The "meta universe" is on fire, and the domestic VR industry chain finally waits for the wind?

"宇宙的尽头是铁岭"，互联网的尽头在哪里？

"The end of the universe is iron ridge", where is the end of the Internet?

这个问题的答案太多了。起初是"电子商务"，后来是"社区团购"，后来变成了"借贷"

There are too many answers to this question. At first, it was "e-commerce", then "community group purchase", and later it became "borrowing"

现在，有了一个新的答案："元宇宙"。

Now, there is a new answer: "meta universe".

什么是"元宇宙"？

What is "meta universe"?

元宇宙，元代表超越，诗代表宇宙。总而言之，它通常代表着"超越宇宙"的概念：一个与现实世界平行的人造空间。

Meta universe, meta stands for transcendence, and verse stands for the universe. Taken together, it usually represents the concept of "beyond the universe": an artificial space running parallel to the real world.

2021年，"元宇宙"成为市场关注的焦点，被认为是下一代互联网互动形式的革命。最近"元宇宙"的繁荣与投资有关。

In 2021, "meta universe" has become the focus of market attention and is considered to be the revolution of the interactive form of the next generation Internet. The recent boom in the "meta universe" is related to an investment.

8月29日，虚拟现实（VR）初创公司Pico致函全体员工，披露该公司被Pico收购。

On August 29, Pico, a VR (virtual reality) start-up company, sent a letter to all employees, disclosing that the company was acquired by Pico.

次日，该笔投资引起二级市场的高度关注，a股众多VR/AR概念股发生变化：宝通科技（300031）、金龙机电（300032）涨停；歌德股票（002241）曾一度触及每日涨停。公司在互动平台上及时回应，Pico bird目前是公司的关联方，双方在VR领域开展了合作。

The next day, this investment attracted great attention from the secondary market, and many VR / AR concept stocks in a shares changed: Baotong Technology (300031) and Jinlong electromechanical (300032) rose by the limit; Goer shares (002241) once hit the daily limit. The company responded in a timely manner on the interactive platform that Pico bird is currently an affiliated party of the company, and the two sides have carried out cooperation in the field of VR.

从Facebook、byte beating、腾讯等竞相布局"元宇宙"的国内外巨头来看，VR行业一直被业界视为登录下一代互联网的"门票"，被投资者视为新的"财富密码"。

From the giants at home and abroad such as Facebook, byte beating and Tencent competing to layout the "meta universe", the VR industry has been regarded by the industry as the "ticket" to log in to the next generation Internet and as a new "wealth password" by investors.

在本期《硬核投资与研究》中，21世纪资本研究院首先关注goer shares，这家被誉为"苹果产业链领导者"的公司，在虚拟现实领域已经深耕多年。随着5g的逐步实施，VR在早期大多停留在概念阶段，正在逐步完善其硬件和内容。除了goer股票，更多的中国VR设备制造商也将迎来变革的机会。

In this issue of hard core investment and research, 21st century capital research institute first focused on goer shares, a company known as "leader of Apple industrial chain", which has been deeply cultivated in the field of VR for a long time. With the gradual implementation of 5g, VR, which mostly stayed at the conceptual stage in the early stage, is gradually improving its hardware and content. Besides goer shares, more Chinese VR equipment manufacturers will also usher in opportunities for change.

21世纪资本研究院投资研究问题4：

Question 4 of investment research of 21st Century Capital Research Institute:

1.元宇宙与虚拟现实设备的关系是什么？

1. What is the relationship between metauniverse and VR equipment?

2.为什么是Pico？

2. Why Pico?

3.goer的VR/AR业务发展情况如何？

3. What is the development of VR / AR Business of goer?

4.中国虚拟现实制造商的潜力是什么？

4. What is the potential of Chinese VR manufacturers?

大型工厂的资本布局

Capital layout of large factories

"元宇宙"的概念由来已久。它最初是在尼尔·斯蒂芬森1992年出版的科幻小说《雪崩》中创作的。

The concept of "meta universe" has a long history. It was first created in Neil Stephenson's science fiction avalanche published in 1992.

目前，它被定义为一个沉浸式的、连接的共享虚拟世界，用户可以在其中进行交互、协作和创建。

At present, it is defined as an immersive and connected shared virtual world in which users will be able to interact, collaborate and create.

