AI端侧深度报告之AI手机：受益端侧智能体落地，驱动人机交互新范式

Investment Rating - The report rates the industry as "Outperform" [5]. Core Insights - The report emphasizes that AI smartphones are set to drive significant innovation in user interaction, with a focus on voice-based AI agents as a key feature for the next generation of smartphones [2][3]. - The development of AI smartphones is expected to occur in three stages: AI app phase, AI functional phase, and AI native phase, with the industry currently in the AI functional phase [3][16]. - The integration of AI capabilities into smartphones is anticipated to enhance user experience, brand value, and drive a continuous upgrade cycle among consumers, similar to the "Andy-Bill Law" observed in the PC industry [3][4]. Summary by Sections AI Smartphone Definition and Characteristics - AI smartphones are defined as devices capable of running large models on-device, equipped with NPU computing power, and meeting specific performance metrics [11][13]. - The report identifies that the minimum requirement for an AI smartphone includes a SoC with dedicated AI processing units and the ability to run large language models (LLMs) efficiently [12][13]. User and Brand Value - AI smartphones offer differentiated user value through personalized assistance, enhanced interaction, and improved safety and privacy [14][15]. - For manufacturers, AI technology can enhance product competitiveness and foster brand loyalty by creating unique hardware offerings [15]. Development Stages of AI Smartphones - The first stage involves simple AI applications, the second stage integrates AI functionalities into pre-installed applications, and the third stage will see the emergence of voice-interactive AI agents [16][25]. - Currently, the industry is in the second stage, with major brands launching AI smartphones that feature similar functionalities [17]. Key Features and Innovations - The report highlights the importance of a hybrid architecture combining edge and cloud computing to address the limitations of mobile device performance and power consumption [34]. - AI smartphones are expected to leverage multi-modal capabilities to enhance user interaction and provide seamless experiences across various applications [25][34]. Investment Opportunities - The report recommends focusing on high-end smartphone manufacturers, particularly those in the Apple supply chain, as they are likely to benefit significantly from the AI smartphone trend [4]. - Specific companies highlighted for investment include Luxshare Precision, Pengding Holdings, Lens Technology, and others [4].