苹果引领端侧腾飞，后续如何布局

Summary of Apple Inc. Conference Call Industry and Company Overview - The conference call focuses on Apple Inc. and its position in the smartphone market, particularly regarding AI integration and product expectations [1][2]. Key Points and Arguments Market Performance and Product Expectations - Apple leads the smartphone market with a 6% penetration rate for AI phones, with competitors like Samsung, OPPO, vivo, and Xiaomi showing strong performance [1]. - By 2027, AI phones are expected to become standard in the mid-to-high-end market, with projected sales reaching 500 million units [1]. - Apple's annual shipment volume is estimated to be between 200 million and 240 million units, with a forecast of around 210 million units, reflecting a market elasticity of 10% to 15% [1]. - The popularity of new models like iPhone 15 PRO and PRO Max is anticipated to increase, with at least 1.2 billion users likely to upgrade their devices [1]. - The M series chips, launched in fall 2020, currently do not require urgent updates, supporting both Apple and Intel [1]. Technological Development and Ecosystem - Apple's computing platform includes iOS 18 and Max Koya, equipped with significant computational power [2]. - The M series chips have reached 38 sets of computational power, with mobile computing power increasing to 35 sets since 2017 [2]. - Apple has a unified memory architecture and high bandwidth support, capable of running billions of parameters in edge models [2]. - The new operating system is set to launch this fall, requiring American English, with active devices reaching 2.2 billion, including 1.33 billion iPhones [2]. - Over 100 million iPhones are expected to support the new system this fall [2]. Supply Chain and Regulatory Adaptation - Apple's supply chain is adapting to new EU regulations, enhancing its chip configuration ratio and promoting updates for older PC and PAD products [2]. - The EU's new battery regulations require a 50% recycling rate for used batteries by 2027 and 80% by 2031 [2]. - Apple is expected to implement miniaturization and lightweight battery solutions, with noticeable changes anticipated this fall [2]. AI Chips and Large Model Developments - Apple is innovating in AI with the introduction of the m4 chip for edge computing and self-operated AI data center chips [2]. - The m4 chip, manufactured using TSMC's 3nm process, features 28 billion transistors and achieves 38 sets of computational power [2]. - Apple is enhancing services through navigation innovations and proprietary cloud computing models, estimated to have parameters between 30 billion and 70 billion [2]. - The company plans to integrate third-party large models, such as OpenAI's GPT-4, for general knowledge Q&A, ensuring user privacy is not compromised [2]. Supply Chain Company Insights - Supply chain companies like Luxshare and Pengding account for 70% of Apple's revenue, while others like Lante and Changdian contribute 30% to 40% [3]. - The growth in Apple's business is expected to benefit these supply chain companies significantly [3]. - Most supply chain companies have a PE valuation of around 20 times, considered relatively inexpensive [3]. - Lante Optical, a supplier for Apple's periscope camera, is expected to see increased revenue as the iPhone 15 PRO Max will be the first to use this technology, with further expansion in iPhone 16 models [3].