TF Securities: The moment of XR revolution has arrived. We will continue to pay close attention to the launch of Apple VisionPro and its catalytic effect on the industry.

Zhitong App has learned that TF SECURITIES has released a research report stating that the moment of transformation in the XR industry has arrived, and it is recommended to continue to pay attention to the catalytic effect of Apple's VisionPro on the industry. In the short term, it is preferred to focus on Apple's VisionPro supply chain and pay attention to the core incremental areas of XR headsets (MicroOLED displays, 3D sensors, 3D applications). In the long term, attention should be paid to changes in the industry's competitive landscape and industry trends.

Preface:

By analyzing the industrial design, key technologies, and developer-related content of VisionPro, it is believed that VisionPro's product strength is an unprecedented new height in the headset industry, and it is likely to usher in a new era of spatial computing.

▍TF SECURITIES' main points are as follows:

What makes VisionPro different?

Design + hardware + application, all three aspects have outstanding highlights. VisionPro is a revolutionary work in the headset industry: 1) Hardware: M2+R1 dual-chip performance is powerful; MicroOLED 4K screen + 3PPancake solution for display upgrade; 12+5 sensor configuration lays the foundation. 2) Design: Eye movement + bare hands + voice three-dimensional interaction is an intuitive way of interaction; Eyesight function breaks the social barriers of traditional headsets; knob adjustment + VST prevents the loss of real-world information. 3) Application: It is expected that the developer ecosystem + all-in-one package will become the biggest moat.

Spatial computing: A new starting point in history

Analogous to how Mac brought users into the era of personal computing and iPhone brought users into the era of mobile computing, Apple VisionPro is expected to lead users into the era of spatial computing. Spatial computing is the interaction between humans and machines, where machines store and manipulate real objects and spatial references. In simple terms, it means that human-computer interaction is elevated from 2D to 3D, and the interaction between reality, virtuality, and humans expands the boundaries of information input and output. Multiple industries such as spatial video/camera, streaming media, and e-commerce may undergo disruptive changes.

Penetrating key components, insight into future trends

The report discusses the industry's new trends that Apple VisionPro's launch may lead. In terms of components, the short-term MicroOLED 4K screen may become the mainstream for high-end headsets, with the advantage of 12-inch wafers being cost-effective; the Pancake optical solution is transitioning from single lens to multiple lenses; the advantages of co-processors are evident; new interactions and functions bring incremental value to sensors; graphene heat dissipation sheets perform well under high heat dissipation requirements.

Investment advice:

The moment of transformation in the XR industry has arrived, and it is recommended to continue to pay attention to the catalytic effect of Apple's VisionPro on the industry. In the short term, it is preferred to focus on Apple's VisionPro supply chain and pay attention to the core incremental areas of XR headsets (MicroOLED displays, 3D sensors, 3D applications). In the long term, attention should be paid to changes in the industry's competitive landscape and industry trends. Risk Warning:

The macroeconomic and consumer electronics industry are experiencing a downturn; Apple's VisionPro launch has not met expectations; consumer acceptance is lower than expected.