Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [11]. Core Viewpoints - The impact of Sino-US trade friction on the SoC industry is relatively controllable, with limited effects on exports to the US due to product exemptions [1][5]. - The SoC sector is showing strong performance in Q1 2025, defying seasonal trends, driven by increased demand for AI applications and products [1][5]. - 2025 is anticipated to be the year of significant AI application deployment, with a surge in demand for SoC driven by the proliferation of edge AI applications [1][5]. Summary by Sections Industry Impact of Trade Friction - The US has exempted certain products, including integrated circuits and smartphones, from "reciprocal tariffs," suggesting limited impact on the SoC industry [1][5]. - Companies like Rockchip and Allwinner have reported low exposure to direct exports to the US market, mitigating potential risks from trade tensions [1][5]. Q1 2025 Performance - TaiLing Microelectronics expects Q1 2025 revenue of approximately 230 million yuan, a year-on-year increase of 43%, with a return to profitability [1][5]. - Allwinner Technology anticipates a net profit of 85 to 100 million yuan in Q1 2025, reflecting a year-on-year growth of 73-104% [1][5]. - Goke Microelectronics projects Q1 2025 revenue of about 191 million yuan, a year-on-year increase of 61%, with a significant rise in net profit [1][5]. Future Outlook for AI Applications - 2025 is projected to be a landmark year for AI applications, with rapid penetration in various sectors, including IoT and personalized services [1][5]. - The demand for SoC is expected to rise significantly as AI technology transitions from cloud to edge applications, enhancing the capabilities of smart devices [1][5].
中美“对等关税”跟踪系列三：贸易摩擦对SoC行业影响相对可控，SoC板块2025Q1淡季不淡，2025年或是端侧AI应用落地元年
Bank of China Securities·2025-04-14 07:18