20230929-招银国际-China_Technology__Takeaways_of_Meta_Connect_2023__Quest_3,_Ray-Ban_smart_glasses_and_Meta_AI_Chatbot_4页_1003kb

Study Summary:

1. Key Announcement: CMBIGM analyzes the Meta Connect 2023 event, highlighting three main products: the Quest 3 (VR/Mixed Reality headset), Ray-Ban Meta smart glasses, and Meta AI Chatbot.
2. Quest 3:
   • Replaces the Quest 2, starting at $499 (increase of $200).
   • Features upgrades: Mini-LED display, new XR2 Gen 2 chip, pancake optics, dual-color pass-through cameras for MR capability.
   • Analysts view the price increase positively for component profitability despite potential negative impact on initial sales volume due to macro headwinds.
3. Ray-Ban Meta Smart Glasses & Meta AI Chatbot:
   • Glasses priced at $299, equipped for photo/video, searches, social interaction, and music.
   • Meta AI integrated across WhatsApp, Messenger, and Instagram, offering live search and image generation.
4. Industry Outlook & Recommendations:
   • CMBIGM maintains an OUTPERFORM rating for the China Technology sector.
   • Recommends specific companies as potential gains from upcoming AR/VR supply chain growth:
     • Goertek (VR OEM, acoustics)
     • Sunny Optical (MR use pancake lenses)
     • TK Group (structural plastic components)
   • Notes the catalyst created by the new Meta offerings and the upcoming Apple Vision Pro release.
   • Provides detailed valuation tables and peer comparisons for the above-listed companies across optical, acoustic (haptic), EMS/OEM, and casing segments.
   • Overall positive outlook signaling AR/VR shipment recovery and supply chain benefits in the next quarters.