CITIC Securities: The domestic replacement of RF power supplies continues to accelerate

Ask AI · How do U.S. export restrictions drive the rise of domestically produced RF power supplies?

A CITIC Securities research report says that as domestic advanced wafer fabs continue to expand production, the domestic semiconductor equipment and parts market remains on rapid growth. Among them, RF power supplies are core key components, with extremely high technical barriers and processing difficulty. In 2024, the global RF power supply market size reached $53, and the domestic market exceeded 12 billion yuan; however, due to the high technical difficulty, domestic RF power supplies have long relied on imports, and are mainly monopolized by U.S. companies, with a domestic localization rate of only 12%. As U.S. export restrictions on semiconductors to China gradually strengthen, domestic companies in the RF power supply industry are gradually catching up to global competitors’ mainstream level, and domestic substitution continues to accelerate.