数字资产研究院学术技术委员会主任朱家明教授曾表示，"元宇宙"的内涵是吸收信息革命（5g/6g）、互联网革命（Web3.0）、人工智能革命、虚拟现实（VR）、增强现实（AR）的成果，Mr（混合现实），尤其是包括游戏引擎在内的虚拟现实技术革命。

Professor Zhu Jiaming, director of academic and Technical Committee of digital assets research institute, once said that the connotation of "meta universe" is to absorb the achievements of information revolution (5g / 6g), Internet Revolution (Web3.0), artificial intelligence revolution, VR (virtual reality), AR (augmented reality), Mr (hybrid reality), especially the virtual reality technology revolution including game engine.

在"元宇宙"轨道上,国内外大工厂纷纷布局,一些企业也尝试了二级市场。

On the "Yuan universe" track, large factories at home and abroad have arranged one after another, and some companies have tried the secondary market.

2021年3月11日，roblox上市。作为第一家将"元宇宙"写入招股说明书的公司，该公司实现了强劲的股价表现，总市值为470亿美元。其活跃的开发者生态、用户生态和商业模式向市场展示了metauniverse的未来发展潜力。

On March 11, 2021, roblox went public. As the first company to write "metauniverse" into the prospectus, it achieved strong stock price performance, with a total market value of US $47 billion. Its active developer ecology, user ecology and business model showed the future development potential of metauniverse to the market.

在海外，Facebook通过oculus设备布局虚拟现实领域，推出Facebook地平线虚拟现实社交平台；谷歌通过体育场布置云游戏，通过YouTube VR布置软件和服务。

Overseas, Facebook has laid out the VR field through oculus devices, and launched the Facebook horizon VR social platform; Google layouts cloud games through stadia and software and services through YouTube VR.

在中国，腾讯CEO马化腾提出"全真相互联网"的概念，通过投资史诗游戏、roblox等公司安排元宇宙轨道，加大在云、游戏、短视频内容领域的投资；Byte beat此前投资近1亿元在"元宇宙"游戏开发者代码宇宙布局元宇宙；游戏行业的新锐力量"上海四小龙"尤米娅和莉莉丝今年也开始了他们在元宇宙领域的探索。

In China, Ma Huateng, CEO of Tencent, put forward the concept of "full truth Internet", arranged the meta universe track by investing in Epic Games, roblox and other companies, and increased investment in the fields of cloud, games and short video content; Byte beat previously invested nearly 100 million yuan in the "meta universe" game developer code universe layout meta universe; MIHA you and Lilith among the new forces in the game industry "Shanghai four dragons" have also opened their exploration in the field of meta universe this year.

随着各领先厂商的投入和技术领域的不断突破，业界认为"元宇宙"有望成为互联网产业发展的下一阶段，甚至将2021年称为"元宇宙元年"。

With the investment of various leading manufacturers and the continuous breakthroughs in the technical field, the industry believes that "meta universe" is expected to become the next stage of the development of the Internet industry, and even calls 2021 "the first year of meta universe".

虚拟现实"票"

A VR "ticket"

国内外巨头竞相进入游戏，反映出隐藏的财富和机会。从某种程度上说，基准测试Facebook的字节节拍显然不能错过这场盛宴。

Giants at home and abroad compete to enter the game, reflecting the hidden wealth and opportunities. To some extent, the byte beat of benchmarking Facebook obviously can't miss this feast.

8月29日，Pico的一封内部信函确认该公司被Pico收购。

On August 29, an internal letter from Pico confirmed that the company was acquired by Pico.

根据公开数据，Pico成立于2015年，由现任首席执行官周宏伟发起，专注于创造终极VR体验。是国内VR行业最大的软硬件研发厂商。公司开发的产品包括移动VR头盔、goblinvr一体机、picouvr眼镜、trackingkit tracking kit、PicoStore应用程序和游戏商店。

According to public data, Pico was founded in 2015, initiated by current CEO Zhou Hongwei, focusing on creating the ultimate VR experience. It is the largest software and hardware R & D manufacturer in the domestic VR industry. The products developed by the company include mobile VR helmet, goblinvr all-in-one machine, picouvr glasses, trackingkit tracking kit, picosetore application and game store.

