歌尔股份：盈利能力持续向上，深度受益 AI/AR 眼镜产业发展 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/智能声学整机/精密零组件收入分别为 203.4/83.2/76.0 亿元， yoy-2.5%/-34.9%/+20.5%；毛利率分别为 11.5%/9.9%/23.5%，yoy+2.3/+0.1/+1.0pct。 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。 3）25H2-26 年伴随 AI/AR 眼镜、Airpods Pro、MR 等多款新品陆续量产出货，收入 与利润有望持续增长。其中眼镜方面，Meta 有望于 9 月 Connect 大会发布消费级 AR Celeste/Ray-Ban Meta 3/Oakley 运动款 AI 眼镜等新品，歌尔作为 Meta 多款眼镜核 心代工厂商有望充分受益，此外小米/三星等其他 AI 眼镜亦有望贡献增量。 消费电子 歌尔股份（002241.SZ） 证券研究报告/公司点评报告 2025 年 08 月 22 日 | ...

光学光电子 舜宇光学科技：手机&车载持续向上，看好 AI+AR 和运动/全景相 机成长机遇 舜宇光学科技（02382.HK） 证券研究报告/公司点评报告 2025 年 08 月 21 日 股价与行业-市场走势对比 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：王芳 | | 营业收入（百万元） | 31,681 | 38,294 | 42,180 | 51,047 | 67,268 | | | | 增长率 yoy% | -5% | 21% | 10% | 21% | 32% | | 执业证书编号：S0740521120002 | | 归母净利润（百万元） | 1,099 | 2,699 | 3,515 | 4,157 | 5,522 | | Email：wangfang02@zts.com.cn | | 增长率 yoy% | -54% | 146% | 30% | 18 ...

Core Viewpoint - SenseTime-W (00020) has seen a stock increase of over 3%, currently trading at 15.75 HKD with a transaction volume of 26.23 million HKD, following the announcement of its "Riri Xin" large model interactive platform integration with Xiaomi AI glasses, enhancing real-time audio and video interaction capabilities [1] Group 1: Company Developments - SenseTime's "Riri Xin" platform is now integrated with Xiaomi AI glasses, enabling users to achieve an integrated experience of "seeing, speaking, remembering, and thinking" in real-life scenarios [1] - The collaboration is expected to provide a reference direction for the interaction paradigm of smart glasses and next-generation smart hardware, allowing AI to be more deeply integrated into human perception and interaction [1] Group 2: Industry Trends - The recently issued "Shanghai Next-Generation Display Industry High-Quality Development Action Plan" (2026-2030) emphasizes the development of AI+AR and AI+MR glasses, focusing on key technology indicators such as lightweight, low power consumption, high resolution, and large field of view [1] - The plan encourages innovation in key components like display devices, waveguide lenses, and core chips, aiming to enhance product performance and accelerate the development of portable smart glasses [1] - Guotai Junan expresses optimism regarding the intensive release of AI+AR glasses by major manufacturers and the iterative advancements of large models, which are expected to improve the interaction capabilities of AI+AR glasses [1]

Core Insights - Lens Technology has invested 18 billion yuan over ten years, resulting in over 2,200 authorized patents, showcasing its commitment to innovation in transparent glass technology [2] - The company has evolved from producing high-end mobile phone screens to becoming a global leader in precision manufacturing, with a market value exceeding 100 billion yuan and over 100,000 employees [3][4] - The listing on the Hong Kong Stock Exchange marks a significant milestone in Lens Technology's globalization strategy, aiming to integrate international capital with its manufacturing advantages [3] Innovation and Market Leadership - Lens Technology pioneered the use of glass for mobile phone protective screens, starting with the TCL3188, which changed the industry standard from acrylic to glass [4][5] - The company has maintained its position as a core supplier of smartphone protective glass, significantly contributing to the success of major brands like Apple and Samsung [5] - Lens Technology's focus on technological innovation has established it as a leader in the high-end protective glass market, with over 50% market share [5] Digital Transformation and Smart Manufacturing - The company is leveraging artificial intelligence and digitalization to enhance production efficiency, with automated production lines and real-time data monitoring [6][7] - Lens Technology's "Blue Sky Cloud" initiative connects thousands of production devices globally, facilitating smart production scenarios and big data applications [7] Expansion into New Markets - In 2015, Lens Technology expanded into the electric vehicle sector, viewing it as a second growth engine, and has since developed various components for smart cars [8][9] - The company has established a diverse client base in the automotive industry, including both international giants and domestic brands [9] Strategic Focus on AI and Robotics - Lens Technology is actively investing in humanoid robotics and AI+AR glasses, aiming to capture emerging market opportunities [10][11] - The company has developed key technologies and components for industrial robots and has partnered with startups to enhance its capabilities in the robotics sector [10] Ecosystem Development - By focusing on ecological binding rather than just order binding, Lens Technology has created a robust business ecosystem that supports its growth across various sectors [9][12] - The company is transitioning from a contract manufacturer to a technology-driven entity, enhancing its growth potential through diversified business models [12]

