您的浏览器禁用了JavaScript(一种计算机语言,用以实现您与网页的交互),请解除该禁用,或者联系我们。[华安证券]:电子行业点评:国内外互联网巨头入局AI眼镜,CES消费电子展眼镜含量高 - 发现报告

电子行业点评:国内外互联网巨头入局AI眼镜,CES消费电子展眼镜含量高

电子设备2025-01-03陈耀波、李元晨华安证券娱***
电子行业点评:国内外互联网巨头入局AI眼镜,CES消费电子展眼镜含量高

Ø" !"#$/%&'( !"#$%&'()*+A-./AI012 CES345670189: !"#$%2024-01-04 !"ƒ$%&' ()*+% >?@ABCDEFGHIJCES2025KLARMNOPQRSTULCoSVWXYZ[\]^ !")*+,-300h/01 30% 20% 10% 0% -10%1/24 -20% -30% -40% 4/24 7/2410/24 40% 电⼦(申万)沪深300 2345678 &'()*%S0010523060001 +,%chenyaobo@hazq.com 23459:; &'()*%S0010524070001 +,%liyc@hazq.com <='( -AR./00123456789 :;20240909 >?@AGHS_IJCES2025K`abLcAQR-deMN V3+E8fghiMNjIklcAXYgh+mnopSqrstAIuvWwxi 2023yS>?@Az[c|]~≥ÄÅÇARMN>?X2SÉÑÖ "Ü]~z[áQàâäcãMicroLED+E8fARMNiJyåàCES2024K`aS>?@AKYtX2LiteSrsâMcãMicroLED+E8f]^SçécèDêëEBêíìàcãXYiîïñXR"óHòSôy9öS>?@A+õúùûêAü†°tE¢#zU£§•¶ßäS®pI©™yQ1057¨E®vÆàx ØiرSAa¥8ö8µ+û|†°V‹SJ㺖æüø¿10¡:¬XRõ®#z•¶SpƒyQ1007_XRomiCDEF«HIMX»GHSI¥CES2025KY… ÀÃÕŒ#zœ –—“—ghà”íì400Knitsã‘’÷MÿŸLCoSVWXYZ[\]^i⁄¤SCDjIKYÀ~‹›fifl«POC»ARMN‡W®Srstã‘’÷MÿŸLCoSVWXYZië·rs‚„ëNTU2D8fghS‰MíìÂÊ”1000nitsi mÁËÈ͉òAIMNS+>?@AÊÎ-ìÏÌÓÔ hÒmÁËÈÍ]ÚS1ö2µS≥ÄÅARRÛ>?RayNeo+Ù ıˆ˜!Ï̆¯˘ŸSâ]GHJAIMN˙˚Êθ˝ÏÌÓÔS ˛ˇ!"uvWIî>?@AàAIMN#$¸˝¿£àghç&i '(S)ÖhÒ]*uvW+AIMN+,ÈÍæKà-ì¿£ÓÔS Ùıˆ˛ˇ!"uvWIî>?@AàAIMN#$c¨AIgh-QRç&iâ]ITAIMNî./s0S12ø‰#z¿3-4ØSq56ˆp7BuvWBAI+,8˙˚&9æKÓÔi :±]ÚS';h<=¤'SMeta>+MN?@EssilorLuxottica ÓÔSpAJ…Bffi300D:àEFNGï‰XYHiAIMN xJKIJ2025y LybLSXYHÂxM¥KY˛NOPÕ MetaQRSTàUVi ø¿¬‹ ¬‹=W5E8f˙˚¬‹=WXYZ[S\]EFiMEMS^_ `¬‹=WXYZ[SabffigSdeZ[iMCUef]Ú¬‹=WghffigiLCOSghij¬‹=WkYZ[SMicroLEDghijAa¬‹=WJBDilm˙˚¬‹=Wn#ffig8ieop-vÆ]Ú¬‹=WkYZ[SqrE¢SstEiuv˙˚¬‹=W Metax¨àyzuvi `[#Y 1» |]~!U®ÄÅ2»ÇÉïÑÖÈÍÜáà âi ,-./012345 2345678SäãflåFç!"]