Core Viewpoint - Sunyu Optics announced a memorandum of understanding with Goer Group and Goer Optics, involving three companies from the Sunyu system and two from the Goer system, outlining a clear transaction process for equity acquisition [2][3]. Group 1: Partnership Details - The collaboration involves Sunyu Zhejiang Optics, Ningbo Aolai, and Shanghai Aolai from the Sunyu system, and Goer Group and Goer Optics from the Goer system [2][3]. - After the restructuring, Ningbo Aolai will acquire 100% of Shanghai Aolai's equity and subscribe to new shares of Goer Optics, resulting in Ningbo Aolai holding approximately 33.33% of Goer Optics, while Goer Group retains about two-thirds of the shares [2][3]. Group 2: Business Synergy - The partnership between Sunyu and Goer is characterized by complementary business strengths, with Shanghai Aolai having established a complete system from technology research to equipment implementation in the wafer-level micro-nano optics sector [3]. - Goer Optics has accumulated mature technology in optical waveguide components and has strong customer resources in the AI and AR sectors, enhancing the collaboration's market competitiveness [3]. Group 3: Technological Advancements - Silicon carbide (SiC) is emerging as an excellent solution in the AR glasses optical waveguide field, with Meta showcasing its potential in optical-grade refinement [4]. - SiC's application extends beyond optics, with potential uses in clean energy systems, aerospace, electric vehicles, telecommunications, and quantum computing, highlighting its versatility and growing importance in various industries [5]. Group 4: Strategic Collaborations - A strategic cooperation agreement was signed between Sunyu Aolai and Tianyue Advanced Semiconductor Materials, marking a new chapter in the collaboration between leading companies in the micro-nano optics and new materials sectors [6].

Investment Rating - Industry investment rating: Overweight [1] Core Insights - The collaboration between Sunyu Optical and Goer Group aims to accelerate the development of smart glasses, with a clear transaction process outlined in their memorandum of understanding [4] - Sunyu's Shanghai Aolai has established a comprehensive system from technology research and development to equipment implementation, which serves as a solid foundation for mass production of AI/AR hardware components [5] - Goer Optical has accumulated mature technology in the optical waveguide component field and leverages its parent company's resources to connect with leading clients in the AI smart glasses and AR sectors [5] - The integration of Shanghai Aolai's production capacity and equipment into Goer Optical's existing system will enhance market competitiveness and shorten the production ramp-up cycle [5] - Silicon carbide (SiC) is emerging as an excellent solution in the AR glasses optical waveguide field, with applications extending to various sectors including renewable energy, aerospace, electric vehicles, telecommunications, and quantum computing [6] Summary by Sections - **Collaboration Details**: Sunyu and Goer Group have signed a memorandum to collaborate, with Sunyu's Ningbo Aolai acquiring a 33.33% stake in Goer Optical post-restructuring [4] - **Business Synergy**: The partnership is characterized by precise business complementarity, enhancing both companies' positions in the AI/AR industry [5] - **Material Innovation**: SiC's application in optical components is highlighted, showcasing its potential in various high-tech fields [6]

Core Viewpoint - The collaboration between GoerTek and Sunny Optical Technology marks a significant move in the AI/AR sector, enhancing their competitive edge in micro-nano optical devices and solidifying their business ties [1][4]. Group 1: Company Overview - GoerTek, a leading acoustic component supplier with a market value exceeding 100 billion RMB, and Sunny Optical, a major optical component manufacturer with a market value over 90 billion HKD, are deepening their partnership through a share acquisition deal [1]. - Sunny Optical's subsidiary, Ningbo Aolai, will exchange its 100% stake in Shanghai Aolai for shares in GoerTek Optical, resulting in Shanghai Aolai becoming a wholly-owned subsidiary of GoerTek Optical [1][3]. Group 2: Strategic Importance - This transaction is expected to enhance GoerTek Optical's core competitiveness in optical waveguides and other micro-nano optical devices, particularly for AI and AR products [1][4]. - The partnership allows both companies to leverage their strengths, with GoerTek gaining access to Shanghai Aolai's existing assets, thereby alleviating financial pressures and accelerating production capabilities [4][8]. Group 3: Market Positioning - GoerTek has made significant investments in the AR/AI field over the past year, acquiring key technologies in lenses, Micro-LEDs, and surface relief diffraction waveguides, reflecting confidence in the rapid development of the AR industry [2][6]. - The collaboration positions GoerTek to achieve self-sufficiency in critical AR components, enhancing its status as a global leader in XR manufacturing [6][8]. Group 4: Product Development - GoerTek Optical is focused on precision optical components and has established itself as a major supplier of VR optical products, with ongoing developments in AR optical modules that emphasize lightweight and high-performance features [7][8]. - The AR optical system, particularly the diffraction waveguide, is identified as a promising technology route, aligning with market demands for improved imaging quality and user experience [7][8].

