AI系列专题报告（四）AI智能眼镜：AI应用落地新载体

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1]. Core Insights - The rise of AI technology is driving innovation in terminal devices, with AI smart glasses emerging as a new carrier for AI applications. Compared to traditional XR devices, AI smart glasses integrate AI technology and focus on visual and auditory functions, making them lighter and more suitable for daily life scenarios. Users primarily utilize AI smart glasses for photography, live streaming, music, calls, and AI voice interaction [3][24]. - With an increasing number of entrants, 2025 is expected to see a surge in new AI smart glasses releases. The market is shifting from "showing off technology" to "practical use," with features like translation, photography, and AI voice assistants becoming common in daily scenarios, especially in sports, commuting, and translation contexts. Major smartphone manufacturers like Xiaomi and Samsung are anticipated to launch their first AI smart glasses in 2025 [3][18]. - The AI+AR future application potential is significant, with SoC and optical display being core value segments. The cost structure of AI smart glasses shows that the chip segment accounts for a substantial portion of the overall cost, with SoC being the primary cost driver [3][28]. Summary by Sections 1. New Products and Market Potential - AI smart glasses are expected to become a new carrier for AI applications, integrating essential sensory interaction methods [3][19]. - The market is entering a phase of dense new product releases, with a projected global shipment of 5.5 million units by 2025 and a CAGR of 144% from 2024 to 2027 [3][49]. 2. Core Components and Technology - SoC is identified as the core cost source for AI smart glasses, with a significant portion of the BOM cost attributed to chips [3][62]. - The report highlights the importance of Micro LED and optical display technologies in enhancing the application scenarios of AI+AR smart glasses [3][97]. 3. Market Trends and Competitive Landscape - AI smart glasses are transitioning from novelty to practicality, with features that enhance user experience in various scenarios [3][37]. - Collaboration between AI smart glasses brands and traditional eyewear brands is emerging as a significant trend, enhancing the distribution and service ecosystem [3][33].