Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company's Q3 2024 net profit attributable to shareholders increased by 138.16% year-on-year, driven by the performance of headphones and XR products [6]. - Revenue for Q3 2024 reached 29.264 billion yuan, a year-on-year growth of 1.7%, while the gross profit margin improved to 11.36%, up 1.21 percentage points [6]. - The company plans to spin off its microelectronics division for an independent listing in Hong Kong, aiming to enhance its focus on precision components and smart hardware sectors [6]. Financial Performance - For the first three quarters of 2024, the company reported a revenue of 69.646 billion yuan, a decrease of 5.82% year-on-year, but a net profit of 2.345 billion yuan, reflecting a significant increase of 162.9% [8]. - The gross profit margin for the first three quarters was 11.45%, up 3 percentage points year-on-year, indicating improved profitability [6][8]. - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 2.651 billion yuan in 2024, 3.363 billion yuan in 2025, and 4.267 billion yuan in 2026 [7][8]. Market Dynamics - The company is benefiting from the release of new products in the second half of the year, including the Quest 3S and new AirPods, which are expected to drive sales growth [6]. - The acoustic business is showing signs of recovery, with significant revenue growth in precision components and smart acoustic systems [6]. - The company is focusing on enhancing its competitive edge in XR and smart wearable technology, supported by the establishment of a national optical precision testing center [6].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [19][18]. Core Insights - The company's revenue for the first three quarters of 2024 reached 69.646 billion yuan, a year-on-year decrease of 5.82%, while the net profit attributable to the parent company was 2.345 billion yuan, reflecting a significant year-on-year increase of 162.88% [2][3]. - The launch of new XR products and advancements in AI technology are expected to further enhance the company's growth potential, particularly in the XR and smart acoustic sectors [3][2]. - The global VR/AR market is projected to grow, with a year-on-year increase of 7.5% in 2024 and a compound annual growth rate (CAGR) of 43.9% from 2024 to 2028, positioning the company favorably within this expanding market [3][2]. Financial Summary - The total revenue forecast for the company is projected to increase from 98.574 billion yuan in 2023 to 138.876 billion yuan by 2026, with a compound annual growth rate of 13.0% [7]. - The net profit attributable to the parent company is expected to rise from 1.088 billion yuan in 2023 to 4.486 billion yuan in 2026, reflecting a CAGR of 23.0% [7]. - Earnings per share (EPS) are forecasted to grow from 0.32 yuan in 2023 to 1.31 yuan in 2026, with a corresponding decrease in the price-to-earnings (P/E) ratio from 76 times to 19 times over the same period [7].

