XIAOMI(HK:01810) 3 6 Ke·2025-08-27 03:39Core Insights - 2024 is expected to be a breakthrough year for AI hardware, particularly with the rise of AI glasses as a new form of product, transitioning from smartphones to become essential "personal AI assistants" [2][4] - The optical module is identified as a critical component in AI glasses, influencing product form, user experience, and cost structure, thus becoming a focal point for investors and industry stakeholders [2][4][25] - Chinese manufacturers are rapidly developing independent capabilities in optical modules, moving towards domestic alternatives in the context of increasing demand and industry restructuring driven by AI [2][4][25] Industry Definition and Role - The optical module is defined as the "display engine" of AI glasses, responsible for image generation, transmission, and final display to the user [5][6] - It encompasses various key components, including projection systems, waveguide systems, freeform lenses, and structural controls, which collectively determine the visual performance and user comfort of AI glasses [6][7] Market Trends - The demand for AI glasses is transitioning from concept to mass production, with leading manufacturers driving innovation in optical modules to enhance user experience [8][20] - The market is witnessing a shift from technology-driven development to a focus on mass production and cost control, with Chinese manufacturers increasingly entering the supply chain [8][20][25] Competitive Landscape - The global optical module industry is characterized by a divide between overseas manufacturers, who dominate high-end designs and materials, and Chinese firms, which are making significant strides in production capabilities and cost control [25][26][27] - Key players in the optical module space include established overseas companies like Lumus and WaveOptics, while Chinese firms like Jisuo Optics and Thunder Optical are emerging as competitive forces [26][27] Investment Trends - The investment landscape for optical modules is evolving, with a notable increase in funding for early-stage companies focusing on AI glasses and optical technologies [31][32] - Investors are prioritizing companies with proven mass production capabilities, system integration skills, and strong patent portfolios as key indicators of value [32][33] Future Opportunities - The next 3-5 years present structural opportunities in the optical module sector, particularly in developing cost-effective waveguide modules, integrating small-sized freeform optics with LCoS/MicroLED technologies, and advancing domestic material and equipment capabilities [40][41][42] - The optical module is seen as a "bottleneck device" for AI glasses, with significant potential for domestic replacement and innovation in the industry [43][44]