The Zhitong Finance App learned that SDIC Securities released a research report saying that with the rapid development of the AI industry, computing power infrastructure such as data centers, AI chips, and servers, requirements for electronic components such as chip inductors have increased. Chip inductors play a role in supplying power to the front end of chips such as GPUs, CPUs, ASICs, and FPGAs. Electronic products are developing in the direction of high efficiency, high power density and miniaturization. Chip manufacturing processes tend to be miniaturized, and power modules tend to be miniaturized, low voltage, and high current, putting higher demands on chip inductor products. The focus is on targets with related business layouts in the soft magnetic materials sector, soft magnetic powder core industry, and chip inductor product sector. Focus on: Platinum New Materials (300811.SZ), Yue'an New Materials (688786.SH), Dongmu Co., Ltd. (600114.SH), Yitong New Materials (300930.SZ), and Dragon Magnetic Technology (300835.SZ).

SDIC Securities views are as follows:

Under the wave of AI applications, the market demand for high-performance chips has increased dramatically

Chips are the main carrier of AI computing power, and the wave of AI industry applications is driving an increase in demand for high-performance chips. Under the wave of generative AI, Nvidia's data center business ushered in accelerated growth. Demand for high-performance chips is rising as AI large model training and inference drive computing power requirements, AIPC ecosystem establishment increases PC terminal hardware requirements, and computing power demand under the Internet of Things and 5G technology is sinking.

With the upgrading and iteration of AI chip products at home and abroad, there is considerable room for growth in the chip market. According to estimates from the Chinese Academy of Information and Communications Technology, the global computing power scale is expected to grow by more than 50% in the next five years. AMD expects the global AI chip (for data centers) market to reach 400 billion US dollars in 2027.

Under the trend of miniaturization of electronic products, chip inductance requirements are increasing

The chip inductor is a key component of the chip power supply module. With the rapid development of the AI industry, computing power infrastructure such as data centers, AI chips, and servers have increased requirements for electronic components such as chip inductors. Chip inductors play a role in supplying power to the front end of chips such as GPUs, CPUs, ASICs, and FPGAs. Electronic products are developing in the direction of high efficiency, high power density and miniaturization. Chip manufacturing processes tend to be miniaturized, and power modules tend to be miniaturized, low voltage, and high current, putting higher demands on chip inductor products.

Chip inductor materials are transformed from ferrite to metal soft magnetic materials. Chip inductors made of metal soft magnetic materials have the advantages of low voltage, high current resistance, and small size. As an important metallic soft magnetic material, the metal magnetic powder core has high saturated magnetic induction strength, is less likely to be saturated under high current, and has strong working stability. Furthermore, the core material for preparing magnetic powder cores, alloy soft magnetic powder, its properties are greatly affected by the raw powder composition and manufacturing process. Integrated inductors made of soft magnetic powder materials based on carbonyl iron powder and ultra-fine atomized alloy powder have the advantages of miniaturization, weight reduction, and low power consumption.

There is considerable room for growth in chip inductor demand.

According to the bank's estimates, the global AI server chip inductor market will reach nearly 1.1 billion in 2026, or 25% CAGR in 2026. The global AIPC chip inductor market is estimated to be around 800 million in 2026, or 79% CAGR 2023-2026. In 2026, the global demand for soft magnetic powder for AI servers and AIPC chips is 7853 tons, or 56% of 2023-2026CAGR.

Risk warning: macroeconomic performance falls short of expectations, metal prices fluctuate sharply, and demand falls short of expectations