 Compart Systems Pte.Ltd.100%6 Compart 33.31%Compart 2018 11,480 28.7%2023 2024 62.68%5.60%68.28%68,282 2024 Zinitix Co.,Ltd.Halo Microelectronics International Corporation HMI 210 1.1 Zinitix Co.,Ltd.30.91%HMI Zinitix 30.93%Zinitix Wind 15 2001 2016 2017(NAURA)2017 NAURA Akrion INC.Akrion Systems LLC 2020 2023 SoC 2024 3.2 IC MCU IGBT MOSFET ADAS COMS MEMS AEC Q100 ISO26262 IATF16949 LED OBC DC/DC BMS 14 15 IC ADAS 润石 科技、IHS iHS Melexis A E A 100 A 350 B 160 400 E 650 16 16 数据来源：Melexis、iHS、东 方证券 研 究所 Canalys 2023 29%1370 17%Canalys 2024 27%1750 17 Canalys IC IC BMIC Frost&Sullivan BMS 2016 5 2020 14 33%BMIC 2021 43 2026 80 CAGR 14%CAGR 40%BMIC ADI AFE Maxim Linear TI NXP AFE Intersil ST 17 BMS AFE ADC AFE 800V AFE 400V 400V 8 AFE 1 800V 16 AFE 1 IC WLAN GNSS V2X IC TCU ASSP/ASIC MCU 18 TCU 19 Soitec 35%-40%2025 3 90 HDMI 2.1 8K-60 20 18(688012)(002371)(688037)(688072)(688361)(688082)(688120)(600641)(603690)IC(300661)(688008)-U(688515)(301099)(600171)(300671)(688141)(603375)(688045)(688536)(688270)(688699)-U(688512)(688061)(688173)(688458)(688595)(688209)(688325)(688381)(603068)-U(688702)(688508)(600877)(688375)(688486)(688601)(300782)-U(688220)(688153)(688286)(688484)(688049)(300456)(688368)(688582)(688798)(688728)(603501)(688391)(603160)(300045)(002465)岹(688279)-W(688213)(688252)19 信 息披 露 1%(688798)1%20 Tabl e_Disclai mer 12 A 300 500 15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer
