Workflow
传媒:ChatBot推动陪伴类产品演化
Huajin Securities·2024-10-15 14:09

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a projected investment return exceeding the CSI 300 Index by more than 10% over the next six months [2]. Core Insights - The ChatBot format has established itself and continues to explore application development. In 2023, global downloads of AI+Chatbot applications surged over 14 times compared to 2022, nearing 600 million downloads. In the first eight months of 2024, downloads surpassed 630 million, exceeding the total for 2023. In-app purchase revenue for AI+Chatbot applications approached $580 million, already exceeding the entire revenue for 2023 by 1.5 times [1]. - The rise of emotional companionship AI is becoming prominent, with leading applications like Character AI reaching a historical high of 22 million monthly active users (MAU) in August 2024, and nearly 19 million downloads in the first eight months. Talkie AI follows closely with 17 million downloads, surpassing Character AI in the U.S. market [1]. - The demand side is expected to further release potential, while supply-side costs are gradually optimizing. AI companionship is defined as a form of entertainment and social interaction, involving direct interaction between consumers and generative AI-driven virtual characters. Currently, it is still in the early stages, primarily presented in three forms: text-centric role-playing applications, audiovisual game prototypes, and social platforms mixing human and AI interactions [1]. - From 2003 to 2022, the time American consumers spend alone has increased by approximately 40%, from an average of 5.3 hours to 7.4 hours daily. Online time is expected to grow from 2023 to 2030, with consumers likely seeking online applications to address loneliness. The rapid development of large language models has led to a 75% annual decrease in the cost of entertainment and companionship for consumers [1]. - The adoption curve for AI companionship may surpass that of social media and online gaming in its early stages, driven by the emergence of consumer entertainment use cases [1]. - Investment suggestions highlight that AI companionship may push the boundaries of human-computer interaction, enhancing the popularity of AI applications and improving the industry ecosystem. Recommended companies to focus on include Kuaishou, Tom Cat, Kunlun Wanwei, Kaiying Network, Blue Cursor, Zhejiang Wenlian, Guangdong Rongtai, Tianyu Digital Science, Jiecheng Co., Visual China, Huace Film & TV, InSai Group, and Tianxiexiu [1].