通信：AI玩具专题（一）：Wi-Fi MCU如何受益？

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Insights - The report highlights the explosive growth of AI applications, particularly in the sector of AI toys, which are expected to see significant market penetration and consumer adoption [4][7] - Wi-Fi MCU is identified as a key hardware investment opportunity due to its integration with AI toys, which are projected to have a substantial market size and demand [20][22] Summary by Sections AI Toy Market - AI toys are primarily targeted at children and individuals seeking emotional companionship, focusing on entertainment and emotional interaction rather than task completion [7] - The current models in the market, such as Doubao and MiniMax, have shown sufficient performance to meet consumer needs [7] - The global toy market is estimated to reach 750 billion yuan, with AI toys expected to capture a market size of 150 billion yuan by 2028, representing a 20% penetration rate [22] Hardware and Technology - Wi-Fi MCU is expected to benefit from the growing demand for AI toys, with each AI toy typically requiring one Wi-Fi chip/module [22] - The report indicates that the hardware requirements for AI toys are less stringent compared to other AI devices, allowing for easier market entry [10] - Companies like FoloToy and Haivivi are leading the development of AI toys, with various product offerings that integrate advanced AI capabilities [13][14] Subscription Models - The pricing model for AI toys is primarily subscription-based, with examples including FoloToy's annual fee of 99 yuan and BubblePal's monthly fee of 9.9 yuan [18] - As the supply of AI toys increases, there is potential for subscription fees to decrease or be eliminated [18]