HUAXI Securities·2025-05-09 10:55Investment Rating - The industry rating is recommended for investment [4] Core Insights - The optical technology is continuously iterating, with a clear trend towards the upgrade of waveguide solutions. AR optical systems are crucial for AR glasses, focusing on achieving lighter volume, larger field of view (FOV), better imaging quality, and lower costs. The waveguide solution is becoming the main development direction due to its advantages in being lightweight, high transparency, and large viewing angles, making it suitable for daily wear [1][11] Summary by Sections 1. Optical Technology Iteration - The AR optical system is a key component of AR glasses, with multiple technical routes available, including prisms, off-axis optics, freeform, BirdBath, and waveguides. The waveguide solution is favored for its closer resemblance to traditional glasses and its lightweight characteristics [1][11] 2. Technical Routes - Geometric Waveguide: High imaging quality but challenging mass production due to complex manufacturing processes. Key players include Lumus, LiPai Optics, and Lingxi Micro-Optics [2][19] - Surface Relief Waveguide: Based on diffraction principles, it has lower production difficulty but faces issues like rainbow effects and low optical efficiency. Main manufacturers include WaveOptics, Dipelix, and Kunyou Optoelectronics [2][39] - Volume Holographic Waveguide: Offers high diffraction efficiency and low production costs but currently lags behind surface relief waveguides in performance. Companies involved include Sony and Digilens [3] - Polarized Volume Holographic Waveguide: Breaks through limitations of traditional volume holographic waveguides but still in development. A notable product is the "Cloud Sparrow" AR glasses, which significantly improve optical performance [3] 3. Lens Materials - Glass: Mature technology but lacks lightweight design capabilities and is prone to breakage [6] - Resin: Offers lightweight and impact resistance but has limitations in refractive index and manufacturing consistency [6] - Silicon Carbide: Introduced by Meta with the Orion product, achieving a 70° FOV, addressing issues of narrow FOV and heat dissipation. However, it faces challenges in processing complexity and integration with other materials [6] 4. Investment Recommendations - With the integration of AI models and active participation from various manufacturers, AR glasses are expected to see accelerated iteration and significant growth potential. Waveguides, as a core component affecting display quality, are likely to benefit greatly. Beneficiary targets include companies like GoerTek, Crystal Optoelectronics, and Sunny Optical [7]