China Galaxy Securities: The AI glasses industry is gradually being standardized, and industrial development is accelerating.

China Galaxy Securities released a research report stating that on February 19th, the China Information Academy Teer Terminal Laboratory collaborated with S-Dream Lab to conduct comprehensive, objective functional, performance, usability, and reliability tests on the main usage scenarios and functions of the RayBan-Meta Wayfarer smart glasses, covering more than 60 test items across 7 modules including basic configuration, audio, image, stabilization, interaction, endurance, security, and privacy. Currently, the AI glasses market is still in its early stages with a lack of evaluation standards and varying product quality. The initiation of AI glasses specialized testing by the China Information Academy indicates an acceleration in industry standardization, providing direction and guidance for eyewear manufacturers' research and development iterations, and speeding up the industrialization process of AI glasses. Key points from China Galaxy Securities: Rapid landing of AI glasses in the consumer market Compared to products like VR glasses and AR glasses, AI glasses have the characteristics of resembling traditional glasses in appearance and price, with higher technological maturity. As a result, they can provide value-added services without changing user habits, conforming to the law of "progressive innovation" and are more easily adopted in the consumer market. The sales performance of the trending hardware product RayBan Meta further confirms the strong breakthrough of AI glasses in the consumer market. By 2024, global sales of AI smart glasses reached 1.52 million units, a year-on-year increase of 533%. Among them, RayBan Meta's sales reached 1.42 million units, a growth of over 300% compared to the approximately 300,000 units sold of RayBan Stories launched in September 2021. Multiple manufacturers entering the market, China Information Academy promoting industry standards and accelerating industrial development By 2025, not only has the hype for RayBan Meta not subsided, but more manufacturers will enter the market. At the 2025 CES exhibition, smart glasses became the absolute protagonist. According to incomplete statistics from VR Gyro, there were a total of 47 AI and AR glasses (SKU of the same series counted as one) displayed at CES. Brands such as Roborock, large friends, THUNDEROBOT, as well as supply chain manufacturers like Goertek Inc., Thunder Software Technology showcased their glasses products and solutions. Currently, the AI glasses market is still in its early stages with a lack of evaluation standards and varying product quality. The initiation of AI glasses specialized testing by the China Information Academy indicates an acceleration in industry standardization, providing direction and guidance for eyewear manufacturers' research and development iterations, and speeding up the industrialization process of AI glasses. AI glasses poised to embrace an "iPhone moment", AR+AI glasses fusion becoming an inevitable trend Recently, the push for edge-side models by DeepSeek has further fueled the development of smart glasses, with wellsenn XR predicting that by 2025, shipments of AI glasses will reach 3.5 million pairs, a 130% year-on-year increase. By 2030, sales of AI glasses are expected to rapidly increase to 90 million pairs, ushering in an "iPhone moment" for AI glasses. Compared to devices like phones, computers, and VR headsets, AR glasses are not only the most suitable smart device for wearing all day without affecting normal life, but can truly achieve "invisible computing devices". Additionally, AR glasses are closest to the three major human sensory organs (eyes, mouth, and ears), making them considered the ideal carriers for large models. AR can expand human visual boundaries, AI can enhance cognitive efficiency, and the fusion of the two can change human-machine interaction methods and reshape productivity relationships. The fusion of AR glasses and AI is an extension revolution of the human perception system and an inevitable trend. Investment recommendation: Optimistic about the rapid penetration of AI glasses and the fusion of AR+AI glasses, it is recommended to pay attention to companies in the AR glasses and AI glasses industry chain: Zhejiang Crystal-optech (002273.SZ), Optowide Technologies (688195.SH), Will Semiconductor (603501.SH), Emdoor Information (001314.SZ), Minami Acoustics (301383.SZ), Cosonic Intelligent Technologies (300793.SZ), Goertek Inc. (002241.SZ). Risk warning: Risks of AI development falling short of expectations; Risks of AI glasses penetration falling short of expectations; Risks of technology iteration and product certification falling short of expectations.