Pico由青岛鸟瞰科技有限公司100%拥有。后者的最大股东是goer group，持股比例为26%。江龙董事长是goer现任副董事长兼总经理。

Pico is 100% owned by Qingdao bird look technology. The largest shareholder of the latter is goer group, with a shareholding ratio of 26%. Chairman Jiang long is the current Vice Chairman and general manager of goer.

换句话说，Pico和goer股份属于goer集团。

In other words, Pico and goer shares belong to goer group.

根据《齐新报》的数据，Pico在此次收购之前已经获得了四轮融资。最新一轮融资是今年3月完成的2.42亿元B+融资。投资者包括基石资本、建行国际、招商局资本等。之前引入的股东还包括基石财富、中金资本、中电、广发前和、广发信德、巨峰科创等。

According to qixinbao data, Pico has obtained four rounds of financing before this acquisition. The latest round of financing is the B + round of financing of RMB 242 million completed in March this year. The investors include cornerstone capital, CCB international, China Merchants capital, etc. Previously introduced shareholders also include keystone wealth, CICC capital, CLP CICC, GF Qianhe, GF Xinde, Jufeng Kechuang, etc.

此次收购显示了前者在虚拟现实业务布局方面的雄心。

This acquisition shows the former's ambition in VR business layout.

据称，Pico将整合字节相关业务，整合字节内容资源和技术能力，并增加产品研发和开发者生态投资。

It is said that Pico will incorporate byte beating VR related businesses, integrate byte content resources and technical capabilities, and increase investment in product R & D and developer ecology.

中金公司认为，随着byte收购Pico，预计它将复制Facebook收购oculus的成功经验，开发虚拟现实直播等远程互动应用程序，并推动国内外虚拟现实出货量的快速增长。

CICC believes that with byte's acquisition of Pico, it is expected to replicate the previous successful experience of Facebook's acquisition of oculus, open remote interactive applications such as VR live broadcast, and drive the rapid growth of VR shipments at home and around the world.

根据IDC今年3月发布的2020年第四季度中国AR/VR市场报告，Pico在2020年国内VR一体机市场份额排名第一，第四季度份额高达57.8%。自成立以来，Pico已售出50多万部VR头盔设备。

According to China's AR / VR market report for the fourth quarter of 2020 released by IDC in March this year, Pico ranked first in the domestic VR all-in-one machine market share in 2020, with Q4 share as high as 57.8%. Since its establishment, Pico has sold more than 500000 VR helmet devices.

AR公司凉风台联合创始人唐荣兴（音译）对Pico被byte beat收购非常乐观，他已经深入该行业近10年。他相信这将促进行业的发展："byte beat是一家优秀的软件公司。收购Pico可以实现软硬件的结合，据我所知，他们在AR光学领域有一个布局。为未来的2D内容升级3D沉浸式内容，创造更好的生态闭环。此外，通过此类收购活动，将产生更广泛的行业知识和科普知识，这也将推动AR/VR产业链升级。"

Tang Rongxing, co-founder of liangfengtai of AR company who has been deeply involved in the industry for nearly 10 years, is very optimistic about Pico's acquisition by byte beat. He believes that this will promote the development of the industry: "byte beat is an excellent software company. The acquisition of Pico can realize the combination of software and hardware, and as far as I know, they have a layout in the field of AR optics. Upgrade 3D immersive content for future 2D content and create a better ecological closed loop. Moreover, through such an acquisition event, a wider range of industry knowledge and popular science will be generated, which will also drive the upgrading of AR / VR industrial chain. "

goer股票的新增长点

New growth point of goer shares

与Pico属于同一集团的Goer股份是此次收购的关注焦点之一。

Goer shares, which belong to the same group as Pico, is one of the focuses of attention in this acquisition.

Goer shares被广泛称为苹果产业链的领导者，事实上长期以来一直参与"元宇宙"的概念。

Goer shares, widely known as the leader of Apple's industrial chain, has actually been involved in the concept of "meta universe" for a long time.

2020年底，市场预计苹果无线耳机销量将在2021年下降，21世纪资本研究院在报告中指出，VR/AR业务可能成为消费者新的利润来源。

At the end of 2020, when the market expected Apple wireless headset sales to decline in 2021, 21st Century Capital Research Institute pointed out in the report that VR / AR business may become a new profit source for goer.

