20240128_天风证券_机械设备行业：MRVision Pro上市前夜空间计算开启iphone时刻？蓝海市场开启设备投资先行_30页.pdf
1|2024 01 28 SAC S1110522080001MR Vision Pro iphone Apple Vision Pro 2024 1 19 Vision Pro 2.2 Vision Pro 6-8 6-7 Vision Pro MR Killer App MR Killer App Vision Pro Vision Pro Vision Pro Mac iphone Vision Pro Vision Pro MR+1 2 3C XR 3 4 MR 5 6 7 XR 8 21ZAZzQmRoNpOpRmPqNsNqRbR8QbRnPqQoMmQiNrRmNfQnPyRaQoOwOwMrMsQuOoNvNVision Pro1341.Vision Pro Apple Vision Pro Apple Vision Pro Apple Vision Pro app 3D Apple Vision Pro visionOS Apple Vision Pro Apple Vision Pro soyacincau Apple Vision Pro51.Vision Pro 2023 6 6 WWDC Apple Vision Pro 2024 1 19 Vision Pro 2.2 Vision Pro 6-8 Vision Pro 256GB 3499 1TB 3899 6-7 Apple Vision Pro Apple Vision Pro Timeline Vision Pro-AR 2015-2020 Metaio Vrvana Next VR AR/VR/MR 2023.6.6 WWDC Apple Vision Pro2023.11 Vision Pro 2024.1.19Vision Pro 2.2 256GB$3,499512$3,6991TB$3,8996 Vision Pro Meta Quest 3 Meta Quest Pro Pico 4 Pro HTC Vive XR Elite/2 1.4 Micro OLED+1 OLED LCD 2 LCD LCD OLED 90Hz 90/120Hz 90Hz 90Hz 90Hz 3648 3144 2064 2208 1800 1920 2160 2160 1920 1920 M2+R1 XR2Gen2 XR2+XR2 XR2 3P Pancake Pancake Pancake Pancake Pancake 12 6 10 8 5 5 1 1 5 1 450g 515g 722g 586g 625g 2h 2.5h 2.5h 3h 2h 25000 3560 7098 3799 78091.Vision Pro Vision Pro Vision Pro M2+R1 12 5 6 1.4 2300 Micro OLED+OLED 3P Pancake 450g+2000 52XR VR VRPinea Wellsenn XR PICO710593813192221772393922762301393411821440501001502002503003504004501.Vision Pro 24 IDC 2023 PSVR 2 Meta Quest 3 AR/VR AR/VR 8.3%810 IDC 2027 AR VR 760 2190 2023-2027 96.5%30.1%AR VR VR/AR 2022Q4 2023Q3 Nweon Wellsenn XR IDC AR/VR MetaByteDanceXrealDPVRMetaSonyByteDanceXrealDPVR 50680760219005001000150020002500AR VR2023E 2027E81.1.Vision Pro Wellsenn XR Vision Pro 1509 ODM/OEM 48%17%9%9%8%5%96%Meta Pico 30%-40%20%Vision Pro Vision Pro BOM Wellsenn XR 48%17%9%OEM9%8%5%4%Meta Quest 3 19%36%6%OEM7%10%12%10%M2 120 1 120 8.0%60 1 60 4.0%ROM UFS4.0 512G 20 1 20 1.3%RAM LPDDR5 12G 30 1 30 2.0%WiFi SIP WiFi 6 Skyworks 6 1 6 0.4%BLE 5.3 Skyworks 2 1 2 0.1%PMIC ST TI 4 0.3%8 0.5%AMOLED LG 30 1 30 2.0%1.3 OLED 350 2 700 46.4%Pancake 3 30 2 60 4.0%IPD 10 2 20 1.3%6DOF 5 4 20 1.3%VST 8 2 16 1.1%12 2 24 1.6%12 2 24 1.6%5 2 10 0.7%10 1 10 0.7%TOF 10 1 10 0.7%IMU TDK 3 1 3 0.2%2 2 4 0.3%120 1 120 8.0%9 1 9 0.6%8 1 8 0.5%PCB 8 1 8 0.5%FPC 6 1 6 0.4%3 1 3 0.2%3 1 3 0.2%15 1 15 1.0%MIC 1 3 3 0.2%SPK 2 4 8 0.5%15 1 15 1.0%ODM/OEM 130 1 130 8.6%1509 100.0%91.2.Vision Pro Vision Pro Micro OLED Vision Pro AMOLED+Micro