Continued increase in inference demand is boosting the accelerated release of AIDC demand, and AIDC suppliers that focus on scarce card slot resources.
The Zhitong Finance App learned that Open Source Securities released a research report saying that as downstream enterprises continue to increase their usage of large models of cloud vendors, it may drive cloud vendors to continue to increase their computing power infrastructure load and drive demand for AIDC infrastructure. The number of AI application web and app users is growing rapidly, and the continuous increase in demand for inference is helping accelerate the release of AIDC demand, and AIDC suppliers that focus on scarce card slot resources.
The main views of Open Source Securities are as follows:
CES2025AI application terminals are launched on a large scale, and cloud-+ terminal integration or drive AIDC demand
Wearable devices supported by a large number of AI functions, such as AI translation headsets, AI bracelets/pendants, AI rings, and AI AR/VR glasses were unveiled at CES 2025. For example, the flagship MR device to play dreams is equipped with an 8K micro-OLED screen, which can achieve AI search, text translation, and music creation functions by connecting to large AI models; Thunderbird V3 AI glasses actively embrace Ali and Qualcomm, and have launched AI SoCAI endside smart home AI acceleration, humanoid robot, and lawnmower robot Continued upgrades, and various AI toy applications were unveiled.
As the performance of the side-end AI small parameter model continues to increase, the enabling effect of AI on terminals continues to be prominent. It is expected that time-sensitive inference applications will gradually drive demand for terminal AIoT modules and intelligent modules; demand for high-accuracy inference is expected to gradually drive demand for cloud AIDC. As downstream enterprises continue to increase their usage of cloud vendor models, it may drive cloud vendors to continue to increase their computing power infrastructure load and drive demand for AIDC infrastructure.
The number of AI application web and app users is growing rapidly, and the demand for inference continues to rise
According to data from a qubit think tank, from May to July 2024, the number of new daily users of the Doubao app owned by ByteDance rapidly increased from 0.2 million to 0.9 million, far exceeding other products in the same category. In September, it became the first AI application with a domestic user base exceeding 100 million. By the end of November, the cumulative number of Doubao users in 2024 had exceeded 0.16 billion. In November, an average of 0.8 million new users downloaded Doubao every day, and nearly 9 million active users in a single day, ranking second in the world and number one in China for AI applications. In terms of user DAU, in November, the Doubao app's DAU was about 8.5 million, which continued to grow; the second-place Kimi DAU was about 3 million, which declined; and the third place, Wen Xiaoyan's DAU was about 1.4 million, which is a slight increase.
Overall, the number of domestic AI application users and user usage continues to grow. Doubao and Kimi share the lead, and demand for inference is being released at an accelerated pace. In terms of monthly web visits, in December, the number one Kimi smart assistant had a total monthly visit volume of over 35 million, benefiting from the AI video generation function and the launch of Kimi's mathematical version, which increased by about 15% over November; the total number of monthly visits to Doubao, the second-place Doubao AI surpassed 30 million, an increase of nearly 50% over November; and the number of monthly visits to the third place, Wenxin, remained above 20 million.
Overall, the number of visits to KIMI, Doubao, and Wenxin AI smart assistants on the domestic web platform is leading. The advantages are gradually expanding, and demand for inference is expected to be released at an accelerated pace.
Reasoning+training requirements accelerate the release of AIDC demand, and AIDC suppliers that focus on scarce card slot resources
As AI applications from Internet giants such as ByteDance, Ali, and Tencent continue to be implemented, it is expected that demand for AIDC will continue to increase, and emphasis will be placed on AIDC investment opportunities.
Recommended targets for AIDC core suppliers related to ByteDance: Runze Technology (300442.SZ), Baoxin Software (600845.SH); beneficiary targets: Guanghuan New Network (300383.SZ), Century Internet (VNET.US), Dongfang Guoxin (300166.SZ), etc.;
Recommended targets for core AIDC suppliers related to Ali: Baoxin Software (600845.SH), Runze Technology (300442.SZ); Beneficial targets: Universal Data - SW (09698), etc.;
Recommended targets for AIDC core suppliers related to Tencent: Baoxin Software (600845.SH); beneficiaries: Kehua Data (002335.SZ), Guanghuan New Network (300383.SZ), etc.;
Baidu's related AIDC core suppliers benefit targets: Aofei Data (300738.SZ), etc.;
Beneficiaries of AIDC's important targets: Yunsai Zhilian (600602.SH), Data Port (603881.SH), Wangsu Technology (300017.SZ), etc.
Risk warning: AI and cloud computing development falls short of expectations, cabinet launches fall short of expectations, industry competition intensifies, etc.