The Zhitong Finance App learned that Cinda Securities released a research report saying that Vision Pro has pioneered the era of spatial computing. Over the long term, along with scale effects and technological innovation, hardware and software resonance stimulates the formation of a terminal consumer ecosystem, and is expected to re-invent the iPhone market. The bank believes that with the release of Apple Vision Pro in early '24, shipment volume may not be the primary consideration in the industry. Innovative experiences such as content ecology, interaction methods, and industry empowerment brought to consumers are expected to bring huge changes to the industry, and the content side is expected to fully benefit.

Cinda Securities's views are as follows:

A luxurious lineup of hardware opens up an era of spatial computing.

The VR industry has always been in a wave-like process of development. Due to problems such as hardware dizziness, impenetrability in size, etc., and poor software ecology, the penetration of VR devices in terminals has never been as good as expected. Unlike previous VR devices, in addition to providing excellent experiences in video, games, etc., Apple Vision Pro's space computing has shown great potential in social and office scenarios. Vision Pro's hardware-side design starts from user needs, and is not involved in the “advanced game console” vortex of cost reduction or configuration reduction, and is expected to launch MR's iPhone moment. Judging from the specific configuration, the sensor side has built a solid bridge for the digital world to perceive reality. Vision Pro is equipped with 12 cameras, 5 sensors (1 Lidar, 2 structured light depth sensors, 2 IR sensors) and 6 microphones to achieve a good interactive experience; on the display side, the Apple Vision Pro main display uses Micro OLED, and the monocular resolution reaches 4K. This is the first product on the market to achieve 8K effects for binocular eyes; the chip is probably one of the highest barriers for Vision Pro. Apple Vision Pro is equipped with M2 and R1 chip.

The M2 is currently the top PC-grade processor in the industry. Using a 5nm process, it has excellent performance in 3D rendering, core computing, AI neural networks, video decoding, and display support. Apple also loaded it with an R1 chip. R1 is a coprocessor to provide powerful computing power support. It has a high-speed sensor processor, low latency, and good power efficiency. Additionally, Vision Pro has many innovations, such as the Pancake optical solution, iris recognition, IPD adjustment, spatial audio, etc.

The bank believes that Vision Pro has pioneered the era of spatial computing. In the long run, along with scale effects and technological innovation, hardware and software resonance stimulates the formation of a terminal consumer ecosystem, and is expected to re-invent the iPhone market. In terms of the industrial chain, Vision Pro mostly coincides with the old fruit chain manufacturers. It is recommended to focus on manufacturers with high ASP value and sufficient flexibility on the performance side, including equipment Jepter/Shenkeda/Saiten Shares/SmartCu/Huaxing Yuanchuang/Rongqi Technology, parts and components, Zhaowei Mechatronics/Lansi Technology/Goertek Share/Industrial Future/Lingyi Intelligent Manufacturing, etc.

Apple Vision Pro is expected to reshape interaction methods and create a new content system ecosystem for multiple industries. It is expected to usher in changes in the fields of office, film and television entertainment, gaming, industrial manufacturing, and medical care.

The bank believes that with the product release of Apple's first space computer Vision Pro, its related Vision ecosystem is also being built. Vision Pro and VisionOS are expected to lead a new round of global technological innovation, change the user's interactive experience, and are expected to seamlessly integrate digital content with physical space. In the future, it is expected that practical applications will be carried out in various fields such as film and television entertainment, games, office interaction, industrial manufacturing, medical care, etc., to reduce costs and increase efficiency while bringing innovative and different experiences to users.

With the construction of the Apple VisionOS ecosystem, MR is expected to usher in the “Iphone” moment.

Apple has been deploying in the MR field for many years through self-research and acquisition, mainly involving the underlying supply chain, core algorithms, and 3D technology. VisionOS is built on macOS, iOS, and iPadOS to enable a powerful spatial experience, and devices within the Apple ecosystem can be switched at any time. To achieve ecology, Apple has created a variety of low-level development tools for developers, such as SwiftUI, RealityKit, ARKit, and external Unity engines to help developers get a better development experience. As the iPhone gradually updates external cameras and built-in operating systems for spatial video, etc., products within the Apple ecosystem gradually incorporate spatial computing capabilities, and MR is expected to usher in the “Iphone Moment.”

The bank believes that with the release of Apple Vision Pro in early '24, shipment volume may not be the primary consideration in the industry. Innovative experiences such as content ecology, interaction methods, and industry empowerment brought to consumers are expected to bring huge changes to the industry, and the content side is expected to fully benefit. The content ecosystem suggests focusing on companies with 3D digital content generation and engine rendering capabilities: Silk Road Vision (300556.SZ), Van Tuo Digital (301313.SZ), Roman (605289.SH) (after merger and acquisition), Lingnan (002717.SZ); it is recommended to focus on VR content manufacturer Jiachuang Video (300264.SZ) (VR game development, VR live streaming & video content shooting, self-developed VR cameras); it is recommended to focus on manufacturers with VR game production capabilities, such as Baotong Technology (300031.SZ) (300031.SZ) Participating in Hashiqi), Kaiying Network (002517.SZ), Lisheng Sports (002858.SZ), Mingchen Health (002919.SZ), etc.

Risk warning: risk of macroeconomic fluctuations; risk that MR equipment research and development progress falls short of expectations; MR equipment market sales fall short of expected risk.