公司研究 证 券 研 究 报 告 博众精工（688097）深度研究报告 强推（首次） 3C 自动化设备领先企业，积极拓展新兴领域 目标价：34.8 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,954 | 5,751 | 7,004 | 8,392 | | 同比增速(%) | 2.4% | 16.1% | 21.8% | 19.8% | | 归母净利润(百万) | 399 | 517 | 636 | 767 | | 同比增速(%) | 2.0% | 29.6% | 23.1% | 20.8% | | 每股盈利(元) | 0.89 | 1.16 | 1.42 | 1.72 | | 市盈率(倍) | 28 | 22 | 18 | 15 | | 市净率(倍) | 2.5 | 2.3 | 2.1 | 1.9 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 21 日收盘价 其他专用机械 2025 年 05 月 2 ...

Core Viewpoint - The newly launched "INAIR AI Space Computer" by INAIR is positioned as the world's first mass-produced AI space computer, priced at 6999 yuan, which is significantly higher than many domestic AR products priced around 2000-3000 yuan [1][3]. Company Overview - INAIR, founded in 2022 and based in Weihai, Shandong, focuses on AR and AI glasses aimed at providing an alternative to laptops for light office scenarios [3]. - The co-founder and CEO, Huang Hai, has over ten years of experience in XR product research and development, previously working at Broadcom and Intel [3]. - The company has recently completed a multi-million yuan Series A financing round, led by Weihai Venture Capital [3]. Product Features - The "AI Space Computer" includes three core hardware components: AR glasses (INAIR 2 Pro), an independent computing center (INAIR Pod), and a 3D spatial operation keyboard (INAIR Touchboard), all housed in a charging-enabled external dock [3][5]. - The AR glasses utilize the BirdBath optical solution and Sony's Micro-OLED display technology, weighing 77g, with a PPD angular resolution of 49 and supporting a 120Hz refresh rate [5]. - The INAIR Pod, weighing 158g, integrates system, interaction, and power supply functions, featuring a Qualcomm Snapdragon 7 series octa-core chip and a circular touch screen [5][6]. Market Positioning - INAIR aims to cater to business professionals who travel frequently, positioning its product as a "second laptop" rather than just a pair of glasses [6][13]. - The product's pricing strategy reflects a belief in its unique value proposition, targeting a niche market of users willing to invest in a portable computing solution [11][13]. - The company acknowledges the challenges in achieving mass market penetration for AR glasses, with a sales target of one million units seen as a significant milestone [13].

智通财经记者 方卓然 此次，XREAL作为Android XR在全球的首批合作伙伴，不仅贡献了包括光学显示、空间计算算法、自研芯片能力等关键技术，还深度参与了Android XR的 生态建设。这也意味着，中国企业首次以底层生态合作伙伴的身份，深度参与全球XR操作系统与终端生态的联合定义与技术演进。 XREAL相关负责人解释说，共建XR生态底座平台的核心价值在于，第一，XR生态底座可以向下兼容多样硬件形态，包括AR眼镜、VR头显、混合现实设备 等；第二，可以向上生长应用生态，为全球开发者提供统一标准，构建可持续发展的XR应用环境；第三，破解碎片化难题，为XR设备提供原生系统支持， 加速产品创新与用户普及。 AR眼镜正加速从小众走向主流。根据IDC报告，XREAL已连续三年稳居全球AR市场第一，累计销量突破50万台，旗下XREAL Air、XREAL Beam等系列产 品在全球广受欢迎。 全球AR眼镜行业看向中国，最根本的原因是，中国AR眼镜在供应链效率、本土化场景和政策支持上有着显著优势。 图片来源：XREAL 中国AR眼镜行业迈向新阶段。 2025年5月21日，在全球开发者大会Google I/O 上， Go ...

谷歌CEO Sundar Pichai表示，去年同期谷歌AI大模型和API每月处理9.7万亿个Token，现在这一数字增长到了480万亿个，谷歌搜索业务的AI综述功能月活用 户也达到了15亿人。 AI正逐渐融入我们的生活，成为不可或缺的一部分。无论是谷歌推出的全新大模型和AI应用，还是XR平台和手机系统，都无法脱离AI的影响。 5月21日凌晨，科技巨头谷歌召开了I/O 2025开发者大会，除了万众瞩目的AI功能，谷歌还公布了安卓XR平台和安卓16的新规划及部分新特性。 AI：从大模型变成一站式服务平台 作为谷歌I/O大会的绝对主角，AI可谓重头戏，发布的新品也最多。此前已多次曝光的Gemini 2.5系列，于本场大会确认6月上线，其中Gemini 2.5 Pro号称世 界上最智能的AI模型，新版本刷榜LMArena，在ELO基准测试中拿到了1448分。 Gemini 2.5 Pro新增深度思考版本，在USAMO 2025、LiveCodeBench、MMMU等多项测试中，Gemini 2.5 Pro深度思考版本表现均领先Gemini 2.5 Pro。 Gemini 2.5 Flash则属于轻量级模型，相较上一 ...

