国泰海通｜轻工：智能眼镜产品力系列深度一：AR的崛起，不是偶然

Core Insights - The smart glasses industry is expected to enter a rapid growth phase, with related companies poised to benefit from an upturn in market conditions [1] Group 1: Product Launches and Innovations - Meta and EssilorLuxottica launched the new smart glasses, Ray-Ban Meta, featuring improved audio-visual quality and integration with Meta's Llama3 model [1] - Ray-Ban Meta includes live streaming capabilities and seamless connectivity with Meta's social platforms like Facebook and Instagram, expanding its application scenarios [1] Group 2: Supply Chain and Market Dynamics - The supply chain for AI glasses is more extensive than traditional eyewear, involving numerous hardware and software suppliers, including chip manufacturers and ODM/OEM firms [2] - The entry of various players into the AI glasses market includes mobile manufacturers, internet companies, XR firms, traditional eyewear brands, and 3C companies, with XR startups collaborating closely with traditional eyewear manufacturers [2] Group 3: Sales Growth and Market Trends - Domestic sales of AI glasses are projected to reach 210,000 units by Q3 2025, reflecting a quarter-on-quarter growth of approximately 200%, driven by brands like Xiaomi and Ray-Ban Meta [3] - Xiaomi's AI glasses are expected to surpass total sales of 300,000 units by the end of 2025, with ongoing software optimizations enhancing user experience [3] - The high pricing of Alibaba's Quark AI glasses has led to strong demand, with initial pre-sales exceeding 5,000 units and a significant increase in secondary market prices [3] - Ray-Ban Meta's global sales are projected to reach 1.12 million units by Q3 2025, with a nearly 50% quarter-on-quarter growth [3]