（原标题：百亿收购、绑定Plessey，歌尔豪赌AR） 作者 | 耿宸斐 编辑 | 宋婉心 黄绎达 近一个月来，歌尔股份在AR产业链上游接连布局——先是以104亿港元（折合人民币约95亿元）收购香港米亚和昌宏实业两家精密结构件公司， 随后又透过子公司给Haylo提供了一笔1亿美元有息借款，以跨境支持Haylo收购英国Micro-LED巨头Plessey。 相关信息显示，香港米亚和昌宏实业是苹果原先的手机结构件制造商之一，随着苹果开辟手表业务，两公司又成为苹果手表金属中框的核心供应 商之一。Plessey则在Micro-LED领域内颇有名气，是Meta多年的显示屏技术供应商。 "按2025年全球智能手表出货2.2亿只、AR眼镜900万台计，若歌尔股份分别拿下15%、20%份额，营收增量将达220亿至260亿元，相当于其2024年 总营收的25%～30%。并购金属件业务后，单机平均售价可提升8美元至10美元，利润弹性将更为可观。"卢克林补充道。 AR翻身局 歌尔股份在收购香港联丰全资子公司香港米亚及昌宏实业100%股权的公告中表示，收购旨在增强公司在精密结构件领域内的综合竞争力，深化垂 直整合能力，持续巩固与行业 ...

Core Viewpoint - Goer Group is strategically shifting its focus towards the AR industry by acquiring upstream resources and investing in key technologies to enhance its competitive edge in the precision component sector and strengthen ties with leading clients [1][2][6] Group 1: Acquisitions and Investments - Goer Group has made significant acquisitions, including a HKD 10.4 billion (approximately RMB 9.5 billion) purchase of Hong Kong Mia and Changhong Industrial, which are key suppliers for Apple's metal frames [1][2] - The company has also provided a USD 100 million loan to Haylo to support its acquisition of UK Micro-LED leader Plessey, indicating a commitment to integrating high-tech assets [1][6][7] - The acquisitions aim to enhance Goer's capabilities in precision metal processing, which is crucial for lightweight AR glasses, and to solidify its position in the high-barrier AR technology landscape [2][3] Group 2: Market Position and Competitive Advantage - Goer Group is positioned as a supplier for major companies like Huawei, Samsung, Xiaomi, Meta, and Amazon, providing optical components and acoustic modules for AI glasses and other products [3][4] - The company offers a cost advantage of 3%-5% compared to competitors by providing a bundled quote of "complete machine + shell + antenna" for AR glasses and smartwatches [3][5] - If Goer captures 15%-20% of the projected global shipments of smartwatches and AR glasses by 2025, the revenue increase could reach RMB 22 billion to RMB 26 billion, representing 25%-30% of its total revenue for 2024 [3][5] Group 3: Financial Performance and Growth Potential - Goer Group's precision components business, although currently a smaller revenue contributor, has shown significant growth with a 21% year-on-year increase in revenue, indicating its potential to drive overall company performance [5][6] - The AR segment is expected to be a major growth driver, with projected revenue contributions from major clients like Xiaomi, which could account for 1/7 of Goer's expected revenue growth [9][10] - The company anticipates that the AR business will not only replace the declining smart hardware segment but also enhance profitability due to its high-value characteristics [9][10]

