BOCIC(601696) 中银证券·2024-06-16 08:42Financial Data and Key Metrics Changes - The AI large model industry is experiencing significant growth, with the market size increasing from 1.5 billion yuan in 2020 to 14.7 billion yuan in 2023, reflecting a compound annual growth rate of approximately 114% [13][14] - The year 2023 is considered the "元年" (the first year) for generative AI, with a year-on-year growth rate of 110% [13][14] Business Line Data and Key Metrics Changes - The report highlights various business models for AI large models, including API calls, content generation, and Model-as-a-Service (MaaS) [15][27] - The API call model is identified as a primary revenue source, with OpenAI's GPT-4o charging $0.015 per 1,000 tokens, indicating a substantial profit margin [18][19] Market Data and Key Metrics Changes - The report notes a decline in the frequency of significant industry events, suggesting a slowdown in the introduction of new large model products [8] - The competitive landscape is intensifying, with many companies reducing prices for their AI models, indicating a price war in the market [19][20] Company Strategy and Development Direction - Companies are encouraged to focus on sectors such as AI large models, AI hardware, and AI security, with specific recommendations for firms like 拓尔思, 云赛智联, and 奇安信 [14] - The MaaS model is highlighted as a promising avenue for commercializing AI large models, particularly in industries like finance and energy [27][28] Management's Comments on Operating Environment and Future Outlook - The management expresses optimism about the commercial success of AI large models, drawing parallels with the early stages of other transformative technologies like the iPhone and 5G [9][34] - The report emphasizes the importance of establishing scalable business models for AI large models to ensure long-term growth [8][9] Other Important Information - The report discusses the potential for AI large models to transform various industries, suggesting that they should not only be viewed as a single investment avenue but as a new productive force in the economy [34][35] - The regulatory environment is also noted, with the requirement for companies to register their generative AI services, which may impact the competitive landscape [36] Q&A Session Summary Question: What is the current stage of AI large model commercialization? - The industry is at a critical juncture for validating the success of AI large model commercialization, with expectations for significant indicators of success in the near future [9] Question: Which industries are expected to benefit from the commercialization of large models? - Industries such as finance and energy are identified as having a strong foundation for adopting MaaS and benefiting from AI large models [28]