今年以来，歌德的表现也证实了这一点。

Since this year, Goethe's performance has also confirmed this point.

一季度，goer实现营业收入140.28亿元，同比增长116.68%；归属于上市公司股东的净利润9.66亿元，同比增长228.41%。上半年实现营业收入302.88亿元，同比增长94.49%；归属于母公司的净利润17.31亿元，同比增长121.71%。

In the first quarter, goer achieved an operating revenue of 14.028 billion yuan, a year-on-year increase of 116.68%, and the net profit attributable to shareholders of listed companies was 966 million yuan, a year-on-year increase of 228.41%. In the first half of the year, the operating revenue was 30.288 billion yuan, a year-on-year increase of 94.49%; The net profit attributable to the parent company was RMB 1.731 billion, a year-on-year increase of 121.71%.

公司发布的前三季度业绩预测继续大幅增长。预计2021年前三季度归属于母公司的净利润约为32.14亿元-34.61亿元，同比增长59.38%-71.64%。第三季度利润预计为14.83亿元-17.3亿元。如果取中位数，第三季度利润预计为16.1亿元，同比增长约30%，环比增长约110%。

The performance forecast for the first three quarters released by the company continues to increase significantly. It is expected that the net profit attributable to the parent company in the first three quarters of 2021 will be about 3.214 billion yuan - 3.461 billion yuan, with a year-on-year increase of 59.38% - 71.64%. The profit in the third quarter is expected to be 1.483 billion yuan - 1.73 billion yuan. If the median is taken, the profit in the third quarter is estimated to be 1.61 billion yuan, with a year-on-year increase of about 30% and a month on month increase of about 110%.

Goer shares在2021年半年度报告中提到，公司的"元宇宙"等新兴概念吸引了整个行业越来越多的关注。

Goer shares mentioned in the 2021 semi annual report that the company's "meta universe" and other emerging concepts have attracted more and more attention from the whole industry.

今年上半年，歌德的表现大幅提升。该公司表示，原因是vr虚拟现实、智能无线耳机等产品的销售收入增加。

In the first half of this year, Goethe's performance increased significantly. The company said that the reason was the increase in sales revenue of vr virtual reality, intelligent wireless headphones and other products.

根据财务报告，歌德股份主要分为三个业务板块：精密元件、智能声学机器（如TWS）和智能硬件（如VR/AR和智能可穿戴产品）。2021年上半年，精密零部件收入60.51亿元，同比增长21.78%；智能声学机收入124.92亿元，同比增长91.94%；智能硬件收入112.1亿元，同比增长210.83%。

According to the financial report, Goethe shares are mainly divided into three business segments: precision components, intelligent acoustic machine (such as TWS) and intelligent hardware (such as VR / AR and intelligent wearable products). In the first half of 2021, the revenue of precision parts and components was RMB 6.051 billion, with a year-on-year increase of 21.78%; The revenue of intelligent acoustic machine was 12.492 billion yuan, a year-on-year increase of 91.94%; The revenue of intelligent hardware was RMB 11.21 billion, a year-on-year increase of 210.83%.

三大业务中，以VR/AR业务为主的智能硬件业务取得了令人瞩目的增长，并迎来了爆炸式增长。

Among the three businesses, the intelligent hardware business dominated by VR / AR business has achieved eye-catching growth and ushered in explosive growth.

8月31日，一位与goer股票有关的人士告诉21世纪资本研究所："VR/AR市场正在蓬勃发展。多年来一直致力于该领域布局的Goer shares迎来了一个收获期。在VR/AR性能大幅提升的背后，是goer与巨人的紧密联系。"

On August 31, a person related to goer shares told 21st Century Capital Research Institute: "the VR / AR market is booming. Goer shares, which has been devoted to layout in this field for many years, has ushered in a harvest period. Behind the great increase in VR / AR performance is goer's deep binding with giants."

最近，goer董事长姜斌在2021年微显示光学技术大会上表示，goer从2012年开始布局VR/AR产业，目前占据全球中高端虚拟现实头显示器70%的市场份额。Goer不仅与Facebook和索尼建立了长期合作关系，还深入参与了客户VR设备的研发、设计和生产。

Recently, Jiang Bin, chairman of goer, said at the 2021 micro display optical technology conference that goer began to layout the VR / AR industry in 2012 and currently occupies 70% of the global market share of medium and high-end virtual reality head displays. Goer has not only established long-term cooperative relations with Facebook and Sony, but also deeply participated in the R & D, design and production of customers' VR equipment.

