news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

Zhitong Finance APP learned that Tianfeng Securities released a research report that the leading cloud vendors continued to emphasize AI's empowerment of existing core businesses and the improvement of user engagement in AI products this quarter. Google emphasized AI's help in promoting innovation in search types and improving the quality of search results, as well as empowering a more powerful advertising experience in the overall marketing process; Microsoft emphasized that AI has driven the accelerated growth of Azure cloud share and continued to promote product innovation across infrastructure and applications. Investors are paying more attention to AI ROI. Tianfeng Securities believes that at this point in time, cloud vendors are full of confidence in the long-term returns of AI and their investment in AI remains strong.

AI: 1) This quarter, leading cloud vendors continue to emphasize AI’s empowerment of existing core businesses and the improvement of user engagement in AI products.Google emphasized that AI promoted innovation in search types and helped improve the quality of search results, as well as empowered a more powerful advertising experience in the overall marketing process; Microsoft emphasized that AI has driven the accelerated growth of Azure cloud share, continued to promote product innovation across infrastructure and applications, and rapidly increased the number of users of AI products. The number of Azu re AI users increased by nearly 60% year-on-year, and the average user expenditure was also increasing. Maas paid users increased by more than 100% month-on-month. The number of Azu re AI customers using Microsoft Intelligent Data Platform increased by nearly 50% year-on-year, and the number of users using GitHub Copilot increased by 180% year-on-year, contributing 40% of Github's revenue growth; Amazon AWS business revenue accelerated, from 17.2% in 24Q1 to 18.8% in 24Q2; Meta believes that AI can improve the quality of Facebook and Instagram recommendations, while providing advertisers with creativity and driving the growth of its advertising business;

2) Investors are paying more attention to AI ROI. Tianfeng Securities believes that at the current point in time, cloud vendors are full of confidence in the long-term returns of AI and their investment in AI remains strong.Google believes that the risk of insufficient investment in AI is far greater than over-investment in AI. Microsoft AI's contribution to the growth rate of Azure business continues to grow (8 percentage points this quarter, an increase of 1 percentage point compared with the previous quarter). AWS expects capital investment to be higher in the second half of this year as the company continues to see strong demand for generative AI and non-generative AI workloads. Meta raised its full-year capital expenditure cap from US$35 billion to US$37 billion, and expects capital expenditures to increase significantly in 25 years.

Automotive Electronics: The Guangzhou Huadu "Vehicle-Road-Cloud" integrated application pilot project was approved, and "Vehicle-Road-Cloud Integration" empowers autonomous driving projects.The "vehicle-road-cloud integration" application pilot project in Huadu District, Guangzhou has been approved with a total investment of 1.195 billion yuan. The project covers the entire district and plans to build a hyper-converged computing platform including 110 roads and 400 nodes of road test equipment, 200 autonomous driving vehicles and 400 wired nodes + 5G network. The Ministry of Industry and Information Technology has released a list of pilot cities for the application of "vehicle-road-cloud integration" for intelligent connected vehicles. Currently, many cities have actively participated, and the investment amount is expected to be between 10 billion and 17 billion yuan. The pilot cities have steadily promoted the implementation of autonomous driving at various ports such as policy, technology, and industry, and promoted the "vehicle-road-cloud integration" to quickly enter a new stage of large-scale demonstration application.

Smartphones: The mobile phone market showed signs of recovery in the second quarter of 2024, with shipments increasing by 6.5% year-on-year. China Telecom released its first self-branded AI mobile phone, Maimang 30, equipped with a self-developed large model of Xingchen. Apple began to develop a small foldable version of the iPhone and signed a confidentiality agreement with Asian suppliers for the foldable project. Xiaomi released the MIX Flip/MIX Fold 4 foldable screen mobile phone, equipped with a self-developed keel hinge 2.0, which is 16% lighter.

1) In terms of the end-side big model, China Telecom released its first self-branded AI mobile phone, Maimang 30, equipped with the Xingchen big model. Maimang 30 is connected to "Xingchen Zhihui" for the first time, which can realize functions such as copywriting, voice transcription, and image generation, bringing great convenience and smart experience to users.

