Electronics Fan Zhiyuan | Intel is about to release an AI PC processor, focusing on AI end-side applications

Electronic Week Views

The upcoming Intel AI PC processor will focus on AI end-side applications. It is expected that on December 15, Intel will officially launch the mobile Core Ultra processor code-named Meteor Lake. The processor adopts an innovative low-power island design and integrates a neural network processing unit (NPU) to bring energy-efficient AI functions to the PC. It is also compatible with standardized program interfaces such as OpenVINO to facilitate the development and application of AI. Laptops from brands such as Acer, Asus and MSI will be equipped with Core Ultra processors. Intel said these laptops will become "AI PCs" with AI capabilities such as image amplification, text generation, and code writing

Recently, Samsung officially announced its self-developed generative AI product - Gauss. Samsung is expected to release an AI mobile phone in the first half of 2024. We are optimistic that the application of AI on the device side will drive innovation in consumer electronics and lead to an increase in both volume and price. Driven by the push for smartphones, the inventory of some mobile phone chips has been depleted quickly. The competitive landscape has gradually improved and prices have begun to increase. In addition to the price increase of memory chips, Samsung recently issued a CIS price increase notice to customers. The average increase in the first quarter of 2024 As high as 25%, with individual products seeing a maximum increase of 30%. According to industry chain research, Hynix's CIS chip business has seen some material numbers withdraw from the Chinese market in 2024 due to cost pressures. In addition, mobile phone radio frequency chips have also seen a price increase recently. . We believe that the fundamentals of electronics are gradually improving. As the inventory of the industrial chain gradually becomes reasonable and demand stabilizes, the performance of leading industry segments with a relatively good competitive landscape is expected to pick up. In the medium to long term, AI’s empowerment of consumer electronics is expected to bring new demand for machine replacement, and we are optimistic about demand recovery, AI-driven and autonomous and controllable benefit industry chains.

Segmented track: 1) Semiconductor foundry: Changxin Memory has launched the latest LPDDR5 DRAM memory chip, becoming the first domestic brand to launch independently developed and produced LPDDR5 products, achieving a breakthrough in the domestic market. According to the latest report released by the International Semiconductor Institute (SEMI), global semiconductor equipment sales shrank 11% year-on-year to US$25.6 billion in the third quarter of 2023, down 1% from the previous quarter. However, China bucked the trend and grew. Q3 equipment purchases amounted to US$11.06 billion, a year-on-year increase of 42% and a month-on-month increase of 46%. Both sales and growth rate ranked first in the world. 2) Industrial, automotive, security and consumer electronics: The Android supply chain is actively recruiting goods, and AI edge computing has a bright future. According to Canalys forecasts, global smartphone shipments are expected to decline by 5% year-on-year in 2023, reach 1.17 billion units in 2024, a year-on-year increase of 4%, and reach 1.25 billion units in 2027, with a CAGR of 2.6% from 2023 to 2027. 3) PCB: The prosperity of the entire industry chain continues to recover month-on-month, but we need to be alert to the weakening phenomenon. From the Taiwanese PCB industry chain we track, we can observe that the midstream and upper reaches have shown signs of year-on-year growth, but the downstream PCB is still declining year-on-year. The difference mainly comes from the time difference between different industry chain links. However, from a month-on-month perspective, the PCB industry chain as a whole has improved for four consecutive months since July. However, the month-on-month improvement in data in October has declined in recent months. We need to be wary of seasonal repairs in the third and fourth quarters caused by stocking up. Overall, the PCB industry chain has gradually improved from the bottom of the cycle upwards. 4) Components: Optimistic about the penetration of Mini LED and the improvement of OLED supply and demand structure. 5) IC design: The third quarterly report data has been released one after another. We believe that the semiconductor industry as a whole has completed its bottoming, and we continue to be optimistic about the storage sector and mobile phone chain IC. Investment advice, in the field of semiconductor design, we continue to be optimistic about the storage sector with good pattern, supply and demand resonance and the recovery of mobile phone chain IC elasticity

Risk Reminder

The risk of demand recovery being less than expected; the risk of AIGC progress being less than expected; the risk of further escalation of external sanctions.

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