高盛：TechNet China 2025_ 半导体、人工智能服务器、智能手机、自动驾驶出租车及人工智能软件的关键要点

Investment Ratings - AMEC: Buy, Rmb173.13 [40] - ASMPT: Neutral, HK$52.35 [40] - EHang: Buy, $16.96 [40] - Horizon Robotics: Buy, HK$7.92 [40] - Huaqin Technology: Buy, Rmb66.75 [40] - Kingsoft Office: Buy, Rmb278.50 [40] - Lingyi: Buy, Rmb7.98 [40] - Maxscend: Neutral, Rmb70.46 [40] - SICC: Buy, Rmb61.45 [40] - StarPower: Neutral, Rmb80.89 [40] - Sunny Optical: Neutral, HK$60.95 [40] - VeriSilicon: Buy, Rmb83.27 [40] Core Insights - The report highlights the rising demand for AI inferencing driven by enhanced foundation models and the localization of semiconductor technologies in China [1][2] - There is a focus on the commercialization of Robotaxi and smart driving features, alongside the expansion of AI applications for both consumer and business markets [1][2] - The semiconductor industry is expected to see continuous R&D investment and capacity expansion despite geopolitical uncertainties [2][9] Summary by Sections Semiconductors - VeriSilicon is expanding into GPU IP and AI IP to meet the growing demand for AI devices, supported by private placement funding [3] - AMEC anticipates stable growth opportunities due to local production needs and plans to expand its addressable market through product migrations [9] - SICC expects increased demand for SiC substrates driven by the launch of more 800V EVs and fast charging requirements [11] AI Server, Smartphones, PC Supply Chain - Huaqin anticipates double-digit revenue growth in 2025, driven by its data center and consumer electronics businesses [19] - Lingyi is optimistic about growth in foldable phone components and cooling components for AI servers [18] - Sunny Optical is focusing on high-end projects and expects growth in vehicle lens shipments due to smart driving features [17] Robotaxi, Smart Driving, and eVTOL - Horizon Robotics plans to mass-produce its HSD system in 2025, supporting city NOA features and demonstrating strong partnerships with car OEMs [22] - EHang is accelerating deliveries of its EH216-S model, with plans to expand into urban sightseeing and Air Taxi services [24] - ECARX reported a 30% YoY revenue increase in 1Q25, driven by strong demand for its computing platforms [25] AI Software - Kingsoft Office is enhancing its AI capabilities to support enterprise clients and expand its user base [28] - Meitu is focusing on AI productivity tools to improve content generation efficiency [29] - Sensetime is optimistic about the generative AI trend and has launched a new foundation model with competitive features [30]