风险提示：消费电子需求下滑风险；AR 行业发展不及预期风险；新技术渗透率不及预期风险；汇率波 动风险；股权质押风险。 积极向汽车与AR/AI 眼镜领域拓展，有望在光学创新时代深度受益： 汽车业务实现收入2.4 亿元，同比+79.07%，毛利率25.24%，同比+16.79pct。上半年公司与国内战略大 客户深度协同，成功拿下LCOS 技术路线AR-HUD 项目定点，并斩获国内一流主机厂及知名合资品牌多 个新项目订单。公司新研发斜投影样机较现有AR-HUD 在AR 融合、指向精度等核心指标实现质的飞 跃，得到多家头部车企高度认可。AR/AI 眼镜行业带来光波导全新增量市场，公司在反射波导与头部客 户积极合作，攻关核心工艺与NPI 产线，成功打通量产路径；衍射波导深化与Digilens 技术协同，升级 体全息产线并实现小批量商业级应用落地，光机同步启动战略布局。 投资建议：公司充分受益光学迭代创新。我们预计公司2025-2027 年归母净利润为12.46/14.99/18.40 亿 元，EPS 为0.90/1.08/1.32 元，对应PE为31.05/25.80/21.03 倍，维持"增持"评级。 事件：公司发布 ...

Group 1: Company Overview and Investor Relations - The report documents an investor relations activity held on August 28, 2025, involving various financial institutions and asset management companies [2][3]. - Key company representatives included the Chairman, CFO, and other executives who presented on the company's performance and strategic direction [3][4]. Group 2: AR Industry Insights - The AR industry is experiencing a significant evolution, with a focus on AI integration as a key driver for growth [3][4]. - The development of AR technology can be divided into three phases: pre-2020, 2020-2023, and the current phase characterized by optical breakthroughs [3][4]. - Major players in the AR market are investing heavily, leading to a diverse technological landscape with no single technology dominating [4][5]. Group 3: Technological Developments - Two main optical technologies for AR glasses are highlighted: Glass Waveguide (GWG) and Surface Relief Grating (SRG), each with distinct advantages and challenges [5][6]. - GWG technology is noted for its potential in achieving large field of view (FOV) and better energy efficiency, while SRG faces challenges in color uniformity and manufacturing complexity [5][6]. - The company has been actively involved in AR technology since 2011, collaborating with various partners to enhance its optical components and systems [6][7]. Group 4: Market Strategy and Customer Relations - The company aims to maintain a balanced customer base while deepening relationships with key clients, particularly in the domestic market [12][15]. - The strategic focus includes enhancing capabilities in consumer electronics, automotive electronics, and emerging fields like AR and 3D visual perception [12][13]. - The company emphasizes a dual-circulation strategy to mitigate risks associated with reliance on single customers [15]. Group 5: Talent Development and Organizational Structure - Recent organizational changes reflect a commitment to talent development and innovation, with new senior hires focusing on technology and market strategies [14]. - The company has established training programs to enhance leadership and technical skills, fostering a culture of continuous improvement [14]. Group 6: Financial Performance and Future Outlook - The company has maintained a stable growth rate and aims to become a leading provider of AR display solutions globally [7][19]. - Future projects are in the pipeline, with a focus on integrating advanced optical technologies and expanding market reach [11][19].

Group 1 - Rokid, founded by Misa, has been a significant player in the hardware startup scene for 11 years, recently achieving a valuation of $1 billion despite unclear profitability [1][2] - The company has gained attention as part of the "Hangzhou Seven Dragons," alongside other notable tech startups, following a successful presentation where Misa showcased AR+AI glasses [2][3] - The optical supplier for Rokid Glasses, Guangzhou Semiconductor, has developed a unique single-light diffraction waveguide solution that reduces power consumption and costs while maintaining good display quality [3][4] Group 2 - The AI glasses market is currently experiencing rapid growth, with increasing interest from various clients, including both established companies and startups [3][22] - The supply chain for AI glasses is still immature, with significant discrepancies among different suppliers, leading to potential product failures if any component is flawed [3][10] - Guangzhou Semiconductor's technology is considered to be at the forefront, with the potential for Chinese companies to lead the global market in AI and AR optical technologies [4][10] Group 3 - The distinction between AI glasses and previous AR glasses lies in the integration of large models for voice interaction, with AI glasses expected to evolve to include display functionalities [5][6] - Current AI glasses are facing challenges in profitability, with two primary business models emerging: one focusing on hardware sales and the other on content monetization [7][8] - The competitive landscape for AI glasses is intensifying, with many new entrants, but this is seen as beneficial for industry growth [9][20] Group 4 - Guangzhou Semiconductor has developed a unique optical module that allows for a thinner and more efficient design, which is crucial for consumer acceptance [14][17] - The company emphasizes the importance of reducing costs and weight in their products, which is essential for consumer electronics [20][22] - The demand for improved optical performance, safety, and affordability is driving innovation in the AR glasses sector [22][23]