SIASUN(300024) -·2024-12-19 07:36Summary of Key Points from the Conference Call Industry Overview - The Internet of Things (IoT) industry is currently driven by three major catalysts: AI, robotics, and vehicle networking [14][15] - ByteDance is expected to become the largest AI catalyst in China by 2025, focusing on AI toys that combine large model capabilities with toy formats, which are anticipated to quickly gain traction [14][15] Core Insights and Arguments - AI Toys: - AI toys meet educational and companionship needs, exhibit high user engagement, and have low production costs [15] - The second-hand market price for ByteDance's AI toys has reached between 200-500 RMB [7][15] - Robotics: - Lexin Technology has a broad layout in the IoT and AI sectors, including the ESP32 chip and multifunctional desktop robots that integrate voice interaction, image recognition, and remote control capabilities [4][15] - Vehicle Networking: - Companies like Tesla are accelerating the application of 5G and vehicle networking technologies, which is expected to benefit various IoT module manufacturers [14][15] Company-Specific Developments - Lexin Technology: - Launched a multifunctional desktop robot and has developed wireless SoC for edge computing applications [4][15] - Miyuan Communication: - A leading IoT module supplier with strong performance in smart modules, collaborating with NVIDIA and Qualcomm, and benefiting from the rollout of Tesla's Full Self-Driving (FSD) feature [17][15] - Meige Intelligent: - Focused on vehicle networking and AI computing modules, holding a significant share of BYD's 5G module market, with expected revenue growth from 1 billion RMB this year to 2 billion RMB next year [17][15] - Guanghe Communication: - Emphasizing robotics and AI, launched an intelligent robot development platform and high-performance robots, aiming to establish a second growth curve [11][15] Market Outlook - The vehicle module market is projected to experience a large-scale installation period between 2026 and 2027, with a potential pre-installation rate exceeding 9% [18][15] - The U.S. has a well-established position in the AI module market, with a comprehensive range of smart modules from 1.2T to 48T [19][15] Additional Noteworthy Points - Current investment opportunities in the internet sector include companies like Langxin Technology, Miyuan Communication, and Nanhai Network, which have made significant advancements in blockchain, vehicle networking, and robotics technologies [12][15]