AI眼镜万亿市场如何掘金？

Investment Rating - The report maintains an investment rating of "Outperform" with a target price of 41.75 CNY for Mingyue Lens [5][6]. Core Insights - AI glasses are positioned as a key application for AI large models, with significant market potential estimated at over 1 trillion CNY. They are expected to quickly gain popularity and become the next generation of mobile terminals due to their lightweight, stylish design, and affordability [1][2][22]. - The penetration rate of AI glasses is currently in the early stages, with expectations for rapid growth driven by technological breakthroughs and the entry of leading companies into the market [3][32]. Summary by Sections 1. High-Potential Smart Wearable Devices - AI glasses are identified as one of the best application carriers for AI large models, occupying a unique position for multimodal interaction [1][14]. - The global market for non-display AI glasses is estimated to be close to 190 billion CNY, while AI+AR glasses could reach a market size of 1.76 trillion CNY [2][32]. 2. Industry Chain Value Concentration - The value chain of the industry is concentrated in core components and distribution channels, with leading manufacturers in high-end lens production expected to benefit significantly [4][8]. 3. AI Glasses Valuation Phase - AI glasses are currently in a valuation adjustment phase, with expectations for significant growth in the second half of 2025 as major new products are launched [8][32]. 4. Key Companies to Watch - Notable companies include: - Kangnait Optical, which leads in customized lens manufacturing and has strong backing from GoerTek [8]. - Mingyue Lens, a domestic lens production leader that has entered the Xiaomi supply chain [8]. - Inpai, focusing on entertainment and fitness scenarios in collaboration with Li Weike [8]. - Doctor Glasses, which has a large store network and partnerships with major AI glasses brands [8].