We believe that the meta universe may be the form of the next generation Internet. Compared with the upgrading of PC Internet by mobile Internet, the meta universe may have more dimensions of interaction and integration of real and virtual worlds than mobile Internet, which can not only meet people’s spiritual needs, but also greatly improve labor productivity. Metauniverse needs to develop simultaneously with the improvement of chip computing power, the popularization of software design engine, the convenience of XR (VR / Ar / MR) and other interactive devices, and the continuous enrichment of overlay blockchain technology and application ecology, so as to gradually approach the ideal form.
We believe that XR has more dimensional display ability than PC / mobile phone, and the way of information presentation is more convenient. Just as smart phones are the entrance to the mobile Internet, XR may become the entrance to the meta universe, and it is also an essential tool to realize that the meta universe is more immersive than the mobile Internet.
XR device is one of the most concerned products in the field of consumer electronics. The mainstream form will also develop from VR and AR to Mr, and will eventually replace the status of smart phones. In 2021, the annual sales volume of VR equipment exceeded 10 million units; We expect sales to double in 2022. AR / MR and others are expected to make breakthrough progress. The main concerns in 2022 are (1) the XR consumer products that Apple may launch (2) the sales growth of VR devices of meta, Pico and Sony, as well as the online time of users.
We believe that from the perspective of product life cycle, XR has crossed the introduction period from 0 to 1 and began to develop into a growth period from 1 to 10. Hardware & complete machine manufacturing (1) companies with strong comprehensive capabilities recommend Goertek Inc(002241) , pay attention to Luxshare Precision Industry Co.Ltd(002475) (2) companies with high marginal changes, such as VR, will increase the value of optical components and audio and video decoding chips, recommend Shunyu optical technology, Allwinnertech Technology Co.Ltd(300458) , pay attention to Zhejiang Crystal-Optech Co.Ltd(002273) , Rockchip Electronics Co.Ltd(603893) , etc. (3) companies that can realize high-value domestic substitution, pay attention to BOE Tcl Technology Group Corporation(000100) etc; Software (1) engine companies, focusing on unity and other (2) XR content companies, such as recommending Wuxi Boton Technology Co.Ltd(300031) (hasic); XR brand (1) international technology giants, focusing on meta, Microsoft, Sony, etc; (2) Chinese companies deeply engaged in XR pay attention to Pico; (3) Smartphone giants, pay attention to oppo, etc.
Risk tip: technical risk, policy supervision risk and metauniverse are still in the early stage of development, and relevant companies have the risk of speculation.
