{ "url_hash": "362d99878d5f13c4", "source_id": "yicai", "title": "韩国5000亿韩元押注功率半导体,年内A股多起并购密集落地", "text": "标题:韩国5000亿韩元押注功率半导体,年内A股多起并购密集落地\n[sentiment=neutral importance=3 event_type=行业政策 公司=银河微电,蓝箭电子,东微半导,锴威特,晶丰明源 行业=功率半导体,模拟芯片]\n摘要:韩国投入5000亿韩元发展功率半导体,A股多家公司密集并购布局模拟/功率芯片,行业迎来涨价潮。\n正文:近日,韩国政府正式启动“超级创新经济项目”,计划投入5000亿韩元(约合22.3亿元人民币)国家资金专项攻关下一代功率半导体技术。韩国正将功率半导体定位为堪比存储芯片的核心战略产业。\nAI算力需求正带动功率半导体进入新一轮景气周期。今年以来,银河微电、蓝箭电子、东微半导、锴威特、晶丰明源、紫光国微等多家上市公司密集披露并购公告,布局或扩张模拟功率芯片相关业务。与此同时,龙头企业英飞凌、德州仪器也在最近宣布开启年内第二轮全面涨价。\n模拟功率芯片资产并购潮起\n6月12日,银河微电公告称,公司正在筹划通过发行股份方式,购买恒泰柯半导体(上海)有限公司100%的股权,并募集配套资金。根据官网,恒泰柯主营业务是功率半导体芯片的设计和销售,产品应用于各类电源、锂电池保护、新能源汽车(OBC、电控)等领域。\n同日,蓝箭电子公告称,拟以3.36亿元收购成都芯翼科技有限公司60%的股权。根据公告,成都芯翼是一家专注于高可靠模拟集成电路研发、生产及销售的国家级专精特新“小巨人”企业,重点研发产品包括通信接口芯片、模拟信号链芯片等。\n2026年以来披露收购模拟/功率芯片企业的上市公司还包括东微半导、锴威特、晶丰明源、紫光国微、杰华特、芯导科技等多家企业。\n分析以上并购案例,A股公司收购模拟/功率半导体标的具有差异化:一部分企业以横向整合、扩充产品线为导向,另一部分企业则采取上下游打通策略,打造一体化产业平台。\n放眼全球,国际龙头同样在重金布局。5月,全球模拟芯片巨头ADI宣布以15亿美元全现金收购硅谷电源管理初创公司Empower Semiconductor。Empower年营收仅约5400万美元,对应28倍营收估值。高溢价的筹码是Empower的IVR(集成电压调节器)与垂直供电架构技术。该技术可将稳压器直接安装在AI芯片下方或内部,缩短传输距离。\n在最新公布的全球模拟IC销售额排名中,ADI位居第二,仅次于德州仪器(Texas Instruments)。ADI首席执行官Vincent Roche表示:“人工智能基础设施正在从根本上重塑电力输送方式,能源如今已成为下一代系统扩展的最大瓶颈。”\n年内第二轮涨价来临\n在市场并购活跃的同时,模拟芯片与功率半导体行业迎来了全面涨价潮。\n今年年初以来,英飞凌、德州仪器、安森美、意法半导体等龙头企业密集宣布涨价,国内企业如士兰微、新洁能等纷纷跟进。进入5月底,功率半导体行业迎来第二轮涨价。英飞凌再次发出涨价函,宣布自7月1日起进行二次提价,幅度10%~20%,覆盖AI电源芯片、车规IGBT/MOSFET;德州仪器也再次发出涨价函,新价格将适用于自2026年7月1日起生效的所有订单及出货。财报显示,德州仪器第一季度数据中心收入同比增长约90%,AI需求正从GPU扩展至电源管理、服务器电源系统和高压MOSFET等领域。\n全球功率半导体市场正经历新一轮供需震荡。在供应端,据TrendForce数据,由于台积电、三星持续削减八英寸成熟制程产能,全球八英寸产能至2027年上半年将维持负增长;而在需求端,AI服务器对电源管理、功率芯片需求正持续走强。\n5月底,美银发布的一篇名为《AI Power Semis and the Transition to 800V Data Centers》(AI功率半导体与向800V数据中心的转型)的报告显示,随着AI对电力需求的不断增长,模拟半导体市场将迎来爆发式增长,其中高压组件(SiC、GaN)将占据越来越重要的地位。\n开源证券海外市场首席分析师初敏则认为,2025年英伟达台北电脑展发布800VDC架构,认定其为未来数据中心的架构,带来电力设备升级的热潮。复盘海外龙头股价及业绩,功率半导体股价具有明显周期属性,上一轮由汽车缺芯和新能源驱动的周期大约持续三年(2020~2023年上行期),而2026年以来AI数据中心电力需求开始成为新一轮定价主线。", "vector": [ 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