AI眼镜第二波行情启动，蓝思科技凭“材料+模块+整机”全栈能力成为最稀缺标的。Meta本周确认下一代Ray-Ban AI眼镜将新增AR显示功能，蓝思继续独供三大核心部件：1.外屏升级为0.7 mm超薄微晶玻璃；2.新增光波导支架，采用CNC+纳米镀膜工艺；3.镜腿集成天线与散热模组，采用铝合金+MIM粉末冶金。
在国内市场，蓝思长沙基地已为Rokid Max系列提供整机组装服务，月产能已由10万台上调至50万台。公司覆制成功经验，把蓝宝石长晶、陶瓷声学腔体等成熟工艺导入AI眼镜，形成差异化壁垒。苹果MR供应链的品控体系、富士康级别的自动化产线，使蓝思具备同时服务国际与国内品牌的能力。
券商测算，2025-2027年全球AI眼镜年覆合增速可达80%，出货量有望从1000万台增至1亿台。蓝思凭Meta、Rokid双龙头订单，有望再造一条高于手机业务的成长曲线。
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