2) New phones: Apple has begun developing a small foldable version of the iPhone and has signed a confidentiality agreement for foldable projects with Asian suppliers. On July 19, Xiaomi released the MIX Flip/MIX Fold 4 foldable screen mobile phone. Xiaomi MIX fold 4 weighs 226 grams, with a single-side thickness of 4.59mm and a thickness of only 9.47mm after folding. The proportion of 1800MPa super-strong steel reaches 82.6%, and the hinge folding life exceeds 500,000 times. Xiaomi MIX Flip is 7.6/7.9mm thick when unfolded and 15.99/16.19mm thick when folded. It weighs 192g. The Xiaomi MIX Flip has an external screen size of 4.01 inches, a resolution of 1.5K, and a refresh rate of 120Hz. 3) Mobile phone shipments in the second quarter of 2024 increased by 6.5% year-on-year, and the growth trend has continued for four consecutive quarters, laying the momentum for the expected recovery this year. According to data from International Data Corporation (IDC), mobile phone shipments in the second quarter of 2024 (April to June) increased by 6.5% year-on-year to 285.4 million units. The second quarter is more like a prelude to the launch of more AI smartphones in the second half of the year, which may become the next growth driver after 5G and foldable phones.

PC: Qualcomm said in its earnings conference that the price of Snapdragon AI PC will drop to $700 (about RMB 5,000) by 2025, and it is actively cooperating with computer manufacturers to develop the next generation of Copilot+ PC, and is optimistic that the price reduction and iteration of AI PC will drive demand. PC shipments in the second quarter increased by 3.4% year-on-year. ASUS's new ProArt Creation 16 2024 notebook uses its iconic virtual knob function to provide professional creative support for creative workers and virtual designers.

1) Qualcomm released its third-quarter financial report and held an earnings conference, stating that by 2025, the price of Snapdragon AI PC will drop to $700 while maintaining performance. The company also confirmed that it has cooperated with computer manufacturers to develop the next generation of Copilot+ PC, and stated that more PC products will be released at the Berlin International Broadcasting Exhibition (IFA) which will open on September 6.

2) PC shipments: In the second quarter of 2024, shipments of desktops and notebooks reached 62.8 million units, a year-on-year increase of 3.4%, and the global personal computer (PC) market is accumulating growth. Shipments of notebooks (including mobile workstations) reached 50 million units, a year-on-year increase of 4%. Desktops (including desktop workstations) accounted for 20% of the total PC market, a slight increase of 1%, and total shipments reached 12.8 million units.

3) In terms of new machines, ASUS released the ProArt 16 2024 notebook on July 17. The iconic virtual knob function of the ASUS ProArt series has in-depth cooperation with many creative software. The computer is equipped with a 4K OLED screen, covering 100% P3 wide color gamut, with a maximum brightness of 600 nits, and supports ten-point touch and ASUS Pen stylus.

Panel: TCL Huaxing becomes the preferred bidder for 70% equity of LGD (China) and 100% equity of LGD (Guangzhou). The TOP3 production capacity area share will increase from 63% to 72%, and the upstream concentration and bargaining power will be further improved. TV panel shipments in June decreased both month-on-month and year-on-year, and leading manufacturers are determined to control production.

1) Large size: In terms of price, it is expected that the prices of all mainstream LCD TV panels will drop moderately in August, with prices of panels of all sizes falling by 1 to 2 US dollars; in terms of shipments: global TV panel shipments in June fell 6% year-on-year and 2% month-on-month.

2) Medium size: In terms of price, the price of mainstream monitor panels in July turned from rising to stable, the price of TN panels stopped rising and stabilized, and the price of mainstream 16:9 panels remained stable. The price of mid-to-high-end panels still fell slightly. In terms of global MNT panel semi-annual shipments, three major factors drove a 10% year-on-year increase in the first half of the year. Considering that the active panel purchases in the first half of the year were not effectively sold at the terminal, the inventory of brands and channels increased, which to a certain extent overdrew the demand in the second half of the year, and there is a risk of decline in the second half of the year.

3) Small size: The overall price of smartphone panels will continue to show a steady downward trend in the third quarter, and the price of tablet panels will remain stable. In the first half of 2024, OLED smartphone shipments will increase by 43% year-on-year, and revenue will increase by 7% year-on-year;

4) Upstream: TCL Technology Group Co., Ltd.'s holding subsidiary TCL Huaxing Optoelectronics Technology Co., Ltd. plans to acquire 70% of the shares of LG Display (China) Co., Ltd. and 100% of the shares of LG Display (Guangzhou) Co., Ltd., and has been identified as the preferred bidder. Top3's production capacity area share is expected to increase from 63% in 2024 to 72%, and the concentration of LCD TV panel supply will further increase.