Core Viewpoint - Despite the emergence of various products aiming to replace the iPhone, it continues to thrive, achieving significant sales milestones and maintaining its status as a leading device in the market [4][5][10]. Financial Performance - In Q3, Apple reported total revenue of $94.04 billion, with iPhone sales contributing $44.58 billion, which is more than double the revenue from all other products combined [12]. Sales Milestones - The iPhone has surpassed 3 billion units sold, equating to nearly half of the global population [6]. The sales growth has accelerated, taking only four years to reach this milestone from 2 billion units, compared to previous intervals of nine and five years for earlier milestones [8]. Market Competition - The rise of generative AI and mixed reality technologies poses potential threats to the iPhone's dominance, with expectations that these innovations could lead to the development of entirely new product forms that may disrupt the smartphone market [13][39]. Product Evolution - The iPhone is evolving into a creative tool, with features aimed at enhancing professional content creation, such as advanced camera capabilities and audio mixing functions [26]. This reflects Apple's strategy to maintain the iPhone's relevance in a changing technological landscape [12]. Future of Smart Devices - While smart glasses and other AI devices are seen as potential successors to the smartphone, the iPhone is expected to coexist with these new technologies, serving different roles in the user experience [47][50]. The iPhone may transition to a role similar to that of personal computers, focusing on areas where smart glasses cannot reach [50].

Core Viewpoint - The article highlights the launch of Alibaba's "Quark AI Glasses," which deeply integrates with Alibaba and Alipay ecosystems, and discusses the supportive policies from Shanghai for AI glasses innovation [1][2]. Group 1: Product Launch and Features - Alibaba's self-developed "Quark AI Glasses" was officially unveiled during the WAIC 2025, with an expected release within the year. The glasses will have both display and non-display versions, utilizing dual Micro-LED and diffraction waveguide technology [2]. - The Quark glasses will feature advanced AI interaction capabilities, including AR navigation, payment options through Alipay, price comparison via Taobao, and travel reminders through Fliggy, marking a new paradigm in AI+AR interaction [2]. Group 2: Market Growth and Trends - Major tech companies like Xiaomi and Alibaba are set to enter the AI smart glasses market by 2025, with a significant increase in global AI glasses shipments anticipated. Meta's collaboration with Ray-Ban has already seen over 2 million units sold since its launch in September 2023 [3]. - According to Wellsenn XR, global AI glasses sales are projected to reach 2.34 million units in 2024 and 5.5 million units in 2025, representing a year-on-year growth of 135% [3]. Group 3: Policy Support - The "Next Generation Display Industry High-Quality Development Action Plan" issued by Shanghai emphasizes the development of AI+AR and AI+MR glasses, focusing on lightweight, low power consumption, high resolution, and wide field of view technologies [3]. - The plan encourages innovation in key components such as display devices, waveguide lenses, and core chips, aiming to enhance product performance and accelerate the development of portable smart glasses [3].

Investment Rating - The report assigns an "Accumulate" rating for the industry [1] Core Insights - Major companies are launching AI+AR glasses, with Alibaba's "Quark AI Glasses" integrating deeply with Alibaba and Alipay ecosystems. The glasses are expected to enhance interaction capabilities through AI and AR technologies [3][4] - The Shanghai government has issued a new plan to support innovation in AI glasses, focusing on lightweight, low power consumption, high resolution, and large field of view technologies [4] - Global shipments of AI glasses are projected to grow rapidly, with significant contributions from major players like Meta, Xiaomi, and Samsung entering the market by 2025 [4] Summary by Sections Industry Overview - The report highlights the increasing release of AI glasses by major manufacturers, indicating a trend towards enhanced interactive capabilities through AI and AR integration [3][4] Market Potential - According to Wellsenn XR, global AI glasses sales are expected to reach 2.34 million units in 2024 and 5.5 million units in 2025, representing a year-on-year growth of 135% [4] Company Recommendations - The report recommends several companies for investment, including GoerTek, Hengxuan Technology, Crystal Optoelectronics, Lante Optics, and Lens Technology, among others [4][5]

