Investment Rating - Maintain "Buy" rating for the optical industry [5] Core Insights - The optical upgrade trend is clear, opening multiple growth opportunities across various sectors [12] - The smartphone market is experiencing a recovery, with camera hardware upgrades becoming a key innovation direction [12] - The automotive sector is entering an era of equal access to intelligent driving, with a significant increase in demand for cameras and Lidar [2] - AI smart glasses are becoming a focal point for AI interaction, with a projected significant increase in sales [3] - The robotics sector is expanding with the integration of multiple visual sensors, indicating new opportunities in the optical field [4] Summary by Sections Smartphones - The global smartphone shipment is expected to reach 1.22 billion units in 2024, a 7% year-on-year increase, marking a rebound after two years of decline [12][18] - The demand for periscope lenses in smartphones is projected to grow from 46 million units in 2024 to 80 million units by 2026 [12] - The high-end smartphone camera module market is showing strong growth, with a 16% increase in shipments for mid-to-high-end modules [12][13] Automotive - China's new energy vehicle sales are projected to reach approximately 13.8 million units in 2024, a 46% year-on-year increase [2][14] - The penetration rate of new energy vehicles is expected to exceed 55% by 2025, surpassing traditional fuel vehicles for the first time [2] - The demand for automotive cameras is increasing, with an average of 7 cameras per vehicle expected by 2025 [15] Smart Glasses - Global sales of AI smart glasses are projected to reach 5.5 million units in 2025, a 135% increase from 2024 [3][16] - The integration of cameras in AI smart glasses is crucial for providing intelligent interaction experiences [3] Robotics - The Chinese machine vision market is expected to grow to 39.5 billion yuan by 2028, with a compound annual growth rate of approximately 17.5% from 2024 to 2028 [4][17] - The integration of multiple visual sensors in robotics is becoming increasingly important, with various companies adopting advanced visual systems [4][17]

Core Viewpoint - SemiGraph has successfully completed a multi-million RMB angel round financing led by IDG Capital, aiming to innovate AI applications in gaming, content, and emotional interaction [1] Company Overview - SemiGraph was established in the second half of 2024, focusing on transforming AI applications through innovative technology, particularly in deep applications of AI in various fields [1] - The founding team consists of talents from renowned companies such as Mihayou, ByteDance, and Eagle Horn, with a strong background in AI technology and industry experience [4] Technology and Product Development - SemiGraph is dedicated to creating immersive 3D AI experiences, emphasizing "3D intelligent interaction + extreme aesthetics" in its research and applications [3] - The company has developed a 3D animation large model that integrates dynamic time dimensions, enhancing interactivity and controllability, thus providing more natural and realistic expressions for virtual characters [3] - The challenge of acquiring high-quality multimodal training data has been addressed through the company's self-developed efficient data pipeline, leading to the creation of a leading high-quality animation AI solution [3] Market Position and Future Prospects - Although specific product plans have not been disclosed, it is speculated that SemiGraph's products will focus on game-like interactive products that combine AI and content [5] - The rapid development of AI technology is leading to a revolutionary shift in the AI interaction field, with expectations for deeper interaction and emotional engagement from users [6] - SemiGraph's exploration sets a new benchmark in the industry by enabling AI agents to become "digital entities," transforming human-AI interaction into a more natural and immersive experience [7]