AI端侧深度之AR眼镜：产品定义收敛，技术限制解除，新一代多模态Agent处变革前夜

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The AR glasses market is expected to reach a scale of 1 to 1.4 billion units, driven by hardware breakthroughs and the integration of edge AI [10][11] - The report emphasizes that AR glasses can replace smartphones by providing similar functionalities while being more convenient and efficient [10][11] - The development timeline suggests that 2025 will be a pivotal year for AR glasses, akin to the launch of the first iPhone in 2007, with significant advancements expected by 2027 [10][25] Summary by Sections Investment Logic - The report argues that AR glasses, equipped with displays, will become the next generation of consumer electronic computing platforms, contrasting with non-display AI glasses [10] Historical Review - AR glasses have evolved to combine AR display capabilities with a lightweight form factor, enhancing user experience through real-time interaction and virtual object integration [11][13] Current Market Dynamics - The current market features three main categories of AR glasses: lightweight smart glasses, viewing glasses, and fully functional AR glasses, each with distinct capabilities and target audiences [16][19][22] Future Outlook - Major tech companies are expected to enter the AR glasses market, with Meta's upcoming products anticipated to set new standards and accelerate market growth [24][25] Hardware Bottlenecks - Key hardware components such as SoC, micro-display optics, and waveguide lenses are identified as critical areas for innovation and investment opportunities [3][10] Recommended Companies - The report recommends investing in companies like GoerTek, Luxshare Precision, Longqi Technology, Hengxuan Technology, and Weir Shares, which are well-positioned in the AR glasses supply chain [10][11]