20240625_五矿证券_电子行业：AI手机百花齐放苹果入局开启新气象_14页.pdf
Page 1/14|Table_Main AI Table_Invest 2024.06.25 Table_Author S0950521040001 0755-23375522 w Table_PicQuote 2024/6/24 Wind Table_DocReport AI AI(2024/6/18)Q1 Rubin(2024/6/11)OpenAI AI(2024/5/23)2024Q1(2024/5/8)Pura 70(2024/4/24)(2024/4/3)GTC 2024,Blackw ell(2024/3/20)2024 GPU(2024/3/5)Sora AIGC(2024/2/20)Vision Pro(2024/2/5)6 11 2024 AI Apple Intelligence 2023 IDC 2016 2016 14.7 2023 11.7 2011-2022 12 2023 2023 20%19%AI 20 2023 12 10.91 AI AI AI OPPO vivo AI AI AI AI Apple Intelligence AI iOS 18 iPadOS 18 macOS Sequoia OpenA I ChatGPT AI Magic 6 vivo X100 OPPO Find X7 4nm 3nm AI AI AI AI AI AI AI 1 2 3 4-29%-22%-15%-8%0%7%2023/7 2023/10 2023/12 2024/3 300 请 仔 细阅读 本报告 末页声 明 Page 2/14 Table_Page 2024 6 25 1 AI.2 1.1 AI.3 1.2.3 1.3.4 2 AI.5 2.1 AI.5 2.2 AI.5 2.3 AI.6 2.4 Apple Intelligence AI.9 2.5 AI.10 3.12 4.12 1.3 2.3 3 2023.4 4 2023.4 5.4 6 AI.5 7 AI.6 8 AI.6 9 2024Q1 GenAI Top10.6 10 Galaxy AI.7 11 Galaxy AI.7 12 Pixel 8.8 13 OPPO Find X7 Ultra AI.8 14 vivo.8 15 Xiaomi AISP AI.8 16 MagicOS.9 17 Pura 70 AI.9 18 Siri.10 19 ChatGPT Writing Tools.10 20 AI.11 1ZDWuNnQtQmNtNoNsPpQnM8OdNbRnPnNmOrNjMrRoQeRnPpRbRrRvNuOmRyRNZrQtR 请 仔 细阅读 本报告 末页声 明 Page 3/14 Table_Page 2024 6 25 1 AI 1.1 AI 2011 2015 2016 2016 2020 20%AI Canalys 2023Q4 2024Q1 8%10%2024Q1 1 2 Statista IDC Canaly s 1.2 IDC 2023 OPPO 20.1%19.4%2022 3.7%OPPO 2.3pct Canalys 2023 vivo OPPO 2023 vivo OPPO 2pct 请 仔 细阅读 本报告 末页声 明 Page 4/14 Table_Page 2024 6 25 3 2023 4 2023 IDC Canaly s 1.3 Statista 2009Q4 2024Q1 2012 2014 30%2014 20%-25%10%-25%OPPO vivo 2013Q3 2%2024Q1 14%OPPO vi vo 2015Q1 10%5 Statista*G2r/wzYXpnwc0gQlbKH7DJDzSda0ryHb0G1WUCrSdD6rQT+NxRue3xL8yQZ03Rjo 请 仔 细阅读 本报告 末页声 明 Page 5/14 Table_Page 2024 6 25 2 AI 2.1 AI IDC AI 30TOPS NPU SoC AI AI Counterpoint AI AI AI AI AI AI AI AI 6 AI Counterpoint OPPO 2.2 AI Canalys 2023 AI 5%2024 16%2028 54%2024 AI IDC 2024 AI 1.7 15%IDC OPPO AI 2027 AI 1.5 51.9%50%请 仔 细阅读 本报告 末页声 明 Page 6/14 Table_Page 2024 6 25 7 AI 8 AI Canaly s IDC OPPO 2.3 AI AI AI AI AI Counterpoint 2024Q1 GenAI 2023Q4 1.3%6%Gal axy S24 GenAI 3 10 6 14 vivo X100 9 2024Q1 GenAI Top10 Counterpoint,2024 1 AI Galaxy S24 2024 Q1 Galaxy S24 GenAI 58.4%Galaxy S24 Ultra 30%Galaxy S24 Galaxy AI AI AI Gemini Nano Gemini Pro AI Galaxy AI 1 Home 请 仔 细阅读 本报告 末页声 明 Page 7/14 Table_Page 2024 6 25 2 3 AI AI ProVisual Engine AI 4 AI 10 Galaxy AI 11 Galaxy AI,2023 10 Pixel 8 AI Gemini Nano Gemini Nano Pixel 8 Pro Pixel 8 pro Google T ensor G3 Titan M2 Google One VPN Pixel 8 AI AI Magic Editor Audio Magic Eraser Video Boost Pixel 8 Pro Summarize Pixel 8 OPPO OPPO 2024 1 8 OPPO Find X7 Ultra Andes AndesGPT AI Find X7 Ultra AI AI AI A I 请 仔 细阅读 本报告 末页声 明 Page 8/14 Table_Page 2024 6 25 12 Pixel 8 13 OPPO Find X7 Ultra AI,OPPO,vivo 2023 11 vivo BlueLM X100 iQOO 12 700 70B 70 7B vivo V AI V AI 2024 2 14 Ultra 2023 10 14 14 Pro Xiaomi AISP AI A I 60 TOPS Xiaomi AISP AI 14 Ultra Pro 2024 5 16 MiLM 14 vivo 15 Xiaomi AISP AI OriginOS,请 仔 细阅读 本报告 末页声 明 Page 9/14 Table_Page 2024 6 25 2024 1 10 MagicOS 8.0 MagicOS 8.0 70 AI MagicOS 8.0 AI YOYO 2024 4 18 HUAWEI Pura 70 Pura70 Pura70 Pura 70 Ultra AI AI Pura 70 AI 16 MagicOS 17 Pura 70 AI,2.4 Apple Intelligence AI 2024 6 11 Apple Intelligence Apple Intelligence iOS 18 iPadOS 18 macOS Sequoia Apple Intelligence 1 AI Apple Intelligence AI 2 Apple Intelligence Swift 3 ChatGPT OpenAI iOS 18 iPadOS 18 macOS Sequoia ChatGPT ChatGPT 请 仔 细阅读 本报告 末页声 明 Page 10/14 Table_Page 2024 6 25 18 Siri 19 ChatGPT Writing Tools WWDC2024 WWDC2024 2.5 AI AI AI AI AI AI AI AI Galaxy S24 Gemini AI AI Apple Intelligence AI Siri AI Counterpoint AI AI AI AI AI AI 70 Magic 6 7B 70 vivo 70 7B OPPO 70 AndesGPT 30 AI AI A I SoC 4nm Galaxy S24 Pixel 8 OPPO Find X7 Ultra 14 Magic 6 8 CPU 3.3GHz AI 3nm 9 10 CPU 4.41GHz AI SoC vivo 