Key points:
Event: Sony officially released the design drawing of PS VR2 and comprehensively upgraded the hardware configuration. On February 22, Sony announced the final design drawing of PS VR2 on its official blog. Xiuming Nishino, senior vice president of Sony, wrote that PS VR2 will make a leap in the way we play games in VR. PS VR2 has many exciting new functions, including 4K HDR visual fidelity technology Advanced sensor technology, such as immersive camera technology, enhanced depth tracking technology, and the latest in camera technology. Sony, whose cumulative sales volume is second only to meta, launched the second-generation VR at this time, which is expected to promote the faster development of the industry.
The prosperity of VR industry is rising, and industrial giants have entered the market one after another
The display resolution, frame rate, degree of freedom, delay, interactive performance, weight, dizziness and other performance indicators of VR equipment are increasingly optimized, the user experience is continuously improved, and the price is continuously reduced, which promotes the rapid growth of VR users. At the same time, the growth of VR users has promoted the rapid growth of high-quality VR content, which has attracted more VR users, and the development of the industry has entered a positive feedback state. VR industry ecology is also more perfect. The release of the official version of open XR standard simplifies the application development process, reduces the development cost, and will significantly improve the development income. At present, open XR standard has been supported by all mainstream manufacturers. Driven by multiple factors, the VR industry has achieved rapid growth in 2021, and the industry is expected to enter a high growth period. According to the data of VR gyroscope, the global volume of VR head display will be 11.1 million in 2021 and 110 million in 2025, with a compound growth rate of 77.43% from 2021 to 2025.
In 2021, technology giants also entered the market one after another. In August 2021, byte beat acquired Pico, China’s largest VR equipment manufacturer; In September 2021, Tencent invested in VR game developers Weimo era and Yunnan box monster; In November 2021, Alibaba invested in sandbox VR The entry of a number of technology giants will effectively promote the development of the industry and prove that the development of the industry has reached an inflection point.
Chinese supply chain manufacturers have significant advantages, and the valuation of the sector is at a low level. China has significant advantages in the field of VR hardware supply chain, Goertek Inc(002241) has a dominant position in the field of ODM, and exclusively OEM the products of meta, Sony and Pico; In the field of display screen, BOE has a variety of products and has reached cooperation with well-known head customers in the industry. In the lens field, Shunyu optics is the global supplier of head VR lens. In the fields of sensors, lenses and structural parts, Chinese enterprises also have an advantageous position. At present, in addition to relying on Qualcomm for XR chips, Chinese manufacturers cover the whole process of OEM / ODM of the whole machine from upstream optics, cameras and precision components to downstream, and have established a complete supply chain system for XR. Global benchmark products rely on China’s supply chain and are OEM produced in China.
After recent adjustment, the virtual reality index has fallen by 14.66% since the previous high, and the index point is equivalent to that in February last year, but PE (TTM) has decreased by about 50% compared with February last year. The valuation of the sector is low and the allocation cost performance is high.
Investment advice
It is suggested to pay attention to the relevant targets of China’s advantageous industrial chain links and give the VR industry an “overweight” rating.
Risk tips
VR sales are lower than expected; The risk that the technical iteration is not as expected; The risk of intensified industry competition.
