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光学领域巨头整合,强强联合加快智能眼镜发展
Huaan Securities· 2025-08-25 11:35
[Table_IndNameRptType] 电子 行业点评 光学领域巨头整合,强强联合加快智能眼镜发展 [Table_IndRank] 行业评级:增持 报告日期:2025-08-25 [Table_Chart] 行业指数与沪深 300 走势比较 -20% 0% 20% 40% 60% 80% 100% 8/24 11/24 2/25 5/25 电子(申万) 沪深300 [Table_Author] 分析师:陈耀波 执业证书号:S0010523060001 邮箱:chenyaobo@hazq.com 分析师:李元晨 执业证书号:S0010524070001 邮箱:liyc@hazq.com 相关报告 主要观点: 歌尔将上海奥来已建成的产能与设备纳入现有歌尔光学体系,避免设备 领域的重复建设。上海奥来技术团队和歌尔的客户资源的快速整合将形 成"整机+核心部件"的协同闭环,缩短产能爬坡周期,市场竞争力进 一步提升。双方以歌尔光学为合作平台,歌尔通过引入舜宇系的技术资 源,进一步强化了在 AI/AR 产业链中的话语权。 ⚫ 碳化硅或成为 AR 眼镜光波导领域优秀解决方案 根据 Meta 官网显示,Meta 公司已经 ...
剑指AI/AR领域,歌尔股份、舜宇光学两大果链公司联手
不难发现,这是歌尔股份在AI/AR做出的又一重要布局。据统计,歌尔在一年时间内已先后投资康耐 特、Plessey、舜宇,完成了镜片、Micro-LED、表面浮雕衍射光波导等关键环节的技术布局。市场人士 认为,歌尔的多轮投资并购反映了其对AR行业加速落地的信心。 产业链龙头强强联合 歌尔股份本次交易对手是宁波奥来,后者是舜宇光学100%持股的子公司。舜宇光学是全球领先的综合 光学零件及产品制造商,其于2007年在香港联交所主板上市,是首家在香港上市的内地光学企业。公司 主要产品包括三大类:光学零组件、光电产品、光学仪器。值得注意的是,歌尔是苹果的声学器件供应 商,舜宇光学也是果链公司,为苹果手机镜头的重要供应商。 交易标的为舜宇奥来微纳光学和舜宇奥来微纳光电,二者的业务范围较为接近,均涉及光学仪器制造、 光学玻璃制造、光学仪器销售、可穿戴智能设备、电子元器件与机电组件设备制造、通信设备销售、光 学玻璃销售、软件销售等。据记者了解,标的公司定位于"AR眼镜半导体光学综合方案解决商",是舜 宇光学下属的从事光波导、超表面器件、衍射光学器件等晶圆级微纳光学器件产品业务的主体公司。其 于2023年12月在上海临港(60 ...
舜宇光学科技(2382.HK):盈利能力持续优化 龙头地位不断巩固
Ge Long Hui· 2025-08-23 12:00
机构:民生证券 研究员:方竞/卢瑞琪 事件:8 月19 日,舜宇光学科技发布2025 年中期业绩公告,公司25H1 实现营收196.52 亿元, YOY+3.56%;净利润16.46 亿元,YOY+52.56%;毛利率为19.8%,YOY+2.6pcts;净利率为8.8%, YOY+1.9pcts。 手机相关产品受益于手机摄像头高端化和公司前瞻布局及领先技术市占率蝉联全球第一。镜头方面, 25H1 公司在主流终端客户旗舰机型中的参与度持续提升,目前已通过采用多群组系统方案实现多种形 态的潜望产品量产。模组方面,25H1 公司已实现多折潜望模组及大底潜望内对焦模组在核心大客户旗 舰机型中的大规模量产;同时,凭借自研马达模组的整合优势,公司独创的大光圈低负载潜望模组已配 合头部客户进行深度研发与应用。 受益智驾下沉,全球车载镜头市场快速增长,公司车载相关产品亦有良好表现。镜头方面,25H1 公司 车载镜头市占率稳居全球第一;同时,公司完成了新一代除雾技术的研发,该技术可使车载镜头的水雾 消散效果更佳,并已应用在多个车厂项目上;此外,公司继续推进高像素玻塑混合车载镜头的研发创 新,以进一步夯实公司在ADAS 车载镜 ...
中金 | ARVR系列#8:AI眼镜打造全新交互体验
中金点睛· 2025-08-18 23:36
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].
看一眼就付钱!AI眼镜开启新支付革命,何时走出智能手机叙事框架
Hua Xia Shi Bao· 2025-08-15 16:38
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]
重点转向AI/AR?歌尔1亿美元支持收购境外显示厂商
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].
三安光电(600703):2024年年报、2025年一季报点评:多元产品高端化,增长趋势前路渐显
Changjiang Securities· 2025-05-08 10:12
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].
iHuman Inc. Files 2024 Annual Report on Form 20-F
Prnewswire· 2025-04-28 20:40
Core Viewpoint - iHuman Inc. has filed its annual report for the year ended December 31, 2024, with the U.S. Securities and Exchange Commission, highlighting its commitment to providing tech-powered intellectual development products in China [1]. Company Overview - iHuman Inc. is a leading provider of tech-powered intellectual development products in China, focused on enhancing the child-upbringing experience for parents and making intellectual development enjoyable for children [2]. - The company has over two decades of experience in the parenthood industry, offering superior original content and advanced technological innovations [2]. - iHuman's product offerings include self-directed apps, interactive content, and smart devices aimed at developing children's abilities in speaking, critical thinking, independent reading, and creativity, while also fostering interest in traditional Chinese culture [2]. - The company utilizes advanced technologies such as 3D engines, AI/AR functionality, and big data analysis to enhance the user experience for both parents and children [2].
