视涯科技IPO：端侧AI赋能持续深化，国产硅基OLED龙头点亮“新视界”

Core Viewpoint - The article highlights the upcoming IPO of Shiya Technology, a leading provider of micro-display solutions, emphasizing its role in promoting domestic alternatives in the XR hardware sector and its potential for capitalizing on the growing XR market [1]. Group 1: Market Position and Technology - XR technology is revolutionizing user interaction by integrating virtual and real-world experiences, moving from flat to spatial interaction [2]. - Major tech companies like Apple, Meta, and Huawei are investing heavily in XR, indicating its emergence as the next computing platform after smartphones [7]. - Silicon-based OLED micro-displays are identified as the essential visual core for XR devices, offering advantages such as lightweight design, high resolution (over 3000 PPI), low latency (under 1ms), and wide color gamut [7][8]. - The market for silicon-based OLED displays has been dominated by foreign companies like Sony and Samsung, but there is a growing need for innovation to meet the high-performance demands of XR applications [8]. Group 2: Company Development and Achievements - Founded in 2016, Shiya Technology focuses on high-performance silicon-based OLED products, overcoming traditional technology limitations [9]. - The company has established the world's first 12-inch silicon-based OLED micro-display production line, positioning itself as one of the few companies with comprehensive self-research capabilities [9]. - According to a report, Shiya Technology is projected to capture 35.2% of the global market share for silicon-based OLED products in XR devices by 2024, ranking second globally and first domestically [11]. Group 3: R&D and Competitive Edge - Shiya Technology has built a strong technical barrier through a top-tier R&D team and significant investment in research, with R&D personnel constituting 31.02% of its workforce [12]. - The company has maintained high R&D expenditure, with amounts reaching 23.7 million yuan in 2022, and has secured 267 patents, establishing a robust technological moat [13]. - Innovations such as strong micro-cavity technology and high-efficiency OLED structures have allowed Shiya Technology to exceed the performance of competitors like Sony [14]. Group 4: Financial Performance and Growth Potential - Shiya Technology's revenue has shown steady growth, with a compound annual growth rate of 21.27% from 2022 to 2024, and a significant increase of 54.67% in the first nine months of 2025 [16]. - The company anticipates revenues of 469 million yuan, 2.26 billion yuan, and 3.73 billion yuan from 2025 to 2027, indicating a potential for exponential growth [18]. - The company is also extending its service offerings to include strategic product development and optical systems, enhancing customer loyalty and pricing power [19]. Group 5: Market Trends and Future Outlook - The rise of AI is expected to significantly boost the XR market, with silicon-based OLED displays being crucial for presenting AI-generated content [20]. - The global silicon-based OLED market is projected to grow at a compound annual growth rate of 94.11%, reaching 67.93 billion yuan by 2030 [20]. - Shiya Technology plans to raise 2.01 billion yuan through its IPO to expand production capacity and enhance R&D, addressing the current supply-demand imbalance [22][23]. - Overall, Shiya Technology is positioned to lead in the AI-driven XR industry, contributing to the advancement of China's new display industry [24].