招商證券:AI終端創新加速光學產業鏈變革 重視國內龍頭成長拐點
招商證券認為,AI驅動消費電子終端啟動新一輪創新潮,我們認為光學仍然是各類終端的零部件創新重點,看好蘋果終端產品組合未來三年創新週期,潛望式、高像素是蘋果光學創新主旋律,國內廠商在攝像頭模組、鏡頭、微稜鏡、濾光片等環節具備一定的產業地位並有份額提升空間;安卓復甦帶動光學創新重啟,國內鏡頭及模組廠商盈利能力有望大幅改善,CIS國產替代加速;同時我們看好AI及智能化帶動的汽車、XR、智能眼鏡等環節的光學創新機會。光學是智能終端未來幾年的創新重點,AI應用亦有望驅動光學硬件在信息感知、非可見光等方面領域技術升級,分產品來看:1)手機:建議關注大像面、潛望式、玻塑混合、可變光圈等光學創新,以及摺疊屏帶動的輕薄化技術;2)可穿戴:多模態AI有望融入TWS、Watch、眼鏡等設備,需依靠攝像頭實現視頻及圖像交互;3)汽車:智能化驅動攝像頭、激光雷達、AR-HUD等多樣化光學設備滲透率提升;4)XR:AI功能的融入有望加速AR眼鏡行業發展加速,Meta、蘋果及國內玩家積極佈局。
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