Recommended attention:

Passive components: Upstream raw materials: Jiemei Technology/Guocera Materials; MLCC: Sanhuan Group/Fenghua Hi-Tech/Dalicap; Inductor: Sunlord Electronics/Magetech/Boco New Materials; Crystal oscillator: Taijing Technology/Huilun Crystal;

Connector and wiring harness manufacturers: Connectors and related: Luxshare Precision, Huafeng Technology, AVIC Optronics (jointly covered with the military industry group), Dingtong Technology, and Boway Alloy; Wiring harnesses: Woer Nuclear Materials, Xinya Electronics, Zhaolong Interconnect, Kingsignal, and Dianlian Technology;

Consumer electronics components & assembly: Foxconn, Luxshare Precision, Wingtech Technology, Lingyi Intelligent Manufacturing, Boshuo Technology, Pengding Holdings, Lens Technology, Goertek, Everwin Precision, BOE, Guoguang Electric, Changxin Technology, Sunny Optical Technology (Hong Kong stocks), Gowell Electronics (Hong Kong stocks), Dongshan Precision, Desay Battery, Xinwanda, Xinwei Communication, Kosen Technology, Universal Scientific Industrial Electronics, Zhaowei Electromechanical (mechanical group coverage), BYD Electronics (Hong Kong stocks), Zhidi Technology, Rapoo Technology, and Innovative New Materials;

Consumer electronics automation equipment: KERRY Technology (jointly covered with the mechanical group), LIFE (jointly covered with the mechanical group), SCREEN, Han's Laser, Saiteng, JPT, Huaxing Yuanchuang, Bojie, Rongqi Technology, Tianjue Technology (jointly covered with the electronic group and the mechanical group), Lingyun Optoelectronics, Jingce Electronics (jointly covered with the mechanical group), Bozhong Precision (covered by the mechanical group);

Branded consumer electronics: Transsion Holdings, Edifier, Anker Innovations, Xiaomi Group (Hong Kong stocks);

Consumer electronics materials: Innovative New Materials, Furong Technology, Zhongshi Technology, Shihua Technology;

CCL & Copper Foil & PCB: Jiantao Laminates, Shengyi Technology, Jinan Guoji, Nanya New Materials, Huazheng New Materials, Sino-British Technology, Jiayuan Technology, Nord, Defu Technology, Fangbang, Pengding Holdings, Dongshan Precision, Shenzhen South Circuit, Xinsen Technology, Shanghai Electric (jointly covered with the communication group), Jingwang Electronics, Shenghong Technology;

Automotive electronics: ELECTRONICS, Crystal Optech, Sunny Optical Technology, Lianchuang Electronics, Yutai Microelectronics, Heertai, Keboda, Desay SV, Lingdian Electronic Control, Xiang Oil Pump (jointly covered with the automotive group), Huayang Group, Neusoft Group, Baolong Technology, RoboSense, Hesai Technology, Tudatong, NavInfo, Baidu Group, Horizon Robotics, Black Sesame Intelligence, Jingwei Hirain, Betheli, Zhongding Holdings, Tianrun Industrial, Thundersoft, ArcherMind Technology, Xiaopeng Motors, Li Auto, NIO, SAIC, BYD;

Autonomous driving: Hesai Technology, Tudatong, NavInfo, Baidu Group, Horizon Robotics, Black Sesame Intelligence, Desay SV, Huayang Group, Neusoft Group, Hirain, Baolong Technology, Betheli, Dahua Technology, Hikvision

Panels: BOE, TCL Technology, Shenzhen Tianma A, Liande Equipment (jointly covered with the machinery group), Jingce Electronics (jointly covered with the machinery group), Aolaide, Dinglong Shares (jointly covered with the basic chemical group), Light Optoelectronics, Qingyi Optoelectronics, Philihua, Shenzhen Keda, Qizhong Technology, Huicheng Shares, Xinxiangwei, Tiandeyu, Will Shares, Zhongying Electronics, Yitian Shares

risk warning:Consumer electronics demand is lower than expected, new product innovation is lower than expected, geopolitical conflicts, and the outward migration of the consumer electronics industry chain affect the market share of domestic manufacturers.