On the first trading day of 2022, the market continued the structural market of last year, and the index was affected by weighted stocks such as new energy and innovative drugs, but more than 3,000 companies rose at the individual stock level.
The best performance is still the Chinese medicine with frequent favorable policies and the direction of the meta-universe.
Recently, there has been a diametrically opposed trend between innovative drugs and Chinese medicines, and Chinese medicines have become stronger and stronger under the influence of factors such as "policy + consumption upgrade + performance recovery + valuation depression".
CXO, which was previously a safe haven in the pharmaceutical sector, was suddenly collapsed by a "FDA sanction" news, coupled with its own high valuation, and began to adjust continuously.
At present, it is not excluded that some pharmaceutical theme funds are balancing the positions of innovative drugs and Chinese medicines.
In terms of the meta-universe, several virtual people have been launched during the New Year's Day, such as Hunan Satellite TV Xiaoyang and Jiangsu Satellite TV Virtual Teresa Teng Lijun, driving the relevant plates to rise sharply, and the market is still full of enthusiasm for the meta-universe.
Detached from the concept of hype, from the perspective of scene popularization and performance realization, VR, as the entrance to the metaverse, should be the most deterministic part of it.
VR devices
1, the product tends to mature
Previously, the public's experience of VR products was poor hardware performance, few playable applications, and insufficient overall experience, but in 2021, the situation has changed significantly.
This Christmas, VR sales grew strongly, with the Oculus mobile app topped the U.S. free list during the Christmas season and jumped to the top five in 14 countries.
At present, the Oculus Quest series has sold almost 10 million units, which indicates that the product has matured in hardware and is infinitely close to the "tipping point" proposed by Zuckerberg.
He sees 10 million users as a key threshold before the "explosive growth of content and ecosystems."
When there are more and more active users in the VR industry, the industry will enter the positive feedback that content developers are profitable - developers develop more high-quality content - hardware sales are more - content developers are more profitable.
The market always likes to put VR/AR together to discuss, thinking that it is the same thing, but in fact, the two have obvious gaps in the development of hardware and applications.
Simply put, VR/AR requires the use of computers to draw virtual images, but the images in VR are all drawn by computers, often requiring higher performance GPUs.
AR, on the other hand, needs to understand the scene and needs to use very complex algorithms to run in real time, so the performance requirements of the CPU are very high.
In terms of application scenarios, VR is mainly used for entertainment, focusing more on C-end fields such as games, video, live broadcasting, and social networking.
Ar can be used in industry, military, medicine, education and other aspects of daily life, more widely used, in the C-end and B-end are used.
Mainstream VR products on the market
In terms of hardware, the easiest way to distinguish VR from AR is that VR requires an opaque headset to complete the experience in the virtual world, while AR requires a clear headset to see the real world and the information and images superimposed on it.
Although AR shipments are also very fast, the volume is much smaller than that of VR headsets, so VR is still the most deterministic link in the metaverse.
From the perspective of the development status of head enterprises, domestic and foreign technology giants have long been laying out VR for many years, Facebook, Microsoft, NVIDIA, Tencent, and Byte have spent a lot of money to build their own industrial ecological chain.
2. Integrated mainstream
VR headsets mainly include external, all-in, mobile phone box headsets, and the integrated one is now the mainstream.
Three VR headset products
The hardware of the VR headset includes core devices, terminals, and supporting peripherals.
At the software level, the gap between domestic and overseas is huge, and the system is still mainly monopolized by foreign giants such as Apple, Samsung, Sony, and Google.
At the hardware level, there are many manufacturers in China, among which terminal manufacturing, display screens, optical devices and other aspects of technology have been relatively mature, but the chip field is still dominated by foreign manufacturers.
Taking the domestic VR all-in-one products as an example, the processor accounts for about 16.4% of the total cost, which is higher than the external headset, and the storage cost of the all-in-one machine is also higher, accounting for about 27.3% of the cost of the all-in-one machine.
However, these two pieces are mainly monopolized by foreign manufacturers, such as processors, mainstream products basically use High-Tech Xiaolong chipsets, and domestic low-end products will use Quanzhi Technology and Rockchip's processors.
The storage link is also divided by Samsung, SK Hynix, and Magnesium, and the competitiveness of domestic manufacturers is very weak.
In addition, the screen and optical devices account for 33.9% and 5.5% of the cost of the all-in-one machine respectively, and domestic enterprises have obvious advantages in these two areas.
3, the screen: micro OLED future trend, detection equipment benefits significantly
Since 2020, Fast-LCD has become the mainstream display screen of VR with its cost-effective advantage, and Quest2 also uses fast LCD screen.
In this regard, BOE has obvious advantages, and the world's major Fast LCD products are supplied by it.
However, in the next generation of VR displays, Micro OLED will become mainstream.
Due to its working principle, Fast LCD screen imaging still requires a certain backlight response and data transmission time, and Micro OLED (silicon-based OLED) has the advantages of low latency and high resolution, which is very suitable for VR equipment.
