|2024 02 26 Vision Pro 证券分析师：胡剑 证券分析师：胡慧 证券分析师：周靖翔 证券分析师：叶子 联系人：詹浏洋 联系人：李书颖 联系人：连欣然021-60893306 021-60871321 021-60375402 755-81982153 010-88005307 0755-81982362 S0980521080001 S0980521080002 S0980522100001 S0980522100003 MR,00 PC 10 20/AI AI Agent MR+PC PC MR Vision Pro PC Vision Pro 1 2 3 1 20YAZvMsPnOoPpRtQnQtMoPaQbP7NtRmMsQsOkPrRpNfQsQqP6MqRoONZmOnNxNmOrN MR OST Vision Pro Vision Pro Holotile MR OST AI AI AI OpenAI Sora AI AI 01Vision Pro 02 03AI 04|AR VR,+PC 199820082018 AI Agent 01002003004005006007001Q003Q001Q013Q011Q023Q021Q033Q031Q043Q041Q053Q051Q063Q061Q073Q071Q083Q081Q093Q091Q103Q101Q113Q111Q123Q121Q133Q131Q143Q141Q153Q151Q163Q161Q173Q171Q183Q181Q193Q191Q203Q201Q213Q211Q223Q221Q233Q23 PC()()TWS()()VR()PC 0%10%20%30%40%50%60%70%MR PC PC 2011-2018 38.3%2018 59.2%PC 2013 26.7%2018 21.8%2023 6 99.8%32.4%0.4pct 00 2.5-3 MR 0%10%20%30%40%50%60%70%20112012201320142015201620172018 PC 01020304050607080901002010 2011 2012 2013 2014 2015 2016 2017 2018%3D VR/AR/MR 5G Wifi6 6G MEMS GPU AI Agents 3D VR/XR/MR VR AR VR AR IDC IDC-40%-20%0%20%40%60%80%100%120%05001,0001,5002,0002,5003,000201820192020202120222023E2024E2025E2026E2027E全球VR 出 货量(万部)同比增速(右轴)-80%-60%-40%-20%0%20%40%60%80%100%120%140%0100200300400500600700201820192020202120222023E2024E2025E2026E2027E全球AR 出 货量(万部)同比增速(右轴)IDC 2023 VR 917 7%AR 44 57%2024 Vision Pro VR 20%AR 70%Vision Pro Vision Pro 2015 Mike Rockwel AR/VR AR/VR MR 2023 WWDC 2024 1 19 MR Vision Pro 2 2 2015 AR/VR Mike Rockwell 2017 ARKitMike Rockwell AR/VR;Doug Bowman AR/VR 2021 Dan Ricco AR/VR Kim Vorrath AR 2019 Mike Rockwell 2020 2016 2018 AR/VR 2022 2023 6 WWDC Vision Pro1 19 Vision Pro;2 22024 VR Vision Pro VS Quest3 Apple Vision Pro Meta Quest 3 Vision OS Meta Android IPDS 51mm 75mm 53mm 75mm Micro-OLED LCD 3680 3140 2064 2208 90/96/100 Hz 72/80/90/120 Hz Apple M2(5nm)10 GPU Qualcomm XR2 Gen 2(4nm)6 GPU 16 GB 8GB 2x 6.5 2x 4 6x 4x+2 2.5 1.5-2.5 6 3 6 2.4+5GHz 6E 2.4+5+6GHz ID 600 650g 515g 150 50 3500 256GB 3700 512GB 3900 1TB 500 128GB 650 512GB VR Vision Pro VS Quest3 Optic D 0pticI LED SecureEnclave OpticID VisionPro Eye Sight Vision Pro MacBook MacBook iPhone 15Pro Vision Pro Optic ID WWDC23 Eye Sight WWDC23 Vision Pro Mac WWDC23 Vision Pro 1 VisionOS macOS iOS iPadOS iOS 3D VisionOS MacOS iOS Apple Vision Pro Vision OS Swift UI Reality Kit AR Kit Xcode Reality Composer Pro Unity Reality Composer Pro 3D VisionOS App Store Vision Pro iPhone iPad Vision pro Vision Pro i0SMacOS App Vision0s Vision Pro Vision OS WWDC23 VisionOS macOS iOS iPadOS WWDC23 iPadOS iOS Vision Pro WWDC23 Vision Pro WWDC23 VR Vision Pro 2 Apple Vision Pro M2 R1 M2 PC 5nm 3D A1 Vision Pro R1 Vision pro 12 5 6 12 速度快R1 低延时R1 12ms Meta CPU GPU 3040ms低功耗R1 Vision Pro 2 iPhone A M R1 M MR iPhone5s M A7,A A CPU iPhone XS A12 M Vision Pro 12 5 R1 MR MR iPhone SoC iPhone 2G Samsung S5L8900 iPhone 3G Samsung S5L8900 iPhone 3GS Samsung S5PC100 iPhone 4 Apple A4 iPhone 4S Apple A5 iPhone 5 Apple A6 iPhone 5C Apple A6 iPhone 5S Apple A7 M7iPhone 6 Apple A8 M8iPhone 6 Plus Apple A8 M8iPhone 