Great Wall Securities·2025-09-01 06:42Investment Rating - The report maintains a "Buy" rating for multiple companies in the AI chip and related sectors, including 鸿日达 (301285.SZ), 美格智能 (002881.SZ), and 中国移动 (601138.SH) among others [1][2]. Core Insights - The report highlights the acceleration of AI chip development in China, particularly by companies like Alibaba, which is working on a new AI chip to fill the gap left by NVIDIA in the Chinese market. This chip is currently in testing and aims to support a wide range of AI inference tasks [2][20]. - The demand for AI computing power is expected to rise significantly due to the ongoing global AI wave, which will drive the need for domestic AI chip technology and infrastructure [2][31]. - The integration of AI with IoT is creating new growth opportunities in the smart module and PCB sectors, with predictions that AI embedded cellular modules will account for 25% of all IoT module shipments by 2030, growing at a CAGR of 35% [5][41]. Summary by Sections Industry Investment Rating - The report provides a list of companies with a "Buy" rating, including: - 鸿日达 (301285.SZ) with an EPS of 0.21 in 2025E and a PE of 242.95 [1]. - 美格智能 (002881.SZ) with an EPS of 0.77 in 2025E and a PE of 73.64 [1]. - 中国移动 (601138.SH) with an EPS of 6.79 in 2025E and a PE of 16.13 [1]. AI Chip Development - Alibaba's first fiscal quarter revenue reached 247.65 billion RMB, with a net profit of 43.1 billion RMB, significantly exceeding market expectations. This performance is attributed to the recovery of its e-commerce business and rapid growth in cloud computing [2][20]. - The new AI chip being developed by Alibaba is designed to be compatible with NVIDIA's architecture and is expected to enhance the efficiency of AI applications [2][20]. Market Trends - The report notes that the communication sector index rose by 12.38% during the week, outperforming the broader market [10]. - The demand for smart wearable devices is expected to grow, with global shipments projected to reach 560 million units in 2024, a 10.5% increase from 2023 [34]. Investment Opportunities - The report emphasizes the potential for investment in the smart module and PCB sectors, driven by advancements in AI technology and the increasing demand for edge computing solutions [5][41]. - It suggests a diversified market strategy and enhanced local service capabilities as key factors for companies to maintain competitiveness in the global market [5][41].