7B 70B Galaxy S24 Gemini Nano Gemini Pro AI AI 30 OpenAI ChatGPT 4o Apple Intelligence AI 请 仔 细阅读 本报告 末页声 明 Page 11/14 Table_Page 2024 6 25 20 AI OPPO vivo Galaxy S24 Pixel 8 Pro Find X7 Ultra X100 Pro 14 Ultra Magic 6 Pro Pura 70 Ultra iPhone 15 Pro iPhone 15 Pro Max AI Bixby Assistant with Bard V YOYO Siri Gemini Pro Gemini Nano Gemini Nano AndesGPT Xiaomi AISP AI-One UI 6.1 Android 14 ColorOS 14.0 OriginOS 4 Xiaomi HyperOS MagicOS 8.0 HarmonyOS 4.2 iOS18 Snapdragon 8 Gen 3 for Galaxy Google Tensor G3 Snapdragon 8 Gen 3 MTK9300 Snapdragon 8 Gen 3 Snapdragon 8 Gen 3-A17 Pro,M(M4)4nm 4nm 4nm 4nm 4nm 4nm-3nm 3.39GHz 3.0GHz 3.3GHz 3.25GHz 3.3GHz 3.3GHz-4.4GHz 8 9 8 8 8 8-9/10,Apple Intelligence A17 Pro M1M4 SoC M4 M4 3nm OPPO 8 Gen vivo MTK9300 T ensor G3 4nm M4 10 4.4GHz AI M4 38 TOPS AI AI AI 14 OPPO Find X7 vivo X100 Magic 6.0 AI APP AI APP AI AI vivo V AI Apple Intelligence iOS Siri Siri AI swift Apple Intelligence AI iMessage Apple Intelligence ChatGP T ChatGPT Apple Intelligence AI AI AI 请 仔 细阅读 本报告 末页声 明 Page 12/14 Table_Page 2024 6 25 AI AI 3 2024 2023 2024 AI Apple Intelligence PCB 4 1 2 3 4 请 仔 细阅读 本报告 末页声 明 Page 13/14 Table_Page1 2024 6 25()i ii iii iv v 6 12 6 12 A 300 500 20%5%20%-10%5%-10%6 10%-10%10%-10%“”“”/69 A 2208 3165 23 9 4 603 200120 518035 100037 Page 14/14 Analyst Certification The research analyst is primarily responsible for the content of this report,in w hole or in part.The analyst has the Securities Investment Advisory Certification granted by the Securities Association of China.Besides,the analyst independently and objectively issues this report holding a diligent attitude.We hereby declare that(1)all the data used herein is gathered from legitimate sources;(2)the research is based on analysts professional understanding,and accurately reflects his/her views;(3)the analyst has not been placed under any undue influence or intervention from a third party in compiling this report;(4)there is no conflict of interest;(5)in case of ambiguity due to the translation of the report,the original version in Chinese shall prevail.Investment Rating Definitions The rating criteria of investment recommendations The ratings contained herein are classified into company ratings and sector ratings(unless otherwise stated).The rating criteria is the relative market performance betw een 6 and 12 months after the reports date of issue,i.e.based on the range of rise and fall of the companys stock price(or industry index)compared to the benchmark index.Specifically,the CSI 300 Index is the benchmark index of the A-share market.The Hang Seng Index is the benchmark index of the HK market.The NASDAQ Composite Index or the S&P 500 Index is the benchmark index of the U.S.market.Ratings Definitions Company Ratings BUY Stock return is expected to outperform the benchmark index by more than 20%;ACCUMULATE Stock relative performance is expected to range betw een 5%and 20%;HOLD Stock relative performance is expected to range betw een-10%and 5%;SELL Stock return is expected to underperform the benchmark index by more than 10%;NOT RATED No clear view of the stock relative performance over the next 6 months.Sector Ratings POSITIVE Overall sector return is expected to outperform the benchmark index by more than 10%;NEUTRAL Overall sector expected relative performance ranges between-10%and 10%;CAUTIOUS Overall sector return is expected to underperform the benchmark index by more than 10%.General Disclaimer Minmetals Securities Co.,Ltd.