2009 1210 2023 12 14 2024 BETA 10 2013-2018+2018-2022 4-6 2022 1 2 AI 0-1 3 2024 20 2017 20 2018 20 1 10 7 300 2 7 3 2023 300 20 AIGC 2023 20/AI+NVIDIA AI+2024 1 EPS 2 AI+/AI+S0360523040001%()330 0.04()39,151.74 4.51()33,014.85 4.91%1M 6M 12M 0.6%-12.4%10.6%6.4%-1.4%24.8%20231120-20231124 2023-11-26 20231113-20231117 AIPC 2023-11-19 20231106-20231110 OpenAI GPT-4 2023-11-12-14%4%23%41%22/12 23/02 23/05 23/07 23/09 23/122022-12-132023-12-13 300 2024 2009 1210 2023 2024 1 2 BETA AI+2024 1 EPS 2 AI+/PC/AI+1 2 AI+2024 3 AIPC 2023 AIPC AIPC 4 5 1 2023 2 3 4 5 AI+WUCXzQrMnOqRrPnOnQrOqR7NbPbRpNrRpNtQlOrQoMlOrQqMaQnNyRwMqQnNxNnNwP 2024 2009 1210 3.8 2013-2022.8.10.12 AI 2023.14 2024.16.16 AI+.18 AIPC.21.23.25.26.29.29.30.31.32.34.36.37.40 1.40 2.40 3.40 4.40 5.41 6.41 7.41 8.42 9.42 10.42 11.42 12.42 2024 2009 1210 4 13.43 14.43 15.43 16.43 17.44 18.44 19.44 20.44 21.45 22.45 23.45 24.45 25.45 26.46.47 2024 2009 1210 5 1 2013-2022 300.8 2 2013-2022.8 3 2013-2022.9 4 2013-2023Q3 20.10 5 2013-2023Q3 20 20.11 6 2013-2022 CAGR.11 7 2013-2022 CAGR.11 8 2014-2023Q3.12 9 2018-2023Q3.12 10 2013-2023Q3 5 vs.12 11 2013-2023Q3 20.13 12 20.13 13 20 10.13 14 5.14 15 5.14 16 5.14 17 5.14 18 2023.15 19 PE TTM.15 20.16 21.16 22.17 23.17 24 AI.18 25 2024 Al+.18 26 AIGC.19 27 AI GPT.19 28 Bing.19 29 Copilot.19 30 AI.20 31 AI.21 32 AI PC.21 33 AIPC.22 2024 2009 1210 6 34.22 35.23 36.24 37 2022-2023E.24 38 2021-2025E.25 39.26 40 2021-2025.26 41 2021-2025 L2.26 42.27 43.27 44(2020/2021).28 45.28 46 IT.29 47.29 48.30 49.30 50 IT%.30 51 IT/%.30 52.31 53.31 54.31 55 AI vs AI.32 56 Aspeed.32 57.32 58 2018-2022%.33 59 2021-2022.33 60.33 61 2019-2023 1-7.34 62 2023 1-7.34 63.34 64.35 65 2012-2021.35 66.36 67 2013-2023.36 68 2013-2022.37 2024 2009 1210 7 69.38 70.38 71 2+8+N.39 72.39 73.39 2024 2009 1210 8 2013-2022 BETA 10 2013-2018+2018-2022 4-6 2022 1 2 AI 0-1 3 1 2013-2022 300 Wind 2 2013-2022 2013/01/04-2015/06/03 631.05%29 2015/06/04-2018/10/16-70.46%41 2018/10/17-2020/07/13 116.60%21 2020/07/14-2022/12/31-41.00%26 Wind-100%0%100%200%300%400%500%600%700%SW 300 2024 2009 1210 9/+10 2013 2018/+2013-2015H1+2013+2012 2013 6 10+2018Q4-2020H1 2019 SaaS SaaS 2015Q4+2016 EPS 2018Q1+3 2013-2022 Wind 003282.CJ 003283.CJ 399994.SZ 884136.WI 884201.WI 003275.CJ 884091.WI-10%190%390%590%790%990%1190%1390%1590%2024 2009 1210 10 2017 20 20 2018 SaaS SaaS 2022 10 2015 4 2013-2023Q3 20 Wind 2013 20 1 7 300 2 7 3 2023Q3 300 2024 2009 1210 11 10 20 2013-2015 2018-2020 20 20 2013-2015 5/4/2 2018-2020 7/2/7 2016/2017/2021-2023Q3 0/2/1/1/1 5 2013-2023Q3 