20230605-招银国际-Apple_MR__Long-awaited_next__iPhone_moment__15页_1mb

报告摘要

The report analyzes Apple's upcoming MR (Mixed Reality) headset, expected to launch at WWDC 2023, as a transformative event for the AR/VR industry. It is seen as the next "iPhone moment," potentially setting new standards in innovation with features like dual-chip design, advanced optics, and seamless ecosystem integration.
Key specifications include Micro-OLED displays, 3P Pancake lenses, eye/gesture tracking with 15+ cameras/sensors, dual-chip processing (ISP + SoC), and a waist-mounted battery. Priced at $3,000 initially, aimed at prosumers and developers, with a more affordable version expected in 2H24-1H25.

Short-term shipments of 200-300k units in 2023, ramping to 10mn+ by 2025-26. Apple's 2bn active device base and ecosystem integration are expected to drive AR/VR market growth, with a potential TAM of 10-20mn units over the next 2-3 years, compared to competitors like Meta.
Opportunities in the supply chain focus on display, semiconductors, optics, and tracking components. BOM costs are dominated by displays and semis (50-60%), highlighting key areas for investment.

Listed companies include Luxshare (002475 CH, Buy), Cowell (1415 HK), Everwin (300115 CH), Zhaowei (003021 CH), Goertek (002241 CH, Buy), Sunny Optical (2382 HK, Hold), and Will Semi (603501 CH, Hold). These firms benefit from their roles in assembly, camera modules, optics, and sensors for Apple MR and other AR/VR devices.

Optical advancements: Pancake lens adoption reduces thickness and weight, offering better image quality. Micro-OLED is emerging as a mainstream display solution due to its high PPI, low latency, and durability.
Tracking and interaction: Features like eye/gesture tracking and VST enable immersive experiences without controllers, supported by Apple's acquisitions in eye-tracking and gesture recognition.
Chipset developments: Dual-chip design (e.g., M2-derived SoC and ISP chips) enhances computing power and performance for MR applications.

Analyst ratings: Luxshare and Goertek recommended as "Buy," Sunny Optical as "Hold." CMBIGM's ratings provide potential return ranges (e.g., BUY implies >15% upside). Apple's MR is positioned to "OUTPERFORM" the market due to its ecosystem and iterative innovation.
Comparison with rivals: Apple MR is expected to outperform competitors like Meta's Quest series and Sony's PSVR, driving AR/VR supply chain reshaping.

This summary highlights core elements from the Bloomberg report, focusing on Apple MR's potential, technology, and investment opportunities.

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