(or“the company”)is licensed to carry on securities investment advisory business by the China Securities Regulatory Commission.The Company w ill not deem any person as its client notw ithstanding his/her receipt of this report.The report is issued only under permit of relevant law s and regulations,solely for the purpose of providing information.The report should not be used or considered as an offer or the solicitation of an offer to sell,buy or subscribe for securities or other financial instruments.The information presented in the report is under the copyright of the company.Without the w ritten permission of the company,none of the institutions or individuals shall duplicate,copy,or redistribute any part of this report,in any form,to any other institutions or individuals.The party w ho quotes the report should contac t the company directly to request permission,specify the source as Equity Research Department of Minmetals Securities,and should not make any change to the information in a manner contrary to the original intention.The party w ho re-publishes or forwards the research report or part of the report shall indicate the issuer,the date of issue,and the risk of using the report.Otherw ise,the company w ill reserve its right to taking legal ac tion.If any other institution(or“this institution”)redistributes this report,this institution w ill be solely responsible for its redistribution.The information,opinions,and inferences herein only reflect the judgment of the company on the date of issue.Prices,values as well as the returns of securities or the underlying assets herein may fluctuate.At different periods,the company may issue reports with inconsistent information,opinions,and inferences,and does not guarantee the information contained herein is kept up to date.Meanw hile,the information contained herein is subject to change w ithout any prior notice.Investors should pay attention to the updates or modifications.The analyst w rote the report based on principles of independence,objectivity,fairness,and prudence.Information contained herein w as obtained from publicly available sources.How ever,the company makes no w arranty of accuracy or completeness of information,and does not guarantee the information and recommendations contained do not change.The company strives to be objective and fair in the reports content.How ever,opinions,conclusions,and recommendations herein are only for reference,and do not contain any certain judgments about the changes in the stock price or the market.Under no circumstance shall the information contained or opinions expressed herein form investment recommendations to anyone.The company or analysts have no responsibility for any investment decision based on this report.Neither the company,nor its employees,or affiliates shall guarantee any certain return,share any profits with investors,and be liable to any investors for any losses caused by use of the content herein.The company and its analysts,to the extent of their aw areness,have no conflict of interest which is required to be disclosed,or taken restrictive or silent measures by the laws with the stock evaluated or recommended in this report.Minmetals Securities Co.Ltd.2019.All rights reserved.Special Disclaimer Permitted by law s,Minmetals Securities Co.,Ltd.may hold and trade the securities of companies mentioned herein,and may pr ovide or seek to provide investment banking,financial consulting,financial products,and other financial services for these companies.Therefore,investors should be aw are that Minmetals Securities Co.,Ltd.or other related parties may have potential conflicts of interest which may affect the objectivity of the report.Investors should not make investment decisions solely based on this report.Contact us Shanghai Shenzhen Beijing Address:Room 2208,22F,Block A,Eton Place,No.69 Dongfang Road,Pudong New District,Shanghai Address:23F,Minmetals Financial Center,3165 Binhai Avenue,Nanshan District,Shenzhen Address:Room 603,4F,No.9 Shoutinan Road,Haidian District,Beijing Postcode:200120 Postcode:518035 Postcode:100037
报告吧