Global Smartphone Market Overview - The global smartphone market remained flat in Q4 2024 but achieved a 4% growth for the year, driven by increases in the Latin America and European markets [4] - Apple led the global smartphone market with a 23% market share in Q4 2024, followed by Samsung at 16% [4] - Xiaomi ranked third with a 5% year-on-year increase in shipments, while Vivo saw a 13% increase, making it the fastest-growing brand among the top five [4] - OPPO experienced a 3% decline in shipments year-on-year but performed well in China, Latin America, and Western Europe [4] - In the 5G segment, Apple held a 32% market share, with Samsung at 16%, while Xiaomi was the fastest-growing brand in this category with a 33% year-on-year growth rate [4] India Smartphone Market - The Indian smartphone market achieved a record high revenue in 2024, with a 9% year-on-year growth [7] - Apple ranked first in market revenue for the second consecutive year and entered the top five in shipments for the first time in Q4 2024 [7] - Vivo became the leading brand in terms of shipments for the first time in the fiscal year 2024 [7] - Three-quarters of smartphones shipped in 2024 supported 5G technology, with the iPhone 15 being the top-selling model in Q4 2024 [7] China Smartphone Market - China's smartphone sales declined by 3.2% year-on-year in Q4 2024, marking the only quarter of year-on-year decline for the year [8] - Despite the decline, the overall smartphone sales in China grew by 1.5% year-on-year for the entire year, with Vivo maintaining the top market share at 17.8% [11] US Smartphone Market - The US smartphone sales decreased by 3% year-on-year in Q4 2024, primarily due to weak performance in the sub-$300 market [10][12] - High-end smartphones priced at $600 and above saw a 4% year-on-year increase in sales [12] - The iPhone 15 outperformed the iPhone 16 series in terms of sales growth since its release [12] European Smartphone Market - The European smartphone market experienced growth for four consecutive quarters, the first time since Q1 2017 [15][16] - Apple achieved year-on-year growth despite a slow start for the iPhone 16, while Realme and HONOR showed strong performance in Western Europe [16] Indonesia Smartphone Market - Indonesia's smartphone shipments grew by 7% year-on-year in 2024, driven by positive marketing during shopping seasons and the Eid festival [18] - Xiaomi's shipments increased by 24% due to a broader product range and expansion of offline channels [18] - The shipment of 5G smartphones in Indonesia rose by 36% year-on-year, reflecting the growing presence of mid-range 5G devices [18] Japan Smartphone Market - Japan's smartphone sales grew by 7% year-on-year in 2024, supported by economic recovery [20] - Apple continued to lead the high-end market, although its overall sales declined by 3% due to weak demand for older models [20]

2024 年 Q4 全球智能手机市场总结 数据来源：Counterpoint Research 市场监测服务 全球智能手机市场份额 Q2 2023 - Q4 2024 尽管 2024 年 Q4 全球智能手机市场整体持平，但全年仍实现 4% 的增长，主要得益于加勒 比和拉美以及欧洲市场的增长。 苹果以 23% 的市场份额领先 2024 年 Q4 全球智能手机市场，三星以 16% 的份额位居第 二。 小米排名第三，出货量同比增长 5%，而 vivo 同比增长 13%，成为 2024 年 Q4 前五大品牌 中增长最快的品牌。 OPPO 在 2024 年 Q4 出货量同比下降 3%，但在中国、拉美和西欧市场表现良好。 在 5G 细分市场，苹果以 32% 的市场份额占据全球领先地位，三星以 16% 紧随其后。 在前五大品牌中，小米以 33% 的同比增长率成为 5G 领域增长最快的品牌，主要受中国、 印度和俄罗斯市场的强劲需求推动。 低成本 5G 机型的普及以及 GenAI 在中低价位段的渗透，将成为 2025 年需要关注的关键趋 势。 OPPO 自 Q3 2021 起包含 OnePlus 扫码跳转 阅读全文 Count ...

Adobe Inc. (NASDAQ: ADBE ) has a large opportunity for growth in the coming quarters as the firm rolls out its GenAI video and image development tools, allowing marketing departments to streamline workflows and do more with less. Despite beingMichael Del Monte is a buy-side equity analyst with over 5 years of industry experience. Prior to working in the investment management industry, Michael spent over a decade in professional services working in industries that range from O&G, OFS, Midstream, Industrials, ...

