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AI AI 2024 07 02 SAC S1050521120001 SAC S1050523060001 SAC S1050123080008PAGE 2 AI OPPO AI AI AI vivo OPPO AI AI 2024 2 All in AI OPPO AI 2024 2 AI iPhone 16 AI Canalys 2024 AI 5%2027 45%IDC AI 2024 2027 1.5 50%AI AI NPU AI 16GB AI AI ISP AI AI AI AI AI SoC 1 NPU 2 3 ISP 4 5 6 7 PCB 8 9 10 11 12 ZXEVzQnQtQnMsMnOtOsNmN7N8QbRoMoOtRnRkPnNpQfQrRqMaQpPwOwMmRnQuOmRnQ Wind 2024-07-02 EPS PE 2023 2024E 2025E 2023 2024E 2025E000049.SZ 24.89 1.46 1.50 2.13 18.57 16.59 11.69 002241.SZ 19.53 0.32 0.62 0.83 66.05 31.42 23.41 002475.SZ 39.09 1.53 1.93 2.41 25.55 20.25 16.22 002938.SZ 38.45 1.42 1.63 1.88 15.76 23.54 20.49 300136.SZ 19.12 0.84 1.10 1.42 22.76 17.38 13.46 300207.SZ 14.15 0.58 0.71 0.91 25.54 20.02 15.54 300433.SZ 17.69 0.61 0.80 1.01 21.77 22.11 17.52 300684.SZ 17.58 0.71 0.83 0.95 24.76 21.18 18.51 301489.SZ 69.01 1.44 1.89 2.47 47.92 36.51 27.94 688772.SH 14.49 0.31 0.66 0.99 71.74 21.88 14.66 PAGE 3 2024-07-02 EPS PE 2023 2024E 2025E 2023 2024E 2025E688125.SH 29.92 0.36 1.08 1.58 109.30 27.72 18.91 Wind PAGE 4YP3B7B0YuwL8sXlt23MGbEnPyPSCGvG90wyKf2tEx5tQkx4XIMvtrg6TiuqRY4iM PAGE 5 AI CONTENTS2.AI 3.1.AI PAGE 6 01 AI AI OPPO AI AI OS AI AI 1.1 AI OS|AI IDC&OPPO AI AI AI AI/AI AI AI PAGE 81.2 AI AI AI vivo OPPO AI AI 2024 2 All in AI OPPO AI 2024 2 AI iPhone 16 AI/vivo x100 9300/+70 OPPO Find X7 9300 70 8Gen3 14 8Gen3 milm 13 64 magic 6 8Gen3 magic 70 Galaxy S24 8Gen3 Galaxy AI MiracleVision-/Pura 70 9010 100 380 710 1000 vivo OPPO 36 ITPAGE 9PAGE 101.3 Apple Intelligence AI AI AI iOS18 iPadOS18 macOS Sequoia app app AI Apple Intelligence App AI APP/AI AI APP AI App AI AI Apple Intelligence IT WWDC2024 PAGE 111.3 Siri&NLP ReALM 80M GPT-4.0 Siri/Siri App&Siri Ferret-UI app app AI App App Apple intelligence Siri APP/APP AI Siri APP APP Intents APP Siri Apple intelligence Siri APP app Siri APP/APP AI Siri APP IT WWDC2024 PAGE 121.3 GPT-4O AI+GPT ChatGPT AI Apple Intelligence GPT-4O Siri GPT-4O+AI&APP AI AI iPhone/iPad/Mac App AI Siri iPhone 16 Siri A17 Pro iPhone 15 Pro/Pro Max M1 iPad Pro/Air/MacBook Siri 2024 9 iPhone 16 iPhone/MacBook/iPad AI AI WWDC2024 1.4 2027 AI 50%Wind IDC OPPO Canalys 2017 AI AI AI ASP Canalys 2024 AI 5%2027 45%IDC AI 2024 2027 1.5 