Investment Rating - The report maintains an investment rating of "Outperform" with a target price set at 1599 CNY for the preferred stock [5][6]. Core Insights - The smart glasses industry is experiencing a significant evolution driven by optical display technology and AI integration, marking a transition into a robust growth phase since 2023 [1][17]. - The market for AI glasses, particularly those that integrate camera and voice interaction without optical display modules, is rapidly expanding, with Meta's Ray-Ban Meta leading the charge [2][38]. - The report identifies four main categories of smart glasses: AI shooting glasses, AR viewing glasses, AR full-domain glasses, and VR glasses, each with distinct technological and application characteristics [26][32]. Summary by Sections 1. Optical Technology Driving Product Iteration - The development of smart glasses can be categorized into four stages: 1) Early exploration (before 2012) focused on technology validation 2) Commercial trial (2012-2016) saw initial product launches like Google Glass 3) Product diversification (2017-2022) led to a variety of offerings 4) Robust growth phase (2023-present) characterized by significant technological advancements and market expansion [1.1][1.1.1][1.1.2][1.1.3][1.1.4]. 2. AI Glasses: A New Wave of Competition - AI glasses, particularly those that prioritize lightweight and low-cost designs by omitting optical display modules, are gaining traction. The Ray-Ban Meta has become a standout product, capturing a significant market share [2][38]. - The report notes that in 2024, Ray-Ban Meta is expected to account for 98.68% of global AI glasses sales, highlighting the competitive landscape dubbed the "Hundred Glasses War" [2][38]. 3. AR Glasses: The Ultimate Form of AI Glasses - AR glasses are categorized into AR viewing glasses and AR full-domain glasses, with the former focusing on portable viewing experiences and the latter on interactive applications like navigation and translation [3][30]. - The report emphasizes the ongoing technological iterations in AR glasses, particularly in display technologies such as Micro OLED and light guide systems, which are expected to enhance user experience [3.2][3.3]. 4. Traditional VR Glasses: Focus on Immersive Experience - Traditional VR glasses are designed for complete immersion, primarily targeting gaming and viewing experiences. The report notes that the market for VR glasses is relatively mature, with key players like Meta and PICO driving innovation [4][4.3]. 5. Industry Chain and Competitive Landscape - The upstream segment focuses on core components like chips and optical modules, with Micro OLED expected to become a primary solution for XR devices. The report forecasts that global Micro OLED shipments will reach approximately 399.57 million units by 2030 [10][10.1]. - The midstream market is dominated by companies like 雷鸟创新 and PICO, while the downstream segment is crucial for the practical deployment of smart glasses [10.2][10.3]. 6. Key Investment Targets - The report suggests monitoring key players in various segments, including manufacturing (立讯精密, 歌尔股份), optical technology (舜宇光学科技, 蓝特光学), and storage chips (佰维存储) [11][11.1].