Company Overview - Veeva Systems Inc. announced Veeva CRM Pulse, a data subscription service providing quarterly healthcare professional access and multichannel engagement metrics for the life sciences industry [1] - The service is currently available for Veeva's CRM customers, covering 2024 quarterly data across multiple countries including the US, Canada, and several European and Asian nations [2] - The introduction of CRM Pulse is expected to significantly enhance the Veeva Data Cloud product category, thereby boosting overall business performance [3] Financial Performance - Following the announcement of CRM Pulse, Veeva's shares increased by nearly 7.9% [4] - The company has a market capitalization of $38.34 billion and an earnings yield of 2.9%, which is favorable compared to the industry's negative yield [5] - In the last reported quarter, Veeva delivered an earnings surprise of 10.1% [5] Strategic Significance - Management believes that CRM Pulse will improve global segmentation and targeting, enhancing the value of data for commercial operations [6] - The latest availability of healthcare professional access data is seen as a significant milestone for Veeva Systems, expected to boost its business [8] Industry Prospects - The global healthcare analytics market was valued at $43.1 billion in 2023 and is projected to grow at a CAGR of 21.1% from 2024 to 2030, driven by technological advancements and the need for improved patient care [7]

Financial Data and Key Metrics Changes - Revenue for Q2 was $648 million, representing a 23% year-over-year increase and a 3% sequential increase [39] - Annual recurring revenue (ARR) grew 23% year-over-year to over $2.7 billion, with a net retention rate (NRR) improving to 115% [8][39] - Total calculated billings increased 18% year-over-year to $743 million, with unscheduled billings growing over 25% year-over-year [40] - Operating profit grew by 36%, leading to a 2 percentage point improvement in operating margin to nearly 22% [9][39] - Free cash flow margin reached a record of 22% [9] Business Line Data and Key Metrics Changes - The Zero Trust Branch solution saw significant customer interest, with 57% of customers being new logo customers [17] - Data protection solutions experienced over 40% year-over-year growth in net new annual contract value (ACV) [19] - The number of customers with over $1 million in ARR grew by 25% year-over-year [17][41] Market Data and Key Metrics Changes - Geographic revenue distribution: Americas accounted for 54%, EMEA for 30%, and APJ for 16% [39] - The company ended Q2 with 620 customers generating over $1 million in ARR and 3,291 customers generating over $100,000 in ARR [41] Company Strategy and Development Direction - The company is focusing on the "Zero Trust Everywhere" initiative, aiming to triple the number of enterprises adopting this model within 18 months [14][36] - The strategy includes targeted campaigns to educate customers on transitioning from legacy security stacks to Zero Trust solutions [13][36] - The company is leveraging the upcoming hardware refresh cycle to promote its solutions, emphasizing cost savings and improved security [13][104] Management's Comments on Operating Environment and Future Outlook - Management noted that while there is ongoing scrutiny of large deals, the demand for cybersecurity solutions remains strong [104][110] - The company expects to achieve $3 billion or more in ARR by the end of the fiscal year, driven by strong demand and sales productivity [8][37] - Management highlighted the importance of partnerships with global system integrators (GSIs) in driving growth and closing deals [32][66] Other Important Information - The company is investing in AI solutions, with AI analytics driving strong growth and nearly doubling year-over-year [28][27] - The company has hired a new EVP of AI innovations to accelerate the development of AI solutions [29] Q&A Session Summary Question: How much of the business is coming from ZIA and Secure Web Gateway replacements versus broader platform products? - Management indicated that ZIA is often a starting point, but many customers are now adopting a broader platform that includes ZIA, ZPA, and CDx [52] Question: What proves that the go-to-market changes are making a difference? - Management cited the strength of the pipeline, double-digit growth in new ACV, and increased engagement with C-level executives as indicators of success [58] Question: Can you provide insight into the NRR improving to 115%? - Management noted that larger deals and upsells are contributing to the NRR, with expectations of continued growth in this area [75][76] Question: Can you elaborate on the 8-figure APAC government deal? - Management described it as a landmark deal focused on cybersecurity rather than ROI, with significant upsell opportunities in the government sector [81][83] Question: How is the company addressing the need for data classification? - Management explained that AI is being utilized for data classification, and the platform can work alongside other providers' classifications for policy enforcement [90][92] Question: What is the competitive landscape for Zero Trust solutions? - Management stated that competition primarily comes from legacy firewall vendors and that Zero Trust solutions eliminate the need for traditional security appliances [146]

2025.3.20 •周四 倒 计 时 2 周 ⼤会名称 ：AI 360 研讨会 ⼤会时间 ：2025 年 3 ⽉ 20 ⽇ 主办单位 ：Counterpoint Research ⼤会地址 ： 深圳东海朗庭酒店 倒数两周！抢占先机！ 邀请您参加 3 月 20 日 AI 360 研讨会 AI 360 Summit —— 精神从美国硅谷到中国深圳 此次研讨会将深入探讨 AI 技术的演变，从传统的机器学习到 GenAI，再到自主 AI Agent，并展 望未来的发展趋势。 2.活动亮点 3.与会人员 汇聚全球顶尖AI分析师（含诺基亚、英特尔等相关从业经历背景专家）、产业链决策者 （OEM/ODM、供应链）及创新先锋，通过技术趋势解读，直击AI商业化机遇，助您拓展技术应 用与跨界合作。 从 AI 到 GenAI，再到 Agentic AI 及更远的未来： 探索 AI 技术的演进， 从传统机器学习到 GenAI 以及自我进化的 AI Agents。 深入探讨未来的 AI 发展，包括多代理系统、自我学习算法，并了解 AI 如何在日常生活中 全面融入。 实际应用案例、商业模式及 AI 盈利化： 发掘 AI 在各行各业中的 ...

