东吴证券：应用迭代驱动终端重构 见证端侧SoC芯片的价值重估与位阶提升

Core Viewpoint - The report from Dongwu Securities highlights the accelerated layout of end-cloud collaborative hardware ecosystems by major internet and cloud computing companies, emphasizing the importance of solidifying the hardware foundation for AI transformation [1] Group 1: End-Side Hardware Demand - The demand for end-side hardware is continuously rising due to the iteration of AI applications, with traditional mobile phones and PCs undergoing a significant transformation driven by high-performance upgrades [2] - Major industry players must innovate hardware driven by AI software demands to maintain their competitive positions, as end-side hardware is crucial for the deployment of AI applications [2] Group 2: Automotive Sector Opportunities - The automotive sector represents an ideal application scenario for end-side AI, with significant opportunities arising from the iteration of automotive chips and the construction of a domestic ecosystem [3] - Automotive products inherently require high-performance chips for intelligent driving and human-machine interaction, making them suitable for end-side AI applications [3] Group 3: IoT Market Potential - The IoT market is currently the largest blue ocean market, presenting core opportunities for domestic replacements, covering diverse scenarios such as wearables, home automation, and industrial applications [4] - Domestic chips have vast collaboration development potential due to the rich foundation of the domestic consumer electronics industry [4] Group 4: Long-term Trends in End-Side AI - The development trend of end-side AI is clear and certain, with short-term price fluctuations in storage not masking the long-term upward trajectory of the industry [5] - The core rationale for end-side AI includes privacy protection, security, low latency, and the ability to perform preliminary processing through end-side computing [5] Group 5: Relevant Companies in the Industry Chain - Companies involved in end-side AI SoC chips include Amlogic, Rockchip, Starry Sky Technology, Hengxuan Technology, and Horizon Robotics [6] - Companies in the end-side storage chip sector include GigaDevice, while consumer electronics and supply chain companies include Luxshare Precision, GoerTek, and Linyang Precision [6]