20 20 Wind 10 5 6 5 10 CAGR 25.53%/38.74%/29.29%/35.12%/21.22%/20.54%21.42%6 6 2013-2022 CAGR 7 2013-2022 CAGR Wind CAGR CAGR 2014-2022 Wind 0123456782013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Q30%5%10%15%20%25%30%35%40%45%SW-20%0%20%40%60%80%100%SW 2024 2009 1210 12 8 2014-2023Q3 9 2018-2023Q3 Wind Wind 5 10 6 18.8%/74.50%/24.22%/20.57%/9.66%/25.30%SW 300 11.28%/10.47%/3.87/3.22%SW 10 2013-2023Q3 5 vs Wind 2023Q3 10 20 20 2019 ETC 486%+239%2013 2018 2022 20 0%10%20%30%40%50%60%70%80%90%100%2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Q3 SW 0%5%10%15%20%25%30%35%40%45%50%2018 2019 2020 2021 2022 2023Q3 SW 0%10%20%30%40%50%60%70%80%90%100%SW 300 2024 2009 1210 13 11 2013-2023Q3 20 Wind 10 20 20 1-2 12 20 13 20 10 Wind Wind 5 5 20-100%0%100%200%300%400%500%2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 20 1 2 3 4 2024 2009 1210 14 14 5 15 5 Wind Wind 16 5 17 5 Wind Wind AI 2023 10 OpenAI Google AI 2023 AI 11 OpenAI ChatGPT AI+-20%-10%0%10%20%30%40%2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Q3 5 SW-40%-20%0%20%40%60%80%100%2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Q3 5 SW 0%10%20%30%40%50%60%70%2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Q3 5 SW 0%5%10%15%20%25%30%2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 5 SW 2024 2009 1210 15 18 2023 Wind 2023 11 24 PE TTM 64.14 5 69.69%57.72 19 PE TTM Wind 2023/6/20,5556.7320837084208470852085708620823-01 23-02 23-03 23-04 23-05 23-06 23-07 23-08 23-08 23-09 23-10()3000.001000.002000.003000.004000.005000.006000.007000.000.0010.0020.0030.0040.0050.0060.0070.0080.0090.00100.002018-11-302019-01-042019-02-152019-03-222019-04-262019-05-312019-07-052019-08-092019-09-122019-10-182019-11-222019-12-272020-02-072020-03-132020-04-172020-05-222020-06-242020-07-312020-09-042020-10-092020-11-132020-12-182021-01-222021-02-262021-04-022021-05-072021-06-112021-07-162021-08-202021-09-242021-10-292021-12-032022-01-072022-02-182022-03-252022-04-292022-06-022022-07-082022-08-122022-09-162022-10-282022-12-022023-01-062023-02-172023-03-242023-04-282023-06-022023-07-072023-08-112023-09-152023-10-27 TTM(+1)(-1)2024 2009 1210 16 2024 2022 12 19 10 25 11 25 X 20 2023 21 11 2023 12 5 2024 2009 1210 17 11 17 2023 30%10 4%200 100 30%50 20 11 9 2023 12 7 8 21 22 23 2023 0-1 1 2 2024 2009 1210 18 3 AI+2023 OpenAI ChatGPT AI AI 2024 AI+AI+AI+OpenAI Microsoft AI GPT-4 AI 24 AI/OpenAI GPT-3 GPT-4 GPT-4.0 Turbo Google BERT AlphaFold Gemini Amazon AWS AI Services AI GLM-130B AI Amazon AI+AI+25 2024 Al+Al+2024 Al+AI Al+AI