歌尔股份一季度增利不增收

Core Insights - GoerTek reported a revenue of 16.305 billion yuan for Q1 2025, a year-on-year decrease of 15.57% [1] - The net profit attributable to shareholders was 469 million yuan, an increase of 23.53% year-on-year [1] - The company increased its R&D investment to 1.096 billion yuan, a year-on-year growth of 32.83% [1] Financial Performance - The decline in revenue was attributed to a normal reduction in product volume from clients in the smart hardware segment [1] - The increase in net profit was mainly due to gains from foreign exchange derivatives and investments in associates, totaling 144 million yuan [1] - Accounts receivable decreased by 53.52% to 8.311 billion yuan, while cash and cash equivalents increased by 24.49% to 21.744 billion yuan [1] Profitability Metrics - The gross profit margin improved to 12.41%, up 3.21 percentage points year-on-year [1] - The net profit margin rose to 2.68%, an increase of 0.79 percentage points year-on-year [1] - Operating cash flow net amount was 1.536 billion yuan, a slight increase of 0.13% year-on-year [1] Business Segment Performance - In 2024, GoerTek achieved total revenue of 100.954 billion yuan, a year-on-year increase of 2.41% [2] - The net profit for 2024 was 2.665 billion yuan, a significant year-on-year increase of 144.93% [2] - The company reported strong progress in its precision components, smart acoustic systems, and smart hardware segments, particularly in VR/MR and wearable products [2]