佳禾智能2024年营收24.67亿元,加紧向AI/AR眼镜领域布局
Core Insights - Jiahe Intelligent (佳禾智能) reported a stable performance in its 2024 annual report, achieving a revenue of 2.467 billion yuan and a net profit of 41.32 million yuan, with a year-on-year increase in operating cash flow of 7.51% [1] - The company is focusing on a diversified product portfolio, including headphones, speakers, smartwatches, and smart glasses, while also expanding into new energy storage products [1] - The global headphone shipment is projected to grow, with China being a major growth driver, as Jiahe Intelligent's headphone revenue reached 1.906 billion yuan, marking a 2.23% increase [1] Business Strategy and Development - Jiahe Intelligent is actively entering the AI/AR sector, with a significant growth forecast for AI glasses, as global shipments are expected to surge by 210% in 2024 [2] - The company is implementing a "Five New" strategy focusing on new product development, technology application, component research, process iteration, and system integration to enhance its industry influence [2] - The company has established a collaborative R&D center with multiple specialized laboratories to support cross-domain technological innovation [2] Research and Innovation - Jiahe Intelligent invested 129 million yuan in R&D in 2024, reflecting a 3.41% increase, and holds 882 valid patents, including 106 invention patents in China [3] - The company is progressing in the AI/AR glasses sector, transitioning from smart audio glasses to advanced AI/AR glasses, with ongoing production of the INMO GO series [3] - Jiahe Intelligent is strengthening collaborations with upstream and downstream partners in the AI/AR glasses supply chain to provide efficient and intelligent solutions [3] Corporate Restructuring and Market Expansion - In March 2025, Jiahe Intelligent rebranded its subsidiary to Jiahe Yuanqi (佳禾元启) to focus on AI and AR, marking a strategic shift in its core business [4] - The establishment of Jiahe International in Singapore aims to enhance overseas market capabilities and mitigate risks from international economic fluctuations [4] - The company anticipates an increase in the market share of smart glasses, contributing to a second growth curve in performance and sustainable development [4]
Perfect(PERF) - 2024 Q4 - Earnings Call Transcript
2025-02-27 06:54
Financial Data and Key Metrics Changes - Total revenue for full year 2024 grew by 12.5% year-over-year to $60.2 million, with net income of $5 million and adjusted net income increasing by 18.6% to $8.3 million compared to 2023 [8][32] - Operating cash flow generated a net inflow of $13 million for the full year 2024, with cash and cash equivalents totaling over $165.9 million [9][34] - Gross profit for Q4 2024 increased by 2.5% to $11.8 million, but gross margin decreased to 74.1% from 81.3% in Q4 2023 [27] Business Line Data and Key Metrics Changes - The AI/AR cloud solutions and mobile app subscription revenue grew by 25.4% to $15.1 million in Q4 2024, representing 95% of total revenue for the quarter [25] - The B2C mobile app business saw active paying subscribers increase by 14.3% year-over-year, reaching over 1 million by the end of 2024 [9][35] - Licensing revenue decreased by 72.2% in Q4 2024 to $0.5 million, indicating a shift towards a recurring subscription revenue model [26] Market Data and Key Metrics Changes - Positive momentum was noted in North America, Western Europe, and developing markets like Brazil, with strong demand for AI-powered features [10] - The enterprise customer base increased by 24 brand clients, totaling 732 brand clients with over 822,000 SKUs onboarded [36] Company Strategy and Development Direction - The company aims to deepen its presence in the beauty, fashion, and skin segments while exploring cross-sell opportunities and broadening product offerings [22] - The acquisition of Wanna from Farfetch is expected to enhance market reach and strengthen competitive positioning in the beauty and fashion space [14][39] - The focus on R&D, particularly in Generative AI, is a key priority for the company moving forward [76] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the B2B market, noting challenges but also a solid pipeline and interest from brands [44][48] - The guidance for total revenue growth in 2025 is projected to range from 13% to 14.5% compared to 2024 [23][40] Other Important Information - The company is integrating Wanna into its operations, with expectations for a full integration timeline within the first half of the year [72] - The company is committed to maintaining financial discipline while continuing to invest in AI development and R&D [56][76] Q&A Session Summary Question: What is the situation with your enterprise clients regarding spending? - Management noted that while the B2B market remains challenging, there is still interest from brands to invest in digital solutions, although they are cautious about spending [44][46] Question: What was the B2B revenue contribution last year? - Last year, B2B revenue was approximately 40% of total revenue, but it is expected to decrease as B2C continues to grow [52][53] Question: How do you plan to manage operating expenses in light of reduced gross margins? - Management indicated that they will continue to invest in growth while maintaining financial discipline, ensuring that expenses do not create financial pressures [54][56] Question: Can you discuss the competitive landscape after acquiring Wanna? - Management stated that Wanna is a leader in the fashion space with significant brand partnerships, and the acquisition strengthens their position in the market [58][60] Question: What is the timeline for the full integration of Wanna? - Integration is expected to continue through the first half of the year, with a focus on aligning sales, marketing, and product development efforts [72] Question: Where will the company focus its investments in the coming year? - The primary focus will be on R&D for Generative AI, alongside digital marketing efforts to attract app users [76]