关注中国VR概念股

Focus on Chinese VR concept stocks

goer虚拟现实业务增长的背后是一条赛道的兴起。

Behind the growth of goer's VR business is the rise of a track.

事实上，从2017年到2020年，虚拟现实行业经历了一个低谷。当时主流移动VR产品体验差，主机VR价格高，内容匮乏，导致消费市场真正爆发。

In fact, from 2017 to 2020, the VR industry experienced a trough. At that time, the poor experience of mainstream mobile VR products, the high price of host VR and the lack of content led to the real outbreak of the consumer market.

自2020年以来，复苏的迹象非常明显。随着《任务2》的发布和虚拟现实叠加游戏的出现，虚拟现实产业的市场前景是乐观的。

Since 2020, the signs of recovery are very obvious. With the release of quest2 and the emergence of superimposed VR games, the market prospect of VR industry is optimistic.

"之前市场跌入谷底的原因是市场对这个行业的期望过高，显示和计算等技术还没有达到成熟阶段，导致用户体验差。然而，在过去两年中，硬件设备、5g和云计算的不断升级也鼓励了更多开发者进入，从而产生更多好的内容，吸引更多的用户，形成一个正常的循环。"唐荣兴对21世纪资本研究所的分析。

"The reason why the market fell into a trough before is that the market has too high expectations for this industry, and the technologies such as display and computing have not reached the mature stage, resulting in poor user experience. However, in the past two years, the continuous upgrading of hardware equipment, 5g and cloud computing has also encouraged more developers to enter, so as to produce more good content, attract more users and form a normal cycle. " Tang Rongxing's analysis of the 21st Century Capital Research Institute.

唐荣兴进一步表示,随着"元宇宙"概念的兴起,物理世界与数字世界的联系将更加有趣,体验将越来越好,这是一个不可逆转的过程。"我相信今明两年相关VR/AR设备的出货量会有很大的提升，国内产业链公司也将迎来重大机遇。"

Tang Rongxing further said that with the rise of the concept of "meta universe", the connection between the physical and digital world will be more interesting and the experience will be better and better, which is an irreversible process. "I believe that the shipment of relevant VR / AR equipment will be greatly improved this year and next, and domestic industrial chain companies will also usher in major opportunities."

据知名咨询公司IDC预测，2021年全球vr虚拟现实产品同比增长约46.2%，预计未来几年将保持快速增长，2020-2024年年均复合增长率约48%。

According to the prediction of IDC, a well-known consulting firm, the global vr virtual reality products will increase by about 46.2% year-on-year in 2021, and it is predicted to maintain rapid growth in the next few years, with an average annual compound growth rate of about 48% from 2020 to 2024.

进入宇宙的第一个入口是AR/VR终端，需要5g、云计算等技术的支持。根据未来智库的报告，在整个产业链中，目前硬件、内容、软件和服务的市场规模分别占37%、36%、19%和8%。其中，硬件主要是消费级和行业级VR终端，主要包括游戏、视频、直播等；软件包括系统软件开发商、应用软件开发商、软件分销渠道等；VR服务包括线下体验店，游戏连锁店和各种工业应用服务提供商。

The first entrance to the universe is AR / VR terminal, which needs the support of 5g, cloud computing and other technologies. According to the report of future think tank, in the whole industrial chain, the current market scale of hardware, content, software and service accounts for 37%, 36%, 19% and 8% respectively. Among them, the hardware is mainly consumer and industry-level VR terminals, mainly including games, video, live broadcast, etc. the software includes system software developers, application software developers, software distribution channels, etc. VR services include offline experience stores, game chain stores and various industrial application service providers.

在内容方面，宝通科技（300031）是a股热门龙头股，AR/VR/MR智能眼镜和软件平台是其主要业务之一。

In terms of content, Baotong Technology (300031) is a popular leading stock of a shares, and AR / VR / MR smart glasses and software platform are one of its main businesses.

