丨证券研究报告丨 报告要点 [Table_Summary] 12 月 1 日，豆包手机助手以技术预览版正式亮相，搭载该功能的努比亚（nubia）M153 工程 样机同步开售。当前时点，以字节为代表的国产大模型企业，正持续布局手机、耳机等端侧流 量入口，希望通过将大模型能力、超级 App 与硬件终端结合，推动 AI 时代的交互模式变革。 在此背景下，我们认为端侧 AI 或将成为 AI 在日常使用中重要的落地场景，推动 AI Agents 能 力持续提升，进而加速国产 AI 的商业化。建议关注：1）国产大模型厂商；2）AI Infra：AI Infra 有望核心受益；3）AI Agent 相关厂商；4）中国推理算力产业链。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 行业研究丨点评报告丨软件与服务 [Table_Title] 豆包手机助手发布，关注端侧 AI 产业进展 软件与服务 cjzqdt11111 ...

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Core Viewpoint - Major technology giants are intensifying their efforts in hardware development, indicating a rapid shift of AI applications from cloud to edge devices, driven by the explosion of computing power [1] Group 1: Product Developments - Alibaba Group launched its first self-developed Quark AI glasses on November 27, integrating the Qianwen large model with Alibaba's ecosystem services, featuring navigation, payment, and AI Q&A functions [1] - ByteDance, in collaboration with ZTE, introduced a preview version of the Nubia M153 engineering prototype equipped with Doubao mobile assistant technology on December 1, with limited sales [1] - Internationally, companies like OpenAI and Google have also released multiple smart terminal products [1] Group 2: Market Trends - The shift towards edge hardware signifies that edge AI is reshaping the consumer electronics landscape with faster response times and better privacy protection [1] - Fund managers believe that smartphones will continue to be the primary device for AI applications, while AI glasses are also seen as a promising category [1] Group 3: Investment Opportunities - Edge hardware brands and upstream supply chains are expected to benefit first from this trend [1] - Key areas such as system interaction and voice recognition are anticipated to see significant growth opportunities [1]

Core Insights - The acquisition of 51% stakes in Beitelai and Shanghai Tongtu for a total of 680 million yuan marks a strategic move by the company to solidify its presence in the semiconductor and edge AI sectors, creating a comprehensive layout from "graphics to display to touch to perception" [1] - The core value of the acquisition lies in the leading market positions and strong technological barriers of the target companies, providing a stable revenue foundation for the company [1] Group 1: Beitelai - Beitelai has over a decade of experience in mixed-signal chain chips, holding the top market share in fingerprint recognition chips for smart locks and significant positions in touch chips for laptops [1][2] - The company’s unique technology innovations, such as the FD wake-up technology, have reduced standby power consumption to the lowest in the industry, while its latest floating touch control chip addresses interaction bottlenecks in emerging scenarios like AI glasses and wearable devices [1][2] - Beitelai's product line includes touch chips, biometric sensors, and dedicated MCUs, which enhance security and interactivity when combined with edge AI, with expectations of benefiting from a projected 30% growth in AI penetration in security and finance by 2025 [2] Group 2: Shanghai Tongtu - Shanghai Tongtu has established competitive barriers in display processing and IP licensing, with its RISC-V architecture-based screen bridge SOC chip leading the high-end OLED smartphone market [2][3] - The company’s proprietary compression algorithm achieves a compression ratio of 1:8, saving 50% storage space compared to similar products, which is a critical advantage in the context of high memory costs for AI terminals [2] - Shanghai Tongtu plans to develop PQ image enhancement chips and scaler chips, which are highly compatible with edge AI applications, optimizing video processing for AI photography without cloud uploads [3] Group 3: Strategic Implications - The integration of Beitelai and Shanghai Tongtu into the company’s chip business represents a qualitative change, creating a complete ecosystem from chip design to IP licensing to terminal solutions [3] - The expected cumulative net profit of 300 million yuan from the two companies between 2026 and 2028, along with a performance incentive mechanism, aligns with the company's strategic goals [3] - The trend of integrating "technology and scenarios" is gaining traction in the capital market, with the company leveraging its outdoor ecosystem to enhance its chip business and maintain its leadership in the outdoor sector [4]

