电子行业点评报告：AI+端侧之AIPC：大模型+生产力，本地化部署第一站

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The PC is expected to become the primary platform for deploying edge models due to its high-performance hardware and productivity attributes. The recent DeepSeek R1 model has gained significant attention for its cost-effective development and effective model performance, supporting various distilled models for local deployment, which enhances user experience with more efficient and personalized AI services. This shift is anticipated to trigger a wave of device upgrades as product experience improves [3][4] Summary by Sections Industry Overview - The report highlights the strong hardware capabilities of PCs, which can be equipped with high-performance GPUs and NPUs, allowing for efficient processing of complex computations. In contrast, mobile devices face limitations in hardware performance [4] Consumer Demand - The demand for AI PCs (AIPC) is driven by the need for personalized and complex production solutions. AIPC can perform various tasks locally, such as document generation and data analysis, which were previously reliant on cloud solutions. The performance of distilled models from DeepSeek has shown significant improvements, outperforming existing models in various benchmarks [5] Industry Chain Impact - The integration of AIPC is expected to benefit various sectors, including complete systems, storage, cooling solutions, PCB, structural components, and chips. The demand for storage is projected to increase as AIPC penetration grows, with specific memory requirements outlined for different model parameters [6][7] Beneficiary Companies - Key beneficiaries identified include: - Complete systems and ODM: Lenovo Group, Huaqin Technology, Luxshare Precision, Yidao Information - Cooling solutions: Feirongda, Zhongshi Technology, Sixuan New Materials, Longyang Electronics - PCB: Aoshikang, Shenghong Technology - Structural components: Chunqiu Electronics, Lingyi Technology, Lens Technology, Guangda Tongchuang - Components: Laibao High-tech, Hanbo High-tech, Huichuangda - Chips: Haiguang Information, Longxin Zhongke, Xinhai Technology, Dongxin Co., Jucheng Co., Lanqi Technology [7]