freeslotgamesnodeposit| Zhuhai Guanyu (688772): The commercialization of AIPC is expected to accelerate
editor 2024-05-24 09:34:27 Nature 23
The commercialization of AIPC accelerates
On May 21, Microsoft fully introduced its AI assistant Copilot to the Windows systemfreeslotgamesnodeposit, and has built-in OpenAIfreeslotgamesnodepositThe GPT-4o model of the released Surface Pro's NPU (Neural Network Processor) computing power has reached 40 TOPs (trillions of processes per second). The global AIPC is expected to accelerate. Due to the training and reasoning of the AI large model, it is expected to generate high power consumption, and the power consumption of AIPC is expected to be significantly higher than that of ordinary PCs, which puts forward higher requirements for battery performance and usage. The company is expected to benefit significantly as a head supplier of notebook batteries. We maintain the company's parent net profit forecast for 2024-2026 at 6freeslotgamesnodeposit.9、10freeslotgamesnodeposit.6, 1.46 billion yuan, with EPS of 0.61, 0.94, and 1.30 yuan, and corresponding PEs of 22.9, 14.9, and 10.8 times respectively, maintaining the "Buy" rating.
Major PC manufacturers are actively deploying the AIPC market, which is expected to bring about a new replacement cycle for notebooks. Lenovo held the "AI for All" conference in October 2023, proposing that Lenovo AIPC is expected to be officially launched after September 2024, and shipments accounted for that year. The proportion reached 10%; Apple plans to invest US$1 billion every year to develop AI functions for a full range of devices; HP expects to launch a new PC as early as 2024; Acer expects the AIPC solution to be launched in 2024-2025. With the active promotion of chip factories and PC factories, AIPC is expected to quickly enter the commercialization track, bringing about a new replacement cycle for notebooks. At the same time, due to AI model training and reasoning, it is necessary to generate high power consumption, and the power consumption of AIPC is expected to be significantly higher than that of ordinary PCs, which puts forward higher requirements for the performance and consumption of batteries. The notebook battery company is expected to benefit from core benefits.
The company is a leading company in notebook batteries and is expected to benefit from AIPC industry trends. According to Techno Systems Research statistical report, the company's market share of lithium-ion batteries for notebook computers and tablets will be 31.1% in 2023, ranking second in the world. The company has maintained stable supply relationships with many leading notebook manufacturers such as HP, Lenovo, Dell, Apple, Asus, Acer, Microsoft, Amazon, etc., and are expected to benefit from the stimulation of replacement demand brought by AIPC in volume. In terms of price, the price increase brought by the increase in battery performance requirements and the increase in charging capacity of single machines is expected to fully benefit from industry trends.
Risk warning: The prosperity of consumer batteries fell short of expectations; the promotion of AIPC fell short of expectations; and the volume of downstream customers starting and stopping batteries fell short of expectations.