Focus this week: Wuhan Jingce Electronic Group Co.Ltd(300567) , Jiangsu Guomao Reducer Co.Ltd(603915) , Anhui Yingliu Electromechanical Co.Ltd(603308) , Wuhan Dr Laser Technology Corp.Ltd(300776) .
Core view of this week: continue to be optimistic about the opportunities of wind power, photovoltaic, hydrogen energy, nuclear energy and other related equipment under the background of carbon neutralization, especially the equipment demand caused by the changes of materials and processes brought about by the upgrading of energy forms.
Focus on carbon fiber, hydrogen storage and transportation and other fields.
VR / AR has returned to the public’s view, and the industry has ushered in a new round of explosive growth
VR is virtual reality, which is a closed experience of virtual scene; AR is augmented reality, which emphasizes the integration of virtual information and real environment. From the perspective of development process, VR has experienced the original stage in the 1950s and 1960s, the technology accumulation stage in the 1970s and 1980s and the application transformation stage in the 1990s, and officially entered the first year of development in 2016. However, due to insufficient technology and attraction, VR has experienced a cold spell in 2017. Since 2020, thanks to the global deployment of 5g and the indoor entertainment demand opportunities brought by the epidemic in 2020, the product shipment has significantly accelerated the growth, the integration and empowerment of policies, investment and financing and other factors, the industrial ecology has been gradually improved, and the VR industry has returned to people’s vision and ushered in a new round of explosive growth period. According to the data of gyro Research Institute, the global shipment of VR head displays (excluding VR boxes) will be 6.7 million units in 2020, an increase of 72% over 2019. It is expected that the shipment will be 9.8 million units in 2021, a year-on-year increase of 46%. It is expected that the shipment will reach 18 million units by 2022.
China accounts for more than half of the global VR / AR market share, which is significantly higher than that before the epidemic
In terms of market scale, according to IDC’s prediction, In 2020, the global expenditure on VR / AR is about US $12.07 billion (about 76.9 billion yuan), which is expected to increase to US $72.8 billion (about 4637 yuan) by 2024, with a CAGR of 54%. Among them, the expenditure on VR / AR in the Chinese market in 2020 is US $6.481 billion (about 41.3 billion yuan), accounting for about 54% of the global market share, a significant increase over that before the epidemic. It is expected that China’s market expenditure will reach US $26.48 billion by 2024, accounting for 36% of the world, with a compound growth rate of 47.1%.
Display: VR boosts the demand for display panels, and testing equipment is expected to benefit
The core components of VR head display include processor, storage, screen, optics, communication module, etc. In terms of display, the screens used by VR devices mainly include fast LCD and OLED, which are most commonly used, but micro OLED / micro LED will become the main development trend of VR head display in the future. Taking micro OLED as an example, according to our calculation, by 2022, the global market scale of micro OLED driven by VR will be about 8.42 billion yuan, of which the market scale in China will be about 4.2 billion yuan. Due to the lower yield of micro OLED and micro led, it is more dependent on testing equipment. According to Tajian research data, the scale of testing equipment required under the same investment scale is 1.5-2 times that of LCD. Under this background, the panel testing equipment market will usher in expansion, and the panel testing equipment company is expected to benefit.
Optics: Fresnel lens is the mainstream optical scheme, and the market potential of focusing system is huge
The optical devices in VR head display mainly include Fresnel lens and short focus scheme. At present, Fresnel lens technology is the mainstream application scheme of VR head display, but the short focus scheme can greatly reduce the product volume and will be the main development trend of VR optics in the future. In addition, in the VR scene, the pupil distance of different users is different, and when the same user is staring at the fixed screen, the same visual adjustment will produce the phenomenon of visual convergence conflict, which gives birth to the demand for automatic pupil distance adjustment to improve the consumer experience. At present, Shenzhen Zhaowei Machinery&Electronic Co.Ltd(003021) uses the planetary gearbox for dynamic zoom through the reciprocating linear motion of the micro focusing motor to control the distance from the lens to the screen, and Facebook provides various focal planes through liquid lens and two adjustable lenses.
Risk statement
The terminal demand is less than expected, the R & D progress is less than expected, and the industrialization risk of technical achievements
