消费电子：Pico 4 Ultra国产供应链价值占比约六成，预计24年VR重回增长

Industry Investment Rating - The investment rating for the consumer electronics industry is "Synchronized with the Market" (Maintained) [2] Core Views - Pico 4 Ultra's BOM cost for the 12+256G version is approximately $430.64, with domestic supply chain accounting for about 60$330 [2] - Qualcomm, as the supplier for SOC, WiFi chips, audio chips, and power management chips, accounts for 29.23% of the total value, with a significant increase in value compared to Pico 4 due to the high cost of the XR2 Gen 2 chip [2] - Domestic suppliers account for 60.08% of the total value, while overseas suppliers account for 39.92%, with US suppliers contributing 36.59% [2] - VR sales are expected to return to growth in 2024, with Pico 4 Ultra contributing to a slight quarter-on-quarter increase in the Chinese VR market [2] - Global VR sales in Q3 2024 were 1.18 million units, a 5% year-on-year decline, primarily due to declines in Sony PS VR2 and Quest 2 sales [2] - Meta's sales remained stable at 850,000 units in Q3 2024, while Apple's Vision Pro sales were 60,000 units, showing a gradual decline [2] - China's VR sales in Q3 2024 were 100,000 units, stable year-on-year, with a slight quarter-on-quarter increase due to the launch of Pico 4 Ultra [2] - Global VR sales are expected to reach 7.74 million units in 2024, a 3% increase from 2023, with Meta expected to sell 6 million units, Apple Vision Pro adjusted to 400,000 units, and Sony expected to sell 500,000 units through promotional activities [2] Key Components and Costs - The motherboard, including XR2, RAM, ROM, power management chips, Bluetooth chips, WiFi chips, Codec, RF chips, and PCB, costs $173.7 [7] - The sensor module, including cameras, IMU, electronic compass, distance sensor, and PCB, costs$53.4 [7] - The optical module, including pancake optics, Fast-LCD screens, and pupil distance adjustment modules, costs $138 [7] - The headset shell/structure, including plastic shell, foam, and internal precision structures, costs$9 [7] - The cooling module, including cooling fans and heat sinks, costs $3.5 [7] - The controllers, including two controllers and four AA batteries, cost$30.04 [7] - The acoustic module, including two speakers and a microphone, costs $10 [7] - The battery, including the rechargeable battery and power cable, costs$7 [7] - Accessories, including charging cables, cost $3 [7] - Packaging, including the box and manual, costs$3 [7] - The total BOM cost is $430.64, with ODM/OEM costs adding$20, bringing the total hardware cost to $450.64 [7] Supply Chain and Market Dynamics - Key players in the XR supply chain include Qualcomm, JDI, Goertek, Micron, and domestic suppliers, with domestic suppliers contributing 60.08% of the total value [2][7] - The VR market is expected to stabilize and grow slightly in 2024, driven by new product launches such as Pico 4 Ultra and Quest 3S [2] - Meta's Quest 3 is expected to be the main driver of sales in 2024, with Apple's Vision Pro and Sony's PS VR2 also contributing to the market dynamics [2]