半导体创新是改善我们生活的技术的核心所在。在半导体领域，各公司正采取灵活的策略，以获取 更高的投资资本回报率（ROIC）。此外，在芯片结构中，与供应链的合作变得比以往任何时候都更 加必要。我们还注意到，硬件也在发生变化，以适应 GenAI 应用场景以及用户界面的改变。 2025-2027 年，谁在推动什么？ 业务咨询 Rick Cui / 客户服务总监 电话: +86 13801127537 邮箱:rick@counterpointresearch.com 没有完美的解决方案 ：动态随机存取存储器（DRAM） 解决方案有其自身的优缺点。这些技术改善 了带宽、延迟、速度、容量和功耗/热量等特性，但也带来了成本和时效性方面的挑战。为了降低与 创新相关的风险，客户需要作出承诺，而制造商则需要减轻成本负担。 智能手机与 Apple ：短期内，最具创新性的解决方案是处理内存（PIM），但其数量有限，主要支 持神经处理单元（NPU）。移动高带宽内存（HBM）有望提升性能，但应用场景尚不明确。预计到 2026 年，Apple 将从封装堆叠（PoP）转向分立封装，在 iPhone Pro Max 和折叠手机中提高带宽。 此外 ...

Core Insights - Semiconductor innovation is central to improving technology in daily life, with companies adopting flexible strategies to achieve higher returns on investment capital (ROIC) [1] - Collaboration within the supply chain has become increasingly essential in the semiconductor sector [1] - Hardware is evolving to accommodate GenAI applications and changes in user interfaces [1] Group 1: Market Trends and Innovations - From 2025 to 2027, various players are driving advancements in the semiconductor industry [2] - Dynamic Random Access Memory (DRAM) solutions have their own advantages and disadvantages, improving bandwidth, latency, speed, capacity, and power/heat characteristics, but also presenting cost and timeliness challenges [3] - Customers need to commit to reduce risks associated with innovation, while manufacturers must alleviate cost burdens [3] Group 2: Specific Applications and Technologies - In the smartphone sector, Processing In Memory (PIM) is currently the most innovative solution, albeit limited in quantity and primarily supporting Neural Processing Units (NPU) [3] - High Bandwidth Memory (HBM) is expected to enhance performance, although application scenarios remain unclear [3] - By 2026, Apple is anticipated to shift from Package on Package (PoP) to discrete packaging to improve bandwidth in iPhone Pro Max and foldable phones [3] Group 3: Automotive and Other Sectors - In the automotive sector, particularly with Tesla, the use of Application Processors (AP) and Low Power Double Data Rate (LPDDR) memory is increasing alongside the expansion of autonomous driving [4] - HBM4 is expected to be applied in autonomous vehicles post-2027, while Wide I/O usage is projected to expand in augmented reality (XR), drones, and gaming to improve latency performance [4] - NVIDIA's DIGITS technology aims to combine GPUs with HBM to expand memory bandwidth and enhance CPU bandwidth through SOCAMM, expected to be realized by mid-2025 [4]

