深度报告-20240319-东吴证券-电子行业深度报告_AI_PC元年开启_换机潮推动产业链景气度提升_15页_1mb

报告摘要

AIPC Industry Analysis Summary

PC Market Recovery

The PC industry is experiencing a cyclical downturn end. Global PC shipments decreased by 1% in 2023Q4 compared to the previous year, with a narrow contraction in quarterly YoY declines—from 14% in Q2 2023 to 8% in Q3 2023—and a rebound in sequential growth. Canalys forecasts a 8% increase in global PC shipments for 2024, driven by factors such as Windows updates and AI-enabled computers, indicating strong industry recovery.

AIPC Growth and Market Potential

AIPC (AI Personal Computer) is entering its growth phase, with 2024 serving as the "Year of AIPC." Canalys predicts AIPC shipments will surpass 170 million units by 2027, accounting for over 60% of total PC shipments, with a CAGR of 63% from 2023 to 2027. AIPC features like integrated AI accelerators (e.g., IPUs, VPUs) are expected to increase PC unit prices and drive demand.

Key Industry Players and Developments

Major companies are aggressively entering the AIPC market:

Intel plans to deliver AI capabilities to 100 million PCs by 2025 with its Core Ultra processors.
AMD introduced AI engines in its Ryzen 8000 series APUs and aims for AI performance enhancements.
Apple positions its M3 MacBooks as top AI devices, with plans for AI integrations in future products.
Microsoft and partners are integrating AI into Windows and Surface devices for enhanced user experiences.
Lenovo showcased AIPC prototypes with features like personalized AI models and improved interactivity.

##产业链机遇
AIPC is stimulating faster upgrade cycles and higher hardware requirements, leading to potential volume and price increases in the PC supply chain. Key companies to monitor include:

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