[Summary].
AI is expected to help China's digital art become another engine of cultural power, digital art will be deeply integrated with the cultural tourism industry, cultural and museum industry, new consumption, technology industry, etc., bringing an industry with spiritual consumption as the core, and the development of MR is also expected to promote the metaverse to become the next generation of general computing media. New paradigm of content (2D to 3D), media (new way of interaction), user 2B+2C (visual ascension, enhanced sense of presence brought by the body);On the supply and demand side, intergenerational changes in users (7 or 10 years of thinking) bring new demand, and technological progress brings new experiences and new applications (new supply).
VisionPro+CES2024, the MR industry chain will continue to usher in new species.
Bloomberg reported that Apple plans to officially launch VisionPro in January 2024, and related employee training will begin in mid-January. The actual launch window of VisionPro may be earlier than market expectations. CES2024 will be held in Las Vegas, USA from January 9 to 12, 2024, and it is foreseeable that AI and the metaverse will continue to be hot topics.
According to CounterpointGlobal data, XR headset shipments are expected to increase from 11 million units in 2021 to 1 million units in 20250.5 billion units.
Apple VisionPro is the culmination of Apple's cutting-edge technology, leading the industry into the era of spatial computing.
In terms of chips, VisionPro adopts the dual-chip design of M2+R1 to ensure an immersive experience without delay. Display screen, the inner screen adopts MicroOLED technology, achieving 23 million pixels, and the resolution of a single eye reaches 4K. The optical adopts a three-piece pancake scheme and a folding optical path design to achieve the effect of reducing weight and reducing the thickness of the optical module. The pancake scheme gradually replaced the Fresnel lens as the mainstream. In terms of perception and interaction, VisionPro is equipped with 12 cameras, 5 sensors, 6 microphones, and supports eye tracking, head tracking, and gesture tracking. In addition, Apple has created a dedicated VisionOS operating system for VisionPro. As Apple's first generation of exploratory products in the MR field, VisionPro fully demonstrates its strong product strength. At the application level, Apple's strong ecosystem is expected to solve the pain points of the XR industry's ecological content.
At the application level, Apple's strong ecosystem is expected to solve the pain points of the XR industry's ecological content. On the ToB side, VisionPro can build a virtual workbench and support multi-window launch, which can operate office software in a virtual space: support FaceTime calls and real-time meetings. On the TOC side, immersive entertainment scenes such as games will be the first to land. Recently, Apple launched iOS 172. iPhone15Pro and ProMax users can record space** and restore it on VisionPro, realizing the collaboration between the phone and MR. In addition, VisionPro's AppStore can help you access common apps on iPhone and iPad, and Apple's developer community can design new apps to reinvent the experience. AIGC will also help content generation and promote the development of the MR industry, and MR+ short dramas and MR+3D games will be the key combination directions in the short term.
Weight reduction and cost reduction are still the core demands of high-end MR, and the proportion of domestic ** chain is expected to increase. According to Counterpoint's BOM analysis of AppleVisionPro, the display accounts for the largest portion of its cost. At present, Sony, BOE, and Shiya are all capable of producing high-end XR microoled displays. In the future, with the introduction of domestic ** chain in the whole machine assembly, display screen, image chip, speaker, battery and other links, MR is expected to achieve cost reduction and increment.
Related targets: Skyworth Digital (XR brand), BOE A (display), Luxshare Precision (assembly), Weir shares (CIS), Changying Precision Lingyi Manufacturing (structural parts), Jingce Electronics (testing equipment), etc.
On the mini program side, Sanqi Mutual Entertainment's "Seeking the Dao" and "Soul Prologue" best-selling list are stable and high;In terms of AI driven, AI applications closely integrated with games have gradually emerged in the market, such as Layaair, GenLab3D, etc., and the valuation opportunities driven by the combination of AI applications and games are related**Kaiying Network, Gigabit, Giant Network, Shenzhou Taiyue, Yao Ji Technology, Perfect World, Shengtian Network, Palmfun Technology, Alpha Entertainment, CMGE, etc.
The content endpoints are organized as follows:
Related ** Sector Leading Value Repair and Excellent Performance**, Marketing Sector Related Companies Focus Media;Long**related**Mango Supermedia and iQiyi;**Recruitment-related**BOSS Zhipin, etc.;Offline entertainment related**Holley Technology, etc.;Gaming performance continues to recover after the epidemic, related to **Sands China, etc.;After the change of the controlling shareholder of the cultural tourism-related ** TV and radio media (company announcement), Mango's IP and gene empowerment and resource synergy have been further strengthened, driving the development of new cultural tourism business, as well as the development of games and venture capital.
Education-related AI+ education, education digitalization, smart education platform direction, related **New Oriental, Oriental Selection, Kede Education, CVTE, Jiafa Education, Shengtong Shares, etc., as well as state-owned publishing companies such as Zhongyuan Media, Zhongnan Media, Phoenix Media, Southern Media, Wanxin Media, etc.
In the direction of film and television, the Chinese New Year is approaching, and the box office popularity has increased. The left-hand layout opportunities of the related ** film and television sector, as well as the performance elasticity brought by the head films, related**Hengdian Film and Television, Maoyan Entertainment, Guangguang Media, etc.
In the direction of AI+, the multimodal capabilities of large models continue to evolve, the marginal improvement of model capabilities and the reduction of access costs may promote the prosperity of the application side.
Research Report: 20231226-Huaxin**-Media Industry In-depth Report: What can be leveraged with MR as the fulcrum?
Investment Advisor: Wu Qingchun (Registration Number: A0740622030004), the information or opinions in this report do not constitute a buy and sell order or buy and sell bid for trading varieties, investors should make their own investment decisions, and any investment decisions made thereunder have nothing to do with the company or the author, and bear their own risks, and the company and the author do not bear any legal responsibility.