Guotai Junan Securities: Technological progress drives market demand, AR glasses moving towards "next computing terminal"

Galaxy Securities research report states that technological progress is driving market demand, and AR glasses are advancing towards the "next computing terminal": through technological breakthroughs, ecosystem integration, and market penetration, AR glasses manufacturers are pushing AR glasses from "niche geek toys" towards "popular smart terminals". In the first quarter of 2025, global AR sales were 112,000 units, basically flat compared to the same period last year; benefiting from the significant increase in sales of Ray-Ban Meta, global AI smart glasses sales reached 600,000 units, a year-on-year growth of 216%. Looking at the Chinese market, in the first quarter of 2025, the sales of AR devices in China reached 91,000 units, a significant increase of 116% year-on-year; AI glasses had a total channel sales of 71,000 pairs, a staggering increase of 193% year-on-year. Although AR glasses still face key challenges in terms of cost, battery life, ecosystem, and user habits, with the maturity of AI+AR technology, smart glasses are expected to become the next mainstream computing terminal after smartphones, driving the entire industry chain into a period of high-speed growth.