Core Viewpoint - The company reported a strong performance in H1 2025, with revenue and net profit growth driven by advancements in mobile camera technology and strategic positioning in emerging markets [1][2][3] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 19.652 billion yuan, representing a year-over-year increase of 3.56% [1] - The net profit for the same period was 1.646 billion yuan, showing a significant year-over-year growth of 52.56% [1] - The gross margin was reported at 19.8%, up by 2.6 percentage points year-over-year, while the net profit margin reached 8.8%, an increase of 1.9 percentage points year-over-year [1] Group 2: Mobile and Automotive Lens Market - The company maintained its position as the global leader in mobile camera products, benefiting from the high-endization of smartphone cameras and its advanced technology [1] - In the automotive sector, the company also held the top market share for vehicle-mounted lenses, with successful development of a new de-fogging technology [2] - The company is expanding its product matrix in the automotive module sector through strategic partnerships with major players in the smart driving platform market [2] Group 3: Emerging Markets and Innovations - The rapid growth of the AI/AR glasses market presents significant opportunities for the company's XR-related products, maintaining its leading position in the smart glasses imaging module sector [2] - The demand for optical components and optoelectronic products in the IoT market is increasing, with the company expanding its business in handheld photography devices and robotics [3] - The company is well-positioned to benefit from the ongoing optical innovation cycle, with projected revenues of 43.724 billion yuan, 48.699 billion yuan, and 53.279 billion yuan for 2025-2027 [3]

2）25H1 智能声学整机收入下滑主因耳机处于新老产品过渡期。公司继续推动内部运营效率优化以及各 产品线良效率提升，25Q2 毛利率&净利率同环比继续提升。 事件：公司发布2025 年中报： 1）25H1：营收375.5 亿元，yoy-7.0%，归母14.2 亿元，yoy+15.7%，扣非归母10.3亿元，yoy-12.7%，毛 利率13.5%，yoy+2.0pct，净利率3.7%，yoy+0.8pct。非经常性损益3.8 亿元，其中外汇衍生品业务合约 交割及按公允价值重新计量产生的收益约4.2 亿元，公司业务多为美元结算，一般通过套保减少汇率变 动影响，因此归母净利润更能反映公司经营性利润表现。 2）25Q2：营收212.4 亿元，yoy+0.8%，qoq+30.3%，归母9.5 亿元，yoy+12.1%，qoq+102.2%，扣非归 母7.4 亿元，yoy-18.4%，qoq+153.6%，毛利率14.3%，yoy+0.7pct，qoq+1.9pct，净利率4.5%， yoy+0.6pct，qoq+1.8pct。 盈利能力持续向上，25H2-26 年多款新品有望贡献增长。 1）25H1 智能硬件/智能声学 ...

Core Viewpoint - The article emphasizes the growth potential of AI/AR glasses, driven by advancements in hardware and software, with a projected global shipment of 35 million units by 2028, reflecting a CAGR of approximately 119% from 2024 to 2028 [3][9][11]. Hardware Trends - The trend towards hardware upgrades is evident, particularly in SoC, interaction, and display technologies, with dual-chip architectures expected to enhance battery life and spatial computing capabilities [4][12]. - The dual-chip architecture is becoming mainstream, optimizing power consumption and improving user experience, as seen in products from Xiaomi and Alibaba [18][28]. - Display technologies are evolving, with near-eye displays expected to become standard in AI glasses, and single-color waveguides balancing cost and power consumption [19][20]. Software and Ecosystem Development - The integration of large models and diverse application scenarios is crucial for differentiating AI glasses in the market, with companies like Rokid adopting open platforms for enhanced user engagement [5][28]. - The combination of hardware and software ecosystems is anticipated to drive sales growth, with dual operating systems enhancing battery life and user experience [28][29]. Market Dynamics - Meta is leading the market, with a significant share of AI glasses shipments, and is expected to maintain a dominant position as new products are released [3][7]. - The competitive landscape is intensifying, with various tech giants entering the AI glasses market, contributing to increased industry attention and growth [7][9]. - The article notes that the global shipment of AI glasses is projected to reach approximately 1.52 million units in 2024, a year-on-year increase of 533%, primarily driven by the release of the Rayban Meta second-generation product [9][11].

Core Insights - The article discusses the evolution of payment methods in the context of AI and AR glasses, highlighting a new feature called "Look and Pay" introduced by Thunder Innovation in collaboration with Ant Group [1][2] - The integration of payment functionality is seen as a crucial step in connecting various scenarios and making smart glasses more relevant in daily life, although it is not expected to lead to a significant sales increase on its own [1][2][5] Payment Functionality - Thunder Innovation's AI glasses, Thunder X3 Pro, are the first globally to support "Look and Pay" with Alipay, allowing users to complete payments by simply looking at a payment code [2][3] - The payment feature will be expanded to other models, including Thunder V3 and V3 Slim, aiming to enhance market penetration of AI and AR glasses [2] - Rokid has also launched a similar payment feature with its smart glasses, allowing users to make payments through voice commands, indicating a trend among various companies to adopt this functionality [3][5] Market Dynamics - The entry of major players like Apple, Xiaomi, and Alibaba into the AR space is viewed positively by companies like Rokid, as it helps in market education and user awareness [4] - Despite the competition, companies see collaboration with large firms as beneficial for overall market growth rather than direct competition [4] Consumer Adoption Challenges - The current offerings of AI glasses do not meet the broader needs of consumers, as payment functionality alone is not a decisive factor for purchase; overall user experience, comfort, and diverse applications are critical [5][6] - The payment feature is considered an enhancement rather than a core driver of consumer interest, with companies emphasizing the need for a comprehensive ecosystem of services [6][9] Future Outlook - AI glasses are seen as potential successors to smartphones, but they currently rely heavily on smartphone connectivity and functionality [7][8] - Companies believe that the unique advantages of AI glasses, such as integrated health monitoring and advanced AI capabilities, could eventually lead to a shift in consumer behavior, although this transition is not expected to happen quickly [9][10] - IDC forecasts that by 2025, the shipment of smart glasses in China will reach 2.75 million units, a significant increase but still a fraction of smartphone shipments, indicating a long road ahead for widespread adoption [10]