2）25H1 智能声学整机收入下滑主因耳机处于新老产品过渡期。公司继续推动内部运营效率优化以及各 产品线良效率提升，25Q2 毛利率&净利率同环比继续提升。 事件：公司发布2025 年中报： 1）25H1：营收375.5 亿元，yoy-7.0%，归母14.2 亿元，yoy+15.7%，扣非归母10.3亿元，yoy-12.7%，毛 利率13.5%，yoy+2.0pct，净利率3.7%，yoy+0.8pct。非经常性损益3.8 亿元，其中外汇衍生品业务合约 交割及按公允价值重新计量产生的收益约4.2 亿元，公司业务多为美元结算，一般通过套保减少汇率变 动影响，因此归母净利润更能反映公司经营性利润表现。 2）25Q2：营收212.4 亿元，yoy+0.8%，qoq+30.3%，归母9.5 亿元，yoy+12.1%，qoq+102.2%，扣非归 母7.4 亿元，yoy-18.4%，qoq+153.6%，毛利率14.3%，yoy+0.7pct，qoq+1.9pct，净利率4.5%， yoy+0.6pct，qoq+1.8pct。 盈利能力持续向上，25H2-26 年多款新品有望贡献增长。 1）25H1 智能硬件/智能声学 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company is expected to benefit significantly from the development of the AI/AR glasses industry, with multiple new products anticipated to contribute to revenue and profit growth from H2 2025 to 2026 [5][6] - The company's revenue for H1 2025 was 37.55 billion yuan, a year-on-year decrease of 7.0%, while the net profit attributable to the parent company was 1.42 billion yuan, an increase of 15.7% year-on-year [4][5] - The company has a strong vertical integration capability in the AI/AR glasses sector, with investments aimed at enhancing its core technologies and production capabilities [6] Financial Performance Summary - Revenue projections for the company are as follows: 2023A: 98.574 billion yuan, 2024A: 100.954 billion yuan, 2025E: 103.394 billion yuan, 2026E: 131.928 billion yuan, and 2027E: 163.630 billion yuan, with growth rates of -6%, 2%, 2%, 28%, and 24% respectively [2][6] - The net profit attributable to the parent company is projected to be 1.088 billion yuan in 2023A, 2.665 billion yuan in 2024A, 3.302 billion yuan in 2025E, 4.309 billion yuan in 2026E, and 5.517 billion yuan in 2027E, with growth rates of -38%, 145%, 24%, 31%, and 28% respectively [2][6] - The company's gross margin for H1 2025 was 13.5%, an increase of 2.0 percentage points year-on-year, while the net margin was 3.7%, an increase of 0.8 percentage points year-on-year [4][5] Product and Market Insights - The company reported that its revenue from smart hardware, smart acoustic systems, and precision components for H1 2025 was 20.34 billion yuan, 8.32 billion yuan, and 7.60 billion yuan respectively, with year-on-year changes of -2.5%, -34.9%, and +20.5% [5] - The company is positioned as a core manufacturer for Meta's upcoming consumer-grade AR glasses, which are expected to launch in September 2025, alongside other products from Xiaomi and Samsung [5][6] Valuation Metrics - The projected P/E ratios for the company are 95.2 for 2023A, 38.9 for 2024A, 31.4 for 2025E, 24.0 for 2026E, and 18.8 for 2027E [2][6] - The projected P/B ratios are 3.4 for 2023A, 3.1 for 2024A, 2.9 for 2025E, 2.6 for 2026E, and 2.3 for 2027E [2][6]

Core Viewpoint - The company, GoerTek, is enhancing its core competitiveness in the field of wafer-level micro-nano optical devices by acquiring 100% equity of Shanghai Aolai through a share issuance, which will support its future development in AI smart glasses and AR technology [1][2] Group 1 - GoerTek has signed a memorandum of understanding to acquire 100% equity of Shanghai Aolai Micro-Nano Optics and Shanghai Aolai Micro-Nano Optoelectronic Information Technology [1] - After the transaction, Shanghai Aolai is expected to become a wholly-owned subsidiary of GoerTek, with original shareholders of Shanghai Aolai holding approximately one-third of GoerTek's shares [1] - The original shareholders of GoerTek will retain about two-thirds of the shares, ensuring that GoerTek remains the largest shareholder [1] Group 2 - The transaction aims to create synergies between GoerTek and Shanghai Aolai, significantly enhancing GoerTek's core competitiveness in the micro-nano optical device sector [2] - By acquiring Shanghai Aolai, GoerTek can alleviate funding pressures associated with independent investments and accelerate the formation of mature production capacity in relevant fields [2] - Post-transaction, GoerTek's shareholding ratio may drop below 50%, potentially excluding it from the consolidated financial statements of the company [2]

Core Viewpoint - The consumer electronics sector is entering a peak season, with companies like GoerTek (歌尔股份) experiencing stock price movements and a return to a market capitalization of 100 billion yuan, indicating cautious optimism for a mild recovery in the industry by mid-2025 [1][2]. Group 1: Company Performance - GoerTek reported a revenue of 37.549 billion yuan for the first half of 2025, a year-on-year decrease of 7.02%, while net profit increased by 15.65% to 1.417 billion yuan [3]. - In Q2 2025, GoerTek's revenue rebounded to 21.24 billion yuan, showing a year-on-year growth of 0.83%, and net profit reached 949 million yuan, up 12.12% [3]. - The decline in revenue was primarily attributed to the smart acoustic assembly segment, which saw a 34.9% drop in revenue to 8.324 billion yuan, accounting for 22.17% of total revenue [3]. Group 2: Market Trends - The global True Wireless Stereo (TWS) market is showing signs of recovery, with a reported 18% year-on-year increase in shipments in Q1 2025, reaching 78 million units [4]. - Predictions indicate that global TWS shipments will reach 500 million units by 2025, suggesting potential recovery for GoerTek's smart acoustic assembly business in the latter half of the year [5]. Group 3: Business Segments - GoerTek's smart hardware segment generated 20.34 billion yuan in revenue, a year-on-year increase of 23.49%, making it the largest revenue source for the company [6]. - The precision components segment also grew, with revenue of 7.604 billion yuan, up 20.54%, and a gross margin of 23.49% [6]. Group 4: Strategic Focus - GoerTek is shifting its focus from VR to AI and AR technologies, with an emphasis on AI smart glasses and related products, which are gaining market attention [9][10]. - The company has made strategic acquisitions to enhance its capabilities in AI, including a planned acquisition of a precision metal structure company and a loan to support the acquisition of a Micro-LED manufacturer [10][11]. - GoerTek holds stakes in leading Micro-OLED technology firms and has been actively developing optical modules for AR glasses, indicating a strong commitment to the AI and AR markets [11].

