Hong Kong Stock Concept Tracking | Apple Vision Pro to be Mass Produced Soon! Institutions: MR Industry Expected to Enter a New Upward Cycle (with Concept Stocks)

Zhitong App has learned that Apple (AAPL.US) will officially start mass production of its first-generation MR (Mixed Reality) product, Vision Pro, in December this year. The initial batch will consist of approximately 400,000 units, and it is expected to be officially released in early next year. Zhu Keli, the founding director of the National Research Institute of New Economy, believes that the mass production of Vision Pro will first bring growth opportunities to hardware manufacturers, and secondly, as MR devices are applied more widely, it will also bring business opportunities to software development and content production companies. It is reported that Vision Pro is the first-generation mixed reality product released by Apple in June this year. As a heavyweight product in the XR field for Apple, Vision Pro is seen as a milestone achievement in the development of consumer electronics. Apple CEO Tim Cook stated that Apple Vision Pro breaks free from the "shackles" of gaming consoles and, leveraging Apple's own ecosystem advantages, keeps it in sync with other devices such as iPhone, iPad, and Mac, with application scenarios extending to social, office, and daily life. With the arrival of the Vision Pro product cycle, listed companies in the industry chain have also attracted high attention from the capital market. In various fields such as micro-displays, optical devices, perceptual interaction, and batteries, domestic manufacturers have quickly entered the market. Minsheng Securities mentioned that in the field of complete machine assembly, Luxshare Precision and GoerTek have strong technical capabilities and close cooperation with Apple. In terms of micro-displays, BOE A, Visionox, and Sony have already made layouts or achieved large-scale production of Micro OLED. In terms of optical devices, Sunny Optical, Crystal-Optech, and Suda Weigao have made comprehensive layouts. In terms of perceptual interaction, Megvii and Zhilifang can provide related hardware and detection equipment. In terms of batteries, Desay Battery, Amperex Technology, and Zijian Electronic have mature technical capabilities. In addition to the above-mentioned companies, Minsheng Securities also pointed out that GoerTek is the main supplier of the front lens module for the iPhone and is expected to continue its cooperation with Apple in Vision Pro. Changying Precision is a leading domestic precision component manufacturer and has participated in the research and development of major XR products for all top customers in the industry. Orbbec is a leading provider of overall 3D visual perception technology solutions. Lingyi Intelligent Manufacturing is a core partner of overseas leading companies in the MR field. Sanlipu provides comprehensive pancake optical film solutions for both near-eye and display aspects. Guoguang Electric provides stable supply to VR head-mounted display companies such as M and P customers. Industry insiders analyze that this Apple MR head-mounted display device performs outstandingly in terms of interaction, device collaboration, and applications, and is expected to drive the industry into a new round of growth cycle. Zhang Xinyuan, the head of research at Co-Found Think Tank, a domestic consulting firm, stated that with the release of new VR/MR products by technology giants, it is expected to drive the sales and profit growth of hardware providers, and the cooperation and participation of technology giants are also expected to bring greater market exposure and competitive advantages to listed companies in the industry chain. Southwest Securities believes that after the release of Apple MR, the improvement in visual experience and the enhancement of augmented reality scene functionality are expected to upgrade the positioning of XR devices from gaming-oriented to office/lifestyle-oriented, becoming the new generation of office and entertainment consumer electronics devices after PCs and smartphones. It is estimated that the market space for Apple MR will reach 100 billion yuan by 2025. Related concept stocks: GoerTek (01415): In late October, TF Securities released a research report stating that it initiated a "buy" rating on GoerTek, with projected operating revenues of 7.964/16.593/24.101 billion yuan for 2023/24/25, and net profits of 599/1.178/1.752 billion yuan, with a target price of HKD 29.81. The bank expects the company to import iPhone rear camera module business and benefit from the subsequent growth of Apple VisionPro. In addition, it is expected that the volume of laser radar products will open up the company's second growth curve. Sunny Optical Technology (02382): Sunny Optical has mastered leading technologies such as miniaturized packaging, which can be used for AR module packaging. For the near-eye display part of AR devices, Sunny Optical has established a dedicated BU for the research and development of AR waveguide nanoimprint technology. At the end of November, Nomura released a research report stating that it maintained a "buy" rating on Sunny Optical, with the target price raised from HKD 78 to HKD 88. The price of the mobile phone lens market has rebounded from a low level, and the company will obtain orders for the Huawei P70 series, which will drive the rating upgrade. AAC Technologies (02018): On March 21st, the company announced the successful development and manufacturing of a new generation of single-layer color waveguide lenses, which are key components on AR devices. On the same day, the company also launched the first AR-specific ultra-linear speaker. At the end of November, Guosheng Securities released a research report stating that it reiterated a "buy" rating on AAC Technologies. Without considering the impact of the acquisition of PSS, it is estimated that the company's revenue for 2023-25 will be 20.9/23.4/25.3 billion yuan, and the net profit attributable to shareholders will be 550/1,290/1,670 million yuan. If the impact of the acquisition of PSS is considered, it is estimated that the company's net profit attributable to shareholders in 2024 will be 1.57 billion yuan, and the target price will be raised to HKD 27.4.