The 13 VR headsets listed in the previous 20 years have not yet used Micro OLED screens, and as a result, 4 of the products in 21 years have been adopted.
According to IDC forecasts, global VR headset shipments will grow to 18 million units in 2022, and at a 50% penetration rate, the number of VR headsets using Micro OLED (silicon-based OLED) is about 9 million units.
By 2022, the global VR-driven Micro OLED market will be about 8.5 billion yuan.
The comprehensive yield of Micro OLED and Micro LED is lower, and the dependence on testing equipment is greater.
Generally, the yield of the OLED production line of the same generation is lower than the yield of the LCD production line, according to the data of Tajian research, the scale of the testing equipment required under the same investment scale is 1.5-2 times that of the LCD.
According to the LCD panel testing equipment accounting for 12% of the production line investment, OLED panel testing equipment will account for 18-24% of the production line investment.
Due to the size of Micro-LED chips, the production difficulties such as line width accuracy and chip miniaturization are more difficult, and the corresponding added value and technical difficulties are also larger, and the demand for testing equipment is greater.
In this context, the panel inspection equipment market will usher in expansion.
Related Subjects:
Fine test electronics: the company's products cover all kinds of flat panel display of various major detection systems, from the detection object, the company's products have covered LCD, OLED, Mini-LED and Micro-LED and other types of flat panel display devices.
At present, the company is in an absolute leading position in Micro LED detection, has a good cooperative relationship with Apple and Facebook, and has corresponding products and orders in VR/AR terminal detection, and has formed revenue.
Berger Co., Ltd.: The company's products include automation solutions, acoustic test solutions, optical test solutions, vision test solutions, etc. At present, the company has related equipment for VR product inspection.
As the metaverstem process accelerates, VR/AR devices may drive a new round of 3C equipment demand growth, the company is expected to benefit.
4, optics: Fresnel lenses are still the mainstream
In the VR scene, the distance between the human eye and the screen is only 3cm, and because the distance from the human eye is different from the mobile phone, tablet and other electronic devices, the display effect is different, so it is also necessary to use different optical display schemes.
The optics in the VR headset mainly include Fresnel lenses and short-throw solutions.
Fresnel lenses are improved on ordinary lenses, cutting continuous surfaces into discontinuous surfaces with constant curvature, achieving the same concentrating effect while saving a lot of material.
Fresnel lens (left), Normal lens (right)
At present, Fresnel lens has been very mature in domestic and foreign technology, stable supply, is the mainstream optical device used in the current VR headset.
However, Fresnel lenses also have problems such as large volume and do not support diopter adjustment, and the general direction of the future is still a short-throw solution.
Domestic manufacturers in the VR optical solution layout is mostly based on traditional lenses, considering that the domestic penetration rate is still very low, VR/AR optics to the performance of the contribution will be very obvious.
In Facebook's 2021 interim results, the non-advertising business increased by 85.37% year-on-year, much higher than in the past four years, and the growth was mainly driven by VR.
In the reported performance of Goertek shares, intelligent hardware increased by 210.83% year-on-year, also due to the contribution of vr business.
The performance growth rate of large factories verifies the high prosperity of the VR industry, and as the number of products and users continues to form positive feedback, other related companies will also usher in rapid growth.
Goertek Co., Ltd.: In terms of optical capabilities, the company provides a variety of VR optical solutions such as aspheric lenses, Fresnel lenses, and diffractive optical components.
In terms of optical solutions, the company relies on its strong integration capabilities in optics, has the design and manufacturing capabilities and mass production experience of VR special lenses, and ensures the image quality of VR products.
Zhaowei Electromechanical: The VR/AR glasses (VR headset) motor gearbox has been upgraded to control the distance from the lens to the screen through the reciprocating linear motion of the micro focus motor.
The company's VR/AR glasses interpupillary distance transmission solution can make the product thinner and lighter, and will also significantly improve the consumer experience of the product.
Lianchuang Electronics: In the ar/VR industry, it has mature key core technologies such as geometric optical waveguides and ultra-thin lenses.
The company's related lens products for Magic Leap have been shipping, and there is a cooperation with Facebook for panoramic lenses.
Sunny Optical Technology:
In 2015, it began to lay out VR/AR, machine vision and other application fields, and the lenses and lenses for VR/AR equipment have been mass-produced as early as 2016, and are the core suppliers of Oculus VR lenses.
The company has completed the research and development of VR display modules and AR color waveguides, leading the VR/AR visual module market share in the industry, and as the core accessory of the VR track, it will benefit from the industry explosion.
Reference Research Report:
"Minsheng Securities - What Equipment Demand Brought by the VR_AR Boom: VR"
"Tianfeng Securities - VRAR Industry: Oculus VR App topped Apple's download list, Quest2 users accounted for 36.32% of the innovation"
"Xiangcai Securities - The Industrial Chain Tends to Mature, and the VR Industry Ushers in a Period of High Growth"