研报掘金丨东吴证券：维持晶盛机电“买入”评级，AR眼镜催化不断

Core Viewpoint - The report from Dongwu Securities indicates that the material leader Jing Sheng Ji Dian is expected to benefit significantly from the ongoing catalysis of AR glasses, particularly through partnerships with Zhejiang University-affiliated AR companies [1] Company Summary - Jing Sheng Ji Dian has partnered with AR companies Longqi, XREAL, and Kunyou Optoelectronics to develop silicon carbide substrates for AR glasses, with 8-inch substrates already in shipment and 12-inch cost-reduction models having completed research and production [1] - The company is leveraging its strong technical foundation and self-manufactured equipment to accelerate the cost-effective industrialization of silicon carbide, which is expected to benefit from economies of scale [1] Production Capacity - Domestic capacity: The company currently has a crystal pulling capacity of 300,000 pieces, and after the new 600,000 pieces of 8-inch capacity is established in 2025, the total capacity will reach 900,000 pieces [1] - Overseas capacity: The subsidiary Zhejiang Jingrui SuperSiC recently held a groundbreaking ceremony in Penang, Malaysia, where the first phase of the project is expected to achieve an efficient production capacity of 240,000 pieces per year for 8-inch silicon carbide substrates [1]