1. Definition and Classification of Power Management ICs (PMIC)
1. Core Functions
PMICs are analog chips, serving as the “power heart” of electronic devices, responsible for the conversion (such as AC/DC, DC/DC), distribution, detection, and control, which directly affects device performance and reliability. Typical applications include:
- Voltage Conversion: Converting battery voltage (e.g., 3.7V) to lower voltages required by chips, such as 1.8V/1.2V.
- Power Distribution: Providing independent power supplies for different modules like CPU and GPU, supporting Dynamic Voltage Scaling (DVS).
- Energy Efficiency Optimization: Reducing standby power consumption through Pulse Width Modulation (PWM) technology, extending device battery life.
2. Classification System
- By Function:
- AC/DC Chips: Converts AC to DC, used in chargers (e.g., GaN fast charging).
- DC/DC Chips: DC voltage conversion (boost/buck), accounting for 40% of the PMIC market.
- LDO (Low Dropout Regulator): Provides stable low voltage output, with low ripple but lower efficiency.
- PMIC (Power Management Integrated Circuit): Integrates multiple chip functions, used in mobile phones and automotive electronics (e.g., Huawei Kirin SoC integrates PMIC).
- By Technology Route:
- Linear Power Supply: High precision but low efficiency, suitable for RF chip power supply.
- Switching Power Supply: High efficiency (>90%) but high ripple, mainstream DC/DC chips adopt this architecture.
2. Market Size and Growth Drivers
1. Global Market
- The market size in 2021 was approximately $33 billion, accounting for 35% of the analog chip market, and is expected to reach $55 billion by 2026 (CAGR 10.8%).
- Growth Drivers:
- New Energy Vehicles: The value of PMIC per vehicle is about $80 (compared to $20 for traditional vehicles), with explosive demand for electric drive systems and smart cockpits.
- 5G and AIoT: Increased power consumption in smartphones drives the demand for integrated PMICs (e.g., LPDDR5X power supply modules), with global 5G smartphone penetration expected to exceed 60% by 2024.
- Data Centers: AI server power density has increased to 30kW per cabinet, driving demand for high-performance DC/DC chips, with the market size expected to reach $12 billion by 2025.
2. Chinese Market
- In 2020, the domestic PMIC market size was approximately 110 billion yuan, accounting for 33% of the global market, but the market share of domestic products was less than 10%, indicating significant room for import substitution.
- Policy Drivers: The National Big Fund Phase II has invested in companies like Shengbang Co., Ltd. and SIRUIPO, promoting the R&D of high-end PMICs.
3. Industry Chain Analysis: Design-Driven, Manufacturing Relies on Mature Processes
1. Upstream: High Localization Rate of Equipment and Materials
- Manufacturing Equipment: PMICs often use mature processes (55nm-28nm), with SMIC and Hua Hong Semiconductor accounting for 35% of global capacity. Domestic photolithography machines (e.g., Shanghai Micro Electronics 28nm DUV) can meet demand.
- Key Materials: The localization rate of high-purity silicon wafers and photoresists exceeds 50%, with Jianghua Micro and Jingrui Electric Materials supplying the mid-to-low-end market.
2. Midstream: Competitive Landscape of Design and Manufacturing
- International Manufacturers: Texas Instruments (TI, market share 19%), ADI (12%), and Infineon (8%) dominate the high-end market, with automotive-grade PMICs accounting for 40% of their revenue.
- Domestic Manufacturers:
- Shengbang Co., Ltd.: Synergy between signal chain and power management, with PMIC revenue accounting for over 60% in 2021, and automotive-grade products passing AEC-Q100 certification.
- SIRUIPO: High-end operational amplifiers + PMIC, with 170% year-on-year revenue growth in 2020, entering Huawei HiSilicon supply chain.
- Xinpeng Micro: Domestic market share of AC/DC chips exceeds 20%, used in Xiaomi and OPPO chargers, with R&D investment accounting for 15% in 2021.
3. Downstream: Diversified Application Scenarios
- Consumer Electronics: The PMIC market size for smartphones exceeds $5 billion, with high-end models integrating over 20 PMIC chips (e.g., Apple iPhone 13).
- Automotive Electronics: 48V systems and ADAS drive the demand for automotive-grade PMICs, with Infineon and TI holding 85% of the global market share, and Chipone Micro and Jiefa Technology entering the BYD supply chain.
- Industrial and Medical: Industrial control devices (e.g., PLC) and medical instruments (e.g., MRI) require highly reliable PMICs, with domestic manufacturers holding less than 5% market share.
4. Progress and Challenges of Domestic Substitution
1. Technological Breakthroughs
- Consumer PMICs: Shengbang Co., Ltd. SGM45688 DC/DC chip achieves 96% efficiency, comparable to TI’s similar products, used in Huawei and Honor smartphones.
- Automotive Grade Certification: Jiefa Technology AC791x series has passed AEC-Q100 Grade 1 certification, integrating LDO and DC/DC modules, with expected shipments exceeding 10 million units in 2024.
- Gallium Nitride (GaN): Innosec and Nanjing Microelectronics have achieved domestic substitution, with GaN chargers achieving over 94% efficiency and a 50% reduction in size.