Meta Platforms(US:META) Haitong Securities International·2025-09-19 01:20Investment Rating - The report maintains a positive outlook on the industry, suggesting that Meta-led AR full-color glasses will play a leading role in the next 2-3 years, with significant growth expected around 2027 [4][8]. Core Insights - The Meta Connect 2025 conference highlighted the introduction of three new smart glasses models, focusing on AI glasses, with the Meta Ray-Ban Display being the most innovative product featuring a full-color display and myoelectric wristband interaction [1][6]. - The report emphasizes the importance of the Chinese supply chain's involvement in the production of these new smart glasses, indicating a collaborative effort with various technology providers [2][7]. - The emergence of AI Agent products is noted, with expectations for full-color waveguide glasses to see significant market growth by 2027, driven by continuous hardware and software advancements [3][8]. Summary by Sections Product Innovations - The Meta Ray-Ban Display features a monocular full-color display with specifications including 600×600 pixels, a 20-degree field of view, and a maximum brightness of 5000 nits, priced at $799 [2][7]. - The new generation Meta Ray-Ban product has a price increase to $379, with improved battery life of 8 hours and a charging case providing an additional 48 hours [3][8]. - The Oakley Meta Vanguard, priced at $499, is designed for high-intensity sports and integrates with fitness applications [3][8]. Supply Chain Focus - The report suggests paying attention to key supply chain segments such as assembly manufacturers, micro-displays, waveguides, and myopia solutions, highlighting companies like Goertek and OmniVision as critical players [4][9]. - The strategic cooperation between Sunny OmniLight and Goertek Optics is expected to enhance the industry's growth trajectory [4][9]. Market Outlook - The report anticipates that the industry will experience an inflection point around 2027, driven by the entry of innovative startups and major consumer electronics brands [4][9]. - Continuous monitoring of LCOS and Micro LED technologies is recommended, as both are expected to develop in parallel [3][8].