Core Insights - The smart glasses market is experiencing a resurgence, with Meta's Ray-Ban Display glasses selling out and Apple expected to enter the market within 12 to 16 months [1][2] - The industry is seeing significant investment and innovation, particularly in optical technologies like diffractive waveguides, which are crucial for the development of consumer-grade AR glasses [3][11] Market Dynamics - Meta's Ray-Ban Display has sold over 2 million units, indicating strong consumer interest, while the global smart glasses market is projected to reach 14.5 million units in 2025, a 42.5% increase year-on-year [1][12] - The emergence of generative AI has revitalized the AR/VR sector, making smart glasses a more appealing consumer product [1][2] Technological Advancements - The optical module accounts for over 40% of the total cost of smart glasses, making it a critical factor in product design and consumer adoption [3] - Companies like Zhige Technology are leading the way in developing diffractive waveguide technology, which significantly reduces the size and thickness of devices [3][11] Competitive Landscape - Zhige Technology has secured large orders exceeding 100,000 units, a first in the industry, highlighting the growing demand for AR glasses [1][9] - The company's IDM (Integrated Device Manufacturing) model allows for better control over design and manufacturing, giving it a competitive edge in production efficiency and cost optimization [10][11] Consumer Experience - The focus is shifting from purely technical specifications to enhancing user experience, with a balance of 85% comfort and 70% optical performance deemed sufficient for market success [7][8] - Meta's strategy of positioning smart glasses as fashion accessories rather than just tech products has contributed to their market penetration [8][9]

Investment Rating - The report assigns a "Buy" rating to the company [4] Core Views - The company has established a diversified layout in optical technology, focusing on three major growth curves: consumer electronics, automotive optics, and metaverse optics [1][15] - The company is positioned as a leading provider of one-stop optical solutions, leveraging its core technologies in thin film optics, optical cold processing, semiconductor optics, and optical system design [1][15] Summary by Sections Company Overview - Founded in 2002 and listed in 2008, the company has deepened its expertise in optics and has expanded into various sectors including consumer electronics, automotive optics, and metaverse optics [1][15] - The company has a well-structured governance model with a focus on long-term incentives for core talent [22][25] Consumer Electronics - The company has achieved significant milestones in optical technology, particularly with its coating filter project, which became the only mass production in China in 2021 [2] - The micro-prism module was successfully mass-produced in June 2023, making the company the first global supplier of quadruple reflection prism modules [2] Automotive Optics - The company has developed a comprehensive range of products for Head-Up Displays (HUD), with a focus on AR-HUD technology [3] - The company has secured multiple new project orders from leading domestic and joint venture brands, expanding its market coverage [3] AR Glasses - The company has established a product development layout for optical display systems, optical components, and other optical components, positioning itself as a key player in the AR market [4] Financial Forecast and Valuation - The company is projected to achieve revenues of 75.04 billion, 89.18 billion, and 103.36 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 19.53%, 18.83%, and 15.91% [8] - The net profit attributable to shareholders is expected to be 12.58 billion, 15.55 billion, and 18.61 billion yuan for the same years, with growth rates of 22.15%, 23.59%, and 19.70% [8]

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company has established a diversified business structure with five major segments: optical components, film optical panels, semiconductor optics, automotive electronics (AR+), and reflective materials, all showing good growth momentum [6][21] - In 2024, the company achieved a revenue of 6.278 billion yuan, a year-on-year increase of 23.67%, and a net profit attributable to shareholders of 1.030 billion yuan, up 71.57% year-on-year, marking a historical high [6][26] - The automotive electronics segment, particularly AR-HUD, is rapidly penetrating the mid-range market, with a projected shipment of over 300,000 units in 2024, maintaining a leading position in the domestic industry [6][36] Summary by Sections Financial Performance - The company reported a revenue of 6.278 billion yuan in 2024, with a compound annual growth rate of 18.14% from 2020 to 2024 [26] - The net profit attributable to shareholders reached 1.030 billion yuan in 2024, reflecting a significant increase in profitability [26][42] - In Q1 2025, the company achieved a revenue of 1.482 billion yuan, a year-on-year increase of 10.20% [28] Business Segments - **Optical Components**: In 2024, this segment generated 2.884 billion yuan, accounting for 45.94% of total revenue, with a gross margin of 36.31% [30] - **Film Optical Panels**: This segment achieved 2.472 billion yuan in revenue, representing 39.38% of total revenue, with a gross margin of 26.65% [34] - **Reflective Materials**: Revenue reached 394 million yuan, contributing 6.27% to total revenue, with a gross margin of 30.87% [35] - **Automotive Electronics (AR+)**: This segment generated 300 million yuan, accounting for 4.78% of total revenue, with a gross margin of 13.53% [36] - **Semiconductor Optics**: Revenue was 129 million yuan, contributing 2.06% to total revenue, with a gross margin of 40.29% [37] Strategic Developments - The company has focused on R&D innovation, with a total investment of 1.165 billion yuan from 2022 to 2024, maintaining an average R&D expense ratio of 7.49% [46] - The establishment of a central research institute in 2017 has driven the development of new products and technologies in optical components, automotive electronics, and AR/VR [46][47] - The company has built six production bases and is actively expanding its global market presence, enhancing its ability to serve overseas customers [47][50]

第三届中国国际供应链促进博览会于近日在北京中国国际展览中心（顺义馆）举行。此次盛会共有1200 家中外企业和机构参加，线上线下观众人数超过21万人次。展会期间共举办了70场会议活动，中国工程 院院士、世界500强企业和国际组织负责人等在内的1.4万余人参会进行了交流。 此次展会，水晶光电展示了全自研4.1寸斜投影AR-HUD，ARGo眼镜，衍射光波导片，手机相关的光学 元器件等产品，让观众直观地感受到了精密光学技术在汽车电子，AR/VR和消费电子领域的应用。 水晶光电深耕光学领域20余年，构建了结构化的技术体系，涵盖传统光学冷加工技术、半导体技术、微 纳技术、薄膜技术、丝印技术以及自动化技术等多个领域。未来，水晶光电将持续推进光学产业的发展 和创新，实现供应链的合作共赢。 ...