Al+AI Al+AI+API Al+2024 2009 1210 19 Al+AI+AIGC AIGC 26 AIGC 27 AI GPT AIGC AI OpenAI Copilot AI 28 Bing 29 Copilot Bing Microsoft Insight Insight 2024 2009 1210 20 30 AI DIP ALI BAVISKAR,SWATI AHIRRAO,et al.Efficient Automated Processing of the Unstructured Documents Using Artificial Intelligence:A Systematic Literature Review and Future Directions OpenAI Dev Day 2023 GPT GPT Assistants API OpenAI Microsoft 365 Copilot AI Copilot WPS AI AIGC Copilot Insight 7B 13B AI AI AI AIGC AI 1+N+X AI 5 Rich AI box 1+N+X OA IM AICOP 6 7 AICOP AICOP AI+AI 2024 2009 1210 21 31 AI V3.0 V3.0 AI LLM AI AI Box AI AIPC AIPC AI 2024 AIPC AIPC PC AI PC PC PC AI AIPC AI 32 AI PC CCTIME AIPC AIPC AIPC AI AIPC AI 2024 2009 1210 22 AIPC 33 AIPC CCTIME AIPC AIPC 2023 10 24 Lenovo Tech World 2023 AIPC AI AI AI AI Twin AI PC AI 34 All in AI AIPC 12 14 AIPC Ultra AIPC AIPC 100 ISV 300 AI PC AI Ultra AI ML AIPC PC AI X Elite NPU AI 4.5+X Elite NPU INT4 AI X Elite NPU 45 TOPS AI 2024 2009 1210 23 2023 AI 8 PC X Elite 130 AI Meta OpenAI PC OpenAI Whisper Meta Llama Ernie 3.5E X Elite X Elite PC 2024 AMD AI XDNA AI XDNA Xilinx DNN IP CPU GPU AI XDNA NPU Copilot PC Surface PC NPU Copilot LLaMA-2 130 AI AI MiLM 13 60 ITU 6 2029 5.7 L S C Ku Ka GEO)Ku Ka 35 Starlink SpaceX()4.2,4425(LEO)7518()3 Ku/Ka OneWeb OneWeb()6372(LEO)Ku/Ka ProjectKuiper()3236(LEO)Ka Lightspeed Telesat()298(LEO)Ka O3b O3b()11(MEO)-3(GEO)4(LEO)Ka 300(LEO)L/Ka 2024 2009 1210 24 156(LEO)Ka Galaxy 1000(LEO)Q/V/Ka GW 1.3 Ka/V 31 2022 2022 7218 4731 65.5%704 700 9.75%3300 70%1400 36 2022 2022 64 188 197.21 53 128 2023 70 200 37 2022-2023E 2022 0501001502002502022 2023E宇航发射 次数 航天器 2024 2009 1210 25 GW G60 2020 5G 9 ITU 12992 2021 2023 7 G60 1296 GW G60 2025 447 2022 314.39 2025 446.92 2022-2025 CAGR 12.4%38 2021-2025E 2023 300 2023 11 27 GB/T 404292021 3 4 L3 L4 0%2%4%6%8%10%12%14%16%0501001502002503003504004505002021 2022 2023E 2024E 2025E YoY 2024 2009 1210 26 39 2025 5303 2025 L2 42.9%2021 40 2021-2025 41 2021-2025 L2&2023&2023 2024 2027 01000200030004000500060002021 2022 2023E 2024E 2025E2021-2025 0.00%10.00%20.00%30.00%40.00%50.00%2021 2022 2023E 2024E 2025E L2 2024 2009 1210 27 42 2018 8 1(BIS)44 2019 10 17 28 2020 8 26 BIS 24 2021 6 3 2022 6 2 BIS 2023 8 9 8 9 2018“”2024 43“”2021;90%;2015-2016 2020 7 ERP CPU 2%2024 2009 1210 28 44(2020/2021)IDC 昇 AI MDC 45 00.10.20.30.40.50.60.70.8CPU ERP 2024 2009 1210 29 2023 IT 2024 IT 46 IT Wind SAC AMAC 2023 7 24 IT 47 Wind SAC AMAC 0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Q1-3 