50%-40%-20%0%20%40%60%80%100%120%140%160%180%02004006008001000120014001600200320052007200920112013201520172019202120232025E2027E yoy AI 1%5%23%36%45%0%10%20%30%40%50%60%70%80%90%100%2023 2024 2025 2026 2027AI AI 0.10.40.81.31.55.5%13.2%29.6%45.3%51.9%00.20.40.60.811.21.41.61.822023 2024 2025 2026 2027AI PAGE 1302 AI PAGE 15 SDI PCB FPC AT&S TTMNand Dram LCP PA+skyworks QorvoCPU GPU Top module AI 2.1 AI 2.2 AI AI AI AI AI S24 AI AI ISP S24 AI AI PAGE 162.3 NPU AI vivo OPPO 2015 NPU SoC AI AI NPU AI AI IDC AI SoC int-8 NPU 30TOPS AI SoC A17 Pro 9300 8Gen3 SoC CPU+GPU+NPU NPU AI CPU 9300 4nm ARM 330 LPDDR5T 9600Mbps vivo x100 oppo find x7 8Gen3 4nm ARM 100 LPDDR5X 4800Mhzoppo find x7 ultra realme galaxy s24 14 A17 Pro 3nm ARM LPDDR5 iphone 15 ProCPU+GPU+NPU PAGE 172.4 NPU/NPU 2022 AI 49.9 2025 AI 110.3 2022 121%2017 NPU SoC CPU AI 2021 OPPO NPU X NPU IP NPU IP AI 1 10 AI NPU A 01002003004005006007002020 2021 2022 2023 2024 2025 AI AI AI NPU 2017 970 1A-2018 980 1H-2019 990-2020 9000 2.0-2023 9000S 15.3 TOPs NPU PAGE 182.5 AI IT AI 10 1G 70 4GB 130 7GB 70 4GB+6GB App+4GB OS 70 AI 14GB 16GB AI LPDDR5X 8Gen3 4.8GHz 33.5GB/s 77GB/s 9300 LPDDR5T LPDDR5X 13%9.6Gbps AI LPDDR5 2023 11 12GB LPDDR5 A AI GB 10 70 130 AI 1 4 7 OS 4 4 4APP 6 6 6 11 14 17 Mate 60 9000s 70 380 710 1000 Mate60 12GB+256GB/12GB+512GB/12GB+1TBMate60 Pro 12GB+256GB/12GB+512GB/12GB+1TBMate 60 Pro+16GB+512GB/16GB+1TB 14 8Gen3 milm 13 64 14 8GB+256GB/12GB+256GB/16GB+512GB/16GB+1TB14Pro 12GB+256GB/16GB+512GB/16GB+1TBLPDDR5X UFS4.0 vivo X100 9300 70 X100 12GB+256GB/16GB+256GB/16GB+512GB/16GB+1TB/16GB+1TB(LPDDR5T)X100 Pro 12GB+256GB/16GB+256GB/16GB+512GB/16GB+1TB/16GB+1TB LPDDR5T 9.6Gbps UFS4.0OPPO Find X7 93008Gen3 70 Find X7 12GB+256GB/16GB+256GB/16GB+512GB/16GB+1TBFind X7 Ultra 12GB+256GB/16GB+256GB/16GB+512GB Magic 6 8Gen3 magic 70 Magic6 12GB+256GB/16GB+256GB/16GB+512GBMagic6 Pro 12GB+256GB/16GB+512GB/16GB+1TB Galaxy S24 8Gen3Galaxy AI(MiracleVision)-S24 8GB+256GB/8GB+512GB/12GB+256GBS24+12GB+256GB/12GB+512GBS24 Ultra 12GB+256GB/12GB+512GB/12GB+1TBAI GB LPDDR5PAGE 192.6 ISP TechWeb MicroComputer AI AI AI Galaxy S24 AI AI AI ISP ISP ISP AE AF AWB ISP ISP SoC CIS ISP AI-ISP AI AI-ISP AI ISP Pipeline ISP CMOS ISP NPUISP NPU ISP ISP SoC CIS-8Gen3-OV64B-vivo V OV64B ISP PAGE 202.7 ISP QYResearch AI vivo ISP ISP 2015 SoC 9502019 990 ISP 5.02020 