1, industry definition
Power management integrated circuit (IC) is an analog chip, which is the power heart of electronic equipment, and is responsible for power conversion, distribution, detection and other control functions required by electronic equipment. Power management chip is a key device in electronic equipment, and its performance directly affects the performance and reliability of electronic products. Widely used in various electronic products and equipment, it is one of the largest market segments of analog chips.
Power management chip synchronizes the upgrading of electronic product technology and application field, and there are many kinds of products. The main types include: power management, AD/DC, DCDC, lithium battery charging management chip, CPU power monitoring circuit, load switch, LED driver, etc. Widely used in mobile phones and communications, consumer electronics, industrial control, medical instruments, automotive electronics and other applications. With the development of the Internet of Things, new energy, artificial intelligence, robotics and other emerging application fields, the downstream market of power management chips continues to develop.
2. Industrial chain analysis: the layout of enterprises with long industrial chain.
With the development of semiconductor industry, driven by the downstream demand of mobile phone and communication, consumer electronics, industrial control, medical equipment, automotive electronics and so on. The application of power management chips is gradually increasing, and the industrial chain of power management chips is constantly improving and extending upstream and downstream.
From the perspective of industrial chain, the upstream of power management chips is wafer manufacturing, packaging and testing, and the downstream is distributors, module factories and machine manufacturers.
Industry development process: the industry has entered a stage of rapid expansion.
Before 2000, the domestic power management chip industry was in the embryonic development stage. At this stage, most enterprises are mainly Sino-foreign joint ventures, laying out power management chip business. From 2000 to 2008, with the development of China's communication and industry, domestic dominant enterprises such as Sheng Bang and Weill were established one after another, and domestic power management chips began to develop. By 20 17, due to the increasing R&D investment and technology accumulation of dominant enterprises in the field of power management chips, they entered the stage of market development, increased their attention and market competitiveness, and some enterprises went public for development. 20 18 Sino-US trade friction and chip "stuck neck" restrictions have increased the importance of chip research and development and independent production capacity in various fields in China, and the domestic substitution of power management chips has promoted the industry to enter a stage of rapid expansion.
Industry policy background: policy blessing, chip development is highly valued.
It is difficult to localize chips in China, and it has long relied on imports. Chips are the core of the whole information industry. The high dependence on imports will inevitably constrain the development of China's information industry. Chip industry is also the core component and cornerstone of the whole information industry and the last barrier of national information security. The high dependence of chips on imports has seriously threatened the national security. Therefore, in recent years, the state has issued a series of encouragement and support policies, which have established a good policy environment for the chip industry and promoted the development of chips and sub-industries represented by power management chips.
Current situation of industry development
1. The global power management chip industry is developing steadily.
Analog chip is an indispensable part of signal processing, and the global analog chip market will fluctuate from 2065438 to 2020. According to the latest data of WSTS, the global analog chip market has improved in 2020, and the global analog chip market scale is 55.658 billion US dollars, up 3.2% year-on-year.
As an important field of analog chips, the market scale of power management chips is growing. In 2020, the global power management chip market will reach $33 billion. According to transparent market research, power management chips have a broad market space. Driven by the development trend of high efficiency, low power consumption, integration, digital core and intelligence, the demand for power management chips will also increase and upgrade greatly. In the next few years, the global power management chip will maintain a growth rate of about 10%, and it is estimated that by 2026, the global power management chip will reach 57 billion US dollars.
2. The power management chip industry in China has developed steadily.
The two main products of common analog integrated circuits are signal chain products and power management chips.
From 20 18 to 2020, the market scale of analog chips in China is increasing. In 2020, the market scale of analog chip business will be about1451070,000 yuan, accounting for 16.4% of China's integrated circuit scale in that year. As an important subdivision of analog chips, power management chips will have a business scale of 76.3 billion yuan in 2020, accounting for more than 50% of the analog chip market.
Industry competition pattern
1, business and product introduction of advantageous enterprises
At present, many domestic enterprises have participated in the development of power management chip business. Most of them were established in early 2000 and experienced the climax of listing on 20 17. Sheng Bang, Weir and Fuman Electronics were listed on 20 17, and other enterprises such as Xinyouwei, Power Core Micro and Ming Microelectronics were listed on 2020 and 202 1 respectively. It shows that the market position, market recognition and competitiveness of domestic power management chip enterprises are constantly improving.
2. Competitive analysis of enterprise management status.
At present, the top ten enterprises in China, Sheng Bang, Weir, Lixin Micro, Fuman Electronics, Shanghai Beiling, Quanzhi Technology, Silanwei, Xinpengwei, Jingfeng Mingyuan and Guang Zhi Electric, have become the leading enterprises in domestic power management chips. Among them, Jingfeng Mingyuan, Sheng Bang, Weir, Ming Microelectronics and Fuman electronic power management chips all earned more than 500 million yuan, ranking first among domestic enterprises in this field.
