AI PCs: Intel Lunar Lake, Market Share Growth.
AI PCs are emerging as a new growth point for industry shipments.
A surge in AI PC shipments
The latest report released by Canalys shows that the Lunar Lake processor adds momentum to Intel's AI PC goals, with the launch of the Lunar Lake processor making significant progress towards Intel's goal of shipping 100 million AI PCs by the end of 2025. In the second quarter of 2024, AI PC shipments with Intel Core Ultra doubled quarter-on-quarter, and since December 2023, chip shipments have exceeded 15 million. Canalys predicts that the share of AI PCs in the Windows PC market will grow from less than 10% in 2024 to 30% in 2025, and reach 50% in 2026.
In August this year, Canalys's global AI PC shipment report indicated that the second quarter saw shipments of PCs with AI capabilities reaching 8.8 million units, accounting for 14% of total PC shipments. For Windows, AI PC shipments increased by 127% quarter-on-quarter.
Lenovo, with its Yoga Slim 7x and ThinkPad T14s, made its first foray into the PC market with Snapdragon X processors, helping its AI PCs to increase their share of total Windows PC shipments to about 6%, with a quarter-on-quarter growth of 228% in AI PC shipments.
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HP, through the launch of the Omnibook X14 and EliteBook Ultra G1 Snapdragon series, along with its expanding Core Ultra devices, has an AI PC share of about 8% in its Windows PC shipments.
Major manufacturers entering the field
As edge AI accelerates, the PC industry is entering a significant period of transformation. This year, chip and PC terminal manufacturers have been competing to launch AI-related products, with Intel, Nvidia, AMD, Qualcomm, and others joining the AI chip market competition. Leading PC manufacturers such as Lenovo, Dell, HP, and Asus are also working together to build an AI PC ecosystem.
Industry insiders say that the popularity of AI PCs is expected to continue to rise in the second half of this year. The breakthrough technologies of major chip manufacturers being implemented in terminals will drive the launch of more AI PC products. At that time, the scaling, industrialization, and application of AI PCs will develop rapidly in tandem.
Canalys predicts that the market performance of AI PCs is basically in line with expectations, with shipments expected to reach 44 million units in 2024 and 103 million units in 2025. The share of AI PCs in 2024 will be close to one-fifth, and by 2027, more than 60% of PCs shipped will be AI PCs.In the A-share listed companies, some have already participated in the AI PC industry chain. SoftPower Dynamics disclosed on the interactive platform that the company recently released SwanLinkOS 5 (Tianhong Operating System) in conjunction with its subsidiary Honghu Wanlian, and jointly launched with SoftPower Computing (Tongfang Computer) a new generation of intelligent products such as open-source Hongmeng AI PCs and smart interactive tablets equipped with SwanLinkOS 5.
Wentai Technology's AI PCs, produced in cooperation with a major North American client, have been sold globally since the beginning of 2024, with positive market demand feedback, quickly increasing in volume in the second quarter, while a new generation of projects is being advanced in cooperation.
Bomin Electronics has received small batch orders from AI PC clients and is currently in the process of production and delivery.
Yidao Information has launched new AI PCs and other intelligent hardware. The company's AIPC products are now capable of mass production and shipment, and have received widespread praise from clients and consumers.
Shengyi Technology is actively deploying in the AI PC field, not only introducing lower loss materials for AI PCs but also launching green degradable materials, working with terminals to verify on PCs, and jointly researching and releasing industry standards with terminals.
Institutional investors are heavily invested in these concept stocks.
From the perspective of institutional holdings, many AI PC concept stocks have been heavily invested in by institutions. According to the Securities Times · Data Treasure statistics, as of the end of the second quarter, 14 AI PC concept stocks have been held by more than 100 institutions, accounting for half of the total. Shengyi Technology, Hai Guang Information, Zhongke Chuangda, Huaqin Technology, and Xiechuang Data are among the top five in terms of the number of institutional holdings.
The company with the most institutional holdings is Shengyi Technology, which had a total of 735 institutional holdings at the end of the second quarter. Among the company's top ten circulating shareholders, two social security fund combinations appeared, with a total holding market value of 564 million yuan; a private equity fund under Gao Yi Assets has a holding market value of over 1 billion yuan.
The company with the highest proportion of institutional holdings in circulating shares is Loongson Technology, with an institutional holding ratio of 79.3% at the end of the second quarter. All of the company's top ten circulating shareholders are institutional seats, with the social security fund 114 combination newly entering the holding, with a holding market value of 436 million yuan at the end of the period. Other companies with higher institutional holding ratios include Hongxi Technology, Shengyi Technology, Green Precision, Hai Guang Information, and Xiechuang Data.
Looking at the potential for future growth, according to the consensus forecasts of more than five institutions, only six concept stocks are expected to have a net profit growth rate of over 20% from 2024 to 2026, namely Xiechuang Data, Wentai Technology, Hai Guang Information, Zhiwei Intelligence, Chunqiu Electronics, and Feirongda. The company with the highest average forecast net profit growth rate is Chunqiu Electronics, reaching 225.63%. The company supplies some structural parts to Huawei PCs, and several AIPCs produced in cooperation with downstream brand clients such as Lenovo have been launched and sold.In terms of secondary market performance, these six high-growth potential concept stocks have seen a significant overall pullback. According to Data Treasure statistics, compared with their intra-year highs, the pullback for Wantai Technology, Zhiwei Intelligence, and Xie Chuang Data has all exceeded 30%.
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