The Zhitong Finance App learned that Fangzheng Securities released a research report saying that in June 2023, Apple officially released the new VisionPro, which is expected to go on sale in early '24. Apple has strong hardware capabilities, and VisionPro is expected to lead the development of the XR industry and open the spatial computing era. As the time point of sale approaches, investment opportunities in the industry chain are worth paying attention to. Recommended attention: Zhaowei Mechatronics (003021.SZ), JPT (688025.SH), etc.

▍ The main views of Fangzheng Securities are as follows:

In June 2023, Apple officially released the new VisionPro, which is expected to go on sale in early '24.

Apple has strong hardware capabilities, and VisionPro is expected to lead the development of the XR industry and open the spatial computing era. As the time point of sale approaches, investment opportunities in the industry chain are worth paying attention to.

What investment opportunities are recommended to focus on?

Interpupillary distance adjustment: According to IPD related patents issued by Apple, the VisionPro pupil distance adjustment scheme is monocular independent adjustment+electric stepless adjustment. The hardware is based on an eye tracking system (LED light source+high-resolution camera) and a mechanical structure that realizes the displacement of the Pancake module between the left and right eyes — an IPD pupil distance adjustment module.

1) Interpupillary distance adjustment module: The independent IPD adjustment module is fixed to the XR glasses frame. The micromotor rotates when receiving a signal from the driving circuit. The planetary gearbox increases the rotation torque output by the motor and drives the screw rotation. The screw rotation further drives the slider, transforming the rotation motion into linear motion of the slider. The slider then pushes the Pancake module to move left/right, and finally adjusts Pancake to target the user's pupil. It consists of a micromotor, a planetary gear unit, a screw, a guide rail and a slider.

2) Eye tracking system: Eye tracking requires accurate prediction of the eye's point of view. Improving prediction accuracy is inseparable from calibration. Calibration means deducing the position of the human eye's actual gaze point through the position of the human eye's pupil.

Pancake testing equipment: The production process of pancake modules mainly includes eight steps: optical design, lens processing, plating/coating, assembly, lighting inspection, adjustment, inspection, and packaging. The key process is laminating, and the processing process is complicated. The final imaging quality of the lens is inseparable from feedback and calibration from inspection equipment, and requires functional inspection and appearance inspection.

MicroOLED testing equipment: The microOLED manufacturing process includes IC silicon wafer manufacturing and inspection, anode pixel point production, organic light-emitting material coating, film sealing, color filter layer production, glass patch, slice sorting and packaging, and testing and inspection. The forward manufacturing process is the CMOS process, and the measurement and testing process runs through the entire process. After the product packaging work is completed, it is often necessary to test the display as a whole according to requirements such as photoelectric performance and electrical function.

3Dsensing inspection equipment: Structured light scanning imaging technology is being used more and more widely in electronic products, but some products have problems such as poor consistency and low imaging sensitivity. Relevant test equipment is required to calibrate and test the scanning imaging sensors to improve the accuracy and sensitivity of the products.

What should I focus on next?

(1) The consumer word-of-mouth situation after the first VisonPro was officially launched, which will affect the potential demand for the next generation of MR products;

(2) The mass production schedule and planning of next-generation MR products, as well as possible changes in the supplier pattern, will have a direct impact on the future profits of supply chain companies.

Risk warning:

There are risks that the implementation of new technology falls short of expectations, the risk that consumer acceptance is not as high as expected after the launch of a new product, the risk that large-scale mass production progress falls short of expectations, the risk of losing core technology, and the risk of increased competition.