汇丰HSBC：全球科技与奢侈品行业研究：从触屏点击到视线交互：AI赋能眼镜 挑战手机主导地位-260114（英文版）（31页）.pdf

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1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Continental Europe View HSBC Global Investment Research at:https:/ AI supports new form factors:ergonom

2、ics,tech stack and health challenges analysed to assess smart glasses potential We revise up 2040e TAM for smart glasses;ESLX benefits from Metas R&D,competition bulking up Upgrade ESLX to Buy(from Hold),lift TP 13%to EUR340;retain Buy(TP USD905)on Meta,Hold(TP USD250)on Apple From Tap(smartphones)t

3、o Blink(smart glasses):AIs Large Language Models(LLMs)support real-time conversation.This mode opens opportunities for users to easily access information and services without handling a smartphone.For wearables,including smart glasses to progressively displace smartphones,better ergonomic and tech,b

4、ut also reassurance on health and social aspects are required.We analyse these in detail.In this report,we also reflect on a Google Glass user experience a decade ago and explain why it is different this time(page 20).It is too early to call for a replacement cycle but our bull case,with 50%smart gl

5、asses penetration by 2040(base case 25%),gives an indication of a possible displacement.We lift our smart glasses 2040e TAM base case by 33%to cUSD200bn:Early success of the latest Meta glasses leads us to revisit both our market volumes and average selling price(ASP)assumptions.Competitors are join

6、ing Meta and EssilorLuxottica(ESLX)in their efforts to create a new computing platform,including Alibaba,XReal,Xiaomi,or Baidu to name a few.We would expect Apple,Samsung or Amazon to join the race in 2026-27.Googles Android XR could support some initiatives.ESLX commercialises the Meta glasses and