According to statistics, the market share of power management chips of the top ten listed companies in China is only 6.83%, and the market share of domestic power management chips is low, and the concentration of domestic enterprises is not high.
3. Power management chip is the main business.
From the revenue comparison of power management chip business of various companies, what is the current sample of Jingfeng Mingyuan? Chip revenue was the highest, exceeding 65.438+billion yuan, with Weir ranked second and Sheng Bang ranked third, both exceeding 800 million yuan. The revenue of power management chips of Fuman Electronics and Ming Microelectronics also exceeded 500 million yuan. Judging from the business growth of representative listed companies in the past three years, except Quanzhi Technology and Shiweilan, the revenue of power management chips of other companies will increase substantially in 2020.
Note: ① The power management chip business of Weir shares includes the income of power IC and TVS products. ② The business income of Xinpeng micro-power management chip includes the sum of household appliance chip and standard power chip. ③ The business income of Jingfeng Mingyuan power management chip includes general LED lighting driver chip and intelligent LED lighting driver chip. (4) Rich microelectronic power management chips include LED lamps, LED control and driving chips and power management chips. ⑤ Quanzhi technology power management chip includes LED lamp, LED control and driving chip and power management chip. ⑥ Lance micro-power management chip business includes LED chip products.
Judging from the revenue proportion of power management chips in various companies, power management chips are the main businesses of Shengbang Microelectronics, Lixin Microelectronics, Fuman Microelectronics, Xinpengwei and Jingfeng Mingyuan, accounting for more than 70% of the revenue.
4. Competitive analysis of enterprise R&D investment.
On behalf of listed companies, power management chips attach importance to R&D investment, and R&D investment in head enterprises accounts for a high proportion. Among them, Quan Zhi Technology Research, Sheng Bang, Jingfeng Celebrity, Xinpengwei, Shi Weilan and Weir all accounted for more than 65,438+00%.
Industry application field
All electronic devices need power supply, and power management chips are widely used, but different systems have different requirements for power supply. According to different application fields, downstream applications of power management chips include mobile and consumer electronics, industrial control, automobiles, telecommunications and infrastructure. At present, downstream applications such as consumer electronics, communication equipment and automobiles account for a relatively high proportion, exceeding 50%.
Industry development prospect and trend forecast
1, the domestic alternative power management chip industry has become the main theme.
The research and development of power management IC depends on the experience of senior engineers, with high barriers, slow product iteration and long life cycle, so the profit stability is generally higher than that of logic chip companies. The industry trend of expanding product categories horizontally through mergers and acquisitions and moving some products from 8 inches to 12 inches is taking place. The domestic market space of power management ic exceeds 75 billion yuan. At present, Texas Instruments, Infineon, Qualcomm, Adi and other enterprises in Europe and America occupy more than 80% of the domestic market. China is a major producer of downstream applications of power management chips. In 2020, China's smartphone brand shipments accounted for more than 20% of global smartphone shipments; The global output of small household appliances and air conditioners accounts for more than 80%; The output of color TV sets and refrigerators accounts for more than 50% of the world; The base station share is about 34%; Automobile production accounts for about 28% of global production. Under the background of strengthening the controllability of supply chain and enhancing the competitiveness of China Core, domestic power management ic manufacturers have more opportunities to send samples, which is expected to accelerate domestic substitution.
2. The scale of application field and the demand of synchronous expansion of emerging application scenarios.
Due to the scale growth of application fields and the expansion of emerging application scenarios, it is expected that the power management chip industry will usher in explosive growth in the future. The growth of application fields and the expansion of emerging application scenarios are the main growth drivers of power management chips.
3. The products are developing in the direction of high efficiency, low consumption, integration, digitalization and intelligence.
In the future, due to the demand of downstream application fields, the demand direction of power management chips in different fields will change. Among them, in the field of power supply, power conversion efficiency and standby power consumption are always one of the core indicators. Through more advanced circuit topology technology, lower conductance power device technology, higher switching frequency technology and more sophisticated high voltage start technology, the requirements of high efficiency and low power consumption of power management chip and its power system are realized. In the field of consumer electronics, the thinness and thinness of power supply has always been the key demand for optimizing user experience, and power management chips with smaller size, higher integration and fewer peripheral devices have become the main demand direction. The input and output of the power management chip are analog signals, and the digital controller core is introduced, which realizes the digital function of the core that is difficult to be realized by similar conventional power chips. In addition, the intelligence of power management chip is the general trend.
—— The above data comes from the Analysis Report on Market Demand and Investment Planning of China Chip Industry by Prospective Industry Research Institute.