高盛：小米 AI 眼镜发布；关联供应链分析；2025 - 2026 年新机型管线吸引消费者关注

Investment Rating - The report assigns a "Buy" rating to key companies involved in the AI / AR glasses industry, including Xiaomi, Lenovo, and others [27]. Core Insights - The AI / AR glasses market is expected to grow significantly, with a projected CAGR of 56% from 2024 to 2030, reaching a total addressable market (TAM) of US$1 billion by 2030, equating to approximately 7 million units sold [3][12]. - The report highlights the increasing consumer interest in AI / AR glasses, driven by new product launches from major tech companies like Xiaomi, Meta, and Apple, as well as affordability and enhanced use cases [1][2]. - Xiaomi's recent product launch is anticipated to stimulate consumer interest and support the growth of the AI / AR glasses supply chain [2]. Market Forecasts - The report forecasts that AI glasses sales in China will reach 341,000 units by 2025, supported by new product launches and expanding use cases [3]. - The total shipments of AI / AR glasses in China are expected to grow from 365,000 units in 2023 to 894,000 units in 2025, with a strong growth trajectory continuing through 2030 [12][14]. Supply Chain Overview - Key companies in the AI / AR glasses supply chain include Will Semi, Lingyi, AAC, Largan, and major brands like Lenovo, Apple, and Xiaomi [4]. - The report outlines a robust pipeline of upcoming AI / AR glasses products from various companies, indicating a healthy competitive landscape [2][11]. Product Specifications - Xiaomi's AI glasses feature a 12MP camera, 8.6 hours of battery life, and are priced competitively between US$280 and US$419, comparable to other leading products in the market [8][9]. - The report provides a detailed comparison of specifications for various AI / AR glasses models, highlighting advancements in technology and features across different brands [9][11].