Minsheng Securities released a research report saying that SiC has helped SRG optical waveguide technology breakthroughs, and with the continuous cost reduction of silicon carbide substrate SRG, it solves the pain points of AR glasses such as heavy weight, poor heat dissipation and limited field of view, and helps AR glasses gradually develop into a mainstream wearable computing platform. In the future, the cost of related raw materials at home and abroad can be further reduced in the industry. It is recommended to pay attention to: 1) assembly: Goertek shares (002241.SZ); 2) SiC: Tianyue Advanced (688234.SH), Tianke Heda (unlisted); 3) Optics: Lante Optics (688127.SH), Crystal Optoelectronics (002273.SZ).

The main views of Minsheng Securities are as follows:

Events

VR Gyro & Forward Intelligence plans to hold the "Global AI Glasses Innovation Technology Trend Forum" on March 25, 25, and release the "2025 AI+AR Glasses Industry Report" at the same time. In addition, on February 27, 25, Longqi, XREAL, Kunyou Optoelectronics and Jingsheng Electromechanical reached a cooperation on the AR glasses business: the four companies officially signed the "AI/AR Industry Chain Strategic Cooperation Agreement". On February 21, 25, Tianke Heda and Mude Micro-Nano established a joint venture company, and the two sides aimed to cooperate in the research and development and promotion of AR diffractive light waveguide lens technology.

Why SiC is ideal for diffractive optical waveguides

The silicon carbide-based SRG waveguide is a revolutionary innovation. In terms of characteristics, silicon carbide has a high refractive index, wide FOV and full-color integration, and has a high refractive index (2.6~2.7). Specific analysis:

1) Improve the display effect: the traditional high refractive index glass monolith only provides the maximum full color of the Fov is less than 40°, and the high refractive index of SiC makes the single-layer silicon carbide waveguide support full-color imaging greater than 80°, and the immersion is greatly improved; In addition, the waveguide grating made of SiC can better avoid the problem of ambient light diffraction into the visual range of the human eye and reduce the influence of "rainbow pattern".

2) Reduced weight: Compared with traditional multi-layer solutions, single-layer SiC solutions can greatly reduce the weight of equipment, the thickness of waveguides, and the complexity of production.

3) Improved heat dissipation: The traditional AR diffractive optical waveguide can be improved in silicon carbide AR glasses due to the heat accumulation caused by the optical machine and the computing module. Different from the traditional temple heat dissipation method, the SiC solution makes full use of the properties of the material itself, and designs the waveguide itself for heat dissipation, which greatly improves the heat dissipation efficiency.

How the industry is progressing

The substrate required for SiC diffractive waveguide lens is a high-purity semi-insulating SiC substrate, according to experts, the core pain point of the current large-scale use of silicon carbide in AR waveguide is the material and processing cost. In the future, 8-inch silicon carbide substrate production lines at home and abroad have been put into operation and shipped on a large scale, and the cost of silicon carbide materials for AR glasses can be further reduced; In addition, with the maturity of new technologies such as laser cutting, the processing efficiency of silicon carbide substrates will be greatly improved, and its cost will have a broader room for reduction. A 6-inch wafer can produce 2 pairs of glasses, an 8-inch wafer can produce 3-4 pairs of glasses, and a 12-inch wafer can produce 8-12 pairs of glasses.

From the perspective of the industry, in terms of SiC manufacturers, San'an Optoelectronics' silicon carbide substrate has worked closely with domestic and foreign terminal manufacturers and optical component manufacturers in the field of AI/AR glasses, and has sent samples to many customers for verification. In terms of the whole machine, in September 24, Meta has shown its first AR glasses prototype equipped with SiC waveguides, Orin.

Risk warning: the risk of weakness in the consumer electronics market, the risk of technological development, and the risk of intensified competition in the industry.