Core Insights - The "2025 World Artificial Intelligence Conference" has highlighted the competitive landscape of emerging technologies, particularly smart glasses, which have not yet seen explosive growth despite initial hype [1] - Major players like Xiaomi and Alibaba are expected to lead the market, but many manufacturers are still cautious and waiting for market education from these giants [1][4] - The smart glasses market is projected to grow significantly, with IDC forecasting a shipment volume of 2.907 million units in China by 2025, representing a year-on-year increase of 121.1% [8] Group 1: Market Dynamics - Smart glasses are categorized into three main technology paths: AI glasses, AR glasses, and AI+AR glasses, with companies like Xiaomi and Meta focusing on the AI and photography segment [3] - The introduction of new products is cautious, with companies like Alibaba announcing their "Wow" glasses without offering hands-on experiences [3][4] - The market is currently characterized by a lack of aggressive product launches, as many companies are still assessing user acceptance and the best technological path [5][6] Group 2: Competitive Landscape - Zhao Zhongxia, a researcher, identifies three types of companies likely to gain an advantage in the smart glasses market: those with large models, those with AI application entry points, and those with hardware ecosystems [2][7] - The competition is expected to intensify as more companies enter the market, with a notable increase in product launches anticipated in the second half of the year [16] - The smart glasses industry is still in a cautious phase, with many traditional eyewear manufacturers preparing for AI glasses production but not yet launching significant products [4][5] Group 3: Consumer Engagement - Current applications of AI glasses are primarily focused on photography, recording, and translation, leading to a degree of product homogeneity [9] - The market is seeing innovative marketing strategies, such as collaborations between tech companies and luxury brands to attract consumers [1][14] - User feedback indicates a need for improvements in design, functionality, and overall user experience to drive wider acceptance of smart glasses [14][8]

Core Insights - Alibaba's AI glasses were unveiled at the 2025 World Artificial Intelligence Conference, integrating deeply with Alibaba and Alipay ecosystems, with an expected official release within the year [1] - ByteDance is also developing a lightweight mixed reality device, indicating a competitive landscape in the AI smart glasses sector [1][2] - The industry faces significant challenges such as chip computing power limitations, optical display issues, and underdeveloped ecosystems, which may hinder new entrants [1][4] Industry Trends - The shift from head-mounted devices to AI glasses is evident, with ByteDance planning to integrate its self-developed model into its AI glasses, marking a new product line in smart wearables [2] - Meta has shifted focus from VR headsets to glasses, indicating a broader industry trend towards lightweight and AI-integrated devices [2] - The global smart glasses market is experiencing strong growth, with an 82.3% increase year-over-year, and a remarkable 116.1% growth in the Chinese market, while AR/VR products have seen a decline of 23.9% [3] Market Dynamics - The smart glasses market is polarized, with companies like Huawei and Xiaomi focusing on consumer products, while Microsoft and Meta target enterprise solutions [4] - The entry of ByteDance and Alibaba may create a new category of AI-native wearable devices, integrating various functionalities such as voice recognition and health monitoring [4] - Despite improvements in the supply chain, the industry still faces high entry barriers, inconsistent user experiences, and high return rates, complicating product delivery [4] Future Outlook - The competition in the AI smart glasses market is intensifying, with a warning that the current phase is still in the "first half" of development, and excessive competition may lead to resource wastage [5] - The combination of advanced AI and AR technology is anticipated to create a significant breakthrough in the industry, potentially leading to an "iPhone moment" around 2027 or 2028 [6]

Core Insights - The article discusses the advancements and market dynamics of the augmented reality (AR) eyewear industry, particularly focusing on Rokid and its products [1][3]. Market Performance - According to IDC, global smart eyewear shipments are projected to reach 1.487 million units in Q1 2025, representing a year-on-year growth of 82.3%. The AR/VR market is expected to see shipments of 656,000 units, with a growth of 18.1% [3]. - In China, smart eyewear shipments are anticipated to hit 494,000 units, showing a remarkable year-on-year increase of 116.1%. The AR/VR market in China is expected to reach 135,000 units, growing by 25.2% [3]. Product Features - Rokid Glasses weigh only 49 grams and support high-definition photography and video recording. They can perform tasks such as object recognition, real-time translation, mathematical calculations, schedule reminders, weather forecasts, and navigation assistance [7]. - The glasses are unique in that they can display information while also capturing images and sound, making them the only mass-produced product of their kind globally [7]. Industry Trends - The current phase of the smart eyewear industry is characterized by a "hundred glasses battle," which is seen as more of a concept than a reality. The focus should be on user acceptance rather than the number of competitors [8]. - The industry is experiencing cyclical trends, with the timing of product launches being crucial for success. Companies must align their offerings with market readiness and consumer demand [10][11]. Future Outlook - The ideal price point for AR smart glasses is projected to be under 2,000 yuan, with expectations that prices will decrease as technology matures and production scales up [14]. - Rokid is exploring partnerships with humanoid robot companies, aiming to integrate their eyewear technology for remote operation and data collection [9].