AI 眼镜催化来临，关注端侧 AI 板块 20250820 摘要 2025 年全球智能眼镜市场快速增长，AI 音频眼镜销量同比增长三倍， AR 眼镜预计全年销量增长 30%-40%，整体智能眼镜销量预计达 550 万至 1,000 万台。 智能音频眼镜成本因去掉光学系统而大幅降低，主流产品价格在 1,000- 2000 人民币左右，通过采用国产芯片方案可进一步降低成本。AR 眼镜 成本虽高，但技术进步和规模效应使其售价降至万元以内。 歌尔股份在智能耳机供应链中占据重要地位，尤其在整机代工方面。核 心技术壁垒在于光学系统和 Soc，舜宇光学等公司值得关注。 歌尔股份和水晶光电在 AI 眼镜领域均有布局，提供全套的光机加光波导 解决方案。兰特光学是玻璃晶圆领域的主要玩家。Micro LED 和 Micro OLED 有望在显示屏领域胜出。 端侧 AI 市场中，瑞芯微的 RK3,588 芯片需求旺盛，恒玄科技的 BS 系 列芯片广泛应用于国内 AI 眼镜方案，兆易创新的 3D DVR 产品逐步落 地，乐鑫科技下游与 IoT 数字化升级相关。 Q&A 基于 AI 眼镜产业链的最新变化，Meta 在 2025 年有哪些 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the robotics industry, particularly advancements in semiconductor technology, sensors, and humanoid robots, with notable companies including 瑞芯微 (Rockchip), 风华微电子 (Winhighway), 地平线 (Horizon Robotics), 和赛科技 (Hesai Technology), and 瑞可达 (Reekda) [1][2][3][4]. Core Insights and Arguments - **Semiconductor Sector Performance**: The first quarter saw significant growth in the SoC segment, driven by national subsidies and tariff impacts, with companies like 瑞芯微 and 风华微电子 gaining market share in automotive and white goods sectors. The G6 series of intelligent driving chips was launched, although concerns about high valuations remain [1][3][4]. - **Sensor Technology**: Laser radar and IMU are critical components in robotics. 和赛科技's introduction of low-cost laser radar has stimulated mass production of mobile robots, securing an order for 300,000 lawnmower robots, indicating strong market potential [1][5]. - **瑞可达's Performance**: The company exceeded expectations in Q1, with over 60% year-on-year revenue growth attributed to new products like high-voltage connectors and battery swap products. A projected profit of nearly 300 million yuan for the year is anticipated, with ongoing certification for copper connection products potentially boosting stock prices [1][11]. - **Advancements in Humanoid Robotics**: Technological progress in humanoid robots has reduced component costs, encouraging traditional companies like 杭叉集团 (Hangcha Group) to enter the market, enhancing the operational capabilities of AGV vehicles [1][15]. - **Exoskeleton Technology**: The market acceptance of exoskeleton technology is growing, with 成天科技's low-cost consumer-grade exoskeleton robots selling out quickly, indicating strong demand and potential for structural market changes [1][22]. Additional Important Insights - **Chip Companies**: Companies like 地平线 are focusing on high-performance intelligent driving chips and have spun off a division dedicated to robotics, indicating a strategic shift towards integrated hardware and software solutions [6][4]. - **Market Dynamics**: The robotics sector is experiencing a shift with the introduction of new products and technologies, which may lead to a revaluation of related companies as supply chains become clearer [29][30]. - **Investment Opportunities**: There is a growing interest in low-valuation companies entering the robotics space, with potential for significant growth as the industry matures and technology costs decrease [14][19]. - **Impact of Major Players**: Companies like 特斯拉 (Tesla) and 小鹏 (Xpeng) are influencing the robotics industry through their innovations and market strategies, which could accelerate the development of the entire supply chain [12]. - **PEEK Material Applications**: The application of PEEK materials in collaborative robots is gaining traction, with ongoing developments aimed at addressing challenges related to heat dissipation and structural integrity [13][27]. This summary encapsulates the key points discussed in the conference call, highlighting the advancements and challenges within the robotics industry, as well as the performance and strategies of key companies involved.