此前，公司在"虚拟现实"领域投资了VR/AR内容和解决方案提供商北京哈斯奇科技有限公司（以下简称"哈斯奇"），并与杭州一宇千翔科技有限公司合作。，有限公司（以下简称"Yiyu-Qianxiang"），致力于构建数字3D空间平台。

Previously, the company invested in VR / AR content and solution provider Beijing hasiqi Technology Co., Ltd. (hereinafter referred to as "hasiqi") in the field of "virtual reality" and cooperated with Hangzhou Yiyu Qianxiang Technology Co., Ltd. (hereinafter referred to as "Yiyu Qianxiang") which is committed to building a digital 3D space platform.

宝通科技有着深入培育"虚拟现实"产业的坚定决心。其2021年半年度报告显示，未来，该公司将结合其游戏产品最终前沿的关键战略布局：inobeta、hasic和AR和VR领域的千香角，在AR和VR领域赋予游戏更多权力，并创造裸眼3D机械兵。

Baotong technology has a firm determination to deeply cultivate the "virtual reality" industry. Its 2021 semi annual report shows that in the future, the company will combine the key strategic layout of its game product final front: inobeta, hasic and a corner of Qianxiang in AR and VR, more empower the game in the field of AR and VR, and create naked eye 3D mecha soldiers.

此外，宝通科技在半年度报告中还表示，公司与hasiqi、易世浩通及游戏研发团队共同开发了多种游戏演示，实现了AR/VR/XR终端的适配。未来，公司将继续探索更多基于AR/VR/XR（"XR"指扩展现实）创新交互的游戏。

In addition, Baotong technology also said in the semi annual report that the company, together with hasiqi, yishihaotong and the game R & D team, has developed a variety of game demos to realize the adaptation on AR / VR / XR terminals. In the future, the company will continue to explore more games based on AR / VR / XR ("XR" refers to extended reality) innovative interaction.

A股市场上有很多像宝通科技这样的游戏制造商。为了争夺越来越大的市场份额，完美世界（002624）、吉比特（603444）和电子灵魂网络（603258）等公司加强了在沙盒游戏（一种"虚拟现实"游戏）轨道上的布局。

There are many game manufacturers like Baotong technology in the A-share market. In order to compete for an increasingly large market share, companies such as perfect world (002624), Gigabit (603444) and electronic Soul Network (603258) have strengthened their layout on the track of sandbox game (a kind of "virtual reality" game).

在硬件方面，VR头显示设备是一个重要的输出端口，由许多大型制造商安排。

In terms of hardware, VR head display equipment is an important output port, which is arranged by many large manufacturers.

HTC、索尼和oculus将在2019年前共享世界，2020年后oculus将主导并实现行业多元化。2019年前，作为一种昂贵的专业播放器设备，VR由索尼的PS VR系列主导。索尼、oculus和HTC vive占据了全球近80%的市场份额。2020年后，随着oculus quest2的热销和高通XR2平台的推出，VR头屏的开发将达到一个新的高潮。

HTC, Sony and oculus will share the world before 2019, and oculus will dominate and diversify the industry after 2020. Before 2019, as an expensive professional player equipment, VR is dominated by Sony's PS VR series. Sony, oculus and HTC vive account for nearly 80% of the global market share. After 2020, with the hot sale of oculus quest2 and the launch of Qualcomm XR2 platform, the development of VR head display will reach a new climax.

据IDC统计，自2020年第二季度以来，oculus逐渐占据行业领先地位，第四季度遥遥领先。目前国内主流VR厂商有Pico、爱奇艺、Nolo、core vision、千幻镜、大鹏等，目前Pico和大鹏（DPVR）占有相对领先的份额，行业仍呈现多元化发展格局。

According to the statistics of IDC, oculus has gradually taken the lead in the industry since 2020q2, and Q4 is far ahead. Domestically, at present, the mainstream VR manufacturers include Pico, iqiyi, Nolo, core vision, thousand magic mirror, Dapeng, etc. at present, Pico and Dapeng (DPVR) have a relatively leading share, and the industry still presents a diversified development pattern.

（作者：张塞南、李秉珍编辑：朱益民）

(author: Zhang Sainan, Li Bingzhen, editor: Zhu Yimin)

Link：https://new.qq.com/omn/20210901/20210901A00BWO00.html

update time：2021-09-01 10:29:48