模拟芯片赛道：长坡厚雪时代机遇.pdf

1 / 16 2021 03 28 - -2021.1.15 - -2020.12.24 - -2020.11.30 S0790520070002 S0790120080019 ADDA DC-DC ADDA ADDA ADDA AC-DC LDO DC-DC IDM IDM IDM AC-DC AC-DC IDM AC-DC AC-DC DC-DC 30 -17% 0% 17% 34% 51% 69% 86% 2020-03 2020-07 2020-11 3002 / 16 1 . 3 2 . 6 2.1 IC ADC DAC . 6 2.2 . 8 3 IDM . 10 3.1 IDM AC-DC . 10 3.2 . 12 4 . 14 5 . 14 1 . 3 2 . 3 3 . 4 4 “ ” . 5 5 . 5 6 . 6 7 NPN . 7 8 NPN . 7 9 ADC/DAC . 7 10 . 7 11 DAC . 8 12 ADC DAC . 8 13 . 9 14 AC-DC . 10 15 DC-DC . 10 16 1999-2020 Fabless . 11 17 2019 28nm 40% . 11 18 . 12 19 . 12 20 TI ADI . 13 21 ADI . 13 22 . 13 1 DAC DAC . 5 2 DAC DAC DAC . 53 / 16 1 MOS MOS 1 47 53 TI ADI Qorvo skywork 17 30 53 2 70% SoC CIS 1 2 Yole IC Insight + AC-DC TI ADI ADDA DC-DC4 / 16 2021 2010 AC-DC AC-DC AC-DC DC-DC LDO LED AC-DC LED LED LED NXP MCU/SoC MCU LDO DC-DC PMIC PMIC IC MCU 1 CIS IoT 2 MCU MCU TI 3 ADDA SoC TI ADI DSP MCU TI ADI MCU 35 / 16 IC ADC/DAC DC-DC 2020 2218 24.6% DAC DAC ADC/DAC ADC/DAC ADC/DAC AC-DC LDO DC-DC AC-DC DC-DC 4 5 1 DAC DAC (MHz) (Bit) ( ) TI DAC38RF82 9000 14 173.316 TI DAC38RF86 9000 14 157.476 ADI AD9176 12600 16 300 ADI AD9172 12000 16 295 TI ADI 2 DAC DAC DAC (MHz) (Bit) ( ) TI DAC1282 0.00025 24 23 TI DAC1220 2.5 20 8.73 ADI AD5790 35 20 67.50 ADI AD5780 35 18 19.50 TI ADI6 / 16 2 CIS 6 2.1 IC ADC DAC 1947 NPN PNP 7 NPN N P 3 b c e NPN P PN PN NPN = = + 07 / 16 8 1 2 3 = 4 = * + = * + = - * 7 NPN 8 NPN ADI ADI ADC/DAC ADC/DAC 10 ADC DAC 9 ADC/DAC 10 ADI ADI8 / 16 DAC 11 DAC DAC 11 3bit DAC 2 3 2 3 2 3 2 3 ADC DAC 12 1 DAC 2 0 1 3 DAC 4 DAC DAC 11 DAC 12 ADC DAC Rohm Rohm 2.2 AC-DC DC-DC LDO 13 1 AC-DC 380V 48V 2 DC-DC 48V DC-DC 3 DC-DC DC-DC LDO 4 DC-DC LDO9 / 16 13 ADI MOS AC-DC DC-DC LDO AC-DC PWM MOS DC-DC PWM MOS LDO MOS AC-DC PWM MOS 14 AC-DC PWM AC-DC 220V 310V PWM MOS AC-DC DC-DC PWM MOS 15 DC-DC PWM S DC-DC L ( - )* * ( - )* = *10 / 16 14 AC-DC 15 DC-DC PWM CSDN 3 IDM 3.1 IDM AC-DC 1999-2020 Fabless+Foundry 16 1999-2020 IDM 50 Fabless 13.0% 50 IDM 2008 2009 2019 2020 Fabless + 17 2019 28nm 40% IDM 1 2 IDM11 / 16 16 1999-2020 Fabless 17 2019 28nm 40% IC Insights IC Insights 18 1 IDM Fabless 2 30 IDM Fabless 3 IDM IDM Fabless 4 Fabless+Foundry IDM Fabless Fabless IDM Fablite / / / / / CIS IDM CIS Fablite IDM IDM IDM IDM IDM AC-DC IDM IDM AC-DC AC-DC IDM12 / 16 AC-DC AC-DC DC-DC 30 18 19 IC Insights 3.2 20 ADI13 / 16 20 TI ADI TI ADI ADI 21 2019 ADI 2020 7 ADI ADI 14% TI 22 2016 2018 TI TI 21 ADI 22 Wind14 / 16 4 3 PE 2019A 2020A/E 2021E 2022E 2019A 2020 A/E 2021E 2022E 688536.SH 366.50 904.8 160.1 29.7 49.8 413 159 123 82 688368.SH 197.81 13.5 -26.2 146.4 71.0 132 179 73 42 300661.SZ 216.21 69.8 30.7 37.1 37.7 191 146 107 77 300327.SZ 37.63 12.5 11.4 23.3 18.3 56 50 40 34 688595.SH 49.30 52.4 74.5 30.7 24.3 115 66 51 41 603501.SH 257.91 235.5 423.7 24.5 29.6 478 91 73 57 688508.SH 69.33 23.7 50.7 27.5 33.7 - 107 61 46 300671.SZ 33.47 -32.0 184.9 156.2 40.2 85 50 20 14 688699.SH 72.15 67.8 35.4 61.2 33.9 - 38 30 23 Wind 2021/03/26 Wind 515 / 16 2017 7 1 R3 C3 C4 C5 C3 C4 C5 Buy 20% outperform 5% 20% Neutral 5% 5% underperform 5% overweight Neutral underperform 612 A 300 50016 / 16 1788 1 10 200120 2030 1 45 518000 18 C2 16 100044 1 B 5 710065