Market Performance - A-shares indices collectively rose on December 8, with the Shanghai Composite Index increasing by 0.50% during intraday trading [1] - The communication equipment, brokerage, and aerospace military industries showed significant gains, while coal and energy equipment sectors experienced declines [1] - The Consumer Electronics ETF (159732) rose by 1.12%, with notable increases in constituent stocks such as Baiwei Storage (+6.91%), Dongshan Precision (+5.12%), and Shenghong Technology (+4.85%) [1] Industry Developments - AI glasses are seeing a surge in new releases, with Alibaba's self-developed AI glasses Quark S1 selling out, and Li Auto launching the AI glasses Livis focused on the "human-vehicle-home" ecosystem [3] - Google and XREAL are set to integrate Gemini with XR in their upcoming products, while Meta shifts its focus from the metaverse to AI and hardware [3] - ByteDance's Doubao has introduced a prototype with system-level AI interaction capabilities, marking a significant step in hardware-software integration [3] Investment Insights - Galaxy Securities suggests that AI applications will be a key focus for technology sector investments in the coming year, emphasizing the ongoing exploration phase of edge AI [3] - Continuous monitoring of developments in the Apple supply chain and new consumer electronics categories is recommended [3] - The Consumer Electronics ETF (159732) tracks the Guozheng Consumer Electronics Index, investing in 50 A-share listed companies involved in the consumer electronics industry, primarily in electronic manufacturing, semiconductors, and optical electronics [3]

Group 1 - The core viewpoint of the articles highlights the increasing investment and development in artificial intelligence (AI) by major technology companies, both domestically and internationally [1][2] - The launch of new AI products, such as Alibaba's Quark AI glasses and ByteDance's Nubia M153, indicates a growing trend in AI applications and consumer technology [1] - The STAR Market AI ETF (588930) tracks the performance of 30 major AI-related companies, reflecting the overall performance of the AI industry in the STAR Market [1] Group 2 - CITIC Securities notes that the current phase of AI application is still in its early stages, with significant potential for growth in AI capital expenditure (Capex) expected to increase 5-7 times globally by 2030 [2] - China's AI Capex is projected to grow 7-9 times, indicating a robust investment landscape for AI technologies [2] - The low foreign ownership in Chinese tech stocks suggests that if AI investment exceeds expectations, the attractiveness of Chinese AI companies will further increase [2]

Core Viewpoint - The rapid development of edge AI applications is reshaping the consumer electronics landscape, with significant investments from major tech companies in edge hardware, indicating a shift from cloud-based to device-based AI solutions [1][2]. Group 1: Edge AI Market Dynamics - Major tech companies, including Alibaba and ByteDance, are launching new edge AI products, highlighting a clear profit logic in the edge AI market [2]. - Industrial Fulian reported a 62% increase in net profit in Q3, indicating a surge in demand for AI servers and smart hardware components, benefiting Chinese supply chain companies [2]. - Frost & Sullivan predicts that the edge AI market in China will reach 307.7 billion yuan by 2029, with a compound annual growth rate of 39.9% [2]. Group 2: Edge AI Characteristics - Edge AI operates on local devices, processing data without sending it to cloud servers, which enhances response speed and privacy protection compared to cloud AI [3]. - While edge AI models are generally smaller and designed for lightweight tasks, they are more efficient in user interaction and privacy management [3]. Group 3: Mobile Devices as Primary Edge AI Carriers - Despite the emergence of AI glasses and other devices, mobile phones remain the primary carrier for edge AI due to their mature hardware and established user base [4]. - Mobile phones offer a seamless user experience and have the fastest integration capabilities with software, making them the most viable platform for edge AI applications [4]. Group 4: Investment Opportunities in Edge AI - Investment strategies should focus on innovative supply chain companies, assembly manufacturers, and key components like cooling, storage, and voice recognition that benefit from increased edge AI requirements [7]. - Companies with strong ecosystems and brand capabilities are likely to lead in the edge AI market, leveraging their resources to develop proprietary edge AI models [7]. Group 5: Market Sentiment and Valuation - The current tech boom has raised valuations of edge AI stocks, leading to discussions about potential market bubbles; however, the industry is still in a growth phase with significant long-term potential [9]. - Companies with strong traditional business foundations that are integrating edge AI may have lower valuation risks compared to those with weaker core businesses [10].

