电子2025年年度策略报告：AI从云侧走向端侧 半导体由进口走向国产

Investment Rating - The report maintains an "Outperform-A" rating for the industry, highlighting a positive outlook for AI-related investments [2]. Core Insights - The integration of AI as a new feature in smartphones is expected to drive a new replacement cycle, with generative AI smartphones projected to penetrate 43% of the market by 2027, increasing from a million units in 2023 to 1.23 billion units [2][23]. - The AI hardware market is diversifying, with products like AI headphones and glasses gaining traction, indicating a rapid increase in industry penetration [3]. - The report emphasizes the need for domestic production of critical semiconductor equipment, particularly photolithography machines, due to increased export controls from the U.S. [4]. Summary by Sections AI Smartphone Market - AI smartphones are redefining mobile functionality, with significant hardware upgrades required to support advanced AI capabilities [21]. - The global smartphone shipment in 2023 was 1.17 billion units, with only 1% meeting generative AI standards. This is expected to rise significantly in the coming years [23]. - Major brands are launching AI-enabled devices, with Samsung's Galaxy S24 series leading the market share [24]. AI Hardware and IoT - AI is enhancing traditional IoT sectors, with AI glasses and headphones expected to see rapid growth [3]. - The demand for GPU and ASIC chips is surging, driven by the evolution of AI models and applications [3]. Semiconductor and PCB Industry - The report predicts a robust growth trajectory for the advanced packaging market, expected to grow from $46.83 billion in 2023 to $78.55 billion by 2028 [4]. - The PCB demand is anticipated to rise due to the increasing need for AI computing power, with high-layer boards and HDI boards expected to maintain high growth rates [3]. Investment Recommendations - The report suggests focusing on three main investment lines: AI terminals, AI computing power, and self-sufficiency in semiconductor production [5][6]. - Specific companies recommended for investment include Luxshare Precision, Pengding Holdings, and Dongshan Precision, among others [5].