研究报告全文：29Sep2023CMBInternationalGlobalMarketsEquityResearchSectorUpdateOUTPERFORMChinaTechnologyMaintainTakeawaysofMetaConnect2023Quest3Ray-BanOUTPERFORMMaintainsmartglassesandMetaAIChatbotMetaofficiallyunveiledtheQuest3Ray-BansmartglassesandAIChatbotChinaTechnologySectorduringMetaConnecteventThenewQuest3marksapivotfromVRtoMRforMetaaheadofApplesVisionPropushingintomarketin2024Quest3featuresmajorupgradesindisplayandopticsMini-LEDpancakeafasterQualcommAlexNGXR2Gen2chipsimprovedresolutionandinteractivesensorsenablingmixed85239000881alexngcmbicomhkrealitypass-throughwhichisin-linewithpreviewearlierthisyearStartingpricewasraisedbyUS200toUS499vsUS299forQuest2whichmaybeClaudiaLIUnegativetoinitialsalesvolumebutpositivetocomponentprofitabilityinourviewclaudialiucmbicomhkForstockswebelieveARVRsupplychainwithmajorupgradesindisplayopticsandsensorswillbenefitsuchasSunnyOpticalforpancakelensesGoertekforOEMacousticsandTKGroupforstructuralplasticcomponentsQuest3specmostlyin-linewithexpectationsStartingpricehikeofUS200maydraginitialsalesMetalaunchedanewgenofQuestVRproductlinewithspecupgradesmostlyin-linewithitsearlierpreviewMajorupgradesinfasterchipsMini-LEDdisplaypancakelensesanddual-colourpass-throughcamerasenablebetteruserexperienceandswitchbetweenVRMRmodesWebelieveUS200pricehikeforQuest3maydraginitialsalesvolumegivenmacroheadwindsandweakconsumersentimentMetaalsoannouncedcorporationwithMicrosofttosupportXboxCloudGamingcontentanditwillrelease100newgamesdesignedforQuest3sMRfunctionMetaexpectedMetaQuestforBusinesstobeabletoworkwithMicrosoft365andotherproductivityapplicationsbytheendoftheyearLatestversionofRay-BanMetasmartglassesandMetaAIChatbotbringmoreinnovationsTheRay-Banmetasmartglassesfeature12MPcamera5microphonesand32GBmemoryandthepricestartsatUS299ThemetasmartglasseswillmainlybeusedinphototakingvideorecordingsearchingsocialmediacommunicationandmusicentertainmentMetaalsointroducedMetaAIanewAIChatbotacrossWhatsAppMessengerandInstagramtoenablelivesearchingandimagegeneratingfunctionsSupplychainsettobenefitwithQuest3VisionProcomingtomarketin2024PositivetoGoertekSunnyOpticalandTKGroupDespiterecentmacroheadwindsandhigherpricetagwebelievenewproductlaunchesfromMetaApplewillboostARVRshipmentrecoveryinthenextfewquartersbenefitingSunnyOpticalforimprovedpancakelensesGoertekforOEMassemblyacousticsupgradesandTKGroupforstructuralplasticcomponentsRelatedreportsValuationTable1AppleMRLong-awaitednextMktCapPriceTPUpDownPExPBxthNameTickerRatingiPhonemoment-5Jun2023USmnLCLC-sideFY23EFY24EFY23EFY24ElinkLuxshare002475CHBUY291122982449511861482119Goertek002241CHBUY73881578176123591741716SunnyOptical2382HKHOLD75185365783462901882321TKGroup2283HKBUY1461373112649360606Cowell1415HKNR16691538NANA2491463931Everwin300115CHNR17031034NANA2851382018SourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1MOREREPORTSFROMBLOOMBERGRESPCMBRGOORhttpwwwcmbicomhk29Sep2023Figure1MetaQuest3vsAppleVisionProvsMetaQuestProvsMetaQuest2AppleVisionMetaQuestPicoNeo44HTCViveXRMetaQuest3MetaQuest2SonyPSVR2DPVRE4ProProProEliteTypeStandaloneStandaloneStandaloneStandaloneStandaloneTetheredStandalonePC-PowerReleaseDateSep-23Jun-23Oct-22Oct-20Sep-22Feb-22Mar-23Feb-23QualcommXR2QualcommProcessorAppleM2QualcommXR2QualcommXR2MediaTekQualcommXR2-Gen2XR2Storage128GB512GB-256GB128256GB128256GB512GB-128GB-DisplayMini-LEDMicroOLEDMini-LEDFast-LCDFast-LCDOLEDFast-LCDFast-LCDResolutionpereye206422084K180019201832192021602160200020401920192018321920RefreshRateHz901201207290607290729090120907290120OpticalPancakePancakePancakeFresnelPancakeFresnelPancakeFresnelFOVDeg110120120100105110110116Tracking6DoF6DoF6DoF6DoF6DoF6DoF6DoF6DoFWeight515g400g722g503g586g560g625g280gPrice49934991499299399RMB24993991099549SourceMetaAppleCMBIGMFigure2MetaQuest3Figure3Ray-BanMetaglassesSourceMetaCMBIGMSourceMetaCMBIGMFigure4OverviewofVRARheadsetsupplychainDisplayOpticsFresnellensPancakeMirco-OLEDLensModulesSunnyOptical舜宇光学2382HKSony索尼6758JPSunnyOptical舜宇光学2382HKGoertek歌尔股份002241CHSamsung三星电子005930KSOfilm欧菲光002456CHOfilm欧菲光002456CHSensorBOE京东方000725CHCowell高伟电子1415HKGenius玉晶光3406TTStructuralopticalmoduleLG乐金显示LPLUSLargan大立光3008TTSunnypol三利谱002876CHLanteOptics蓝特光学LCDGenius玉晶光3406TTCIS3MMMMUS688127CHBOE京东方000725CHSony索尼6758JPKopin高平电子KOPNUSFoxconnIndustrialInternetWaysElectron伟时电子605218CHSamsung三星电子005930KS工业富联601138CHTCLTechnologyTCL科技000100CHWillSemi韦尔股份603501CHSpacesensorJapanDisplay日本显示6740JPSmartsens思特威688213CHSony索尼6758JPIn-cubeAutomationMini-LED智立方301312CHHongliZhihui鸿利智汇300219CHLongliTech隆利科技300752CHComponentBatterySunwoda欣旺达300207CHCircuitboardDesayBattery德赛电池000049CHPCBCasingAvary鹏鼎股份002938CHEverwin长盈精密300115CHDongshanPrecision东山精密002384CHLensTech蓝思科技300433CHKinwongElectronic景旺电子603228CHAACTech瑞声科技2018HKLingyiItech领益智造002600CHWirelessFunctionpartWirlessLuxshare立讯精密002475CHSunway信维通信300136CHIPDSystemRongcheer荣旗科技301360CHZhaoweiMachineryElectronics兆威机电003021CHChipAcousticsTSMC2330TTSpeakerAssemblyGoertek歌尔股份002241CHAssemblyTestingLuxshare立讯精密002475CHBozhonPrecision博众精工688097CHMicrophonePegatron和硕4938TTHYCTechnology华兴源创688001CHGoertek歌尔股份002241CHGoertek歌尔股份002241CHJPTOpto-Electronics杰普特688025CHJingceElectronic精测电子300567CHAACTech瑞声科技2018HKWingtech闻泰科技600745CHIn-CubeAutomation智立方301312CHQuanta广达2382TTColibri科瑞技术002957CHFoxconn鸿准2354TTRongcheer荣旗科技301360CHSourceCMBIGMPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE229Sep2023Figure5PeersComparisonMktCapPriceTPUpDownPExPBxROECompanyTickerRatingUSmnLCLC-sideFY23EFY24EFY23EFY24EFY23EFY24EOpticsSunnyOptical2382HKHOLD7518536578346290188232178112QTech1478HKBUY460304361810957060659103Cowell1415HKNR16691538NANA2491463931152229Largan3008TTNR88382135NANA1631481817111114Genius3406TTNR1287368NANA1521342018133146Primax4915TTNR9946920NANA1161051816155160Lite-On2301TTNR892512150NANA1841523333185216O-Film002456CHNR2854640NANA--7881369240SamsungElec009150KSNR7581137400NANA169114131279109LGInnotek011070KSNR4275244500NANA85631210149176Partron091700KSNR3437880NANA1059309098994Average162120242375111AcousticsHapticsAACTech2018HKHOLD20271324140623313306062746Goertek002241CHBUY738815781761235917417164792Luxshare002475CHBUY291122982449511861482119112125Sunway300136CHNR26171976NANA2341822623114133Merry2439TTNR57484NANA159146141494101Nidec6594JPNR272746829NANA491220302670127AlpsAlpine6770JPNR19181306NANA11013707076251Average24215817167596ConnectorFITHonTeng6088HKBUY93110021106675403035263Luxshare002475CHBUY291122982449511861482119112125TETELUSNR3781112044NANA1801603330191199AmphenolAPHUSNR491248236NANA2822576156245244Average1791553027150158EMSOEMBYDE285HKBUY101763535420192061672522119130Luxshare002475CHBUY291122982449511861482119112125HonHaiPrecision2317TTNR4471510400NANA1189709098296Pegatron4938TTNR63307660NANA137116111186110Wistron3231TTNR912910150NANA285157282497161Average2902096650136199CasingBYDE285HKBUY101763535420192061672522119130Tongda698HKBUY9600802121432701012335TKGroup2283HKBUY1461373112649360606133170Everwin300115CHNR17031034NANA285138201871132LensTech300433CHNR83601228NANA19814913126785ChaozhouThree300408CHNR81323100NANA333250322997119Catcher2474TTNR38511825NANA12316108086144JabilJBLUSNR1376610518NANA1241144941435384Average1701441919126137SourceBloombergCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE329Sep2023DisclosuresDisclaimersAnalystCertificationTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheanalystcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatanalystinthisreportBesidestheanalystconfirmsthatneithertheanalystnorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportCMBIGMRatingsBUYStockwithpotentialreturnofover15overnext12monthsHOLDStockwithpotentialreturnof15to-10overnext12monthsSELLStockwithpotentiallossofover10overnext12monthsNOTRATEDStockisnotratedbyCMBIGMOUTPERFORMIndustryexpectedtooutperformtherelevantbroadmarketbenchmarkovernext12monthsMARKET-PERFORMIndustryexpectedtoperformin-linewiththerelevantbroadmarketbenchmarkovernext12monthsUNDERPERFORMIndustryexpectedtounderperformtherelevantbroadmarketbenchmarkovernext12monthsCMBInternationalGlobalMarketsLimitedAddress45FChampionTower3GardenRoadHongKongTel85239000888Fax85239000800CMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereportPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE4