【中泰电子】AR深度报告：AI落地最佳载体，硬件&生态共驱发展

Industry Overview - The AR industry is expected to experience a new wave of growth driven by the resonance between hardware and ecosystem advancements [4] - AR sales have shown steady growth, with global sales reaching 510,000 units in 2023, a 21% YoY increase, and domestic sales in China growing by 54% YoY to 200,000 units [6] - The AR market is currently dominated by domestic manufacturers, with Xreal, Rokid, and Thunderbird Innovation holding significant market shares globally [6] - The industry is transitioning from tethered AR devices to more integrated and lightweight standalone AR devices, with tethered AR accounting for 85% of sales in China in 2023 [8] AI + AR Evolution - AR glasses are considered the best carrier for multimodal AI models like GPT-4o, offering hands-free interaction and real-time information processing [11] - Meta's Ray-Ban glasses, powered by the Llama 3 multimodal AI model, have sold over 1 million units since their launch in October 2023, marking a significant milestone in AI-powered AR devices [11] - The integration of AI with AR is expanding the application boundaries of AR glasses, enabling features like real-time translation, navigation, and object recognition [14] AR Optical Technology - AR optical technology is evolving, with waveguide solutions showing significant potential for consumer-grade AR devices due to their compact size and high transparency [23] - BirdBath and freeform optical solutions are currently the most mature and widely used in consumer AR devices, but waveguide technology is expected to become the mainstream due to its superior performance in terms of size, transparency, and clarity [31] - Array waveguides offer excellent imaging quality and are capable of 2D pupil expansion, but face challenges in mass production due to complex manufacturing processes [34] - Surface relief waveguides (SRG) are easier to mass-produce but suffer from issues like the rainbow effect, limited field of view, and light leakage [48] AR Display Technology - AR display technologies include LCoS, DLP, MicroOLED, and MicroLED, with MicroLED showing the most promise due to its high brightness, fast response time, and compact size [57] - MicroLED displays are particularly suited for AR applications due to their high pixel density, brightness, and low power consumption, but face challenges in mass production, particularly with red light efficiency and full-color integration [67] - In 2023, 9 MicroLED AR glasses were released, with 6 of them being monochrome, highlighting the ongoing challenges in achieving full-color MicroLED displays [69] Key Players in AR Industry - Crystal Optech: Focused on array waveguides and volume holographic waveguides, collaborating with global leaders like Lumus and Digilens to advance AR optical technology [76] - Goertek: A global XR leader with expertise in AR device manufacturing, optical solutions, and display technologies, partnering with Meta and Qualcomm [79] - Sunny Optical: A global optical leader with a strong focus on waveguide technology and AR camera sensing solutions [83] - Lante Optics: A key supplier of glass wafers for AR waveguides, with capabilities in producing high-refractive-index, ultra-thin glass wafers [85] Investment Recommendations - The AR industry is poised for significant growth as AI and hardware advancements converge, with key players in the AR supply chain expected to benefit from this trend [91]