AI 眼镜催化来临，关注端侧 AI 板块 20250820 摘要 2025 年全球智能眼镜市场快速增长，AI 音频眼镜销量同比增长三倍， AR 眼镜预计全年销量增长 30%-40%，整体智能眼镜销量预计达 550 万至 1,000 万台。 智能音频眼镜成本因去掉光学系统而大幅降低，主流产品价格在 1,000- 2000 人民币左右，通过采用国产芯片方案可进一步降低成本。AR 眼镜 成本虽高，但技术进步和规模效应使其售价降至万元以内。 歌尔股份在智能耳机供应链中占据重要地位，尤其在整机代工方面。核 心技术壁垒在于光学系统和 Soc，舜宇光学等公司值得关注。 歌尔股份和水晶光电在 AI 眼镜领域均有布局，提供全套的光机加光波导 解决方案。兰特光学是玻璃晶圆领域的主要玩家。Micro LED 和 Micro OLED 有望在显示屏领域胜出。 端侧 AI 市场中，瑞芯微的 RK3,588 芯片需求旺盛，恒玄科技的 BS 系 列芯片广泛应用于国内 AI 眼镜方案，兆易创新的 3D DVR 产品逐步落 地，乐鑫科技下游与 IoT 数字化升级相关。 Q&A 基于 AI 眼镜产业链的最新变化，Meta 在 2025 年有哪些 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company, Zhaoyi Innovation, is a leading domestic player in storage and MCU sectors, benefiting from a platform-based layout that supports its growth [4][12] - The company's revenue has shown a compound annual growth rate (CAGR) of 22.45% from 1.189 billion to 7.356 billion from 2015 to 2024, while net profit has grown from 0.158 billion to 1.103 billion with a CAGR of 24.11% [4][26] - The storage market is expanding due to the growth of edge AI and automotive trends, providing opportunities for domestic manufacturers as global competitors withdraw from niche storage markets [4][41] - The MCU business is positioned as a leader in the domestic 32-bit MCU market, with significant investments planned for automotive electronics [4][41] Summary by Sections 1. Company Overview - Zhaoyi Innovation was established in 2005 and listed on the Shanghai Stock Exchange in 2016, adopting a fabless production model that focuses on IC design while outsourcing manufacturing [4][12] - The company has diversified its product offerings from NOR Flash to include DRAM, NAND, and MCU, achieving a leading position in the domestic market [4][12][16] 2. Storage Business - The global semiconductor storage market is expanding, driven by edge AI and automotive trends, with Zhaoyi Innovation's comprehensive layout in storage products [4][41] - The company has developed a rich product line in specialized storage, ranking among the top ten globally in NOR Flash, SLC NAND Flash, and niche DRAM [4][41] 3. MCU Business - Zhaoyi Innovation is the domestic leader in 32-bit MCUs, with a projected revenue of approximately 231 million USD from MCU sales in 2024, ranking eighth globally [4][41] - The company is enhancing its automotive electronics capabilities with new high-performance MCU products and significant investments in R&D [4][41] 4. Financial Performance - The company reported a revenue of 7.356 billion in 2024, a year-on-year increase of 27.69%, and a net profit of 1.103 billion, reflecting a substantial recovery from previous downturns [4][27][31] - The revenue structure shows that storage chips and MCUs account for over 90% of total revenue, with storage chips contributing 70.6% [4][31] 5. R&D and Innovation - Zhaoyi Innovation has significantly increased its R&D investment, with expenses rising from 208 million to 1.122 billion from 2018 to 2024, representing a CAGR of 32.43% [4][37] - The company holds over 1,059 authorized patents, showcasing its commitment to innovation and technology leadership in the semiconductor industry [4][37]

Key Insights - The report highlights the upcoming launch of Huawei's foldable PC and Apple's foldable iPhone, which are expected to drive rapid development in materials for foldable devices [5] - The non-bank financial sector is seeing regulatory changes aimed at enhancing support for technology enterprises, particularly in mergers and acquisitions [8] - The report discusses the performance of various companies, including their revenue growth and profitability, indicating a positive outlook for several sectors [11][13][16] Industry Commentary - The chemical raw materials sector is experiencing growth due to the anticipated demand for materials used in foldable devices, with a notable increase in the new materials index [5] - The non-bank financial sector is undergoing reforms to improve the service capabilities for technology companies, which is expected to enhance the overall market environment [8] - The textile and apparel industry is likely to benefit from Shanghai's new consumption stimulus plan, particularly in sportswear and jewelry [5] Company Analysis - The report provides insights into the financial performance of various companies, such as: - **Zhenyu Technology**: Achieved revenue of 6.20 billion yuan in 2024, with a net profit of -1.75 billion yuan, indicating a recovery in Q1 2025 with a 23.75% year-on-year revenue increase [9][11] - **Jinxi Axle**: Reported a revenue increase in high-speed train axles, supported by its state-owned enterprise background, which enhances its diversification efforts [16] - **Shanghai Hanxun**: Expected to