The size of China's analog chip market will exceed 300 billion yuan in 2024, but the domestic self-sufficiency rate is only 16%, far below the international level (European and American manufacturers occupy more than 60% of the global share). In the context of the Sino-US science and technology game, domestic substitution is accelerating, and the core driving forces include:

Policy and tariff countermeasures: After the United States imposed a 34% tariff on semiconductors, the localization window for mature process fields such as analog chips was fully opened.

Narrowing the technology gap: Domestic manufacturers have broken through the process below 28nm in signal chain, power management and other subdivisions, and the performance of some products is benchmarked against TI and ADI. For example, the high-precision ADC chips of Shengbang Co., Ltd. broke the international monopoly, and the performance of SRP's operational amplifiers was close to the level of ADI.

Downstream demand exploded: The demand for new energy vehicles (650 analog chips for a single vehicle), AIoT equipment (such as AI glasses), industrial automation and other fields has surged, and the compound growth rate is expected to exceed 20% from 2024 to 2030.

International giants still dominate the market (Texas Instruments' revenue in China is 16.7 billion yuan, more than four times that of local leading companies), but domestic manufacturers are gradually seizing market share through differentiated competition (such as automotive-grade chips and high-integration solutions).

Analysis of the competitiveness of core targets: market share and localization breakthroughs

The following 5 companies have a leading market share in the segment, and have excellent technical barriers and financial indicators:

1. Shengbang Co., Ltd. (300661. SZ): the leader of all categories, with a market share of 3%.

Market position: The leading analog chip design in China, covering the two major fields of signal chain (40%) and power management (60%), with more than 5,200 product models and a domestic market share of 3%.

Technological breakthroughs: Automotive-grade chips have passed AEC-Q100 certification, sub-28nm process products have entered Huawei's base station supply chain, and high-precision ADC chips have broken TI's monopoly.

Financial performance: 2025Q1 gross profit margin of 56.3%, net profit margin of 25.8%, R&D investment accounted for 18%.

2. SRP (688536. SH): The signal chain ranks first in China, with a market share of 12% for 5G base stations

Market position: The domestic market share of signal chain chips is 1.87%, and the market share of 5G base station power management chip segment is 12%.

Technological breakthroughs: Jointly developed the 55nm BCD process with SMIC, the performance of the operational amplifier is benchmarked against TI, and the automotive-grade chip enters the Tesla supply chain (expected in 2025).

Financial performance: 2025Q1 gross profit margin of 62.1%, net profit margin of 28.4%, and R&D expense ratio of 22.7%.

3. Aiwei Electronics (688798. SH): The audio amplifier market share is 82%, and the consumer electronics leader

Market position: The market share of audio amplifier chips is 82%, and the touch feedback chip accounts for 30% of the consumer electronics market.

Technological breakthrough: The world's first digital intelligent Class K power amplifier chip was mass-produced, and the 5G RF front-end chip passed Qualcomm certification.

Financial performance: 2025Q1 gross profit margin of 49.8%, net profit margin of 15.2%, inventory turnover rate of 4.2 times/year.

4. Xinhai Technology (688595. SH): A leader in high-precision ADCs, with an industrial market share of 8-10%.

Market position: 32-bit high-precision ADC chips have an industrial market share of 8-10%, and automotive-grade MCUs have entered BYD's supply chain.

Technological breakthrough: the only 24-bit industrial-grade ADC chip in China, the accuracy is benchmarked against ADI, and the automotive-grade BMS chip has passed ASIL-D certification.

Financial performance: Gross profit margin in 2025Q1 was 54.6%, and R&D investment accounted for 21.5%.

5. NOVOSENSE (688052. SH): The market share of isolation chips is 35%, and the market share of photovoltaic inverters is over 50%.

Market position: The domestic market share of digital isolators is 35%, and the market share of photovoltaic inverter chips is over 50%.

Technological breakthrough: The world's first AEC-Q100 qualified magnetic current sensor replaces Infineon, and the automotive-grade chip is bound to Continental.

Financial performance: 2025Q1 gross profit margin of 58.9%, net profit margin of 26.3%, and a total of 1 billion isolation chips have been shipped.

Market space outlook: domestic substitution path and growth engine

In the next five years, the domestic analog chip market will show three growth poles:

1. Automotive electronics: The localization rate has increased from 5% to 25%.

Demand-driven: The intelligence of new energy vehicles (L2+ penetration rate has increased from 8% to 55%) has driven the number of single-vehicle chips to increase to 3,000.

Domestic substitution space: The self-sufficiency rate of automotive-grade chips is less than 5%, and companies such as Shengbang, SRP, and NOVOSENSE have passed AEC-Q100 certification to gradually replace TI and Infineon solutions.

2. Industry & Energy: High-end market breakthroughs

High-precision requirements: Industrial automation (such as robots and smart meters) relies on ADC chips of more than 24 bits, and Xinhai Technology has achieved localization.

Photovoltaic and energy storage: NOVOSENSE's photovoltaic inverter chips account for more than 50% of the market, benefiting from the growth of global new energy installed capacity (800GW in 2030).

3. Consumer electronics recovery and AIoT innovation

AI hardware explosion: AI glasses and smart watches drive the demand for analog chips (the value of a single machine is 14.6 US dollars), and Aiwei Electronics and Shengbang Co., Ltd. have entered the high-end market.

Domestic substitution accelerates: The self-sufficiency rate of consumer electronics analog chips has increased from 15% to 30%, and leading companies have replaced European and American manufacturers through cost-effective advantages.

Market Space Calculation:

In 2025, the scale of the domestic analog chip market is expected to reach 350 billion yuan, and if the self-sufficiency rate increases to 30%, the revenue scale of domestic manufacturers will exceed 100 billion yuan.

Leading companies such as Shengbang Co., Ltd. and SRP are expected to exceed 10 billion yuan in revenue within 5 years, gradually narrowing the gap with TI (16.7 billion yuan in China).

Summary: The domestic substitution of analog chips has entered a period of strategic opportunities, and the core targets have gradually seized the high-end market through technological breakthroughs, industrial chain collaboration (such as SRP and SMIC) and differentiated competition (such as NOVOSENSE focusing on isolation chips). In the future, it is necessary to pay attention to the progress of vehicle specification certification, downstream demand fluctuations and patent barriers of international giants, but in the long run, domestic manufacturers are expected to achieve a leap from "substitute" to "leader" under the resonance of policy support and market demand.