9000 ISP 6.0+NPU 2021 C1 Mix Fold2021vivo V1 ISP X702022 V1+具备AI 功能X802022 V2AI ISPX90 X1002023 V3 X100 pro2024 V3+X100 Ultra ISP SoC Soc ISP ISP SoC NPU 2024 2 CIS ISP CIS ISP AI CMOS NPU ISP ISP IP ISP XR/QYResearch ISP 2029 9.7 2023-2029 6.4%26%A ISP 9650200400600800100012002018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 PAGE 212.8 iPhone16 AI LLM ASR MEMS 2023Q3 AI Siri Siri iPhone 16 iPhone 16 iPhone 15 100 150%A ASR PAGE 221960s 2000s 2010s AI MEMS 2.9 QYResearch AI AI S24 OPPO Find X7 14 2023 41 2030 55 CAGR 4.6%2024-2030 94.6%A 14 PAGE 2341 55 2023 20302024-2030 CAGR 4.6%03 IP Wind NPU IP AI 1 10 AI/NPU NPU IP 72 128 AI 2024 2 18.08 AIGC IP IP AIGC GPU IP AI IP AI-ISP Vivante NPU IP VIP9400VIP9000VIP9000NanoVIP9000Pico PAGE 25-20%-10%0%10%20%30%40%50%(5)0510152025302019 2020 2021 2022 2023 AI Wind&MCU MCU Nor Flash SLC NAND Flash DRAM MCU 2023 AI TrendForce SK DRAM 2023Q4 DRAM 174.6 29.6%2023 AI HBM DDR5/LPDDR5 DRAM 2023Q4 SLC NANDFlash NOR Flash 2024 DRAM 2023Q4 10%SLC NAND 2023 DRAM 2024 3 29 15 1.88%DRAM 2024H1 PAGE 26-60%-10%40%90%140%190%240%01000200030004000500060007000800090002019 2020 2021 2022 2023存储芯片 微控制器传感器 技术服务及其他总营收YOY 存储芯片YOY微控制器YOY 传感器YOY0.00.51.01.52.02.53.03.54.02022-04-292022-05-292022-06-292022-07-292022-08-292022-09-292022-10-292022-11-292022-12-292023-01-292023-02-282023-03-312023-04-302023-05-312023-06-302023-07-312023-08-312023-09-302023-10-312023-11-302023-12-312024-01-312024-02-29合约平均 价:DRAM:DDR4(4Gb(256Mx16)合约平均 价:DRAM:DDR4(8Gb(1Gx8),2133Mbps(基于8G 存储)合约平均 价:DRAM:DDR3(4Gb(256Mx16)AI DRAM SoC Wind 2G/3G/4G/5G ISP+Catalys 2024Q1 AP 90%AP 4G 2023 2024H1 SoC SoC/AI AI ISP ISP OPPO AI AI ISP+AI ISP+AIoT+IP PAGE 27-20%30%80%130%180%230%280%0500100015002000250030002018 2019 2020 2021 2022 2023芯片产品 芯片定制 半导体IP 授权其他 总营收YOY 芯片产品YOY 28 TIM AR/VR/MR 2024 MR AI AIPC 主要产品 高导热石 墨产品 石墨烯导 热膜 导热垫片 导热凝胶 导热硅脂 热管 均热板 热模组特点及行业地位人工合成 高导热 石墨膜 全 球龙头深耕导热界面材料（TIM）行业16 年，全 球通信、消费电子主流TIM 供应商用于热远 点传播用于热面 传播风冷/液冷 散热模组应用领域手机、平 板、充 电模组、ARVR、智能家居、汽车 电子、新 能源逆变器等通信基站、手机、平板、智能家居、汽车电子（三 电系 统）、电 装 设备 等笔记本、服务器、游戏机、AR/VR、通信设备等手机、平 板、新能源等服务器/数据中心、笔记本、游戏机、投影仪等主要客户 苹果、华为、三星、VIVO 爱立信、诺基亚、华为、中兴比亚迪、北汽资料来源：公司年报，Wind，华鑫证券研究所整理-30%-20%-10%0%10%20%30%40%50%60%0200400600800100012001400160018002019 2020 2021 2022 2023导热材料 EMI 屏蔽材料 电源滤波器其他 总营收YOY 导热材料YOY Wind vivo