光学光电子行业：智能AR眼镜有望开启SIC光波导升级大趋势

浙商证券2025-03-08

投资要点智能眼镜产品在Ray-Ban Meta 明星产品的带动下正在进行全方位破圈，有望超预期实现从0 到1 的进化，2025 年或将成为全面开花元年。光波导显示功能仍为技术端重点攻坚方向，碳化硅凭借其高折射率属性有望成为优化光路效果的重要材料应用。明星产品率先突围，推动智能眼镜正以超乎预期的速度实现从0 到1 的进化Meta 与Ray-Ban 推出的Ray-Ban Meta 智能眼镜产品实现超...

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耳机遇到的因苹果专利限制而存在的左右耳延迟，及蓝牙与手机系统通信等问题的硬缺陷，因此我们认为智能眼镜在出货量层面有望更快速实现数量级的跨越。主流光波导显示方案中，高折射率介质的选择是实现全反射的重要步骤在主流产品尚不具备光学显示功能的背景下，当前眼镜主要以光波导方案为主流光学攻关方向，主要分为反射（又称几何、阵列）和衍射两种路线：反射光波导通过在镜片表面镀膜形成微米级的镜面阵列，结合光线的全反射原理在对应区域形成射入瞳孔的光线实现成像；衍射光波导在介质上刻蚀或纳米压印光栅通过衍射调整光路以实现全反射，综合来看，两种路线均以光的全反射为基础，为保证更大视场角和光通道数（即在更宽的入射范围内实现全反射），波导方案一直在追逐更小全反射临界角，即更高折射率的介质材料。碳化硅介质凭借其高折射率有望成为眼镜显示功能的强效助力高折射率介质成为波导方案中光路全反射的核心所在。相比传统玻璃介质约1.8的折射率，碳化硅材料的折射率高达2.7，据此计算单层碳化硅实现全反射的临界角比单层玻璃减少超过35%（分别≈21.7°和33.8°），多层介质的优化效果将更为明显，同时对比玻璃也可大幅减薄镜片厚度和减少光线干涉形成的彩虹纹；另一方面，碳化硅材料还具备高热导率，能快速传导高亮度光源、传感器等器件的积热。2024 年9 月智能眼镜龙头Meta 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