OLED VR LCD MR OLED 4K 1.4 3400PPI Micro OLED Display Times Vision Pro micro-OLED 1020 micro-OLED Vision Pro Micro OLED XR VRPinea MicroDisplay101.3.Vision Pro Pancake Pancake Pancake VR BS(/)Pancake Pancake Pancake Pancake Wellsenn XR-AR Pancake MTF VID AA 1/2/3P 111.3.Vision Pro 3D IPD VR Pancake/Pancake XR IPD Quest2 2022 9 PICO4 IPD Vision Pro-AR VR Killer App 21213 VR Apple Immersive Video Vision Pro 3D Apple Immersive Video Spatial Audio Apple TV+Apple Immersive Video 150 3D Vision Pro App Store Vision Pro VisionOS Vision Pro Vision Pro 2D iOS iOS Vision Pro iOS App Store Vision Pro 2.Killer App Vision Pro App Store14 VR MR Killer App MR Vision Pro iphone 2D 3D Piano Vision VR Workout 2.Killer App15 Apple iphone15 pro iphone iphone iPhone 15 Pro iPhone 15 Pro Max Vision Pro 3D Apple TV+Apple Immersive Video 150 3D 2.Killer App Vision Pro16 VR Lifewire F1 3D 3D 23 6 Vision Pro JigSpace F1 Stake 3D Vision Pro F1 3D 2.Killer App Vision Pro17 Roadtovr VRPinea Vision Pro Vision Pro Vision Pro Vision Pro Vision Pro 2.Killer App vision pro Spatial Personas31819 Wind MR wind 2024.01.26 PE2023E 2024E 2025E 2023E 2024E 2025E 2023E 2024E 2025E688025.SH 14.18 18.71 24.64 1.49 2.40 3.42 55.7 37.4 23.3 16.3301360.SZ 5.02 7.03 9.77 0.68 1.25 1.83 31.5 46.7 25.3 17.3688097.SH 54.38 66.91 78.44 4.38 5.95 7.19 109.4 25.0 18.4 15.2688328.SH-26.6-300567.SZ 30.73 40.32 51.90 2.89 4.39 6.08 165.4 57.2 37.7 27.2688001.SH 22.60 29.44 38.95 2.93 4.29 6.06 114.9 39.2 26.8 19.0301312.SZ 6.45 8.11 11.64 1.21 1.69 2.64 46.9 38.8 27.7 17.8003021.SZ 13.32 17.90 27.31 1.87 2.65 4.11 104.8 56.0 39.6 25.520 Wind XR XR XR 3.1.MTF 21 Wind 3C XR 3C/Bonding TWS MR MR XR MR MR MR XR 3.2.3C XR 22 Wind AI Bin 3.3.23 Wind MR VR/MR VR 3D VR 3D AA IJP VR/MR Pancake VR MR 3.4.MR24 Wind 3.5.2513.919.520.824.127.315.42.9 2.7 2.41.92.7-0.1-150%-100%-50%0%50%-50510152025301 2 3 4 5 6 YoY YoY3.6.XR XR 2006 308 1888 739 2022 1655 51%20%LCD OLED mini LED micro OLED micro LED AOI AR/VR XR Vision Pro micro OLED LCD/OLED Wind2613.919.520.824.127.315.42.92.72.41.9 2.7-0.1-60%-40%-20%0%20%40%60%05101520252018 2019 2020 2021 2022 2023Q 1-3 YoY YoY3.7.LCD OLED micro OLED/LED mini LED OLED Mura SOC MCU TOF PXIe SIP ADAS PMU BMS Wind272.9 2.83.55.55.13.30.6 0.7 0.9 1.1 1.2 0.5-60%-40%-20%0%20%40%60%80%01234562018 2019 2020 2021 2022 2023Q 1-3 YoY YoY3.8./Facebook 2018-20 70%mini/micro LED AOI Wind 28 1 Vision Pro 2 3 4 29 6 300 6 300 20%10%-20%-10%-10%-10%5%-5%-5%-5%/THANKS30
