电子行业深度报告：国产替代趋势下，海思“平台化”发展有望加速芯片国产化进程。

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [1] Core Insights - Huawei HiSilicon is a leading domestic and globally competitive IC design company, with a comprehensive technology layout covering AI, cloud computing, mobile SoC, and 5G [1][17] - The demand for domestic substitution is strong, with China holding the largest semiconductor market share at 27% in 2023, and the consumer electronics market expected to grow from $773.4 billion in 2023 to $1,467.9 billion by 2032, at a CAGR of 7.6% [1][26][29] - The platformization strategy of Huawei HiSilicon aims to provide customized solutions for major clients, enhancing sales and promoting the development of AI and cloud computing applications [1][34] - Huawei has established a robust chip product system, with significant market share in various categories, including AI chips, cloud processors, and mobile SoCs [1][47] - The report highlights the rapid growth of the Chinese new energy vehicle electronics market, which reached a scale of 228.1 billion yuan in 2023, further driving the demand for domestic chip supply [1][30] Summary by Sections 1. Huawei HiSilicon: Domestic Leader and Global Competitor - Huawei HiSilicon has a strong historical presence in the global IC market, ranking among the top three in smartphone shipments in 2020 [1][20] - The company has a significant market share in the domestic market, with expectations for revenue growth driven by increasing domestic substitution demand [1][21][26] 2. Platformization: Customized Experience and Ecosystem Solutions - The platformization sales model allows Huawei HiSilicon to collaborate with AI technology companies, enhancing the development of strong application areas [1][34] - Distributors play a crucial role in maintaining relationships with small and medium-sized clients, ensuring broad product application [1][39] - The modularization of capabilities enhances partner innovation and reduces costs, expanding ecosystem cooperation [1][41] 3. Accelerated Domestic Substitution - The report indicates that Huawei's chip supply limitations have reinforced its commitment to a self-sufficient path, with a comprehensive layout across five major chip categories [1][47] - The demand for smartphones and servers is driving strong domestic demand, with Huawei's high-end smartphones achieving significant market penetration [1][49] 4. Beneficial Related Stocks - The report identifies several related stocks in testing services, application cooperation, and distribution networks that could benefit from Huawei HiSilicon's growth [1][56][58]