证券研究报告 歌尔股份 (002241 CH) 25 年，我们预计 1）公司在智能耳机行业增长带动下，智能声学整机收入 同比增长 6%，且毛利率继续改善预计回到 9.9%，2）根据 IDC，预计 25 年全球 VR 出货量下滑 12%至 650 万台，同时 PS5 进入产品周期末尾，我 们认为将拖累公司智能硬件产品收入，但与 Meta、小米合作的 AI 眼镜和 XR 产品预计从 25 年开始逐渐成为公司增长的新驱动。整体看，我们预计 公司 25 年收入同比下滑 4%至 969 亿元，毛利率同比修复 0.9pp，归母净 利润同比增长 23%至 32.9 亿元。 盈利预测与估值 我们下调 VR 全球出货量，预计公司 25/26/27 年归母净利润 32.9/38.1/42.8 亿元（较 25/26 年前值下调 18/13%）。可比公司 Wind 一致预期 25 年 PE 均值 24.2x，考虑到公司在 AI 眼镜和 AR 方向的潜力及成长弹性，给予 25 年 31.13xPE 估值（前值 24 年 33.6xPE 估值），维持 29.26 元目标价。维 持买入评级。 风险提示：TWS/VR/AR 需求不及预期；量 ...

长江商报消息 ●长江商报记者 江楚雅 同日，歌尔股份公告，拟向控股子公司歌尔光学以借款方式提供额度不超过10亿元的财务资助，以满足 歌尔光学的资金周转及日常经营需要，并按实际使用资金以不低于公司同类业务同期银行贷款利率结算 资金使用费。 加码研发完善"AI+"布局 在全球消费电子市场需求复苏的大背景下，持续完善"AI+"布局的歌尔股份（002241.SZ）盈利大幅增 长。 3月26日，歌尔股份披露年报，2024年实现营收1009.54亿元，同比增长2.41%；归母净利润26.65亿元， 同比增长144.93%；扣非净利润23.93亿元，增长178.30%。公司2024年四季度营收313.08亿元，创下全 年单季度最高。 长江商报记者注意到，歌尔股份在保持传统声学业务优势的同时，积极布局"AI+"战略，推动公司向智 能硬件领域转型升级。公司高度重视研发投入，持续推动技术创新，2020年至2024年，五年时间，公司 研发费用合计224.21亿元。 营收破千亿 歌尔股份主营业务包括精密零组件业务、智能声学整机业务和智能硬件业务。近年来，公司业绩虽有波 动但整体呈现上升趋势。 2024年，歌尔股份盈利能力大幅回暖。财 ...

2025 年 03 月 27 日 公司点评 买入/维持 歌尔股份(002241) 昨收盘:26.95 盈利水平显著提升，把握 AI 端侧创新机遇 ◼ 走势比较 (10%) 12% 34% 56% 78% 100% 24/3/27 24/6/7 24/8/18 24/10/29 25/1/9 25/3/22 歌尔股份 沪深300 ◼ 股票数据 总股本/流通(亿股) 34.91/30.84 总市值/流通(亿元) 940.75/831.02 12 个月内最高/最低价 (元) 30.63/14.57 相关研究报告 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 公 司 研 究 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 事件：歌尔股份发布 2024 年报，2024 年公司实现营收 1009.54 亿元，同 比增长 2.41%，实现归母净利润 26.65 亿元，同比增长 114.93%；单 Q4 来 看，2024Q4 公司实现 ...

