电子行业快评报告：消费终端市场持续复苏，DeepSeek有望推动AI端侧部署加速

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [11]. Core Insights - The consumer terminal market is experiencing a sustained recovery, with global smartphone shipments expected to grow by 6.4% year-on-year in 2024, reaching 331.7 million units in Q4 2024, marking the sixth consecutive quarter of growth. The global PC market is also showing signs of recovery, with a 1.0% year-on-year increase expected for 2024 [2]. - The share of high-end smartphones (priced over $600) has risen from 15% in 2020 to 25% in 2024, driven by consumer preference for devices with advanced hardware and AI capabilities [2]. - DeepSeek is rapidly emerging due to its innovative architecture, low-cost deployment, and open-source nature, which is expected to accelerate AI deployment on consumer devices. The introduction of DeepSeek-R1 is anticipated to enhance performance and efficiency while reducing costs [3]. - Major brands are actively integrating DeepSeek into their products, enhancing the AI application ecosystem. Notable integrations include Huawei's Xiao Yi assistant, OPPO's ColorOS, and Lenovo's personal intelligent assistant, among others [4]. Summary by Sections Consumer Terminal Market - The smartphone and PC markets are showing continuous recovery, with Q4 2024 smartphone shipments projected to reach 331.7 million units, a 2.4% year-on-year increase, and PC shipments expected to grow by 1.8% to 68.9 million units [2]. - The high-end smartphone segment is expanding, reflecting a shift in consumer preferences towards devices with superior hardware and AI functionalities [2]. DeepSeek's Impact - DeepSeek's innovative architecture and cost-effective deployment are set to drive the acceleration of AI applications on consumer devices, with a focus on local deployment enhancing data privacy and customization [3]. - The open-source model of DeepSeek is expected to foster a thriving ecosystem of AI applications, with various brands integrating its capabilities into their products [4]. Investment Opportunities - The ongoing AI wave, coupled with decreasing model deployment costs and a growing application ecosystem, presents significant investment opportunities in the AI consumer terminal market. Attention is recommended on new product launches and the acceleration of replacement cycles [9].