消费电子：XREAL：自研X1芯片，开启原生3DoF AR时代

Investment Rating - The industry investment rating is "In line with the market" [2] Core Viewpoints - The introduction of the self-developed X1 chip by XREAL marks the beginning of the native 3DoF AR era, significantly reducing MTP latency and breaking the dependency on external terminals [2] - Traditional AR glasses face high MTP latency issues, often exceeding 20ms, leading to user discomfort. The new architecture of XREAL One reduces signal processing nodes from 6 to 3 and transmission paths from 5 to 2, enhancing reliability and user experience [2] - XREAL's product vision includes two directions: Spatial Display and Spatial Computing, aiming to provide portable spatial screens and a foundation for future AR experiences [2] Summary by Sections Investment Rating - The report maintains the investment rating of "In line with the market" [2] Key Investment Points - The X1 chip enables an independent processing chain for AR glasses, reducing latency and improving user comfort [2] - The new processing architecture enhances reliability by minimizing the number of signal processing nodes and transmission paths [2] - XREAL aims to integrate with existing mobile and computer ecosystems while developing advanced AR capabilities [2] Product Features - The XREAL One features a Sony Micro-OLED display with a resolution of 3840 x 1080 for dual-eye, a contrast ratio of 100,000:1, and a maximum brightness of 600nit [6] - It supports a refresh rate of up to 120Hz and has a field of view (FOV) of 50 degrees, enhancing the visual experience [6] - The device includes advanced audio features such as "far-field noise cancellation" technology [6]