[CITIC Construction Investment: The unit value of TLVR chip inductors has increased, and the industry space has expanded rapidly] On October 12, CITIC Securities Research reported that multi-phase TLVR inductors are the general trend. The three major industry trends of AI chip inductors in the future are: 1. Single-phase inductors are moving towards multi-phase inductors, and the density is increasing; 2. Horizontal power supply is shifting to VPD vertical power supply, and power supply efficiency is improving; 3. NON-TTLVR is shifting to TLVR inductors, and the value is increasing. Multiphase TLVR inductors will become a must. The market size of AI chip inductors will expand more than 10 times from 2025 to 2028. In the future, chip inductors will face multiple drivers. As AI chip shipments increase, chip power increases, and inductor performance upgrades, the AI ​​chip inductor market will expand rapidly. Scale growth rate = chip shipment multiple × power increase multiple × single value increase multiple.