Core Viewpoint - The company announced a memorandum of understanding to acquire 100% equity of Shanghai Aolai through a share issuance, aiming to enhance its core competitiveness in wafer-level micro-nano optical devices and support future developments in AI smart glasses and AR technology [1] Group 1 - The acquisition will result in Shanghai Aolai becoming a wholly-owned subsidiary of the company [1] - The original shareholders of Shanghai Aolai will hold approximately one-third of the equity in the company post-transaction [1] - The original shareholders of the company will retain about two-thirds of the equity, maintaining the company as the largest shareholder [1]

人民财讯8月22日电，歌尔股份（002241）8月22日晚间公告，公司于近日与交易相关方签署了谅解备忘 录，拟由公司子公司歌尔光学以向交易对方增发股份的方式，取得交易对方持有的舜宇奥来微纳光学 (上海)有限公司与舜宇奥来微纳光电信息技术(上海)有限公司(合称"上海奥来")100%股权。预计本次交 易完成后，上海奥来将成为歌尔光学全资子公司，上海奥来原股东将持有歌尔光学约1/3的股权，歌尔 光学原股东将持有歌尔光学约2/3的股权，公司仍将是歌尔光学第一大股东。上海奥来为舜宇光学科技 (集团)有限公司下属的从事光波导、超表面器件、衍射光学器件等晶圆级微纳光学器件产品业务的主体 公司，通过本次交易，可以促成歌尔光学和上海奥来实现优势互补，显著增强歌尔光学的核心竞争力， 进一步巩固其在光波导等晶圆级微纳光学器件领域内的竞争优势。 ...

证券代码：002241 证券简称：歌尔股份 公告编号：2025-073 歌尔股份有限公司 关于子公司筹划股权交易事项的提示性公告 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。 特别提示： 1、歌尔股份有限公司（以下简称"公司"）子公司歌尔光学科技有限公司（以 下简称"歌尔光学"）本次股权交易事项目前尚处于筹划阶段，交易事项和交易方案 仍需进一步论证和沟通协商，尚存在不确定性。 2、根据《上市公司重大资产重组管理办法》《深圳证券交易所股票上市规则》 《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》的相关 规定，本次交易不构成关联交易，也不构成重大资产重组。 3、歌尔光学本次股权交易事项目前仍处于意向性阶段，能否最终完成存在不确 定性，公司将按照《深圳证券交易所股票上市规则》《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》等法律法规及《歌尔股份有限公司章 程》的规定，根据本次交易的进展情况及时履行相应决策程序和信息披露义务，敬 请广大投资者注意投资风险。 一、本次筹划事项概述 为更好地支持歌尔光学未来业务发展，进一步增强 ...

相关事件 舜宇光学科技(02382.HK)拟入股歌尔光学33.33%股权 合资加码AI与AR光学赛道 大行评级｜高盛：上调 舜宇光学科技目标价至91.1港元 上调2025至27年盈测 公告表示，人工智能("AI")正在全球迅速发展，而部分新AI产品，例如AI智能眼镜和增强现实("AR")硬 件，受到广泛关注，因此普遍预期该等AI及AR产品将在未来数年迅速发展。上海奥来多年来深耕晶圆 级微纳光学领域，并已建立坚实而具竞争力的基础，拥有一支经验丰富的技术人员团队，配备先进的工 具、设备及机械。歌尔光学多年来专注于高精度光学相关领域，并建立一支经验丰富的技术团队，尤其 在光波导组件方面，并具有广泛的客户群。 董事会认为，认购事项(倘落实)将促进上海奥来与歌尔光学的优势互补，显著增强在认购事项完成后歌 尔光学在光波导及其他晶圆级微纳光学器件(特别是用于AI及AR产品上)等领域内的核心竞争力。 格隆汇8月22日丨舜宇光学科技(02382.HK)发布公告，2025年8月21日，集团若干成员公司与歌尔股份 (002241.SZ)及歌尔股份的附属公司歌尔光学订立谅解备忘录。谅解备忘录订约方包括：舜宇浙江光 学、宁波奥来、上海 ...