Core Viewpoint - Goer Technology Co., Ltd. has returned to a revenue scale of over 100 billion yuan, achieving significant growth driven by the recovery of the consumer electronics industry and the AI technology wave [1] Group 1: Financial Performance - In the fiscal year 2024, Goer Technology reported a revenue of 100.95 billion yuan, a year-on-year increase of 2.41% [1] - The net profit attributable to shareholders reached 2.665 billion yuan, marking a substantial year-on-year growth of 144.93% [1] Group 2: Strategic Focus - The company continues to adhere to its product strategy of "precision components + intelligent hardware," focusing on serving leading global clients in the technology and consumer electronics sectors [2] - Goer Technology is actively promoting the development of emerging smart hardware businesses, including VR, MR, AR, AI smart glasses, smart wireless earphones, and smart home devices [2] - The company has strengthened its business expansion in automotive electronics, particularly in MEMS sensors and AR HUD modules [2] Group 3: Collaboration with Apple - Goer Technology has been a crucial partner for Apple since 2010, participating in the production of numerous Apple products, including microphones, speakers, and AirPods [2] - The collaboration has not only advanced hardware manufacturing but also established a benchmark in the green supply chain, achieving 100% renewable energy production for Apple products in its Chinese factories [3] Group 4: AI and Market Trends - The rapid development of generative AI technology is bringing new opportunities to the consumer electronics sector, particularly in AR products and AI smart glasses [4] - Goer Technology has strategically positioned itself in the manufacturing of AI smart glasses and related components, including acoustic, optical, and sensor modules [4] - Industry experts suggest that Goer Technology should increase R&D investment and accurately position product directions to seize opportunities in the AI smart glasses market [4][5] Group 5: Future Outlook - Although the hardware technology and application scenarios for AI smart glasses are not yet mature, significant growth is expected in the coming years due to the active investment from leading industry players [5] - The development of generative AI is anticipated to enhance content creation efficiency, providing strong support for the long-term growth of VR/MR products [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8] Core Views - The company's performance in 2024 met expectations, with revenue of 100.95 billion and a year-on-year growth of 2.4%. The net profit attributable to the parent company was 2.67 billion, reflecting a significant increase of 144.9% year-on-year [4][5] - The report emphasizes the importance of the new AI+AR glasses product cycle, with major manufacturers expected to launch new products in 2025, which will drive rapid penetration of AI glasses and subsequent upgrades to AR glasses [5][6] - The company is expected to continue improving its profitability in 2025, driven by operational efficiency optimization and the launch of new products such as AirPods Pro [5][6] Financial Summary - The company's projected revenue for 2025-2027 is adjusted to 1034 billion, 1319 billion, and 1636 billion respectively, with net profits of 3.5 billion, 4.5 billion, and 5.7 billion for the same years [5][6] - The earnings per share (EPS) is forecasted to be 0.77, 1.02, 1.31, and 1.63 for the years 2024 to 2027 [6][7] - The price-to-earnings (P/E) ratio is expected to decrease from 35 in 2024 to 17 in 2027, indicating a more attractive valuation over time [6][7] Market Position - The company is positioned to benefit from the new product cycle in AI and AR glasses, as it serves as an OEM for major brands, covering critical components such as optical waveguides and acoustics [5][6] - The report highlights the recovery in profitability due to increased sales of products like Quest and AirPods, which have improved operational efficiency [5][6]

Core Insights - The company reported a total revenue of 100.95 billion yuan for 2024, representing a year-on-year increase of 2.41% [1] - The net profit attributable to shareholders reached 2.67 billion yuan, up 144.93% year-on-year, while the non-recurring net profit was 2.39 billion yuan, reflecting a 178.30% increase [1] - The gross profit margin for the year was 11.09%, an increase of 2.14 percentage points year-on-year [1] Quarterly Performance - In Q4 2024, the company achieved a revenue of 31.31 billion yuan, a year-on-year increase of 27.13% and a quarter-on-quarter increase of 6.99% [1] - The net profit attributable to shareholders for Q4 was 320 million yuan, up 63.23% year-on-year but down 71.45% quarter-on-quarter [1] - The non-recurring net profit for Q4 was 347 million yuan, showing a significant year-on-year increase of 371.32% but a quarter-on-quarter decrease of 59.72% [1] - The gross profit margin for Q4 was 10.30%, a decrease of 0.29 percentage points year-on-year and 1.06 percentage points quarter-on-quarter [1] Business Segment Performance - The smart hardware segment generated revenue of 57.20 billion yuan, down 2.57% year-on-year, with a gross margin of 9.17%, an increase of 1.90 percentage points [2] - The smart acoustic complete machine segment saw revenue of 26.30 billion yuan, up 8.73% year-on-year, with a gross margin of 9.47%, an increase of 2.73 percentage points [2] - The precision components segment reported revenue of 15.05 billion yuan, a year-on-year increase of 15.85%, with a gross margin of 21.51%, up 1.02 percentage points [2] - The company’s VR/MR business showed significant growth, and AI is expected to enhance the value and profitability of acoustic sensor components [2] Future Outlook - The company is well-positioned to benefit from the upcoming AI wave, particularly with the RayBan-Meta leading the AI glasses market [2] - The company has a comprehensive layout in assembly, optics, acoustics, and sensing components, with deep cooperation with downstream major clients, indicating potential for entering a new growth cycle [2] Investment Projections - The company’s performance aligns with expectations, and the full-scale layout in edge AI is anticipated to lead to a new growth cycle [3] - Projected net profits for 2025-2027 are 3.62 billion, 4.50 billion, and 5.08 billion yuan, respectively, with corresponding EPS of 1.04, 1.29, and 1.45 yuan [3] - The projected PE ratios for the same period are 26.00, 20.93, and 18.53 times [3]

