物联网模组深度报告：深度受益于终端智能化

Investment Rating - The report indicates a positive outlook for the IoT module industry, driven by trends in AI, robotics, autonomous driving, and 5G, with expectations for a fundamental recovery in the IoT downstream market [2][3]. Core Insights - The IoT module industry is positioned as the "nervous system" of the Internet of Things, with traditional modules categorized into cellular and non-cellular types, and new classifications emerging for smart and AI-enabled modules, with the latest AI-enabled modules achieving 60 TOPS computing power [2][3]. - The global IoT industry is expected to recover, with a projected 15% CAGR in connections from 2024 to 2030, and China's IoT module market is anticipated to grow at over 6% annually, reaching over 90 billion yuan by 2031 [2][3]. - Domestic manufacturers are gaining a competitive edge, with major players like Quectel, China Mobile, and Guanghetong capturing significant market shares in the cellular IoT module sector [2][3]. Summary by Sections Section 1: IoT Modules as the "Nervous System" - IoT modules serve as a critical link in the IoT ecosystem, facilitating data transmission and communication between devices [10][11]. - The classification of IoT modules includes cellular and non-cellular types, with advancements leading to the development of AI-enabled modules [17][21]. Section 2: Recovery of the IoT Industry - The report highlights a shift from overseas dominance to the rise of domestic manufacturers, with significant market share gains from 2015 to 2019 [27][30]. - The recovery of the global IoT industry is supported by LTE Cat 1 bis and 5G technologies, with a notable increase in enterprise IoT spending expected from 2025 onwards [33][36]. Section 3: Downstream Dynamics - The demand for automotive modules is increasing, driven by the "smart driving equality" trend and the growth of the electric vehicle market in China, with significant year-on-year increases in production and sales [53][56]. - The 5G vehicle communication market is expanding, with 5G and 5G RedCap expected to become mainstream technologies [54][56]. - The report also notes the rapid development of AI applications in toys and glasses, which is driving demand for IoT modules [68][69]. Section 4: Companies Benefiting from AIoT Trends - Key companies such as Quectel, Guanghetong, and Meige Intelligent are highlighted for their robust growth and strategic positioning in the AIoT landscape, with diverse product offerings and strong market presence [4][42]. - Investment recommendations include focusing on companies that are well-positioned to benefit from the increasing integration of AI in IoT applications [4].