Group 1 - The global XR (AR/VR) display shipments are expected to grow by 6% year-on-year by 2025, with AR devices experiencing a significant growth rate of 42%, compared to VR devices' modest growth of 2.5% [1] - The anticipated growth in AR is driven by the introduction of new AR smart glasses that utilize displays for AI-supported applications rather than just media consumption [1] - In 2024, a significant decline in display panel shipments is expected as XR device manufacturers clear inventory and adjust business plans, with the release of Meta Quest3S contributing to this decline due to its single LCD panel design [1] Group 2 - LCD technology is projected to dominate VR display technology, accounting for 87% of shipments in 2025, used in both entry-level and high-end devices with advanced technologies [1] - In the AR sector, the share of silicon-based OLED is expected to decrease to 75%, allowing more room for MicroLED and LCoS display technologies [1] - The report anticipates a continuation of the recovery trend in 2026, with AR display panel shipments increasing by 38% and VR by 2.1%, although uncertainties exist due to U.S. tariffs on Chinese goods affecting XR device demand [2]

独家 | vivo开启顶尖人才招募计划：涉及芯片、AI大模型等领域，称薪酬上不封顶 金十数据5月15日讯，vivo近日启动了一项名为"蓝极星计划"的顶尖人才招募项目，涉及岗位包括芯 片、AI大模型、XR等核心技术领域。根据招募信息显示，蓝极星计划的定位为vivo最核心的人才战略 方案，面向全球高校顶尖技术人才。在待遇方面，vivo也给出了匹配顶尖学术背景、顶级工作和学习资 源配套等条件，提供专属岗位导师和技术专家，并承诺薪酬上不封顶。不过，蓝极星计划的门槛也很 高，仅向博士生开放。 （新浪） ...

南都讯 记者梁艳燕 化身"牙齿特工"看细菌如何挖空牙齿城堡；驾驶全部由电力驱动的平衡车巡航校 园；进行AI棋类机器人互动体验…… 5月14日，广州执信教育集团科技学术节开幕。本届科技节以"体验启科学智，创新领未来风"为主题， 聚焦"实践"与"创新"，旨在提升学生科学素养与工程素养，拓宽学生的科技视野、为培育兼具创新精神 与实践能力的新时代科技人才筑牢根基。 本次科学教育盛宴设有三个专场：科技游园活动、科技学术节竞技以及走近诺贝尔奖巡展专场。科技游 园环节，共精心设置 27 个摊位，其中 9 个来自大学，7 个源自科研院所，4 个由企业搭建，6 个由校内 科组组织。外校参展摊位数量与本校科技竞赛场次均创下历史新高，充分展现了本次活动的广泛影响力 与强大吸引力。此外，实验学科组织了 6 场科学年级科技竞赛，科学竞赛集实践性与创新性于一身，吸 引了众多学生积极报名。 游园活动无疑是本届科技节最受瞩目的焦点。其涵盖 AI、生命科学、地球科学、XR 等前沿热门学科领 域，20 所大学、科研院所与高新技术企业携科学实验及最新科技产品走进校园。学生们不仅能借此了 解前沿科技的最新动态，更能通过亲手实践，沉浸式感受前沿黑科技 ...

Group 1: Acquisition Details - Samsung Electronics announced the acquisition of FläktGroup for €1.5 billion, marking its largest overseas acquisition since the $8 billion purchase of Harman International in 2016 [1] - FläktGroup is a high-end ventilation solutions provider with over 100 years of technological expertise, aiming to deliver innovative and energy-efficient air solutions [1] - The acquisition is expected to enhance Samsung's HVAC solutions revenue by over 30% by 2025, driven by increasing cooling demands in data centers due to advancements in technologies like AI and robotics [1][2] Group 2: Market Position and Competition - The acquisition of FläktGroup is seen as a strategic move to strengthen Samsung's competitiveness in the HVAC market against rivals like LG Electronics [2] - Despite recent positive performance, Samsung Electronics has struggled to capitalize on the AI boom, leading to its status as one of the worst-performing tech stocks last year [2] - Samsung's former CEO acknowledged the company's failure to adapt to changes in the AI semiconductor market and the challenges faced in large-scale acquisitions [2] Group 3: Additional Acquisitions - In addition to FläktGroup, Samsung announced the acquisition of Masimo's high-end audio business for $350 million, further expanding its audio portfolio [3] - The acquisition will integrate luxury audio brands such as Bowers & Wilkins and Denon into Samsung's existing audio empire, which already includes JBL and Harman Kardon [3] - The global consumer audio market is projected to grow from $60.8 billion in 2023 to $70 billion by 2029, highlighting the strategic importance of this acquisition for enhancing Samsung's audio technology competitiveness [3]

其中，启动仪式是科技节的一大亮点。继2024元宇宙科学红毯酷炫上海之后，2025 AI科学红毯再度挑 战"不可能"，让张江科学会堂成为科创之城的入口。 据悉，5月17日启动仪式上张江科学会堂穹顶广场将举办快闪空间——AI科学红毯。AI科学红毯挑战实 景虚拟结合，实时AI特效、AI拓展以及动捕交互，在去年元宇宙红毯的基础上实现技术的飞跃。今年 的AI科学红毯还将首次采用XR无限拓展，实现现实景观的空间拓展，通过AI无感知动捕技术，实时采 集嘉宾的运动数据，实现虚实互动。 智通财经日前获悉，今年上海科技节将于5月17日启动。为期两周的活动将覆盖上海16个区，预计将举 办近2000场次活动。 本届科技节共设置六大专题活动，包括开幕式、会议、开放活动、赛事、媒体科普和闭幕式。根据目前 统计，科技节期间将有48家科普基地推出特别优惠价，56家重点实验室和大科学设施将向公众开放。这 些科研资源平日里大多不对公众开放，而科技节期间将为大家提供难得的参观机会。 人形机器人也将首次登上科学红毯，这也是上海科技节举办以来首次"上新"。特别设计人形机器人及研 发团队组合，展现上海科技的蓬勃活力。 值得一提的是，本届科学家红毯将包括 ...

市场调查机构Counterpoint Research预估2025年全球XR头显屏幕出货量同比增长6%，其中AR眼镜出货 量将大幅增长42%，远超 VR设备（2.5%），成为增长最快的细分领域。 ...