exceed 150 million yuan in satellite business revenue in 2024, with a significant increase in satellite launches planned for 2025 [21] Financial Performance - Companies are showing varied financial results, with some experiencing significant growth: - **Artis**: Projected to create a second growth engine through large-scale storage, with steady production expansion in the U.S. [5] - **Zhenyu Technology**: Anticipates a recovery in profitability post-transformation, with a focus on human-shaped robots and eVTOL businesses [11] - **Jinxi Axle**: Reported a 33.23% increase in railway vehicle revenue, indicating strong market demand [19] Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from emerging trends, such as foldable device materials and advancements in AI and IoT technologies [5][27] - Companies like **Guanghe Tong** are highlighted as leaders in AI IoT, with a strong product matrix and growth potential in smart modules [27] - The overall sentiment is positive for sectors that are adapting to technological advancements and regulatory changes, indicating potential investment opportunities [8][11]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The global AI-related applications, particularly chat assistants, have seen a significant increase in activity, with overseas applications like ChatGPT and Gemini growing by approximately 6%-8%, while domestic applications such as Doubao and ChatGLM have surged by around 20% [2][10] - NVIDIA is responding to increased export restrictions by launching a downgraded version of its H20 chip, with backorders from China reaching $18 billion, exceeding its total revenue from China in FY2024 [2][12] - CoreWeave reported a Q1 revenue of $982 million, a 420% year-over-year increase, and raised its full-year revenue guidance to $4.9-5.1 billion, despite a net loss of $315 million [2][19] - Global smartphone sales reached approximately 301 million units in Q1 2025, a year-over-year growth of 0.38%, with AI-enabled smartphone sales increasing by about 89% [2][23] - AI laptop shipments reached around 18 million units in Q1 2025, marking a year-over-year growth of approximately 201% and a penetration rate of 40.74% [2][35] Summary by Sections Overseas Market Review - The report highlights the rising activity in AI-related applications, particularly chat assistants, with notable growth in both overseas and domestic markets [5][10] NVIDIA Insights - NVIDIA's stock price has risen due to policy relaxations, but earnings expectations remain unverified, with significant backorders from China [12][16] CoreWeave Financial Performance - CoreWeave's Q1 revenue significantly exceeded expectations, and the company has strong growth prospects despite an expanded net loss [19][22] Consumer Electronics Dynamics - The global smartphone market shows modest growth, with a notable increase in AI-enabled devices, while AI laptops are experiencing rapid growth in shipments and market penetration [23][35]

Investment Rating - The semiconductor industry is rated as "Outperform" (maintained) [1] Core Viewpoints - The semiconductor industry experienced steady growth in Q1 2025, with significant performance from SoC manufacturers, driven by edge AI applications [3][25] - Global semiconductor sales continued to grow year-on-year, with a notable increase in memory prices [27] Summary by Sections 1. Semiconductor Industry Performance in April 2025 - The domestic semiconductor industry rose by 0.48% in April 2025, significantly outperforming the Shanghai Composite Index, which fell by 3.00% [3][9] - Year-to-date, the semiconductor industry has increased by 4.30% [9] 2. Q1 2025 Domestic Semiconductor Industry Summary - The semiconductor industry reported revenues of 143.656 billion yuan in Q1 2025, a year-on-year increase of 12.99% [18] - The net profit attributable to shareholders was 8.554 billion yuan, up 33.22% year-on-year [18] - The gross margin for the semiconductor industry improved to 26.14%, with a net margin of 5.58% [18][20] 3. SoC Manufacturers' Performance - SoC manufacturers such as Rockchip, Allwinner, and others showed impressive revenue and profit growth in Q1 2025, benefiting from the rapid development of edge AI applications [25][26] - The performance of these companies indicates a strong growth trajectory supported by advancements in AI technology [25] 4. Global Semiconductor Sales and Market Trends - In March 2025, global semiconductor sales grew by 18.8% year-on-year, marking 17 consecutive months of growth [27] - The sales figures for March 2025 were approximately 559 billion USD, with regional growth varying significantly [27]

