中美科技博弈，自主可控仍旧是产业主旋律 模型成熟加速端侧AI渗透，终端创新精彩纷呈 模型能力日趋成熟，AI赋能下，端侧硬件创新浪潮开启。为了满足手机、PC等端侧算力需求，处理 器、内存、散热、软硬板和电池等环节都要大幅升级，同时未来苹果新产品折叠机的推出，将推动3D 打印和UTG玻璃的机会，特别是3D打印，具备减重、减薄、散热优势，随着成本优化，在3C领域空间 市场规模有望超千亿。新应用场景方面，AR眼镜、辅助驾驶平权、人形机器人等渗透，将拉动新型显 示、摄像头、控制芯片等多个产业链。 国产算力建设方兴未艾，AI驱动产业链欣欣向荣 兴业证券发布研报称，2024年以来，电子板块收益率呈现显著上行趋势，与之匹配的是，板块业绩持续 改善，主要得益于算力、自主可控、以及手机、消费、工业需求的恢复，同时AI的叙事提供了估值扩 张的基础。站在当前时间点，该行认为随着模型成熟，端侧AI创新有望加速，由于国内外算力投资的 错位，国产算力需求将持续爆发;另外，中美科技的博弈，自主可控、模拟芯片等板块国产化进程有望 加速。 兴业证券主要观点如下： 海外算力高投入已经超过两年时间，2025年初Deepseek爆火出圈，随后国内云厂 ...

苹果出手，要把折叠屏手机的"千年顽疾"按在地上摩擦了。 今天，极果君看到了苹果两条动态。 其一是，苹果要调整iPhone发布策略，以后 形成秋季和春季交替发布，上半年发低端款，下半年发高端款。例如26年开始，下半年推出iPhone 18 Pro系 列，标准版18则计划放在2027年上半年。 同时， 苹果首款折叠屏iPhone预计与iPhone 18 Pro一起来，明年发。。。。 从2019年首次传出研发消息，到如今频繁曝出专利和供应链动态，折叠屏iPhone显然已不再是"画饼"，而是一款蓄势待发的重磅产品。 至于为什么拖了这么久？ 答案很简单：苹果在死磕两个痛点——折痕和铰链。 这便是第二条苹果相关动态，近日由知名科技记者马克·古尔曼爆料出来，他指出苹果对折叠屏iPhone的定位是一款全新高端机型，和其他折叠屏手机相 比，这次苹果主打两大杀手锏： 第一，屏幕展开几乎看不见折痕第二，铰链品质直接拉满 这架势，明显是要在折叠屏市场搞事情啊！ 但苹果偏不信邪，势必要解决这个难啃的骨头...正如马克·古尔曼最新爆料，折叠屏iPhone在展开时，折叠痕迹几乎肉眼不可见。也就是说，这款设备的内 屏会采用更无缝的设计。 马 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.50 CNY based on a 25x PE valuation for 2025 [2][5][11]. Core Insights - The company is expected to achieve robust revenue growth, with projected revenues of 54,491 million CNY in 2023, increasing to 143,201 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of 21.5% [4][10]. - The net profit attributable to the parent company is forecasted to grow from 3,021 million CNY in 2023 to 8,890 million CNY in 2027, with a significant increase of 46.3% in 2025 [4][10]. - The company has shown strong performance in Q1 2024, with a revenue of 170 million CNY, a 10% year-on-year increase, and a net profit of 4.3 million CNY, up 39% year-on-year [10]. Financial Summary - Revenue projections for 2025, 2026, and 2027 are 93,978 million CNY, 117,906 million CNY, and 143,201 million CNY respectively, with year-on-year growth rates of 34.5%, 25.5%, and 21.5% [4][10]. - The company's gross margin is expected to slightly decline from 16.6% in 2023 to 15.1% in 2027, while the net profit margin is projected to improve from 5.5% to 6.2% over the same period [4][10]. - The return on equity (ROE) is anticipated to rise from 6.7% in 2023 to 13.6% in 2027, indicating improved profitability and efficiency [4][10]. Business Performance - The company has successfully integrated vertically, enhancing its global production capacity to ensure supply security, with significant revenue contributions from smartphone and computer-related businesses [10]. - The company is expanding into new growth areas such as AI glasses, humanoid robots, and AIPC, collaborating with leading brands to drive future revenue growth [10].