消费电子创新观察：AI手机推动散热方案升级

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The demand for innovative cooling solutions is increasing due to the rise in AI computing power and the trend towards thinner smartphones, necessitating advancements in thermal management technologies [3][5]. - The transition from traditional heat pipes to new combinations of vapor chambers (VC) and graphene is expected to enhance the growth rate of the smartphone cooling industry [3][12]. - Key companies to watch include Lianyi Intelligent Manufacturing, AAC Technologies, and Tianmai Thermal Management, each offering unique advantages in their cooling solutions [3][28]. Summary by Sections Section 1: Increasing Demand for Innovative Cooling Solutions - AI advancements are driving the need for improved thermal management in smartphones, as increased power consumption leads to higher heat generation [5][9]. - The limited internal space for cooling solutions in smartphones necessitates innovative designs to maintain performance and reliability [5][9]. Section 2: Analysis of Mainstream Cooling Solutions - The evolution of smartphone cooling solutions has progressed from graphite sheets to vapor chambers and 3D VC technologies, indicating a shift towards more efficient thermal management systems [12][19]. - Current mainstream solutions struggle to meet the cooling requirements of AI-enabled smartphones, leading to a preference for hybrid solutions that combine multiple materials [3][12]. Section 3: Industry Competitive Landscape - Lianyi Intelligent Manufacturing has developed ultra-thin stainless steel vapor chambers with a flatness of less than 0.15mm, significantly enhancing mechanical strength and reducing production costs by 20%-30% [28]. - AAC Technologies offers customizable heat dissipation products, including various thicknesses of vapor chambers and heat pipes, utilizing advanced capillary structures for thinner designs [28]. - Tianmai Thermal Management specializes in high-end thermal interface materials and has developed ultra-thin heat pipes and vapor chambers, achieving thicknesses as low as 0.3mm and 0.22mm, respectively [28].