Financial Data and Key Metrics Changes - Nutanix reported record quarterly revenue of $655 million, exceeding the guided range of $635 million to $645 million, representing a year-over-year growth rate of 16% [21] - Annual Recurring Revenue (ARR) grew 19% year-over-year to $2.06 billion, surpassing the $2 billion mark [10][21] - Non-GAAP gross margin in Q2 was 88.3%, and non-GAAP operating margin was 24.6%, higher than the guided range of 20% to 21% [24] - Free cash flow in Q2 was $187 million, representing a free cash flow margin of 29% [25] Business Line Data and Key Metrics Changes - New logo growth exceeded 50% year-over-year across all customer segments, including the Global 2000 [10][21] - Net dollar-based retention rate (NRR) at the end of Q2 was 110%, flat quarter-over-quarter [22] Market Data and Key Metrics Changes - The U.S. federal business improved and returned to solid year-over-year growth, although it remains 10% or less of annual revenue [39][42] - The company noted a good pipeline of opportunities in the federal sector, but uncertainty remains due to the new administration [41][73] Company Strategy and Development Direction - Nutanix aims to become the leading platform for running applications and managing data anywhere, focusing on capturing multiyear growth opportunities [18] - The company is investing in sales and marketing and research and development to address its large market opportunity [31][102] - The Nutanix Cloud Platform is positioned to support enterprises in deploying and running GenAI applications efficiently [12][96] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strength in landing new logo customers and steady performance in existing customer expansion [29][71] - The updated guidance for fiscal year 2025 includes revenue of $2.495 billion to $2.515 billion, representing a year-over-year growth rate of approximately 17% at the midpoint [28] - Management acknowledged the challenges of elongated sales cycles and variability in deal structures but noted improvements in closing larger deals [23][137] Other Important Information - Nutanix issued $862.5 million in convertible notes due 2029 and closed a $500 million revolving credit facility, enhancing financial flexibility [25][26] - The company highlighted significant wins with various Global 2000 companies, showcasing its ability to modernize IT footprints [14][16] Q&A Session Summary Question: Insights on customer momentum and federal vertical - Management noted that new logo growth is driven by a matured pipeline and recent go-to-market initiatives, with the federal business showing improved performance [36][39] Question: Confidence in pipeline for Global 2000 customers - Management indicated that many Global 2000 opportunities are second vendor opportunities, with a mix of hyperconverged and three-tier solutions being adopted [48][50] Question: Variability in large deal timing and incentives - Management acknowledged variability in large transactions and emphasized the importance of articulating the value proposition to customers [78][81] Question: Update on GPT-in-a-Box and enterprise adoption - Management reported increasing interest in GenAI applications and noted that customers are moving from experimentation to real-life production deployments [92][96] Question: Investment in sales and marketing and R&D - Management confirmed that investments in sales and marketing and R&D will ramp in the second half of the fiscal year, targeting core platform strengthening and modern applications [101][104]

Financial Data and Key Metrics Changes - In Q4 2024, CommScope reported core net sales of $1.17 billion, a year-over-year increase of 27%, and core adjusted EBITDA of $240 million, a year-over-year increase of 69% [7][34] - For the full year 2024, core CommScope delivered net sales of $4.21 billion, a decrease of 8% from the prior year, with core adjusted EBITDA of $756 million, flat compared to the prior year [8][31] - The company ended the year exceeding its provided core adjusted EBITDA range of $700 million to $750 million [9] Business Line Data and Key Metrics Changes - The CCS segment saw a revenue growth of 36% in Q4, with adjusted EBITDA increasing by 110% [13][37] - The core NICS segment's revenue was up 13% in Q4, with adjusted EBITDA increasing by 285% [20][41] - ANS segment net sales increased by 12% in Q4, but adjusted EBITDA decreased by 27% due to lower software revenue and unfavorable product mix [43][44] Market Data and Key Metrics Changes - The enterprise fiber business within CCS grew 73% year-over-year, representing 22% of CCS revenue in 2024 [14][39] - The data center market is projected to grow at over 30% annually, driven by demand for AI-focused data centers [15][39] - The company expects strong growth in broadband and structured cabling as customer inventory normalizes [18][19] Company Strategy and Development Direction - CommScope is focused on business growth, free cash flow generation, and deleveraging following the sale of its OWN and DAS businesses [11] - The company is investing in new capacity and product development to meet projected market growth, particularly in the data center segment [16][19] - The strategy includes enhancing market share through new product launches and improved customer support [28][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in recovery, citing sequential quarterly improvements and positive customer conversations [66][67] - The company anticipates a strong rebound in 2025, with projected core adjusted EBITDA in the range of $1.0 billion to $1.05 billion [10][55] - Management acknowledged challenges in the ANS segment but remains optimistic about upcoming upgrade cycles and product launches [24][45] Other Important Information - The company generated $278 million from cash flow from operations in Q4, with free cash flow of $271 million [47] - CommScope ended the quarter with $663 million in cash and total available liquidity of approximately $1.1 billion [49][50] - The net leverage ratio improved to 7.8x, down from 9.1x in the prior quarter [52] Q&A Session Summary Question: Guidance on core adjusted EBITDA for next year - Management indicated confidence in the recovery, with expectations of over $950 million adjusted EBITDA going forward, driven by data center business and FDX launch [66][67] Question: Market share gains in enterprise fiber business - Management highlighted strong growth in the enterprise fiber business, driven by new products and market demand, with expectations of continued share gains [71][74] Question: Data center business split between hyperscale and traditional enterprise - The data center business is weighted towards hyperscalers, but growth is also coming from other cloud data center customers [82][83] Question: Anticipated rollout of FDX amplifiers - Management expects to ship approximately $300 million worth of FDX amplifiers in 2025, with a significant ramp-up expected in Q2 and Q3 [97][99] Question: Strategic activity post-OWN and DAS sale - Management is focused on running the business and capitalizing on growth opportunities in the data center market and new product launches [103]