Meta Platforms(US:META) Changjiang Securities·2026-01-15 11:45Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - Meta is expected to lead the acceleration of the smart glasses industry, shifting focus from virtual reality (VR) and the metaverse to artificial intelligence (AI) strategies, with plans to double the production capacity of AI glasses Ray-Ban to 20 million units by 2026 [2][4] - The global sales forecast for AI smart glasses is projected to reach 1.53 million units in 2024, a significant increase from 240,000 units in 2023, with Meta anticipated to capture a large share of this market [5] - The smart glasses supply chain includes various segments, with a focus on lens manufacturing and retail channels, highlighting the growth potential for leading manufacturers like 康耐特光学 (Kangnate Optical) [6] Summary by Sections Event Description - Meta plans to implement a new round of layoffs in its Reality Labs department, affecting about 10% of its workforce, primarily within the metaverse team, indicating a strategic pivot towards AI [4] - The company aims to significantly increase the production of its AI glasses, reflecting confidence in the sales potential of this segment [4] Event Commentary - The shift in Meta's strategy is expected to accelerate the development of the smart glasses industry, with the launch of the AI smart glasses Meta Ray-Ban in September 2023 marking a significant advancement [5] - Predictions indicate that global sales of AI smart glasses could reach 7 million units by 2025, with Meta's share expected to be around 5 million units [5] - The report also notes a projected decline in VR sales, with expectations of a drop to 5 million units by 2025, as resources are redirected towards AI glasses [5] Industry Chain Insights - The smart glasses industry involves multiple segments, with a particular emphasis on lens manufacturing, where the requirements are higher than traditional lenses [6] - Leading manufacturers like 康耐特光学 are positioned to benefit from the increasing demand for advanced lens solutions in smart glasses [6] - Retail channels are also crucial, with companies like 博士眼镜 (Doctor Glasses) expected to gain from the growth of the smart glasses market [6]