Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 29.26 RMB [7][8] Core Views - The company reported a revenue of 100.95 billion RMB for 2024, a year-on-year increase of 2.41%, and a net profit attributable to shareholders of 2.67 billion RMB, reflecting a significant year-on-year growth of 144.93% [1] - The growth in revenue is driven by improvements in the revenue scale and profitability of acoustic sensors, XR, wireless earphones, and wearable products [1] - The company anticipates that AI glasses and AR headsets will become new growth drivers in 2025, despite a projected decline in VR/PS5 industry shipments [1][3] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 31.31 billion RMB, representing a year-on-year increase of 27% and a quarter-on-quarter increase of 7% [1] - The gross profit margin for 2024 was reported at 11.1%, an increase of 2.1 percentage points year-on-year [1] - The company recorded an asset impairment loss of 4.12 billion RMB in Q4 2024, primarily due to aging inventory and the impairment of old production line equipment [1] Product Line Performance - In the second half of 2024, the precision components segment generated revenue of 8.74 billion RMB, a year-on-year decrease of 11.2% but a quarter-on-quarter increase of 38.6% [2] - The smart acoustic products segment reported revenue of 13.51 billion RMB, down 9.5% year-on-year but up 5.6% quarter-on-quarter, indicating a recovery in market share [2] - The smart hardware segment saw a revenue increase of 27.1% year-on-year, reaching 37.35 billion RMB, with a gross margin of 9.1% [2] 2025 Outlook - For 2025, the company expects a 6% year-on-year increase in smart acoustic product revenue, with a gross margin improvement to 9.9% [3] - The overall revenue is projected to decline by 4% to 96.87 billion RMB, while net profit is expected to grow by 23% to 3.29 billion RMB [3][4] - The company is adjusting its expectations for VR global shipments, forecasting a 12% decline to 6.5 million units, which may impact smart hardware revenue [3][4] Valuation and Estimates - The estimated net profits for 2025, 2026, and 2027 are 3.29 billion RMB, 3.81 billion RMB, and 4.28 billion RMB respectively, with downward adjustments of 18% and 13% for 2025 and 2026 [4] - The company is assigned a PE ratio of 31.13x for 2025, reflecting its potential in AI glasses and AR products, with a target price maintained at 29.26 RMB [4]

Core Viewpoint - The company, GoerTek, has significantly increased its profitability in 2024, driven by a recovery in global consumer electronics demand and a strong focus on its "AI+" strategy, which enhances its transition into the smart hardware sector [1][2]. Financial Performance - In 2024, GoerTek achieved a revenue of 100.95 billion yuan, a year-on-year increase of 2.41% [2]. - The net profit attributable to shareholders reached 2.665 billion yuan, marking a substantial year-on-year growth of 144.93% [2]. - The company's net profit excluding non-recurring items was 2.393 billion yuan, reflecting a remarkable increase of 178.30% year-on-year [2]. Business Segments - Revenue from precision components, smart acoustic systems, and smart hardware for 2024 was 15.051 billion yuan, 26.296 billion yuan, and 57.199 billion yuan, respectively [2]. - The precision components and smart acoustic systems segments saw year-on-year revenue growth of 15.85% and 8.73% [2]. Strategic Initiatives - GoerTek is actively pursuing its "AI+" strategy, focusing on the integration of AI technology with smart hardware products, which has led to performance upgrades in acoustic sensors and other products [2][4]. - The company has made significant advancements in VR and MR product sales, with a notable increase in the sales of smart wireless headphones and wearable devices [2]. Research and Development - GoerTek has prioritized R&D, with total R&D expenses amounting to 22.421 billion yuan from 2020 to 2024 [5]. - The company applied for 2,663 patents in 2024, with 83.9% being invention patents, indicating a strong commitment to innovation [6]. Future Outlook - The company anticipates continued growth in global consumer electronics demand, particularly for high-performance precision components and AI-enabled smart hardware products by 2025 [4][6]. - GoerTek plans to leverage advancements in AI technology and emerging trends in 6G, IoT, and cloud computing to enhance its product offerings and market position [6].

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]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's revenue for 2024 reached 100.95 billion, a year-on-year increase of 2.41%, while the net profit attributable to shareholders was 2.67 billion, up 144.93% year-on-year, indicating strong performance in line with market expectations [1] - The company is benefiting from AI-driven innovations in consumer electronics, particularly in XR and smart acoustic products, which are expected to drive long-term growth [4][7] Revenue and Profitability - The smart hardware segment generated revenue of 57.20 billion, a decrease of 2.57% year-on-year, with a gross margin of 9.17%, up 1.90 percentage points [2] - The smart acoustic assembly segment achieved revenue of 26.30 billion, an increase of 8.73% year-on-year, with a gross margin of 9.47%, up 2.73 percentage points [2] - The precision components segment reported revenue of 15.05 billion, a year-on-year increase of 15.85%, with a gross margin of 21.51%, up 1.02 percentage points [2] Margin and Cost Control - The overall gross margin for 2024 was 11.09%, an increase of 2.14 percentage points year-on-year, driven by product mix optimization [3] - The company's expense ratio for 2024 was 7.70%, a decrease of 0.21 percentage points, reflecting improved operational efficiency [3] Future Growth Projections - Revenue projections for 2025 and 2026 are estimated at 105.67 billion and 116.91 billion, respectively, with year-on-year growth rates of 4.7% and 10.6% [8] - Net profit projections for 2025 and 2026 are expected to be 3.66 billion and 4.53 billion, respectively, with year-on-year growth rates of 37.4% and 23.7% [8] - The company anticipates an EPS of 1.05 and 1.30 for 2025 and 2026, respectively [8]

Group 1 - Yushu Technology has been profitable since 2020, with clients including Nvidia and Google, and has reduced the cost of its quadruped robot to below 10,000 yuan through self-developed core components and factory production models [5] - Xiaomi founder Lei Jun donated 50 million yuan to his alma mater, with 40 million yuan allocated for the construction of a library and 10 million yuan for a scholarship fund to support underprivileged students and outstanding teachers [6] - Qualcomm has filed complaints with regulatory bodies in the EU, the US, and South Korea, accusing Arm of monopolistic practices that hinder market competition and innovation in chip design [7] Group 2 - Apple announced a donation of 30 million yuan to Zhejiang University to establish an incubation fund for mobile application innovation, aiming to foster a new generation of developers through professional courses and industry connections [3] - BMW and Alibaba have deepened their collaboration to develop an AI engine based on Alibaba's Tongyi model for new BMW models in China, marking the first integration of AI technology into the automotive system [8] - GoerTek reported a revenue of 100.95 billion yuan for 2024, a year-on-year increase of 2.41%, with a net profit of 2.665 billion yuan, reflecting a significant growth of 144.93% driven by increased sales of VR/AR devices and AI-enhanced acoustic sensors [10]

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]