ABB PAGE 29-20%-10%0%10%20%30%40%50%60%0.00.51.01.52.02.53.03.54.04.55.02019 2020 2021 2022 2023 Wind DC/DC Qualcomm MTK OPPO vivo AEC-Q100 DC/DC Qualcomm DC/DC OPPOvivo-40%-20%0%20%40%60%80%100%120%(2)(1)01234562019 2020 2021 2022 2023 PAGE 30 AI Wind 2010 4 4 VR/AR TWS+4+4+N MEMS&Yole TWS 2023 MEMS 70%MEMS 2004 MEMS MEMS MEMS Sip MEMS MEMS AI+Meta TWS XR 2024 AI iPhone16+4+4+N MEMS PAGE 31-30%-10%10%30%50%70%90%110%130%0200400600800100012002018 2019 2020 2021 2022 2023智能硬件 智能声学整机 精密零组件其他业务 总营收YOY 智能硬件YOY智能声学整机YOY 精密零组件YOY2020 年Meta Oculus Quest 2独供2024 年苹果iPhone16AI 功能化MEMS 麦克风2022 年Meta VR 产品2018 年苹果TWS耳机25%-30%代工份额MEMS 麦克风 楼氏电子,36%歌尔股份,31%瑞声科技,10%意法半导体,2%共达电声,4%敏芯股份,3%其他,14%AI Wind EMIEMC-/Qi2.0 2023 5 WPC Qi2.0 MagSafe Qi2.0 AI AI AI AI-PAGE 32-15%-10%-5%0%5%10%15%20%25%30%01000200030004000500060007000800090002019 2020 2021 2022 2023营收（百万元）YOY Wind 2023 2319.05 8.35%109.53 19.53%PAGE 33 Wind BMS AI AI 2023 510C 4C 10min 80%SOC 2023+PAGE 34-20%-10%0%10%20%30%40%50%01000020000300004000050000600002019 2020 2021 2022 2023营收（百万元）YOY%Wind SIP 2023 6.42 YOY+16.57%PAGE 35-10%-5%0%5%10%15%050001000015000200002019 2020 2021 2022 2023总营收（百万元）YOY iPhone Wind PACK 2023 11.5 46.95%10.05%PACK 2023 35.44%YOY+7pct AIPC AI iPhone AIPC AI Techno Systems Research 2023&/31.10%/8.18%/2024 AI 2023 iPhone 2024 AI PAGE 36 0%10%20%30%40%50%60%0200040006000800010000120002019 2020 2021 2022 2023笔电类 手机类 其他消费类 动力类其他业务 总营收YOY 手机YOY OPPO vivo&Sonnen Wind ODM 2023 23Q4 2024 PAGE 370%5%10%15%20%25%30%01000020000300004000050000600002019 2020 2021 2022 2023总营收（百万元）YOY AI PCB Wind PCB PCB FPC SMA SLP HDI Mini LED RPCB Rigid Flex AI PCB AI AI&AI PCB AI AI AI AIPC AI PCB 0.025mm 0.020mm ASP AI HDI 1012L 1620L 2023 80%A AI AIPC AI MR A PCB A AI PAGE 38-15%-10%-5%0%5%10%15%05000100001500020000250003000035000400002019 2020 2021 2022 2023通讯用板 消费电子及计算机用板汽车、服务器用板 其他YOY Choice ADA 2023 4.72 27.50%0.29 81.53%ADA-H Z PAGE 39-40.00%-30.00%-20.00%-10.00%0.00%10.00%20.00%30.00%40.00%50.00%0.001.002.003.004.005.006.007.002018 2019 2020 2021 2022 2023固化及其他设备 其他(补充)配件及技术服务 固化及智能组装设备流体控制设备 等离子设备 同比 PAGE 40 AI 2018-2020 2020-2021 iFind 2020 2021 2022 2021 2023 4 2023 2023 2023 PAGE 41/12 A 300 1 20%2 10%20%3-10%10%4 10%2-10%10%3-10%PAGE 42:240702235636
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