開源證券:關稅反制政策落地 模擬芯片國產化進程有望加速
開源證券表示,模擬芯片主要是以成熟製程的產品爲主,國內供應鏈相對成熟。同時,國內模擬芯片市場目前由TI、ADI等國際大廠主導,國產替代速度相對緩慢。隨着中國開始對成熟製程芯片展開反傾銷調查,我國模擬芯片國產替代進程有望加速。當前模擬芯片行業已進入庫存調整尾聲,週期底部特徵逐步明確。ADI表示一季度預定量繼續逐步改善,並指引二季度實現同比和環比增長,預計2025年將是實現增長的一年,同時渠道庫存天數持續回落,分銷商庫存接近正常化。
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