Investment Rating - The semiconductor industry is rated as "Outperform" (Maintain) [1] Core Viewpoints - The semiconductor industry experienced steady growth in Q1 2025, with significant performance from SoC manufacturers driven by edge AI applications [3][25] - Global semiconductor sales continued to grow year-on-year, with a notable increase in memory prices [27] Summary by Sections 1. Semiconductor Industry Performance in April 2025 - The domestic semiconductor industry rose by 0.48% in April 2025, significantly outperforming the Shanghai Composite Index, which fell by 3.00% [3][9] - Year-to-date, the semiconductor industry has increased by 4.30% [9] 2. Q1 2025 Domestic Semiconductor Industry Summary 2.1. Steady Growth and Margin Recovery - Q1 2025 revenue for the semiconductor industry reached 143.656 billion yuan, a year-on-year increase of 12.99%, with a net profit of 8.554 billion yuan, up 33.22% [18][20] - The gross margin for Q1 2025 was 26.14%, reflecting a year-on-year increase of 2.80% [20] 2.2. Strong Performance of SoC Manufacturers - SoC manufacturers such as Rockchip, Allwinner, and others reported impressive revenue and net profit growth, benefiting from the rapid development of edge AI applications [25][26] 3. Global Semiconductor Sales and Market Trends 3.1. Continued Year-on-Year Growth - In March 2025, global semiconductor sales grew by 18.8% year-on-year, marking 17 consecutive months of growth [27] 3.2. Recovery in Consumer Demand - The global smartphone shipment in Q1 2025 increased by 0.2% year-on-year, with expectations for AI smartphone penetration to rise to 32% in 2025 [3][27]

Summary of the Conference Call for Zhaoyi Innovation Company Overview - **Company**: Zhaoyi Innovation - **Industry**: Semiconductor, specifically focusing on Flash memory, DRAM, and MCU products Key Financial Performance - **Q1 2025 Revenue**: Increased by 17.3% year-on-year to 1.909 billion CNY, and up 11.9% quarter-on-quarter - **Net Profit**: Grew by 14.6% year-on-year to 230 million CNY - **Gross Margin**: 37.44%, a slight decrease of 0.7 percentage points due to intensified competition in low-end niche products [2][4] Business Segments Performance Flash Business - **Growth Drivers**: Benefited from national subsidy policies and increased demand for NOR Flash due to AI development - **Market Expansion**: Actively pursuing opportunities in AI glasses and AI PCs, while increasing penetration in the domestic server market and expanding into Europe and Japan [2][5][6] DRAM Business - **Market Conditions**: Intense competition in the niche DRAM market, but signs of marginal improvement since March 2025 as major overseas manufacturers exit the niche market, leading to price increases for some products - **Revenue Growth Expectation**: Anticipated significant growth in niche DRAM revenue, projected at around 40% [2][7][10] MCU Business - **Strong Q1 Performance**: Revenue driven by domestic subsidies and export demand from certain clients - **Strategic Focus**: Emphasizing large customer strategies in photovoltaic, industrial control, and white goods sectors, while leveraging opportunities from AI developments [2][8][9] Market Trends and Strategic Initiatives - **Niche DRAM Market**: Observing a shift as major players move towards advanced products like DDR5, with expectations of price recovery in the niche market due to reduced supply and low inventory levels [11][21] - **MCU and Analog Products**: Plans to enhance product offerings through internal development and acquisitions, focusing on power management and AI MCU applications [10][25] Future Outlook - **2025 Revenue Guidance**: The company expects continued growth across all product lines, driven by market recovery, new product launches, and increased market share [18] - **NOR Flash and AI Integration**: Anticipating robust growth in NOR Flash demand from AI applications, particularly in smart glasses and AI PCs, with a focus on increasing capacity requirements [28][29] Additional Insights - **Supply Chain Resilience**: The company has established dual headquarters and overseas supply chain partnerships to mitigate external risks, particularly in light of ongoing US-China trade tensions [4] - **Automotive Sector**: The company is expanding its automotive MCU product line, aiming for higher value per vehicle and targeting TIER One and OEM customers [15][16] Conclusion Zhaoyi Innovation is positioned to capitalize on growth opportunities in the semiconductor industry, particularly in Flash memory and MCU segments, while navigating competitive challenges in the DRAM market. The company's strategic initiatives and market expansion efforts are expected to drive significant revenue growth in 2025 and beyond.

