CITIC Construction Investment: Optical display system is one of the key components of AI glasses. It is expected that the optical waveguide solution will be the mainstream direction in the future.

The CITIC Securities Research Report pointed out that in September 2023, Meta will usher in the era of AI glasses, with the industry entering a period of product explosion in 2025. It is expected that companies such as Google will also gradually launch AI glasses products in 2026-2027. On the policy level, AI glasses will be included in national subsidies in 2026, which is expected to further boost consumer demand. Currently, AI glasses face the "impossible triangle", with trade-offs in terms of cost, weight, performance, and battery life. AI audio glasses and AI camera glasses are already relatively mature, while AI+AR glasses with displays are still in the development stage. The optical display system is a key link, and it is expected that the optical waveguide solution will be the future mainstream direction. When the technology matures, it is expected to replace smartphones and become a comprehensive personal terminal. Lens manufacturers are currently focusing on sales channels and customized lens positioning, driving up the average unit price. Looking ahead, they may rely on their accumulated expertise in resin materials and optics to delve into more aspects of the industry chain, such as optical waveguides, electrochromic lenses, eye tracking and other optoelectronic components, to share more value in the industry chain.