1 周期将触底，把握成长与国产替代主线 相 关 研 究：1.2022.12.27 2.TWS 6%2022.12.20 3.HUD 2022.12.07 行 业 评 级：增 持%1 3 12-5.26%-1.35%-14.61%-4.66%-0.19%-35.33%300 S0500521070001 Tel(8621)50293525 Email 88 10 10 36.54%300 14.90pcts 12 30(TTM)28.9 10 VR 2022 VR 2022 VR VR 11 VR PICO 4 VR PS VR2 Meta VR VR MLCC MLCC MLCC MLCC MLCC MLCC MLCC HUD ADAS L1-L2 ADAS 2021 46.3%2025 75%L1-L2 ADAS 2021 45%2025 58%HUD AR-HUD VR HUD VR HUD HUD-40.00%-30.00%-20.00%-10.00%0.00%10.00%22-0122-0222-0322-0422-0522-0622-0722-0822-0922-1022-1122-12801080()300 300证 券 研 究 报告 2023 年 1 月 11 日 湘 财 证 券 研究 所 行业研究 电 子 行 业 深度 2 正文目录 1.4 1.1.4 1.2.8 1.3.10 2 VR.12 2.1 Pancake.12 2.2.14 2.3 VR.15 2.4 VR.16 3 MLCC.17 3.1 MLCC.17 3.2 MLCC.18 4 HUD.19 4.1 HUD.19 4.2 HUD.20 4.3 AR-HUD.21 4.4 HUD.22 5.23 6.23 3 图表目录 1 2022.5 2 2022 12.30.5 3 PE TTM.5 4 10 PE TTM.6 5 2022 12.30.6 6 2022 12.30.6 7 2022 12.30.7 8 2022 12.30.7 9.9 10.9 11.9 12.9 13.10 14 TWS.10 15 PC.11 16 TWS.11 17 VR.11 18.11 19 XR.14 20 Quest.15 21 Quest.16 22 VR.16 23 PICO4 Quest 2.17 24021-2025.17 25 MLCC.18 26.18 27 MLCC.19 28 ADAS.20 29 HUD.20 30 AR-HUD.21 31 HUD.22 32 AR-HUD.22 33 2020 HUD.23 34 2021 HUD.23 1 2022 12 30.7 2 2022 12 30.7 3 2022 12 30.8 4 2022 VR.12 4 1 1.1 2022 2022 12 31 36.54%300 14.90%300 PC 2022 25%2022 1 4 2022 1 4-2022 3 1 8.24pcts PC 2022 3 1-2022 4 26 16.82pcts PC 2022 4 26-2022 8 18 6.43pcts 2022 8 19-2022 10 11 2023 2023 2022 10 12-2022 11 15 2022 11 16-2022 12 30 5 1 2022 Wind 2 2022 12.30 3 PE TTM Wind Wind 12 30(TTM)28.90 1 2022 1 4 38 26.32%2022/01/04-2022/12/30 43.65%32043704420447045204570422-01 22-02 22-03 22-04 22-05 22-06 22-07 22-08 22-09 22-10 22-11 22-12()300-40.00-30.00-20.00-10.000.0010.0020.00%300%28.90 0.0010.0020.0030.0040.0050.0060.0070.00 6 2022/01/04-2022/12/30 32.25%10 10 31 4 10 PE TTM Wind 5 2022 12.30 6 2022 12.30 Wind Wind 12 30 61 14.12%30%49.54%0.000020.000040.000060.000080.0000100.0000120.0000140.0000160.0000180.0000200.0000SW SW SW SW SW SW-20.92-24.17-33.10-37.04-37.11-40.44-45.00-40.00-35.00-30.00-25.00-20.00-15.00-10.00-5.000.00-5.000.005.0010.0015.0020.00 7 7 2022 12.30 8 2022 12.30 Wind Wind 1 2022 12 30%1 837821.BJ-89.27 1 002992.SZ 313.56 2 838402.BJ-75.20 2 002866.SZ 266.63 3 002241.SZ-68.72 3 000670.SZ 212.00 4 603501.SH-66.39 4 002077.SZ 142.11 5 831167.BJ-65.27 5 688072.SH-U 134.83 6 688368.SH-64.23 