Ping An Securities: New XR devices continuously emerging, AI glasses becoming a new trend.

Ping An Securities released a research report stating that with the rapid development of AI technology, the current industry and market are actively exploring hardware carriers compatible with AI. AI smart glasses, as an end-side hardware integrating important human perception interactions such as vision, hearing, and speech, are expected to become one of the ideal carriers for the application of AI technology. The market success of RayBan Meta has further sparked high attention from the industry and market towards AI smart glasses, and companies in various fields such as the Internet, consumer electronics, and XR hardware have started to focus on this. At the 2025 CES conference, in addition to the normal iteration of XR devices, the continuous emergence and increasing popularity of AI smart glasses products are expected. The AI smart glasses market in 2025 will enter a period of intense new product releases, with a significant increase in global sales of AI smart glasses anticipated, and the related industry chain will benefit accordingly. Key points from Ping An Securities include: -Continuous emergence of new XR devices, with hardware performance steadily improving -According to VR gyro statistics, the total number of exhibitors in the "AR/VR/XR" section at the 2025 CES conference reached 312, with approximately 59 domestic companies participating, including AAC, BOE, Dapeng VR, Yijing VR, and Goertek Inc. This year's exhibitors cover the entire XR core components, XR optical solutions, and XR hardware brands, showcasing a variety of smart glasses products and new technologies. -Several XR hardware companies have unveiled new product achievements, with many VR devices, including Sony XYN, Pico Technology Dream Air, Dream MR, and more, adopting Micro OLED display technology, which is gradually becoming a standard for high-end VR devices. -In the AR device category, numerous new AR glasses were unveiled at the CES conference, with companies like XREAL, Rokid, Goertek Inc., and Yijie Virtual releasing AR glasses reference designs. The Micro-OLED+Birdbath still remains the mainstream optical display solution for AR glasses, while companies like Rokid and XREAL are exploring the use of Micro-LED+diffraction waveguides in their high-end product lines. AI technology is redefining smart glasses, and manufacturers are accelerating their entry into the industry to drive its development. RayBan Meta, as a representative work of AI smart glasses, has sold over a million units globally since its launch, raising industry and market attention to the AI smart glasses race. In addition to traditional XR smart hardware manufacturers, Internet companies and consumer electronics brands have also entered the field of AI smart glasses. According to VR gyro statistics, there were 47 AI+AR glasses at the 2025 CES conference, with 16 of them being audio + photo AI glasses (each with multiple SKUs). With the rapid development of AI technology and continuous improvement of smart glasses hardware, the growth in AI smart glasses shipments is expected to increase. According to Wellsenn's forecast data, global AI smart glasses sales are expected to reach 2 million pairs in 2024, growing to 4 million pairs in 2025, and potentially reaching 80 million pairs in 2030 as AI+AR technology matures. Recommended target stocks include Bestechnic (Shanghai) Co., Ltd. (688608.SH), Shenzhen Bluetrum Technology (688332.SH), Goertek Inc. (002241.SZ), Emdoor Information (001314.SZ), Minami Acoustics (838906.BJ), Skyworth Digital (000810.SZ), Edifier Technology (002351.SZ), and Guoguang Electric (002045.SZ). Risks include slower-than-expected recovery of downstream demand, delays in the research and development of advanced technologies by domestic manufacturers, and obstacles in the development process of new products for smart glasses, which could negatively impact industry development and market enthusiasm.