电子行业2024年中期策略：端侧AI应用有望引领创新周期并带动硬件升级，国产HBM项目或拉动先进封装需求

Industry Investment Rating - The report gives a "Stronger than Market" rating for the electronics industry [1] Core Views - Edge AI applications are expected to drive a replacement cycle for AI smartphones and AI PCs, leading to hardware upgrades in SoC/CPU, memory, sensors, cooling, and batteries [2] - AI-powered AR glasses and AIoT products are emerging as innovative hotspots in consumer electronics [2] - The global HBM market is facing supply shortages, with domestic manufacturers entering the field, potentially boosting demand for advanced packaging [2] Edge AI and Hardware Upgrades - Edge AI applications are expected to drive a replacement cycle for AI smartphones and AI PCs, with IDC predicting China's AI smartphone sales to grow from 10 million units in 2023 to 150 million units by 2027, and AI PC shipments to increase from 3 million units in 2023 to 43 million units by 2027 [2] - AI smartphones require NPUs with at least 30Tops of computing power, while AI PCs need NPUs with at least 40Tops [2] - Edge AI is driving upgrades in microphones (higher signal-to-noise ratio), CIS (higher resolution), and PCB (higher frequency and speed) [2] AIoT and AR Glasses - AI-powered AR glasses, such as those from Meta and Google, are gaining traction, offering features like music playback, video recording, and live streaming [2] - AR glasses are seen as an ideal form factor for edge AI models due to their first-person perspective and real-time responsiveness [2] HBM and Advanced Packaging - The global advanced packaging market is expected to grow from $4.3 billion in 2023 to$28 billion by 2029, with HBM being a key driver [2] - Domestic manufacturers like Wuhan Xinxin and ChangXin Memory are investing in HBM projects, which could boost demand for advanced packaging [2] Investment Recommendations - Focus on companies involved in AI edge chip localization, such as Haiguang Information, Loongson Technology, and Cambricon [3] - Pay attention to companies in AI edge storage upgrades, such as Montage Technology, GigaDevice, and Puya Semiconductor [3] - Consider companies in AI edge acoustic upgrades, such as Goertek, AAC Technologies, and MEMSensing [3] MEMSensing (688286 SH) - MEMSensing is a leading MEMS platform company in China, with products covering MEMS acoustic sensors, pressure sensors, and inertial sensors [51] - The company is benefiting from the edge AI trend, with its MEMS microphones expected to see increased ASP due to upgrades in AI smartphones [51] - MEMSensing is also expanding into the e-cigarette and humanoid robot markets, with its MEMS pressure sensors seeing rapid growth due to increased adoption of MEMS microphones in e-cigarettes [51]