IT-60.00%-40.00%-20.00%0.00%20.00%40.00%60.00%80.00%100.00%120.00%140.00%-10.00%0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%2015 2016 2017 2018 2019 2020 2021 2022 2024 2009 1210 30 20 IDC 2022 1372 2025 2026 2173 CAGR 12%48 49 IDC G IT IT IT 19 5 2020 IT 2020-2023Q1-3-19.1%/14.14%/-12.36%/-44.60%-38.71%/3.36%/-38.51%/-113.90%50 IT%51 IT/%Wind Wind IT-60%-40%-20%0%20%40%01002003004005006007002019 2020 2021 2022 2023Q1-3 yoy-150%-100%-50%0%50%100%-10010203040502019 2020 2021 2022 2023Q1-3归母 净利 润 yoy 2024 2009 1210 31 2022 120 EFlops 26%40%178.5EFlops 72%59%ChatGPT 2021-2026 CAGR 52.3%CAGR 18.5%52 53 2023 10 17 BIS A100 A800 H100 H800 AI 54 昇 腾 昇 910 2018 7nm+FP16 320TFLOPS INT8 640TOPS 310W 昇 310 2018 12nm FP16 8TFLOPS INT8 16TOPS 8W 370 2021 2022 7nm chiplet INT8 256TOPS 270 2 290 2020 7nm AI INT16 256TOPS INT32 512TOPS INT64 1024TOPS 270 2019 AI 100 4 INT16 64 TOPS INT32 128 TOPS INT64 256 TOPS 100 2018 INT8 32 TOPS 220 2019 2023 100%2021 7nm FinFET JM9 JM9271 2022 JM9231 2021 2024 2009 1210 32 JM7 JM7200 2018 28nm JM5 JM5400 2014 65nm Wind 昇 910 FP16 320TFLOPS V100 2.5 A100 312 TFLOPS 55 AI vs AI INT8 TOPS FP16 TFLOPS FP32 TFLOPS 昇 310 12nm 8W DaVinci 16 8 N/A 昇 910 7+nm 310W 640 320 N/A H100 PCle 4nm 300-350W Hopper 3026 1513 51 H100 SXM 700W 3958 1979 67 A100 80GB Pcle 7nm 300W AMPERE 624/1248 312/624 19.5 A100 80GB SXM 400W 624/1248 312/624 19.5 V100 Pcle 12nm 250W Volta N/A 112 14 V100S Pcle 250W N/A 130 16.4 V100 NVLink 300W N/A 125 15.7 AI Aspeed 2023Q3 AI 56 Aspeed 57 Aspeed Wind IT CHIMA 2021-2022 12.3%2000 11.7%50 2018-2019 5.3pct 8.6pct 4%5%30%05000100001500020000亚马逊 谷歌 Facebook 微软 2024 2009 1210 33 1%2.7%14.4%50%0.2%58 2018-2022%59 2021-2022 CHIMA 2023 CHIMA 2023 2020 60 2023/11/7 3 2025 2023/9/8()(DRG)/(DIP)2023 2025 2023/7/21 2023 70%DRG DIP 2023/3/23 0%10%20%30%40%50%60%70%80%90%100%2018-2019 2019-2020 2021-20222000 万 500-2000万 50-500万=50万 未知0%5%10%15%20%25%30%35%三级医院 三级以下医院 2024 2009 1210 34 2022/11 2025 9 2023 1-7 30.69%1-4 5 5-7 29.33%44.09%61.22%61 2019-2023 1-7 62 2023 1-7 63 CAD CAE CAM PDM EDA MES PLC SCADA ERP CRM SCM MRO-40%-20%0%20%40%60%050100150200订单累计金额 yoy-10%0%10%20%30%40%50%60%70%01020304050601 月 2 月 3 月 4 月 5 月 6 月 7 月订单金额 yoy 2024 2009 1210 35 PHM APM 2020 5%75%CAX 1 2 69 2 2021 4561 2020 4.66%2012-2021 5%2021 2414 2020 24.8%25%8%64 65 2012-2021 2012-2021 2020 0%1%2%3%4%5%6%7%05001,0001,5002,0002,5003,0003,5004,0004,5005,0002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YoY%0%5%10%15%20%25%05001,0001,5002,0002,5003,0002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YoY%2024 