国君电子|AI加AR,重构智能可穿戴

Investment Rating - The report suggests a positive investment outlook for the AR industry, driven by advancements in AI and optical display technologies [1]. Core Insights - The AR industry is entering a high growth phase, with AI enabling significant upgrades in user experience through enhanced object recognition, personalized experiences, real-time spatial mapping, and optimized performance [1]. - Global AR hardware shipments are projected to increase from 860,000 units in 2024 to 6.41 million units by 2027, representing a CAGR of 95.3%. The AR hardware market size is expected to grow from $6.3 billion to $11.8 billion between 2024 and 2029 [1]. - Major tech companies like Meta and Google are actively promoting AI-integrated AR glasses, with Meta's first AI-powered AR glasses expected to debut at the Meta Connect 2024 conference [1]. - Domestic AR manufacturers, such as Thunderbird Innovation, are accelerating the deployment of AI features like voice assistants and translation aids, contributing to the development of the AR ecosystem [1]. - Initially, AR devices are expected to function as companions to smartphones, focusing on display and transmission performance. The current market trend favors diffractive waveguides due to mass production advantages, while reflective waveguides may become a better option as production scales and costs decrease [1]. - The AR glasses market remains small compared to the approximately 1 billion smartphone market, but advancements in optical and chip technologies, along with AI-driven content ecosystem improvements, are anticipated to drive significant growth in AR glasses [1].