Investment Rating - Buy rating maintained for the company [1] Core Views - The company's Q3 2024 performance was strong, with revenue of 29.26 billion yuan, up 1.7% YoY and 38.9% QoQ, and net profit attributable to shareholders of 1.12 billion yuan, up 138.2% YoY and 32.5% QoQ [1] - New product launches from Meta and Apple drove Q3 revenue growth, while improved operational efficiency and utilization rates supported margin expansion [2] - The company's hedging strategy mitigated FX volatility, with hedging gains of 240 million yuan offsetting FX losses, allowing net profit to better reflect actual performance [2] - AR is expected to open a new product cycle, with the company well-positioned to benefit from AI+AR trends through its partnerships with Meta and Qualcomm [2] Financial Performance - 2024E revenue is forecast at 98.77 billion yuan, up 0.2% YoY, with net profit attributable to shareholders of 2.51 billion yuan, up 130.6% YoY [1] - 2025E revenue is projected to grow 21.5% YoY to 120 billion yuan, with net profit attributable to shareholders of 3.53 billion yuan, up 40.5% YoY [1] - 2026E revenue is expected to reach 144.27 billion yuan, up 20.2% YoY, with net profit attributable to shareholders of 4.54 billion yuan, up 28.7% YoY [1] - Gross margin improved to 11.4% in Q3 2024, up 1.2 ppts YoY, while net margin was 3.75%, up 2.14 ppts YoY [1] Valuation - 2024E P/E is 33x, declining to 24x in 2025E and 18x in 2026E [1] - 2024E P/B is 2.5x, falling to 2.3x in 2025E and 2.1x in 2026E [1] Balance Sheet and Cash Flow - Total assets are forecast to grow from 73.74 billion yuan in 2023A to 99.99 billion yuan in 2026E [4] - Operating cash flow is projected to increase from 8.15 billion yuan in 2023A to 10.25 billion yuan in 2026E [4] - Capital expenditures are expected to decline from 5.08 billion yuan in 2023A to 1.65 billion yuan in 2026E [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a significant performance exceeding expectations, with a revenue of 69.646 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.82%. The net profit attributable to shareholders reached 2.345 billion yuan, up 162.88% year-on-year, indicating a strong recovery in profitability [2][3] - The company is benefiting from the AI-driven growth in consumer electronics, particularly in high-end microphones and TWS earphones, which are expected to see increased market penetration. The XR industry is also anticipated to provide substantial growth opportunities for the company [3][4] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 29.264 billion yuan, a year-on-year increase of 1.70% and a quarter-on-quarter increase of 38.88%. The net profit attributable to shareholders was 1.120 billion yuan, up 138.16% year-on-year and 32.48% quarter-on-quarter [2] - The gross profit margin for Q3 2024 was 11.36%, an increase of 1.21 percentage points year-on-year, although it decreased by 2.27 percentage points quarter-on-quarter [2] - The company expects net profits for 2024-2026 to be 2.618 billion yuan, 3.663 billion yuan, and 4.403 billion yuan respectively, with corresponding EPS of 0.77 yuan, 1.07 yuan, and 1.29 yuan, leading to PE ratios of 31.61, 22.60, and 18.80 [3][4] Market Position and Future Outlook - The company is positioned as a leader in the XR manufacturing sector, with a comprehensive layout across various components, which is expected to leverage the growth in AI and XR markets [3] - The report anticipates a significant long-term growth potential driven by the integration of AI in consumer electronics and the expansion of the XR market [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Insights - The company's Q3 2024 performance exceeded expectations, with revenue for the first three quarters at 69.6 billion yuan, a slight decline of 6% year-on-year, while net profit attributable to shareholders surged by 163% to 2.35 billion yuan [2][3]. - The improvement in profitability is attributed to enhanced operational efficiency and internal control, alongside an optimized product mix, particularly in TWS headphones and XR glasses [2][3]. - The company is positioned as a leader in the global XR glasses market, benefiting from strong partnerships with major tech firms and the anticipated growth in AI and AR glasses [2][3]. Financial Performance Summary - Total revenue for 2022 was 104.89 billion yuan, with a forecast of 103.48 billion yuan for 2024, reflecting a year-on-year growth of 4.98% [1]. - Net profit for 2022 was 1.75 billion yuan, with a projected increase to 2.78 billion yuan in 2024, indicating a significant year-on-year growth of 155.42% [1]. - The latest diluted EPS is expected to rise from 0.32 yuan in 2023 to 0.81 yuan in 2024 [1]. Market Data - The closing price of the stock is 24.22 yuan, with a market capitalization of approximately 82.76 billion yuan [4]. - The price-to-earnings (P/E) ratio is currently at 76.06, projected to decrease to 29.78 in 2024 [11]. Strategic Outlook - The company is focusing on AI-enabled smart hardware, with expectations of increased product output and improved profit margins across various segments, including TWS headphones and smart home devices [3]. - Plans to spin off its subsidiary, Goer Micro, for a Hong Kong listing are underway, which is expected to enhance its position in the microelectronics sector [3].

证券代码：002241 证券简称：歌尔股份 公告编号：2024-093 歌尔股份有限公司 关于控股子公司以资本公积转增股本涉及关联交易暨 公司放弃权利的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 歌尔股份有限公司（以下简称"公司""歌尔股份"）于 2024 年 10 月 23 日召 开第六届董事会第二十次会议和第六届监事会第十七次会议，审议通过《关于控 股子公司以资本公积转增股本涉及关联交易暨公司放弃权利的议案》，同意公司 控股子公司歌尔微电子股份有限公司（以下简称"歌尔微"）进行资本公积转增股 本（以下简称"本次转增"）。公司、公司控股股东歌尔集团有限公司（以下简称 "歌尔集团"）及歌尔微董事长兼总经理宋青林先生均放弃参与本次转增的权利。 转增完成后公司持有歌尔微 83.40%股权，歌尔微仍为公司控股子公司。 公司控股股东歌尔集团为歌尔微股东之一，当前持有歌尔微 0.97%的股权， 本次转增涉及关联交易，不构成《上市公司重大资产重组管理办法》规定的重大 资产重组情形。 本次关联交易及公司放弃权利事项在公司董事会决策权限内，无需提交股东 大会审议批准 ...