6 688270.SH 107.41 7 688699.SH-62.83 7 600353.SH 95.12 8 688608.SH-62.52 8 688261.SH 82.41 9 871981.BJ-60.02 9 603595.SH 62.89 10 301051.SZ-59.83 10 688123.SH 49.51 Wind 2 2022 12 30%1 002866.SZ 266.63 1 002241.SZ-68.72 2 603595.SH 62.89 2 831167.BJ-65.27 3 002981.SZ 34.61 3 301051.SZ-59.83 4 603327.SH 21.80 4 837212.BJ-58.81 5 603133.SH 18.29 5 301123.SZ-55.09 6 002937.SZ 13.99 6 300433.SZ-53.74 7 603629.SH 9.87 7 301189.SZ-51.91 8 600130.SH 8.54 8 002925.SZ-49.12 9 300916.SZ 5.00 9 688036.SH-48.48 10 601231.SH 3.06 10 300976.SZ-48.41 Wind 53214205101520253035-90,-50-50,-30-30,-0 0,207363511310510152025303540-70,-50-50,-30-30,0 0,20 20,70 70,300 8 3 2022 12 30%1 600601.SH*ST 20.40 1 837821.BJ-89.27 2 002579.SZ 5.84 2 871981.BJ-60.02 3 002384.SZ-7.97 3 688519.SH-57.84 4 002134.SZ-16.97 4 300476.SZ-56.68 5 002484.SZ-17.55 5 603738.SH-51.62 6 603328.SH-18.03 6 000636.SZ-49.56 7 300903.SZ-19.43 7 300319.SZ-48.81 8 605258.SH-20.02 8 002636.SZ-47.83 9 301176.SZ-20.50 9 300975.SZ-46.84 10 301366.SZ-21.09 10 300852.SZ-45.56 Wind 1.2 2021 VR Quest 2 VR 1029 72%2021 5.336 20.0%PC 14.8%5G 2021 13.548 5.7%2021 2.85 15.66%3 1838.60 94.22%2011 2021 2021 2022 2021 11 2022 13.86 3.8%2022 12 12.07 13%2022 1 2022 3.3%2.34 2022 11 23%1.90 The Elec 2021 11 3 2022 8 2022 3 9 2.6 13%Digitimes OPPO vivo 2022 9 10 The Elec Digitimes 2022 2022 6 8 PCB CPU IDC 2023 2.8%2023 2023 PC IDC 2023 PC 4.4%IDC 2023 PC 3.7%11 12 Wind Wind 0.0010.0020.0030.0040.0050.0060.0070.0080.0090.000.0010.0020.0030.0040.0050.0060.0070.0080.00 10 1.3 TWS 2010 iPhone 4 2016 14.73 2020 2021 5G 2021 IDC 2022 9.1%2023 2.8%2016 9 TWS AirPods 2019 TWS TWS Counterpoint 2019 2020 TWS 160.87%94.17%2021 TWS 2021 2025 19.14%TWS TWS TWS PC 2011 3.63 2021 PC 3.488 2012 2022 14.93%2023 5.60%2.81 PC TWS 13 14 TWS IDC Counterpoint VR VR Meta VR 1000 Wellsenn XR 2023 74.41%63.68%46.44%40.55%27.69%10.41%2.52%-0.54%-4.29%-2.14%-5.86%6.02%-9.10%2.80%-20.00%-10.00%0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%0.002.004.006.008.0010.0012.0014.0016.002010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023/0.09180.20 0.461.22.332.9986.04117.86%130.00%160.87%94.17%28.67%0.00%20.00%40.00%60.00%80.00%100.00%120.00%140.00%160.00%180.00%012345672016 2017 2018 2019 2020 2021 2025E/11 1674 2021 15 PC 16 TWS IDC Counterpoint 2021 1-11 