麦格理-中国-科技行业-vr：通往虚拟世界的入口-20170926-macquarie-virtual reality portal to virtual world

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1、GREATERCHINAVirtualRealityPortaltovirtualworldConclusionWevisitedPico,aleadingChinesevirtualreality(VR)brandspecialisinginwirelessstandaloneVRheadsetsthatarecablelessandrequirenoPC,smartphone,orconsole,andthusprovidegreaterfreedomandlessdisruptiontoendusers.

2、Foundedin2015,PicoisoneoftheveryfewVRstart-upsthatcontinuetolaunchnewmodelsatasteadypace,thankstoitsstrongtech-drivenforceandmanufacturingpartner,GoerTek(A-Share)(002241CH,VR/ARtopbuyideasRmb20.24,Neutral,TP:Rmb22.00).Pico’sVRheadsetsareusedinboth3MMktcapADTO

3、TPTSRcommercial(mainlyeducationandexhibition)andconsumer(mainlyvideoCompanyTickerRec(US$m)(US$m)(lcy)(%)andgaming)applications,withcommercialthelargerrevenuecontributor.TSMC2330TTO187,783182262.020SMIC981HKO5,1403211.9038ReadacrosstoourVR/ARthemereportTomorro

4、w’sWorld(link,Dec2015).HimaxHIMXUSO1,7894512.2017SunnyOptical2382HKO18,44389140.07AglanceatPico:Foundedin2015,PicoisaleadingChineseVRbrandwith:O-Film002456CHO8,42111425.0022WinSemi3105TTO2,49632200.071)anR&D-drivenstrategy,withR&Dstaffaccountingfor67%oftotal

5、ASMPT522HKO5,89635162.044HonHai2317TTO62,028154200.085headcount;2)astrongmanufacturingpartner,Goertek,and3)afocusonTencent700HKO421,064818378.09AlibabaBABAUSO454,3233,001200.013standaloneVR(mid-endmarket)butalsocoverageofentrylevel(smartphone-basedVR)andhigh-

6、end(PC-basedVR)marketstosecurePricesasof22/9/17;Source:Bloomberg,MacquarieResearch,September2017revenuestreams.ImpactTechnologyfocustodriveinnovation:OfPico’scurrent300staff,200arefromtheR&Dteam.Thishighfocusisdrivenbythebackgroundofthefounder,whowasR&DVPatG

7、oertek.WithastrongR&Dforce,Picohascontinuedtodevelopinnovativeproducts,includingastandaloneVRheadset,withtheprocessorinthecontrollertolowerheadsetweightandheat,inside-outpositionaltracking,usingabuilt-incameratomapsurroundingswithoutexternalgears,ora6DOF(degr

8、eeoffreedom)sportscockpittoproduceweightlessness,collision,vibration,etc.fortheVRplayers.Strongmanufacturingpartner,Goertek,tosecureproduction:Pico’srelationshipwithGoertekisastrongsuppo