Tianfeng Securities released a research report saying that recently, Volcano Engine released a new upgrade of the bean bag large model family, including the bean bag general model, voice model and visual model, and the performance has been greatly improved; The input price of Doubao Visual Understanding is 0.003 yuan per thousand tokens, which is 85% lower than the industry average, which is equivalent to one dollar that can process 284 720P pictures, and the visual understanding model has officially entered the era of centi. With the implementation of AI applications on terminals, it is expected to start a rapid growth in demand for AIOT. SOC as the core chip, technological innovation + AI demand is expected to drive the volume and price of AI SOC to rise; Vision enriches downstream application scenarios, which is expected to drive the demand for vision SOC and CIS.

The main views of Tianfeng Securities are as follows:

The new visual understanding model of bean bags has been released, and the average price reduction is expected to be quickly popularized

With the Bean Bag Visual Understanding Model, users can enter questions related to text and images at the same time. The model is able to synthesize and give accurate answers. This will greatly simplify the application development process and unlock more large-scale model value scenarios. The visual comprehension ability will greatly expand the scene boundaries of large models, open the ceiling for the scene use of large models, and have very broad application prospects in finance, medical care, architecture, geography, sports, logistics, etc.

The input price of Bean Bao Visual Understanding is 0.003 yuan per thousand tokens, which is 85% lower than the industry average price, which is equivalent to one dollar can process 284 720P pictures, and the visual understanding model has officially entered the era of centi. At the same time, Volcano Engine will also provide higher initial traffic, with RPMs reaching 15,000 times and TPMs reaching 1.2 million, allowing enterprises and developers to use visual understanding models to find more innovative scenarios.

The

capacity of the bean bag model has been further improved, and the average daily usage is expected to continue to grow

According to the data of Volcano Engine, the average daily usage of tokens of the Doubao model exceeded 4 trillion in December, an increase of more than 33 times compared with the release period in May. While tokens calls are growing on a large scale, the bean bag model is growing rapidly in different scenarios. At this conference, Volcano Engine released and upgraded several other models. Among them, the Doubao general model PRO has completed a new version iteration, and the comprehensive task processing ability has increased by 32% compared with May, 13% in reasoning, 9% in instruction compliance, 58% in code, 43% in mathematics, and 54% in the field of professional knowledge.

Millet economy combined with SOC, AI+ hardware application scenarios are broad

The rise of generative large-scale models has driven players to explore new ways to play, and derived applications for interactive dialogue between hands and people. AI+ is expected to become the driving force of the auxiliary IP soul, so that the IP does not just stay flat or static, but can be displayed in a more vivid form. According to Transparency Market Research, the global market for smart toys such as electronic pets, robots, and smart train kits is expected to grow to nearly $70 billion by 2026.

The volume of AI terminals + technology upgrades have driven the volume and price of AI SOC to rise

According to MarketsandMarkets, the SoC market is expected to grow from $138.46 billion in '24 to $205.97 billion in '29, benefiting from demand for AI and machine learning, with an expected CAGR of 8.3%. Taking RayBan Meta as an example, according to Wellsenn XR data, the total cost of RayBan Meta is $174, of which the cost of the motherboard chip is about $99.1, accounting for more than half of the cost, and the cost of the motherboard chip is 28.7% higher than that of the previous generation of RayBan Stories.

It is advisable to pay attention to the target

AI glasses SOC: Hengxuan Technology (688608.SH), Zhongke Lanxun (688332.SH), Torch Core Technology (688049.SH), etc.

AI home SOC: Rockchip (603893.SH), Jingchen (688099.SH), Allwinner Technology (300458.SZ), etc.

AI vision SOC: Xingchen Technology (301536.SZ), Fullhan Micro (300613.SZ), Beijing Junzheng (300223.SZ), etc.

AI toy SOC: Espressif Technology (688018.SH), Longxun (688486.SH), Aojie Technology (688220.SH), Telink Micro (688591.SH), Broadcom Integration (603068.SH), etc.

Supporting storage/CIS/solutions: GigaDevice (603986.SH), Puran (688766.SH), Dongxin (688110.SH), Hengshuo (688416.SH), Weir (603501.SH), Smartway (688213.SH), Geke Micro (688728.SH), Runxin Technology (300493.SZ), etc.

Risk warning: downstream demand is less than expected, technology upgrade iteration is less than expected, new product promotion is less than expected, supplier concentration risk, customer concentration risk, etc.