606.7 2023 34.33%17 VR 18 Wellsenn XR 2022 MLCC MLCC MLCC MLCC MLCC 332 343597102996016742570-7.00%3.31%74.05%72.36%-6.71%74.38%53.52%-20.00%-10.00%0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%0500100015002000250030002018 2019 2020 2021 2022E 2023E 2024E/125.6 123.2136.7352.1670900-2.80%-1.90%11.00%157.57%90.29%34.33%-20.00%0.00%20.00%40.00%60.00%80.00%100.00%120.00%140.00%160.00%180.00%010020030040050060070080090010002018 2019 2020 2021 2022E 2023E/12 2 VR 2.1 Pancake Pancake VR 2022 9 VR Shiftall arpara Glotu1re 4 Pancake 3 6DoF 100 VR Quest2 PicoNeo3 3 HTC Vive Focus 3(Pancake)VR VR Pancake VR 2022 VR Pancake YVR Pico Meta(Cambria)Pancake 4 2022 VR Shiftall VRgineers VRgineers SimulaVR Gloture arpara MeganeX PS VR2 XTAL 3 Virtual Reality XTAL 3 Mixed Reality Simula One Pimax Crystal GXR Verse arpara AIO 5KVR MREAL X1 VR VR PC VR PC VR VR VR VR VR PC VR XR1 PS5 i7,lris XE GPU XR2 XR2 1.3inch Micro-OLED OLED LCD LCD LCD QLED+Mini-LED 1.03inch Micro-OLED 5.2K 2560*2560 4K 2000*2040 8K 3840*2160 8K 3840*2160 5K 2448*2448 6K 2880*2880 3K 3200*1600 5K 5120*2560 4K 3840*1920 1920 x2160 3840 x2160 13 120Hz 120Hz 75Hz(QHD 120Hz)75Hz(QHD 120Hz)90Hz 160Hz 5K 70Hz/4K90Hz 120Hz Pancake Pancake Pancake Pancake 110 180 170 100 120 94 95 58*60 IPD 60-76mm 60-76mm 55-77mm 58-72mm 56-72mm 57-76 mm 0-700 0-800 500-100 RGB Pass Through 6DoF 6DoF 6DoF 6DoF 6DoF 6DoF 3DoF 6DoF 6DoF 6DoF 6DoF 6DoF 6DoF 3DoF 6DoF 6DoF Inside-Out Inside-Out Inside-Out Inside-Out Inside-out Inside-out 6DoF Inside-Out RAM 16GB 8GB ROM 1TB 128GB Windows Windows Linux Windows Android 6000mAh 6500mAh 250 600 700 130 380 359 900 8900 11500 2699 1899 1007.33 5999 10/2022/01 2022/01 2022/01 2022/04 2022/01 2022/04 2022/02 2022/06 2022/06 2022/05 2022/04 VR VR VR 8K VR 14 PS VR2 Meta Cambria VR VR Meta Cambria 2 VR XR 2022 VR XR2 2022 10 XR XR2+XR2 XR2+50%30%10 MR 19 XR 2.2 Meta 2022 2023 VR 2022 10 Quest 3 300500 Quest 2 Quest 2 VR MetaVR 7 PS VR2 2023 2 2022 11 15 PS VR PS VR2 VR PICO 4 PICO 4 VR 1674 74.38%15 2.3 VR 2022 3 GT 7 8 THE WALKING DEAD:SAINTS&SINNERS CHAPTER 2:RETRIBUTION PS VR2 2020 9 Facebook Connect 2020 Facebook IP 40K Quest 2019 5 2020 3 20 100 2020 9 35 100 2020 12 60 100 100 30%2020 9 Quest 0 1000 3 20 Quest Road To VR 500 4 300 2021 2 6 16 1000 10 500 13 300 Quest 2 4 Meta Quest 17 