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]

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].

Core Viewpoint - The legal opinion from Beijing Tianyuan Law Firm addresses the cancellation of stock options for GoerTek Inc. due to the failure to meet the exercise conditions for the second exercise period of the 2022 stock option incentive plan [1][11]. Group 1: Legal Framework and Compliance - The legal opinion is based on various laws and regulations, including the Company Law, Securities Law, and relevant guidelines from the China Securities Regulatory Commission [1][12]. - The law firm confirms that the procedures followed for the cancellation of stock options are legal and compliant, ensuring no harm to the company or its shareholders [12][14]. Group 2: Stock Option Plan Adjustments - The company adjusted the number of incentive objects from 4,800 to 3,765 and the total stock options from 59.2794 million to 23.99451 million due to the disqualification of certain individuals [3][6]. - The company’s 2023 audited revenue was approximately 98.57 billion yuan, a 26.02% increase from 2021, but did not meet the exercise conditions for the first exercise period [3][11]. Group 3: Cancellation of Stock Options - A total of 23.99451 million stock options will be canceled as they do not meet the exercise conditions for the second exercise period [11][12]. - After the cancellation, the total number of stock options granted under the 2022 incentive plan that remain unexercised will be zero, marking the completion of the plan [11][13]. Group 4: Board and Supervisory Opinions - The board and supervisory committee have reviewed and approved the adjustments to the stock option plan, confirming that the adjustments do not harm the interests of the company or its shareholders [9][12]. - Independent directors have expressed that the stock option plan is beneficial for the company's sustainable development and does not violate any laws or regulations [7][9].

Core Viewpoint - The announcement details the profit distribution plan for 2024 by GoerTek Inc, which includes a cash dividend of 1.50 yuan per 10 shares and outlines the necessary approvals and calculations related to the distribution [1][2]. Summary by Sections Approval Procedures - The board of directors approved the profit distribution plan during the 23rd meeting [1]. - The supervisory board reviewed the plan and confirmed its compliance with relevant laws and regulations, stating that it aligns with the company's performance growth [1][2]. - The plan will be submitted for approval at the 2024 annual general meeting of shareholders [1]. Profit Distribution Plan Details - The net profit attributable to shareholders for 2024 is reported as 2,665,044,826.06 yuan, with the parent company's net profit at 1,404,301,670.47 yuan [1]. - After accounting for legal reserves and previous distributions, the undistributed profit as of December 31, 2024, is 18,712,252,682.60 yuan for the consolidated report and 11,449,849,963.35 yuan for the parent company [1]. - The total amount available for distribution to shareholders is 11,449,849,963.35 yuan, with a proposed cash dividend of 1.50 yuan per 10 shares, resulting in a total cash distribution of 1,030,383,812.50 yuan [1][2]. Cash Dividend Specifics - The total cash dividend for 2024 is significantly higher than previous years, with 2023 and 2022 totals being 337,769,964.30 yuan and 340,516,294.90 yuan, respectively [2]. - The company has repurchased 39,434,946 shares, and the cash dividend calculation is based on the adjusted total share capital after accounting for these repurchased shares [1][2]. - The cash dividend represents 57.32% of the net profit attributable to the parent company for 2024 [1]. Reasonableness of the Profit Distribution Plan - The profit distribution plan is deemed reasonable and compliant with the Company Law and relevant regulations, considering the company's operational performance and future development needs [2].