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

Industry Investment Rating - Overweight (Maintained) [1] Core Views - Huawei HiSilicon is a leading IC design company globally, with comprehensive technology coverage in AI, cloud computing, smartphone SoCs, and 5G [1] - China's semiconductor market is the largest globally, with a 27% share in 2023, and is expected to grow to $1,467.9 billion by 2032, driven by AI and new energy vehicle demand [1] - HiSilicon's platform-based sales model and standardized technology enable customized solutions for large clients, fostering growth in AI and cloud computing [1] - HiSilicon has achieved breakthroughs in chip manufacturing processes, with its Kirin series chips ranking third globally in Q2 2020, capturing 16% market share [1] Huawei HiSilicon: Domestic Leader with Global Competitiveness - HiSilicon is a global leader in semiconductor and device design, covering multiple fields such as AI, cloud computing, and 5G [17] - HiSilicon's revenue is expected to grow further due to increasing domestic substitution demand, with its Kirin chips returning to the global top five [17] - HiSilicon has a strong historical performance, ranking fifth globally in 2018 with a 34.2% YoY revenue growth [20] - Huawei's 2023 revenue reached 704.2 billion yuan, a 9.6% YoY increase, with HiSilicon playing a crucial role in Huawei's domestic substitution strategy [21] China's Semiconductor Market: Largest and Fastest Growing - China's semiconductor market was $1,553 billion in 2023, accounting for 27.1% of the global market [26] - The global semiconductor market is expected to grow by 20% in 2024, driven by strong demand in China [26] - China's consumer electronics market was $7,734 billion in 2023, with a projected CAGR of 7.63% from 2024 to 2032 [29] - The new energy vehicle electronics market in China reached 228.1 billion yuan in 2023, with a penetration rate exceeding 30% [30] Platform-Based Sales Model: Customization and Ecosystem Expansion - HiSilicon's platform-based sales model provides customized solutions for large clients, particularly in AI and cloud computing [34] - The "5+2" smart terminal solution launched in 2024 showcases HiSilicon's strength in audio-visual, connectivity, and IoT technologies [34] - Distributors play a key role in covering small and medium-sized enterprises, ensuring widespread application of HiSilicon's products [39] - HiSilicon's modular approach reduces development costs and enhances partners' innovation capabilities [43] Breakthroughs in Chip Manufacturing and Domestic Substitution - HiSilicon has established a comprehensive chip product system, including AI chips (Ascend), cloud processors (Kunpeng), and 5G chips (Balong) [47] - The Kirin chip series, initially licensed from Cambricon, has achieved significant market share, ranking third globally in Q2 2020 with 16% market share [47] - Huawei's Mate60 series, launched in 2023, marked a breakthrough in domestic substitution, with most components being locally sourced [49] - Huawei's PanGu large model leads in domestic AI capabilities, with its NLP model ranking first in the CLUE benchmark in 2019 [51] Related Investment Opportunities - Testing services: Companies like Oriental Zhongke and Suzhou Test ensure product quality and reliability [56] - Application cooperation: Partners such as Century Dingli and Runhe Software expand HiSilicon's market reach [57] - Distributors: Shenzhen Huaqiang and Lierda Information help HiSilicon penetrate the SME market [58] - Semiconductor: Companies like SiRuipu and VeriSilicon are key players in Huawei's R&D and investment routes [59]