According to Zhito Finance APP, Tianfeng has released a research report stating that the International Consumer Electronics Show (CES2025) will be held in Las Vegas from January 7 to 10, 2025, continuing the hottest theme of CES2024, AI. It is expected that CES2025 will showcase more products and technologies. Other themes include sustainable development and green technology, automotive technology and advanced mobility technology, digital health, smart home devices, virtual reality, and augmented reality. With the application of AI landing at the endpoints, rapid growth in AIOT demand is expected; SOC, as the core chip for technological innovation + AI demand, is anticipated to drive the price and volume increase of AI SOC. The rich visual downstream application scenarios are expected to drive the demand for visual SOC and CIS.

Tianfeng Securities' main points are as follows:

Event: The International Consumer Electronics Show (CES2025) will be held in Las Vegas from January 7 to 10, 2025. It is expected that the number of participating companies, products, and registered attendees will reach new heights, covering 160 countries, with 309 companies from the Fortune 500, of which 60% of the total registered attendees are senior level. The exhibition will cover multiple fields such as audio/video, gaming, Metaverse, autonomous driving, Internet of Things, Smart City, agricultural technology, digital health, Smart Home, food technology, lifestyle, and AI products. Continuing the hottest theme of CES2024, AI, CES2025 is expected to showcase more products and technologies; other themes include sustainable development and green technology, automotive technology and advanced mobility technology, digital health, smart home devices, virtual reality, and augmented reality.

In the 2024 CES exhibition, a hundred flowers bloomed for AI endpoints, and it is expected to continue in 2025.

Looking back at the 2024 CES exhibition, manufacturers including those of Smart Clothing and Smart Home released new products. According to data from the World Internet Conference, Sennheiser showcased the Momentum Sport TWS earbuds that can monitor health data in real-time, and Invoxia launched a wearable tracker called Minitail designed specifically for cats and dogs. In the Smart Home sector, Samsung's 2024 Bespoke series 4-door Flex Refrigerator provides users with food information inside the refrigerator through smart internal cameras and AI models, while XGIMI Aladdin, introduced by XGIMI, combines ceiling-mounted projection and smart home ceiling lights into one.

Smart glasses are the core terminal for the implementation of AI technology, and the interactive experience is expected to continue to upgrade.

Smart glasses made a breakthrough at CES 2024, representing a stylish alternative to traditional frames and headsets. They can still provide captivating immersive features such as onboard AI, cameras for live streaming and video calls, and even built-in ear-worn solutions. According to the 2025 CES innovation list, taking MOJIE's ultra-lightweight multi-color AR+AI glasses as an example, this product is based on resin diffraction waveguides and weighs only 49 grams, making it the lightest dual-eye multi-color smart glasses in the world. This product integrates a proprietary near-eye display system, perceptual interaction, and mass production engineering, significantly excelling in ultra-lightweight, impact resistance, light transmittance, and privacy protection, making it the best hardware for AIGC and redefining the next generation of information display and interaction.

AI PC technology continues to upgrade, with new products from major overseas manufacturers expected to be released.

On January 6, 2025, NVIDIA's CEO will give a keynote speech at CES; according to techradar predictions, Nvidia is expected to launch the next-generation Blackwell GeForce graphics cards, including the flagship RTX 5090 and RTX 5080, both of which are expected to improve performance. AMD's expected new releases include RDNA4 graphics cards, more Ryzen 9000 processors (including new 3D V-Cache products), and a large number of APUs, which are expected to promote the development of lightweight gaming laptops and PC gaming handheld devices. According to the CES 2025 list of award-winning products in AI and computer hardware, AMD's Ryzen AI9HX370 processor, used in the laptop Copilot+, features a neural processing unit (NPU) capable of providing AI processing power of 50 trillion operations per second (TOPS).

Investment recommendation: Tianfeng believes that as AI applications land in terminals, the demand for AIOT is expected to grow rapidly. As the core chip, SOC technology innovation and AI demand are expected to drive the quantity and price increases of AI SOCs. The rich visual downstream application scenarios are expected to enhance the demand for visual SOCs and CIS.

Recommend focusing on symbols:

AI glasses SOC: Bestechnic (Shanghai) Co., Ltd. (688608.SH), Zhihua Lanxun (688332.SH), and Juxin Technology (688049.SH).

AI home SOC: Rockchip Electronics (603893.SH), Amlogic (688099.SH), and Allwinner Technology (300458.SZ).

AI vision SOC: Shanghai Fullhan Microelectronics (300613.SZ) and Ingenic Semiconductor (300223.SZ). Xingchen Technology is not listed and does not have a stock code.

AI toy SOC: Espressif Systems (688018.SH), Longsys Technology (688486.SH), Aoyou Technology (688220.SH), Tailin Micro (688591.SH), Beken Corporation (603068.SH).

Supporting storage/CIS/solutions: GigaDevice Semiconductor Inc. (603986.SH), Purans (688766.SH), Eastchip (688110.SH), Hengshuo (688416.SH), Will Semiconductor (603501.SH), SmartSens Technology (688213.SH), Geke Micro (688728.SH), Shanghai Fortune Techgroup (300493.SZ).

Risk Warning: Downstream demand may fall short of expectations, technology upgrades and iterations may not meet expectations, new product promotion may not meet expectations, supplier concentration risk, customer concentration risk, etc.