本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 歌尔股份有限公司（以下简称"公司"）第六届监事会第十七次会议（以下简称"本 次会议"）通知于 2024 年 10 月 18 日以电子邮件方式发出，于 2024 年 10 月 23 日在 公司会议室以现场表决方式召开。会议应出席监事 3 人，实际出席监事 3 人，监事 会主席冯蓬勃先生主持会议。本次会议符合有关法律、法规及《歌尔股份有限公司 章程》（以下简称"《公司章程》"）的规定，会议合法有效。 一、监事会会议审议情况 经与会监事对本次监事会各项议案审议表决，形成如下决议： （一）审议通过《关于 2024 年前三季度计提资产减值准备的议案》 根据《企业会计准则》《深圳证券交易所上市公司自律监管指引第 1 号——主板 上市公司规范运作》及公司会计政策的相关规定，2024 年前三季度，公司及子公司 对可能发生减值的资产计提资产减值准备共计 25,295.58 万元，占 2023 年度经审计 归属于上市公司股东净利润的 23.25%。 经审核，监事会认为：本次计提资产减值准备事项符合《企业会计准则》和公 司会计政策的有 ...

证券代码：002241 证券简称：歌尔股份 公告编号：2024-095 歌尔股份有限公司 关于召开 2024 年第四次临时股东大会会议通知的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 经歌尔股份有限公司（以下简称"公司"）第六届董事会第二十次会议审议通过，公 司将于2024年11月19日召开2024年第四次临时股东大会，现将有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2024年第四次临时股东大会。 2、股东大会的召集人：公司董事会。本次股东大会由公司第六届董事会第二十次会议 决定召开。 3、会议召开的合法、合规性：本次股东大会的召开符合有关法律、行政法规、部门规 章、规范性文件、交易所业务规则和《歌尔股份有限公司章程》等的规定。 4、会议召开的日期、时间： 现场会议召开时间：2024年11月19日下午2:00。 网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2024年11月19日9:15-9:25， 9:30-11:30和13:00-15:00。 通过深圳证券交易所互联网投票系统投票的具体时间为：2024年11 ...

证券代码：002241 证券简称：歌尔股份 公告编号：2024-088 歌尔股份有限公司 第六届董事会第二十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 歌尔股份有限公司（以下简称"公司"）第六届董事会第二十次会议（以下简称 "本次会议"）通知于 2024 年 10 月 18 日以电子邮件方式发出，于 2024 年 10 月 23 日在公司会议室以现场加通讯表决方式召开。公司董事长姜滨先生主持会议，会议 应出席董事 7 名，实际出席董事 7 名。本次会议符合有关法律、法规及《歌尔股份 有限公司章程》（以下简称"《公司章程》"）的规定，会议合法有效。公司监事冯蓬 勃先生、徐小凤女士、魏文滨先生及董事会秘书徐大朋先生列席了本次会议。 一、董事会会议审议情况 经与会董事对本次会议各项议案审议表决，形成如下决议： 根据相关法律、法规及《公司章程》《歌尔股份有限公司股东大会议事规则》《歌 尔股份有限公司董事会议事规则》的规定，公司出具了《歌尔股份有限公司 2024 年 第三季度报告》。 本议案已经公司董事会审计委员会审议通过。 表决结果：同意：7 票， ...

证券代码：002241 证券简称：歌尔股份 公告编号：2024-096 歌尔股份有限公司 关于股份回购实施结果暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 歌尔股份有限公司（以下简称"公司"）于 2023 年 10 月 26 日召开第六届董事 会第十次会议，审议通过了《关于以集中竞价方式回购公司股份方案的议案》,同意 公司使用自有资金以集中竞价交易方式回购部分公司发行的人民币普通股 A 股，用 于后期实施员工持股计划或者股权激励计划。本次用于回购的资金总额不低于人民 币 5 亿元（含）且不超过人民币 7 亿元（含），回购价格不超过人民币 25.49 元/股 （含），回购股份期限为自公司董事会审议通过回购股份方案之日起 12 个月内，将 于 2024 年 10 月 25 日届满 。 具 体 内 容 详 见 信 息 披 露 媒 体 巨 潮 资 讯 网 http://www.cninfo.com.cn、《证券时报》《中国证券报》《上海证券报》《证券日报》 披露的相关公告。 截至本公告披露日，公司回购计划已实施完毕。根据《深圳证券交易所上市公 司自 ...