Tianfeng Securities·2025-06-02 06:23Investment Rating - Industry Rating: Outperform the Market (Maintained Rating) [1] Core Viewpoints - The report highlights the recent surge in AI glasses releases, indicating a growing market for AI glasses as a new frontier for large models [9] - The performance of major overseas tech companies, such as Nvidia and Microsoft, has been strong, with significant revenue growth driven by AI contributions [9] - The report emphasizes the potential of Micro OLED technology and its expanding applications in various sectors, including AR glasses [9] Summary by Sections AI Glasses Market - Multiple domestic AI glasses have been launched recently, with notable products from companies like Raybird and Rokid, indicating a trend towards integrating AI capabilities into consumer electronics [4][12] - Raybird's new flagship AR glasses, RayNeo X3 Pro, feature advanced technology such as Micro-LED displays and a Snapdragon AR1 platform, enhancing user experience and energy efficiency [12][14] - Rokid has partnered with Gaode Map to introduce a smart navigation application for its AR glasses, aiming to improve user interaction through voice and visual cues [18][19] - The market for AR glasses is heating up, leading to increased investment in upstream near-eye display projects, with several domestic companies expanding their Micro OLED production capacity [22][23] Overseas Tech Performance - Nvidia reported Q1 2026 revenue of $44.062 billion, a 69% year-over-year increase, with significant growth in data center and gaming sectors [34] - Microsoft's Q3 2025 revenue reached $70.1 billion, a 13% increase, driven by strong performance in its cloud services, particularly Azure [38][41] - Meta's Q1 2025 revenue was $42.314 billion, reflecting a 16% year-over-year growth, with substantial investments planned for AI infrastructure [34] Micro OLED Technology - The report notes that Micro OLED technology is expected to see further development in 2025, with increased investment in related projects to meet rising demand [23] - Companies like Yisui Technology are investing heavily in Micro OLED production capabilities, anticipating a growing market for these displays in various applications [25]