[Tianfeng Auto] DrMOS Update (14): Continuing to Favor Domestic Chain During Adjustment - 0727

English summary

Overseas chain generally weak due to concerns about slowing ARR/Capex growth. Domestic chain, on one hand driven by releases of top models like Kimi K3, Qwen 3.8, on the other hand various new generation computing chips entering mass production sequentially, trend clearly stronger. Today domestic computing power weakened, possibly affected by Changxin listing, but from certainty perspective, domestic chain remains first choice, one of sector's first choices [DrMOS]: combining domestic chain + overseas domestic substitution. DrMOS as key electronic component for tertiary power supply, currently domestic single chip corresponding value close to 1k yuan, 2028 domestic AI DrMOS market size expected to exceed 10 billion, and competitive landscape clearly better than overseas: Because ByteDance and others have not cooperated with power supply manufacturers in the past, but need a large amount of DrMOS to support self-developed chips, and some domestic manufacturers' supplier license renewal issues, all switching to domestic; and server complete machine downstream customers include many state-owned enterprises (like three major operators), requirements for domestic component proportion also increasing. Overseas major manufacturers gradually exiting. ...