电子：AI端侧落地加速，消费电子步入新一轮创新周期

Investment Rating - The report gives an "Overweight" rating to the electronics industry, particularly focusing on AI mobile phones and AI PCs [38]. Core Insights - The integration of AI at the edge is accelerating, leading to a new wave of innovation in consumer electronics [2]. - Major manufacturers are launching system-level AI, which is speeding up the deployment of edge AI [2]. - The Apple supply chain is expected to enter a replacement cycle, necessitating upgrades in AI smartphone components [2]. Summary by Sections Section 1: AI Deployment at the Edge - Edge AI has become a key differentiator for consumer electronics manufacturers, driven by the success of generative AI technologies like ChatGPT [4]. - The smartphone industry has seen a prolonged replacement cycle, reaching approximately 51 months in 2023, prompting manufacturers to incorporate AI features to stimulate consumer upgrades [4]. - The combination of cloud and edge AI is identified as the optimal method for applying AI in consumer electronics, offering advantages such as enhanced privacy, lower costs, reduced latency, and decreased reliance on network connectivity [5]. Section 2: Major Manufacturers and AI Technology - Major manufacturers are increasingly launching AI flagship products, with Samsung introducing the Galaxy Book 4 series and other companies following suit with AI-enabled devices [8]. - The maturity of edge AI technology is enhancing user experiences in consumer electronics, as demonstrated by the capabilities of GPT-4o, which significantly reduces response times and improves interaction quality [12][14]. - AI PCs are being standardized with high-performance requirements, such as a minimum of 40 TOPs processing power and 256GB SSD [18]. Section 3: Replacement Cycle and Component Upgrades - Apple is expected to see a replacement cycle for iPhones, with the introduction of AI features in the upcoming models, leading to an increase in component orders by approximately 10% compared to previous models [27]. - AI terminals require hardware upgrades, including improvements in CPU, DRAM, cooling systems, and battery capacity to support the demands of running large models [29][34]. - The report highlights the dominance of foreign manufacturers in the CPU market, which poses challenges for local manufacturers in meeting the processing power requirements for AI terminals [31]. Section 4: Market Potential and Growth - The report anticipates rapid growth in the penetration rates of AI smartphones and PCs, with projected compound annual growth rates of 115% for AI PCs and 65% for AI smartphones from 2023 to 2027 [23].