é234ièêu¢<=ëíâìîS—ïffiñó¢ffiòDiôöõ¥úz¿ëSù¤û<ø¿¶8Sü—8y†]ø#–fi 6)78 234b° ¢'(£§234ü—Ghflå"V`•¶àflåø¿ß®©"¿™ST´¨à©"|ìBÇ"ÆØà# $]¶S±MÓ¶Ó‰à9¥S¸µBp„`Lü¢'(S¢'(ÜMà*'-9¥ªPÕ|èAæ9 ¥S¢4fi)(9¥à‚æøO¿õø!¡¬4ƒflS$!ƒflÜkVà9¥-¬‹!`z«¬4»…i'(Gà9¥- ÀÃ$ÕŒi¢4·V!ô+B™J!+B–P$I!`—¢'(Gàü0b“ ÀO „%1„‘O’‘÷¬4yŸàÿŸS23⁄¤!‹¬4›fi]à• Ofl‡S·Øb°i ‚„b° äãflåZ[—‰Aa–GhflåÂÊëíÁË`È‚SÍümflåø¿ß®"ó¿™i¢'(ÎäãflåZ[—‰AaJGä4Ï1-h«!klÌÓBÔÚB_Ò»#$i¢'(Gà9¥ªP3¥Ó‰ÚÛSäãflå#$ÜØ~‚æBÂÙSıfi)(9¥à‚æøU¿õøª!¡¬4ƒfliJ¬4ˆ˜ S¢'(Gà9¥O[¯à Àª!˘Îfi¬44àø¿¬‹iJ¬4ˆ˜ S¢AaB¢AaËïO˙=Á®˘ !˚¸ø¿˙À¿˝ÜS!+ø¿˙2˛ø¿÷ˇS$!fi¬44—±M¢'(Gà¬4Ò!ÜflÖà¬4#$%¬4„¬iø¿˙ó&W S…'Ø¡Là¬4ø¿\'+¢AaB¢AaËïO˙=Á®˘û =iäãflåU…Ü(=Á®˘Âx`&—'(G#)àAaÜz!àflåq*!ñ+SjÂxî)(Aa#$ø¿,!-óO….-ói ¢'(Ã/·¿p01S––äãflå#$Ü3Ú•4S¢#$'(à¬4¶2ª!5T¬4]Ÿ£Ô ¬4yŸà67BV8,OV£RSO9:2z;¬4….4SOT¬4<=¢AaI4à….]Ÿ± Mi>?flMOls¢@Ò!Só&ÁAäãflå#$Üq˝5BÂSq]W°LCîäãflå#$ÜSœ!5fi¢@*!—D‡ àflM-EFi>––¢Aa•4SGÕlsO˙lz¢'(SÜflHàÀIJKU¶L„¬ÎGÕlsOlz˙˚Mi¢AaqƒNO$…¶L„¬à4Üi 9:ƒ$;8 T¢'(zHPµH6*öÒSflå«O!")*»<fi¥2Ä<=flå|èÃ[ø)*àQRSÔîû ‚SAZT,-300)*îû‚ÅAfiT|èTfiTÎ)«UfiV‹lVWà»OfiT¡|)*«Ufi¡ |lVWà»îû‚ÅÌÓ|èTg«)*îû‚ÅDh|èTXYÊ_)*OWZ500)*îû‚i¿ ˇ> 5 !"&Å0! [&—–P6*öàø¿÷ˇà˙\|èû‚)*5%Ta; Gø—–P6*öàø¿÷ˇà+|èû‚)*à»nSì<]-5%^5%; _&—–P6*öàø¿÷ˇàJ|èû‚)*5%Ta; Aa&Å0! †‰—–P6-12*öàø¿÷ˇà˙\|èû‚)*15%TaÅ [&—–P6-12*öàø¿÷ˇà˙\|èû‚)*5%^15%Å Gø—–P6-12*öàø¿÷ˇà+|èû‚)*à»nSì<]-5%^5%Å _&—–P6-12*öàø¿÷ˇàJ|èû‚)*5%^15%Å aL—–P6-12*öàø¿÷ˇàJ|èû‚)*15%TaÅ û&Å——û¶˝b&cà¿dSO˙AaÚeû¶®À⁄Kàfu!æ¿øg,SO˙….‡—S Ö±û¶;L°æàø¿&Åi