AI产业系列深度报告（三）：AI手机扬帆起，智能未来正启航

Investment Rating - The report maintains an "Outperform" rating for the industry [6]. Core Insights - The smartphone market is entering a mature phase, and AI smartphones are expected to bring new growth momentum with features supporting AI large model deployment, multimodal capabilities, enhanced interaction, and powerful hardware platforms [2][4]. Summary by Sections 1. AI Smartphone Development - The evolution of smartphone intelligence has progressed through four stages, culminating in the current phase where AI smartphones are expected to drive a new wave of innovation [18]. - AI smartphones are characterized by their ability to support large model deployment on-device, multimodal capabilities, enhanced interaction, and robust computational hardware [27][31]. - The demand for AI smartphones is projected to grow significantly, with shipments expected to reach 150 million units in 2024, accounting for 13% of global smartphone shipments, and over 590 million units by 2027, surpassing 50% of total shipments [4][38]. 2. Major Manufacturers' Engagement - The top six smartphone manufacturers in China hold over 90% market share, with Huawei rapidly increasing its share [42]. - Major global players like Apple, Google, and Samsung, along with leading Chinese brands such as Honor, OPPO, Xiaomi, and vivo, are actively integrating generative AI features into their devices [44]. - Companies are exploring self-developed large models for on-device applications, with significant advancements in model parameters, such as Xiaomi's 64 billion parameter model and vivo's 175 billion parameter model [47]. 3. AI Deployment Driving Chip and Memory Upgrades - The demand for generative AI applications is pushing the need for advanced mobile computing architectures, with flagship smartphones expected to achieve AI computing power exceeding 60 TOPS by 2025 [5]. - The integration of AI capabilities is increasing the requirements for memory chips, with LPDDR5 expected to contribute significantly to mobile DRAM shipments in 2024 and 2025 [5][39]. - The deployment of AI models on devices enhances the capabilities of smartphone assistants and improves user experience across various applications, including photography, education, and content creation [56]. 4. Investment Recommendations - The report suggests focusing on leading manufacturers as they release new products, which will drive demand across the supply chain [5]. - The integration of AI into traditional applications is expected to create significant investment opportunities as the market for AI smartphones expands [5][11].