Huajin Securities: Meta (META.US) may benefit from adding display technology of photonics and Micro LED.

MetaMETA.USRay-BanMetaARAR BirdBath/AR BirdBathBirdbath4545FOV50 ARARMicroLED+ ARLCoSMicroOLEDMicroLEDARMicroLED AIARIn the context of a blurry user profile, intelligent audio glasses can serve as a replacement for headphones, using glasses (for vision correction/decoration) as a carrier, combined with AI to enhance user experience and selling points, potentially opening up a new audio track. It is recommended to pay attention to entering various product supply chains or manufacturers with relevant technological reserves.relevant targets Optics: Zhejiang Crystal-optech(002273.SZ), Goertek Inc.(002241.SZ), OFILM Group Co., Ltd(002456.SZ), Will Semiconductor(603501.SH); ODM/OEM: Goertek Inc., Emdoor Information(001314.SZ), Tianjian Stock(000090.SZ), Shanghai Longcheer Technology(603341.SH), Cosonic Intelligent Technologies(300793.SZ), etc.; Storage: GigaDevice Semiconductor Inc.(603986.SH), Biwin Storage Technology(688525.SH); Cameras: Will Semiconductor(603501.SH), SUNNY OPTICAL(02382), etc. Screens: JD.com, Inc. Sponsored ADR Class A-A(000725.SZ), BOE HC SemiTek Corporation(300323.SZ), JBD (not listed); Batteries: Shenzhen Highpower Technology(001283.SZ), ATL (not listed), Shenzhen Desay Battery Technology(000049.SZ), Sunwoda Electronic(300207.SZ); Terminal Manufacturers: Rokid (not listed), Thunderbird Innovation (not listed), Xreal (not listed), Yingmu Technology (not listed), Flash Extreme Technology (not listed). Risk Warning Risk of technology evolution trajectory and industry ecosystem not yet determined; Weak sensitivity to the industrialization process of key forward-looking technologies; Risk of content ecosystem construction falling short of expectations; Risk of downstream demand falling short of expectations.