电子行业专题研究：消费电子进入AI时代苹果手机引领产业链创新

东方财富证券股...2025-04-01

【投资要点】消费电子开启创新周期，AI 手机快速普及。随着大模型的持续突破和端侧计算成本的下降，2024 年手机终端在功能上从能用到好用的创新不断加速。主流AI 手机都已通过搭载端侧模型实现基础AI 功能，基本做到单模态、单数据的功能级AI 体验。智能语音助手/摘要生成/实时翻译功能等实用功能实现普及。此外AutoGLM 模型开创视觉读取用户手机UI 界面，学习用户操作系统的新路径，进一步加快手机...

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背板和中框在材料和设计上都会有创新设计，结构件加工难度和价值量都将有提升。建议关注结构件加工、组装细分相关公司：立讯精密、蓝思科技、比亚迪电子、工业富联；金属小件细分公司：恒铭达。光学系统：预计后摄系统会维持像素升级，镜头内部也将有新的创新。建议关注：舜宇光学、瑞声科技、高伟电子、水晶光电、蓝特光学。【风险提示】国际局势等宏观因素影响需求复苏：全球政治和经济的不确定性，如贸易争端、地缘政治紧张和经济制裁，都可能对市场需求产生负面影响。这些宏观因素可能导致消费者信心下降，企业投资减少，从而抑制需求的复苏。关键技术突破不及预期：技术进步是推动行业发展的关键因素。如果关键技术的研发进展缓慢或者未能实现预期的突破，可能会阻碍产品的创新和升级，影响企业的竞争力和市场表现。新产品的市场接受程度不及预期：新产品的成功很大程度上取决于市场接受度。如果新产品未能满足消费者的期望或者市场推广不力，可能会导致销售不佳，影响企业的盈利能力和市场份额。中美摩擦加剧带来全球产业链重构：中美之间的贸易摩擦可能会迫使企业重新考虑其供应链布局，以规避潜在的贸易壁垒和关税。这种产业链的重构可能会导致成本上升、生产效率下降，甚至影响全球供应链的稳定性。部分原材料价格可能的波动：经济复苏可能会导致对某些原材料的需求增加，从而推高价格。这种价格波动可能会增加企业的生产成本，压缩利润空间，对企业的财务状况造成压力。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"productRelease","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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电子行业专题研究：消费电子进入AI时代 苹果手机引领产业链创新

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电子行业专题研究：消费电子进入AI时代苹果手机引领产业链创新