Core Viewpoint - Goer Group (歌尔股份) is making strategic investments in the AI and AR sectors by providing a loan to Haylo Labs Limited to facilitate the acquisition of Plessey Semiconductors Limited, aiming to enhance its capabilities in the Micro-LED technology space and strengthen ties with key industry players [2][4][8]. Investment Details - Goer Group's subsidiary, Hong Kong Goer Tech, plans to provide a loan of up to $100 million to Haylo, which will be used to acquire 100% of Plessey and for capital expenditures [2]. - The loan includes a special profit-sharing clause, allowing Goer to receive 25% of the total transaction value or market value upon Haylo or Plessey's acquisition or IPO within five years [2]. Strategic Rationale - The investment aligns with Goer Group's focus on AI and AR technologies, particularly in the Micro-LED field, which is recognized as a competitive next-generation display technology [5][11]. - Plessey's collaboration with major tech companies like Meta enhances Goer's strategic positioning in the industry, as it aims to deepen relationships with key customers [7][8]. Market Context - Goer Group has shifted its focus towards VR/AR technologies, with a significant portion of its revenue coming from smart hardware, which accounted for 59.56% of its business by the end of 2023 [8]. - The company has been actively involved in the development of AI smart glasses and AR products, responding to market trends and competition from major players like Apple, Xiaomi, and Huawei [9][10]. Technological Advancements - Goer Group is not only investing in Micro-LED technology through Plessey but also holds stakes in leading Micro-OLED companies, ensuring a comprehensive coverage of current and future display technologies [11]. - The company has been proactive in patent applications related to smart glasses, indicating a strong commitment to innovation in this space [10].

智通财经APP获悉，国联民生证券发布研报称，维持AI眼镜"强于大市"评级。消费行情结构性分化的市 场环境下，建议聚焦高成长性赛道：1)关注情绪价值驱动的新消费领域，如国潮文化、悦己型消费及科 技赋能场景(智能穿戴等AI+应用)，受益于Z世代需求迭代和供给创新，渗透率提升空间明确;2)优秀传 统公司主动思变：部分传统厂商顺应高景气度趋势，复用渠道和供应链优势，有望实现新业务高速增 长。建议关注轻工光学镜片制造及渠道商在AI眼镜产业相关布局。 国联民生证券主要观点如下： 事件：小米发布新款AI智能眼镜 2025年6月26日，小米正式发布新款AI拍摄智能眼镜，此款眼镜采用骁龙AR1+恒玄BES2700双芯片架 构，音频播放等低功耗场景下恒玄芯片有利于优化眼镜续航，叠加自主研发的金沙江电池，相较于 Meta Ray-Ban不仅重量更轻(不含镜片40g)，电池容量也提升了近一倍，续航更为持久。此外，此次新 品发布还增加了电致变色款式和相机协同能力，可实现镜片颜色的受控调节、秒切第一人称视角。开售 12小时后京东销量便已突破1万台，2025年"百镜大战"时代再添一员大将。 AI/AR智能眼镜当前技术路径探讨 为解决重量、 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 16.106 billion yuan in 2024, an increase of 14.61% year-on-year, while the net profit attributable to shareholders was 253 million yuan, a decrease of 31.02%. In Q1 2025, the revenue reached 4.312 billion yuan, up 21.23% year-on-year, with a significant net profit increase of 78.46% to 212 million yuan [2][6][11]. Financial Performance Summary - In 2024, the company achieved a gross margin of 11.90%, an increase of 1.54 percentage points year-on-year. The net profit margin for Q1 2025 improved significantly, reaching 5.04% [11]. - The company’s inventory turnover days and accounts receivable turnover days decreased by 13.11% and 7.02% respectively in 2024, indicating improved operational efficiency [11]. - The company’s LED business revenue grew by 6.56% in 2024, with high-end LED products increasing by 13.91% [11]. - The integrated circuit business saw a revenue increase of 23.86% in 2024, benefiting from a recovery in terminal market demand [11]. Future Projections - The company is projected to achieve net profits of 982 million yuan, 1.306 billion yuan, and 1.631 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 63X, 47X, and 38X [11].