Tianfeng Securities·2025-08-06 05:21Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Insights - The World Artificial Intelligence Conference (WAIC) showcased the acceleration of AI applications, indicating a shift from technological breakthroughs to large-scale applications, with system integration and industry collaboration being key variables for unlocking AI value [10][12] - Meta's Q2 revenue reached $47.52 billion, a 20% year-on-year increase, driven by AI-optimized advertising, with daily active users on Facebook reaching 3.48 billion [19] - Microsoft's Q4 revenue hit $76.4 billion, a 17% increase, with Azure's revenue reaching $75 billion, marking a historical high, driven by cloud migration and AI applications [21][23] - Apple's Q3 revenue exceeded expectations at $94 billion, a 10% increase, with strong performance in iPhone and Mac sales, supported by consumer subsidies in China [24][28] Summary by Sections WAIC and AI Applications - WAIC 2025 highlighted the transition of AI towards large-scale applications, with over 200 embodied intelligent robots showcased, indicating advancements in autonomous capabilities [10][12] - Tencent's report on AI trends emphasized the evolution of AI from a tool to a symbiotic partner, with significant implications for various industries [18] Company Performance - Meta's advertising revenue grew by 21% year-on-year, with AI technology significantly enhancing ad conversion rates [19] - Microsoft's Azure revenue grew by 39%, with expectations for continued high growth driven by AI demand [21][23] - Apple's strong performance was attributed to robust iPhone sales and a recovery in the Chinese market due to subsidies [24][28] PCB and CoWoP Technology - CoWoP technology is expected to reduce costs by 30%-50% compared to traditional substrates, with a shorter production cycle of 6-12 months, facilitating rapid response to AI device demand [36][37] - The transition to CoWoP presents challenges in terms of technical requirements and yield rates, but it is seen as a potential game-changer for high-end PCB demand [33][36] Panel Industry - The demand for panels is slowing, with price adjustments expected, but leading companies like BOE and TCL are showing resilience [38][41] - BOE has become the leading supplier of foldable OLED screens, surpassing Samsung Display [41]