影目科技成立于2020年，专注于轻量一体式AI+AR智能眼镜的研发与产业化。此次落子梁溪，是其走向规模化、产业化发展的关键部署，无锡市影目显 示科技有限公司作为影目科技在华东地区的重要生产基地，核心承载光学模组研发与整机组装业务，进一步强化公司在光波导模组等核心环节的自主产研 能力。 近日，无锡市影目显示科技有限公司正式投产，这是影目科技在全国布局的首条产线，也是全国首条阵列光波导量产AI眼镜整机产品产线。 无锡市影目显示科技有限公司由梁溪产发集团下属子公司空天科技与四川影目科技共同出资设立，其中，空天科技占股49%，四川影目科技占股51%。此 次投产的光波导模组产线，位于江苏无锡梁溪区的梁溪空天产业园卫星物联网产业基地，专注于光学模组的研发与组装。该产线满产可实现AR眼镜年产 能10万台。 该产线落地投产，不仅为核心光学模组环节提供了关键支撑，更有助于梁溪构建从显示驱动、整机制造到软件系统的完整AI+AR智能眼镜产业链，将进 一步强化本地制造能力，加速上下游资源集聚，推动形成更具规模与竞争力的智能硬件产业集群。 未来，双方将基于"AR+文旅、AR+导览、AR+教育、AR+政商"等重点方向开展深度合作，共同打 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 48.48 CNY, based on a 24x PE for 2025 [3][6]. Core Insights - The company demonstrated stable performance with a revenue of 46.6 billion CNY in H1 2025, reflecting an 8.2% year-on-year growth, and a net profit of 12.0 billion CNY, up 7.4% year-on-year [10]. - The dual growth drivers are the respiratory and blood glucose monitoring businesses, with the respiratory product line seeing over 40% growth due to continuous R&D and improved sales channels [10]. - The company is actively expanding overseas, achieving 6.1 billion CNY in international revenue in H1 2025, a 26.6% increase year-on-year, with a focus on respiratory therapy products [10]. - The company is investing in AI wearable technology to create a health management ecosystem, integrating various health monitoring devices to enhance brand loyalty [10]. Financial Summary - Revenue projections for 2025-2027 are 8,669 million CNY, 9,971 million CNY, and 11,302 million CNY, respectively, with a growth rate of 14.6%, 15.0%, and 13.4% [5]. - The net profit for 2025 is projected at 2,020 million CNY, with a year-on-year growth of 11.9% [5]. - The earnings per share (EPS) forecast for 2025 is 2.02 CNY, with subsequent years projected at 2.37 CNY and 2.81 CNY [3][5].

Core Insights - The article discusses the opportunities and challenges for Chinese 3C consumer electronics brands, particularly in the audio sector, as they expand into international markets [1][4]. Group 1: Market Opportunities - Different markets have varying levels of acceptance for audio products, with some mature categories in China still needing education in overseas markets [1][4]. - The penetration rate of open-ear headphones in China is significantly higher than in overseas markets, indicating a need for brands to educate consumers abroad [4]. Group 2: Product Development and Trends - The audio industry is undergoing a transformation from wired headphones to TWS wireless, open-ear, and AI-integrated devices [2][3]. - AI is seen as a key driver for future audio products, with companies like 1MORE already developing AI translation headphones and smart glasses [2][3]. Group 3: Brand Strategy and Supply Chain - 1MORE is recognized as a leading TWS headphone brand globally, having achieved significant market penetration and brand recognition [4][6]. - The company emphasizes the importance of strong supply chain management and creative design as core competencies for success in international markets [5][6]. - 1MORE has established a vertically integrated supply chain and aims for 100% domestic sourcing of core materials to enhance autonomy and efficiency [6]. Group 4: Competitive Landscape - The article highlights that overseas brands often have a greater impact on market penetration compared to domestic brands, as seen with Apple's influence on TWS adoption [4]. - The need for Chinese brands to innovate and bring new product categories to market is emphasized, as they currently rely heavily on cost advantages [4].