Core Viewpoint - The rapid development of edge AI applications is reshaping the consumer electronics landscape, with significant investments from major tech companies in edge hardware, indicating a shift from cloud-based to device-based AI solutions [1][2]. Group 1: Edge AI Market Dynamics - Major tech companies, including Alibaba and ByteDance, are launching new edge AI products, highlighting a clear profit logic in the edge AI market [2]. - Frost & Sullivan predicts that the edge AI market in China will reach 307.7 billion yuan by 2029, with a compound annual growth rate of 39.9% [2]. Group 2: Technical Aspects of Edge AI - Edge AI operates on local devices, allowing for faster response times and better privacy protection compared to cloud-based AI, although it typically handles lighter tasks due to hardware limitations [3]. - The future of AI will likely see a collaborative relationship between edge and cloud AI, where edge AI addresses simple user needs while cloud AI manages complex tasks [3]. Group 3: Mobile Devices as Primary Edge AI Platforms - Despite the emergence of new products like AI glasses, mobile phones remain the primary platform for edge AI due to their mature hardware and established user base [4]. - Mobile devices are seen as the most logical application scenario for edge AI, with manufacturers having the capability to integrate software and hardware effectively [4]. Group 4: Investment Opportunities in Edge AI - Investment in edge AI should focus on innovative supply chain companies, assembly manufacturers, and key components like cooling and storage that benefit from increased edge AI requirements [7]. - Companies with strong ecosystems and brand capabilities are expected to gain a first-mover advantage in the edge AI era [7]. Group 5: Industry Valuation and Market Sentiment - The current market sentiment regarding edge AI stocks suggests that while valuations have risen, the industry is not in a bubble phase, as long-term investments are necessary to realize potential returns [9]. - Companies with strong traditional business foundations that are integrating edge AI may have lower valuation risks compared to those with weaker core businesses [10].

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The report emphasizes the ongoing development and commercialization of AI applications, particularly in gaming and film sectors, as key areas for investment [3][4] - The upcoming release of major films like "Avatar 3" and new games is expected to drive market recovery and growth [4] Industry Overview - The media sector is experiencing a significant shift with AI applications becoming increasingly integrated into advertising, gaming, and film production [3] - The gaming industry is entering a peak season with new game launches expected to boost revenue significantly [3][4] Industry Data Summary - As of December 6, 2025, "Delta Force" ranks first in the iOS free game chart, while "Honor of Kings" leads the iOS revenue chart [10][14] - "Zootopia 2" has achieved a cumulative box office of over 3 billion yuan, ranking among the top 30 in domestic box office history [4][5] - The report highlights the stability of the top ranks in the WeChat mini-game market, with "Treasure Hunter" and "Endless Winter" leading the charts [30]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 50.66 CNY based on a 34x PE valuation for 2026 [4][7]. Core Insights - The company is expected to see a significant increase in net profit from 320 million CNY in 2025 to 583 million CNY in 2027, with a revised forecast reflecting an increase in gross margin [4][12]. - The acquisition of a 51% stake in a liquid cooling technology company is aimed at enhancing the company's data center business, which is becoming increasingly essential [11]. - The demand for thermal management solutions is expected to grow, particularly in AI-enabled devices, positioning the company to benefit from this trend [11]. Financial Forecasts - The company's projected revenues for 2025-2027 are 2.09 billion CNY, 2.94 billion CNY, and 3.96 billion CNY, respectively, with corresponding growth rates of 33.3%, 40.7%, and 34.7% [6][12]. - The gross margin is expected to improve from 31.0% in 2024 to 34.0% in 2025, before stabilizing at around 32.3% by 2027 [6][12]. - The net profit margin is projected to increase from 12.9% in 2024 to 15.3% in 2025, reflecting the company's operational efficiency [6][12]. Business Developments - The company is expanding its product offerings beyond graphite materials to include a comprehensive range of thermal management solutions, which are critical for various applications including smartphones and data centers [11]. - The company has established strong partnerships with leading clients in various sectors, including industrial, automotive, and medical, enhancing its market position [11].