2009 1210 36 66 2027 2023 2 3 5 2023 2023 1.55 2022 7.2%67 2013-2023 wind 0%5%10%15%20%25%30%2012 2013 2014 2015 2016 2017 2018 2019 2020 2021%0%2%4%6%8%10%12%14%02,0004,0006,0008,00010,00012,00014,00016,00018,0002013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023国防预算支出（亿元）yoy 2024 2009 1210 37 40%68 2013-2022 2022 AI 2023 4 2023 7 1 24.05%19.31%15.38%12.31%9.47%19.48%0500100015002000250030002014 2015 2025E国 防信 息 化市 场 规模11.6%2024 2009 1210 38 69 2021-2022 3000 2021 74.5%6.6%18.9%2016 95%70 2021-2022+2+8+N 2022 9220.2 35.7%2025 2 2024 2009 1210 39 71 2+8+N|2021 60 QYresearch 2019 250.42 2026 864.06 18.79%2016 2022 31%2022 707.64 2023 937.5 32%72 73 QYresearch 0%10%20%30%40%50%60%70%01002003004005006007008009001,000 YoY(%)2024 2009 1210 40 1 WPS Office+5.7 WPS AI 2023 WPS AI BC 2 2009 2016 AI 3 IT 2023 11 28 3A6000 2P0500 IP CPU SOC AI AI GPU AI AI 2024 9A1000 2024Q3 AMD RX 550 AI AIPC 4 35 1.0 40 2.0 ERP 200 10 ERP 3.0 BIP 2024 2009 1210 41 5 5S 2023 10 16 5S Al Khobar 5S Al Khobar 5S Store S.A.001 2023 11 24 IMPACTS OMC 2.0 APEX 2.0 PRIDE1.0 1+2+N 1+2+N 5T+1+2+N 6 2020-2022 85.33/105.05/106.01 20.81%/23.11%/0.91%3.00/2.81/3.3 13.64%/-6.33%/18.51%5 15%10 25 2022 7.62 9.19%7 LightGPT 10 19 LightGPT LightGPT 15%13%50%1 LightGPT 1200 tokens V 12 Json 13%2 LightGPT transformer 200 tokens 8 12%2024 2009 1210 42 8+10 24 2013.49 9 2023 10 30 2022 2023 11 xIn Plat xIn Plat 10 2023 Dahua Think#2.0 AloT 11 EDA EDA EDA EDA EDA EDA EDA(12 3.0 3.0 ChatGPT ChatGPT ChatGPT48 7 AI V3.0 iFlyCode 50%37%44%10 AI 2024 2009 1210 43 昇 GPT-4 13 G9SH 2023 10 20 G9SH G9SH G9SH AI 14 IT CPU DCU+AI 1 2 3 27.96%4 10 2021 2023 58.8%15 GEOVIS 240 16 20 11 2024 2009 1210 44 2022 6 17 A 17 Citrix Citrix Citrix VDI IDC VDI Citrix GPT GPT GPT GPT AI 18 IT 863 Oracle IBM,HP Microsoft BEA B orland BakBone BMC NEC IT 19 PIE Pixel Information Expert PIE-Engine 20 AI IT IDC Gartner 2023 Q1 2022 3 6 AIGC 2023 G7 16 AI NF5688G7 7 11 27 2.0 102B 1026 51B 518 2B 21 1.0 2.0 HumanEval AGIEval GMS8K 2.0 GPT4 2024 2009 1210 45 AI AI IDC AI AI 50%AIGC AI Aspeed 2023Q3 21 8 550 LLaMA-2 130 22 IT IT IDC TOP50 23 23 4.0 4.0 4.0 2023 74.27%90%24 CAE CAE Galaxy CAE 25 PCB FPGA 8 9 2024 2009 1210 46 26 2023 6 1.51 66.93%2024 2009 1210 47 2024 2009 1210 48 2020 2022 2023 2022 2022 2023 2023 2023 2024 2009 1210 49 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82871425 0755-82871425 021-20572536 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2024 2009 1210 50 A 300 500/6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522