证券研究报告|公司点评报告 [Table_Date] 2025 年 03 月 26 日 [Table_Title] 盈利能力持续改善，AI 端侧驱动业绩加速 [Table_Title2] 歌尔股份(002241) [Table_Summary] 事件概述 歌尔股份发布 2024 年年报，2024 年实现营收 1009.54 亿元， 同比+2.41%；归母净利润 26.65 亿元，同比+144.93%；扣非归 母净利润 23.93 亿元，同比+178.30%。业绩位于此前预告区间 中值，符合市场预期。 ► 各细分产品线进展顺利，带动营收及盈利能力改善 分产品看： 智能硬件：实现营收 571.99 亿元，同比-2.57%；毛利率为 9.17%，同比+1.90pct。主要是由于：1）北美客户 VR/MR 产品 迭代，带动出货量及盈利能力提升；2）毛利率较低的产品进入 生命周期中后段，出货量下滑。 智能声学整机：实现营收 262.96 亿元，同比+8.73%；毛利率 9.47%，同比+2.73pct。主要是得益于智能无线耳机出货量稳步 回升，带动营收和盈利能力实现改善。 精密零组件：实现营收 150.51 亿元，同比 ...

Core Insights - The company reported a significant increase in net profit, achieving a growth of 144.93% year-on-year, with a net profit of 2.665 billion yuan for 2024 [3] - Revenue for 2024 reached 100.95 billion yuan, marking a year-on-year increase of 2.41% [3] - The company plans to distribute a cash dividend of 1.50 yuan for every 10 shares [3] Financial Performance - R&D investment amounted to 4.569 billion yuan, representing 4.53% of total revenue and 13.77% of the latest audited net assets [3] - The net cash flow from operating activities was 6.2 billion yuan, a decrease of 23.94% year-on-year [3] - Gross margin for 2024 was 11.09%, an increase of 2.14 percentage points, while net margin was 2.56%, up 1.53 percentage points from the previous year [5] Business Segments - Precision components business generated revenue of 15 billion yuan, up 15.85% year-on-year [4] - Smart acoustic products revenue was 26.3 billion yuan, an increase of 8.73% [4] - Smart hardware business revenue decreased by 2.57% to 57.1 billion yuan [4] Market Trends - The consumer electronics industry is experiencing a recovery driven by new technologies such as AI [3] - The company noted significant growth in sales of VR and MR products, with overall positive growth in smart wireless earphones and wearable products [4] - The integration of AI technology with smart hardware is expected to drive further growth in high-performance precision components and smart hardware products [5]

Group 1 - The core viewpoint of the news is that the shareholding proportion of the top ten institutional investors in GoerTek Inc. has decreased significantly, indicating a shift in institutional investment sentiment [1] - As of March 26, 2025, a total of 245 institutional investors hold shares in GoerTek, amounting to 1.011 billion shares, which represents 28.99% of the total share capital [1] - The top ten institutional investors collectively hold 25.01% of GoerTek's shares, which is a decrease of 7.10 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three public funds have reduced their holdings compared to the previous quarter, with a total reduction rate of 0.14% [2] - Five new public funds have disclosed their holdings this quarter, indicating continued interest from new investors [2] - One foreign fund, Hong Kong Central Clearing Limited, has also reduced its holdings by 3.59% compared to the previous quarter [2]

Core Viewpoint - The company, GoerTek Inc., has received approval to register the issuance of ultra-short-term financing bonds up to RMB 3 billion, which will be managed according to relevant regulations and market conditions [1][2]. Group 1: Company Actions - GoerTek's board and supervisory committee approved the proposal to register and issue ultra-short-term financing bonds during meetings held on October 23, 2024, and November 19, 2024 [1]. - The company has received a registration acceptance notice from the trading association, confirming the approval for the bond issuance [1]. Group 2: Regulatory Compliance - The issuance will comply with the guidelines for non-financial corporate debt financing instruments, including disclosure obligations and issuance management [2]. - The company plans to issue the bonds based on its funding needs and market conditions within the registered limit and validity period [2].