走进“芯”时代系列深度之八十九“眼镜终端”：先AI后AR，眼镜终端打响电子化/智能化攻坚战——XR系列报告之眼镜终端

Investment Rating - The report maintains an investment rating of "Market Perform" for the consumer electronics sector, specifically focusing on the XR eyewear segment [1]. Core Insights - The report identifies four categories of eyewear terminals, each with unique features, aiming for functional integration as the ultimate development goal. These categories include smart audio glasses, information display/true AR glasses, projection glasses, and spatial computing devices [1][3]. - The success of Meta's Ray-Ban is attributed to brand strength, design, and channel support, alongside a high-value experience combining POV cameras and OWS headphones, enhanced by multimodal AI capabilities [3]. - The report emphasizes that while AI glasses currently have a vague user profile, smart audio glasses are positioned to replace headphones, leveraging AI to enhance user experience and market potential [4]. Summary by Sections 1. Introduction - The report discusses the four types of eyewear terminals, highlighting their unique attributes and the goal of functional integration. The categories include: - Smart audio glasses = glasses + headphones + AI - Information display & true AR glasses = glasses + headphones + screen + AI - Projection glasses = glasses + headphones + screen - Spatial computing glasses = screen glasses + computing terminal + AI [1][6][12]. 2. Technology - The report outlines four key development areas for eyewear intelligence and electronic integration: - Large models: The AI capabilities of glasses depend on the models they utilize, with domestic models showing competitive performance [2][23]. - SoC: Three SoC solutions are discussed, each with its advantages based on the glasses' functionalities [2]. - Display technology: Micro OLED and Micro LED are the primary technologies for AR glasses, with various screen types being utilized [2][8]. - Optics: There is no unified technology route that meets all consumer-grade AR glasses' needs, with different optical solutions being explored [2][8]. 3. Supply Chain - The report notes that high-value categories like Ray-Ban Meta still rely heavily on overseas production, while Huawei's Vision Glass has over 90% domestic production [4][10]. 4. Market Dynamics - The report indicates that the positioning of AI glasses will determine their market space in the short term, while long-term penetration into the eyewear market is expected as electronic and intelligent features evolve [4][5]. 5. Related Companies - The report suggests monitoring companies involved in the supply chain or possessing relevant technological capabilities, including: - Optical: Crystal Optoelectronics, GoerTek, OFILM, Will Semiconductor - Assembly: GoerTek, Yida Information, Tianjian Technology, Longqi Technology, Jiahe Intelligent - Storage: Zhaoyi Innovation - Cameras: Will Semiconductor, Sunny Optical Technology - SoC: Hengxuan Technology, Rockchip, Juchip Technology - Structural components: Jiemite, Changying Precision - Screens: BOE Technology, HC SemiTek, JBD (unlisted) - Terminal manufacturers: Rokid (unlisted), Thunderbird Innovation (unlisted), Xreal (unlisted) [4].