Investment suggestion: the meta universe industry is still in the stage of huge initial investment and difficult profit. In 10 years, it is estimated that the game / social / commercial meta universe industry chain will account for 15-20% of the technology industry. We recommend the meta universe information technology industry for the first time and give a buy rating. We recommend 10 global and Chinese mainland companies, including Roblox, Hololens2, games and commercial / industrial applications, Meta (OculusQuest2, social ecosystem), Tencent Holdings (games, social networking, 3GGlasses, to Meta /QQ wallet), China Mobile (5G/6G, WiFi6, microgoo). Goertek Inc(002241) (oculus / Sony / picovr OEM), Luxshare Precision Industry Co.Ltd(002475) (Apple’s second generation MR), sunny optics (AR optical waveguide, folded optical module, Fresnel lens), 3D game and social software development tool unity, and 3D image and server AI chip NVIDIA (gracecpu, A100 training reasoning, Omniverse digital twin).
VR / Ar / MR / XR terminal, 5g / 6G / wifi6 / 7 bearing, AI data center high-speed computing chips bloom everywhere. At present, the global share of chips in the game metauniverse industry should be less than 8%. It is estimated that they will account for 25-30% of the chip industry market in the next 15-20 years. The main driving forces are the processor of VR / Ar / MR / XR equipment, 6DOF eye tracking, gesture sensing, display drive, storage and power management chips, high-speed 5g / 6G / WiFi 6 / 7 wireless communication, and more realistic high-order GPU image display of the metauniverse world, And the AI data center and edge high-speed operation required by the meta universe scene, and the CPU, GPU, FPGA, pciegen5 / 6 retimer, network, and memory chips are widely used.
VR / Ar / MR / XR is the core hardware terminal of metauniverse. Metaoculus took the lead in achieving success in the field of VR games. Microsoft mrhololens2 has achieved good development in enterprise applications, and plans to launch consumer AR / VR products. Apple plans to redefine MR technology and applications in 2023. With the continuous maturity of technology, AR / VR / MR / XR is expected to become another popular consumer electronics product after TWS headphones. In 2021, the number of global AR / VR hardware products exceeded 10 million. Trendforce predicted that the shipment of AR / VR devices would reach 14.19 million in 2022, a year-on-year increase of 43.9%.
Yuancosmos will reshape ICT business infrastructure and focus on investment opportunities for data transmission and edge computing industry upgrading. The development of metauniverse will reshape ICT infrastructure, and Beijing Vastdata Technology Co.Ltd(603138) computing and transmission requirements will bring iterative upgrading of computing power and network. IDC data show that China’s it expenditure related to yuanuniverse will reach nearly $200 billion in 2025, and the compound growth rate of 21-25 years will reach 20.2%. On the one hand, the upgrading of the computing layer requires the improvement of the computing power of the chip; On the other hand, it requires the collaborative distribution of cloud computing and edge computing. Public cloud giants are focusing on the layout of edge computing platforms, and CDN manufacturers are also actively promoting the upgrading of CDN to edge computing systems. The network layer is the upgrading of communication technology with high bandwidth and low delay, mainly including 5 / 6G popularization, WiFi 6 / 7 technology development, gigabit optical fiber home entry and 10gfwa upgrading.
Risk tips
\u3000\u30001. Slow technological progress; 2. Cross platform collaboration cannot take shape; 3. Possible opposition from governments; 4. The initial investment is huge and the profit is not easy.
