投资要点 我们预计公司2025/2026/2027 年分别实现收入909/1163/1369亿元，归母净利润49.7/68.4/83.9 亿元，首次 覆盖给予"买入"评级。 业绩增长韧性凸显，营收净利表现持续亮眼。2025 年前三季度，公司实现营业收入536.63 亿元，同比 增加16.08%；实现归母净利润28.43 亿元，同比增加19.91%；实现扣非归母净利润27.03 亿元，同比增 加28.72%。2025 年三季度单季，公司实现营业收入207.02 亿元，同比增加19.25%；实现归母净利润 17.00 亿元，同比增加12.62%；扣非后归属母公司股东的净利润为17.63 亿元，同比增加22.67%。 全维度平台化协同布局，全产业链深度垂直整合。公司深耕玻璃、金属、蓝宝石、陶瓷、塑料、皮革、 硅胶、玻纤、碳纤维等多类材料技术，已实现从原材料及功能结构件生能产模、组功贴合到整机组装的 智能终端全产业链垂直整合。凭借深度绑定全球领先消费电子及智能汽车品牌客户的核心优势，深度参 与客户研发与生产环节，形成长期战略合作壁垒。同时，公司积极拓展智慧零售终端、工业及人形机器 人、AI 眼镜/ XR 头显等市场空 ...

Core Viewpoint - The article discusses the rising interest and developments in Micro LED technology, particularly in the AR near-eye display sector, highlighting the strategic partnership between Vuzix and TCL to advance Micro LED and waveguide technology solutions for smart glasses [3][4][5]. Summary by Sections Partnership and Collaboration - Vuzix and TCL have established a long-term strategic partnership to create an integrated optical display solution combining TCL's advanced Micro LED microdisplays with Vuzix's waveguide technology, aimed at providing a modular option for global smart glasses OEMs and consumer electronics brands [4][5]. - Prior to the announcement, Vuzix and TCL successfully integrated a single green Micro LED display engine with a high-transparency, rainbow-free waveguide, showcasing this achievement at the recent CIOE 2025 [4]. Development and Market Impact - The collaboration is expected to accelerate the commercialization of Micro LED technology, making AR glasses more cost-effective and facilitating broader industry adoption [5][7]. - TCL, as a leading panel manufacturer, possesses the capability for large-scale production of various display technologies, which will help reduce the production costs of Micro LED microdisplays [5][6]. Financial Backing and Resource Allocation - Vuzix has received a full investment of $20 million from Quanta, enhancing its waveguide production capabilities [6]. Industry Trends and Future Projections - The month of September saw significant activity in the Micro LED microdisplay sector, with Vuzix also partnering with other companies to develop high-performance Micro LED waveguide solutions [8]. - TrendForce forecasts that as Micro LED full-color technology matures, the shipment of AR glasses equipped with Micro LED will reach 20.9 million units by 2030, with a technology penetration rate of 65% [10].