光学光电子行业点评：智能AR眼镜有望开启SiC光波导升级大趋势

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Insights - The smart AR glasses market is expected to evolve significantly, driven by products like Ray-Ban Meta, potentially leading to a breakthrough year in 2025 [5] - The optical waveguide display function remains a key technical focus, with silicon carbide (SiC) anticipated to play a crucial role in optimizing optical pathways [5] - The adoption of high-refractive-index materials, particularly silicon carbide, is essential for achieving total internal reflection in optical waveguide designs [3][4] Summary by Sections Optical Waveguide Display Solutions - The main optical display solutions currently rely on waveguide technology, which can be categorized into reflection and diffraction routes [2] - Reflection waveguides utilize micro-mirror arrays on lens surfaces to achieve imaging through total internal reflection, while diffraction waveguides adjust light paths via etched or nano-imprinted gratings [2] Silicon Carbide as a Key Material - Silicon carbide, with a refractive index of 2.7, significantly reduces the critical angle for total internal reflection compared to traditional glass, which has a refractive index of about 1.8 [3] - The use of silicon carbide allows for thinner lenses and minimizes light interference effects, making it a strong candidate for future smart glasses [3] Market Dynamics and Opportunities - The current production capacity for consumer-grade silicon carbide is limited, presenting a high barrier to entry, which could benefit companies with core technological capabilities [4] - Tianyue Advanced, a leading domestic silicon carbide substrate company, is highlighted as a key player in this emerging market [4]