6S Apple A9 M9iPhone 6S Plus Apple A9 M9iPhone SE()Apple A9 M9iPhone 7 Apple A10 Fusion M10iPhone 7 Plus Apple A10 Fusion M10iPhone 8 Apple A11 Bionic M11iPhone 8 Plus Apple A11 Bionic M11iPhone X Apple A11 Bionic M11iPhone XR Apple A12 Bionic iPhone XS Apple A12 Bionic iPhone XS Max Apple A12 Bionic iPhone 11 Apple A13 Bionic iPhone 11 Pro Apple A13 Bionic iPhone 11 Pro Max Apple A13 Bionic iPhone SE()Apple A13 Bionic iPhone 12 mini Apple A14 Bionic iPhone 12 Apple A14 Bionic iPhone 12 Pro Apple A14 Bionic iPhone 12 Pro Max Apple A14 Bionic iPhone 13 mini Apple A15 Bionic iPhone 13 Apple A15 Bionic iPhone 13 Pro Apple A15 Bionic iPhone 13 Pro Max Apple A15 Bionic Apple VR SoC SoC A A17 Pro 2020 Mac 15 X86 ARM M SoC:1)CPU GPU 2)M3 3nm 3)4)Macbook Air MacBook Pro M1 25 Vision Pro 2 Vision Pro 3 Vision Pro Mac iPhone Vision Pro iPhone iPhone iPhone 15 Pro AppleWatch Face ID MR 目前未来产品 Port 6 Meta Vision Pro MacBook VR 4K Vision Pro iPhone HomePod UWB UWB VisionPro VR Vision Pro M2/RAM ROM PMIC ST/TIWifi CIS Lens/IMU IMU TDK LG-VCSEL Lumentum-Lens-VCSEL TI-SPAD/LG-VCSEL LUMENTUM-VCSEL TI-DOE CIS STLens PancakeLens Lens OCA QWP RP 3M-MicroOLED+-OLED LGD 3D/PCB FPC/SLP/OEM DJ Vision Pro 1 1 16 Vision Pro VisionOS Vision Pro iOS iOS Vision Pro 2D 600 100 Apple TV Disney+NBA Live Games&Scores、华纳兄弟探索频道、redBull Vision Pro PlayStation DualSense Xbox Wireless Controller Apple Arcade Apple Vision Pro 250 RPG 3D 3D JigSpace&Zoom Teams Facetime Persona MindNode OmniFocus OmniPlan JigSpace VisionPro 650g VisionPro 650g Vision Pro 2镜腿18%面罩15%Pancake 模组+内屏13%中框13%头带9%玻璃面板散热模组5%主板4%EyeSight 模组4%连接器及 螺丝3%Pancake 导轨2%传感器模 组2%IPD 调节模组2%玻璃面板 衬底2%内防护罩2%629g Vision Pro+650g 3 iPhone 15 Pro Max XR Meta Quest3 516g Pico4 586g Meta Quest Pro 722g 45 1 Airpods Vision Pro/Holotile 头号玩家空间计算设备+Holotile 多人、全方向地毯=Vision Pro 1 22 HoloTile Lanny Smoot(R&D)HoloTile HoloTile 30 40 OST VR OST VST The Verge VR AR Meta AR AR Akonia OST OST VST AR VR 6600+100-600 24k+2k-4k 1 FOV 30-70 90-120 AI VR Rokid Rokid 2023 AR AIGC AR AI X2 AI AI AR ARknow A1 AI Stable Diffution AI AR SLAM AR AR Rokid Max Pro Station Pro AR AR X2 VR AI Vision Pro 12 5 1 LiDAR 2 2 IR SLAM 3D AI Vision Pro Apple AI 3D 3D iPhone 15 Pro Vision Pro iPhone 15 Pro AI AI AI AI Runway Pika Synthesia Lumiere AI iPhone 15 Pro Apple Lumiere Lumiere 1 OpenAI Sora OpenAI 2024 2 15 OpenAI text-to-video Sora 60 Sora Sora Sora 3D Sora Transformer OpenAI OpenAI 1 Sora Pika RunwayML Stable Video Gabor Cselle 1 Sora OpanAI AI AI AI AI AI AI AI AI 2023 AR AI VR Pixabay AI X2 RayNeo AIAI App“Chatbot”“”Vision Go“ARKnow A1GPTStable Diffusion Brilliant Monocle ChatGPT Rokid Station Pro-INMO Go-Ray-Ban Meta Meta AIAI Meta Lens S3 AI/AI Pin ChatGPT-4AI MYVUFlyme AI VisionPro Vision Pro 6 AI AI AI Vision Pro Apple OpenAI visionOS ChatGPT OpenAI OpenAI visionOS ChatGPT OpenAIs GPT-4 Turbo ChatGPT visionOS 600 FSD AI Day 3D AI AI 6 12 6 12 A 300 000300.SH 899001.CSI(HSI.HI)500(SPX.GI)IXIC.GI 20%10%-20%10%10%10%10%10%125 36 518046 0755-82130833 1199 1 12 200135 6 9 100032