Summary of Conference Call Notes Industry or Company Involved - The conference call discusses the overall market performance and investment strategies, focusing on sectors such as technology, consumer goods, real estate, and military industries. Core Points and Arguments - **Market Performance**: The market has shown strong performance recently, with indices surpassing 3,400 points. There is a noticeable style rebalancing, with increased discussions around cyclical and consumer sectors. Investors are advised to monitor consumer policies, especially under tariff and export pressures, which may support domestic demand and consumption [3][4]. - **Technology Sector Outlook**: Some technology stocks are perceived as overvalued, and Q1 earnings may not reflect strong performance. Investors are encouraged to focus on structural opportunities rather than withdrawing from the market. Key areas include AI and military sectors, which are expected to perform well in 2025 [4][6][8]. - **Investment Strategy**: In a bull market, it is recommended to maintain positions and consider structural adjustments rather than significant withdrawals. Investors should focus on sectors like military, finance, cyclical, and consumer growth [6][14]. - **Consumer Goods**: The consumer goods sector is seen as attractive, with gradual implementation of domestic demand expansion policies. Some consumer stocks, particularly in Hong Kong, are considered undervalued and worthy of moderate investment [10]. - **Mechanical and Non-ferrous Metals**: These sectors are currently experiencing high demand due to active second-hand housing transactions and supply constraints, making them worthy of attention [11][12]. - **Brokerage Sector**: The brokerage sector is expected to perform well during the earnings season, but its performance may be affected if the A-share market weakens later in the year. Continuous observation of market trends is advised [13]. - **Impact of US Tariffs**: Increased tariffs from the US may prompt China to implement supportive policies for consumption and corporate tax reductions, which could mitigate significant market pullbacks in Q2 [15]. - **Market Dynamics**: The A-share market's mainline performance is significantly influenced by macroeconomic factors. In times of economic downturn, technology growth stocks tend to perform better due to their lower correlation with economic cycles [16]. - **Gold and AI Applications**: Gold has recently reached historical highs, and both gold and AI applications are viewed positively in the current market context [21]. Other Important but Possibly Overlooked Content - **Seasonal Patterns**: There are seasonal patterns in market risk appetite and growth premiums, with the month following the Spring Festival showing the highest offensive win rates. Investors are advised to focus on AI-related sectors during this period [7]. - **Investment Themes**: Emerging themes such as maternal and infant industries and fertility policies are gaining attention, although the immediate impact of new policies may be limited [9]. - **Performance of High vs. Low Valuation Stocks**: Historical data indicates that high P/E stocks tend to underperform during earnings seasons, suggesting a need for caution in high-valuation sectors [18]. - **Trading Factors**: High trading volumes in the TMT sector may indicate overheating, but this does not necessarily signal an end to the market rally if the underlying fundamentals remain strong [19]. - **Technology Stock Switching**: Current trading patterns suggest a potential high-low switching phase in technology stocks, with significant implications for investment strategies [20].