通信：边缘AI兴起，AI模组受益

Industry Investment Rating - The report maintains a "Stronger than the Market" rating for the industry [5] Core Views - The future trend of AI is hybrid AI, which involves collaboration between edge and cloud computing to optimize workload distribution and improve user experience [1][10] - Edge AI, as an extension of cloud AI, offers advantages such as cost reduction, lower network latency, and enhanced privacy and security [11] - AI modules are key enablers of edge AI, with their penetration rate expected to rise rapidly [2][12] - The global cellular module market is shifting towards domestic Chinese manufacturers, with domestic companies now dominating the top five global players [3][14] - Leading domestic companies are actively deploying AI modules to capitalize on the AI trend [4][15][16] AI PC Market - AI PC is a significant application area for edge AI, with penetration rates expected to grow from 7% in 2024 to 79% by 2027 [1][11] - AI PC shipments are projected to increase from 13 million units in 2024 to 150 million units by 2027 [1][11] AI Module Market - In 2023, AI-enabled cellular IoT modules accounted for 2% of the market, with this share expected to grow to 9% by 2027, representing a 73% CAGR over four years [2][12] - AI modules are categorized into low (below 5 TOPS), medium (5-10 TOPS), and high (above 10 TOPS) AI capabilities, each suited for different applications [12] Market Share and Competitive Landscape - In 2018, only two domestic Chinese companies were among the top five global cellular module manufacturers, but by 2023, four of the top five were Chinese companies, with Quectel leading at a 34% market share [3][14] - Domestic companies such as Quectel, Fibocom, and MeiG Smart are accelerating their AI module deployments, offering products with AI capabilities ranging from 14 TOPS to 48 TOPS [4][15][16] Key Companies and Products - Quectel has launched the SG368Z series AI module, which supports deep learning algorithms and is widely used in various scenarios such as facial recognition and vehicle detection [15] - Fibocom has introduced the SC171 5G AI module with 12 TOPS AI performance, supporting 4K video and multi-camera operations, and has developed solutions based on Qualcomm's QCM6490 and QCS8550 processors [16] - MeiG Smart has established a comprehensive high-performance AI module product line, with AI capabilities ranging from 14 TOPS to 48 TOPS, catering to various industry needs [16]