500 14 1000 8 2000 2022 VR 2022 12 Steam VR 7111 13.14%Quest 431 27.89%App Lab 1567 105.91%VR VR VR Horizon Worlds Zenith The Last City The Under Presents Blaston 2022 VR 2022 10 Meta Connect 2022 Meta QuestStore 2019 15 2021 10 Quest Newzoo 2022 VR 18 28.57%2024 32 2022-2024 33.33%21 Quest 22 VR Road To VR Newzoo 2.4 VR 2022 11 1 2022 2026 2026 3500 2500 2026 VR 2022 VR 76 17 2022 VR Pico 9 27 Pico 4 Quest 2 PICO 4 PICO 4 Pancake PICO 4 ppi 1200 Quest 2 773 PICO 4 1600 RGB Quest 2 PICO 4 PICO 4 Quest 2 PICO 4 PICO Store 230+VR 50 300 Quest 2 431 PICO 4 VR VR VR 23 PICO4 Quest 2 24021-2025 VR 3 MLCC 3.1 MLCC silicone PET PE OPP FPC LED MLCC MLCC MLCC MLCC PET 112912001560190025003500050010001500200025003000350040002021 2022E 2023E 2024E 2025E 2026E 18 PET know-how PET MLCC 25 MLCC 26 3.2 MLCC MLCC PC MLCC 42%2022 11 MLCC MLCC SEMCO 2023 MLCC 20 10%30()250()Kemet MLCC 15()19 MLCC MLCC 27 MLCC 4 HUD 4.1 HUD HUD ADAS HUD ADAS HUD ADAS HUD L1/L2 HUD L3 AR-HUD 3D-AR-HUD AR 3D-AR-HUD L3 L1-L2 2022 L1-L2 ADAS 46.3%24%28%PC18%12%18%20 2025 L1-L2 ADAS 75%CICC 2021 L1-L2 ADAS 45%2025 58%L1-L2 ADAS HUD 28 ADAS 29 HUD 4.2 HUD HUD HUD HUD 2020 S HUD HUD 2021 ID.4 Q4 ID.6X HUD L GS8 HUD 2021 HUD 2020 3.60%1.70%2021 5.70%3.90%0.4%0.3%0.2%0.1%0.0%0.0%3.7%6%10%13%19%24%0%1%4%8%12%15%0.0%5.0%10.0%15.0%20.0%25.0%30.0%2020 2021E 2022E 2023E 2024E 2025EC-HUD W-HUD AR-HUD 21 30 AR-HUD 4.3 AR-HUD 2022 AR-HUD 2022 LG Maxell AR-HUD LG E-tron ID.4 ID.6 L Maxell WEY EHS9 W-HUD HUD 2020 80%W-HUD 3-5 1 1 W-HUD AR-HUD 2020 年9 月，奔驰：S级11 月，红旗：EHS92021 年1 月，大众：ID.4 CROZZ/ID.4X3 月，奥迪：Q4 e-tron5 月，WEY：摩卡5 月，斯柯达：明锐Pro6-7 月，大众：ID.6X/ID.6 CROZZ7 月，吉利：星越L9 月，大众：Cupar Born12 月，奔驰：EQS12 月，广汽传祺：第二代GS812 月，WEYL：拿铁2022 年2 月，奥迪：QS e-tron3 月，大众：ID.36 月，长安欧尚：Z66 月，凯迪拉克：LYRIQ7 月，长安深蓝：SL037 月，北汽：北京魔方7 月，哪吒：哪吒SH2，现代：艾尼氪H2，上汽飞凡：R72023 年 红旗：EHS6，华为合作 大众：ID.家族车型达到8 款 上汽零束：SOA 平台预置 北汽极狐：E（可能）现代起亚：EV6 规划配置 22 AR-HUD 31 HUD 32 AR-HUD CICC 2022 AR-HUD 4.4 HUD HUD HUD HUD HUD HUD HUD HUD Tier 1 2020 HUD 33.3%27.0%20.1%9.1%3.6%Tier 1 2021 HUD 39.4%16.2%16.0%11.1%9.3%LG42.84%24.20%21.68%Maxell9.80%1.48%23 HUD CES 2014 33 2020 HUD 34 2021 HUD HUD 5 VR HUD 6 VR HUD HUD 33.3%27.0%20.1%9.1%3.6%3.0%2.4%1.6%39.3%16.2%16.0%11.1%9.3%3.4%LG2.0%2.8%湘 财 证 券投资 评 级 体系（市 场 比较基 准 为 沪深 300 指数）6-12 15%6-12 5%15%6-12-5%5%6-12 5%6-12 15%重要声明 分 析 师 声明