歌尔股份(002241)：盈利能力持续提升 未来业绩加速释放可期

Core Viewpoint - The company has shown a continuous improvement in profitability in the first half of 2025, with expectations for accelerated growth in the second half, driven by various business segments and strategic initiatives [1][2][3]. Financial Performance - In the first half of 2025, the company reported revenue of 37.55 billion yuan, a slight decrease of 7.0% year-on-year, while net profit attributable to shareholders was 1.42 billion yuan, an increase of 15.7% year-on-year [1]. - The gross margin and net margin for the first half of 2025 were 13.47% and 3.70%, respectively, significantly improved from 11.51% and 2.95% in the first half of 2024 [1]. - The second quarter of 2025 saw revenue of 21.24 billion yuan, a year-on-year increase of 0.8%, and a net profit of 0.95 billion yuan, up 12.1% year-on-year [1]. Business Segment Performance - Precision components business generated revenue of 7.60 billion yuan with a gross margin of 23.49%, compared to 6.31 billion yuan and 22.46% in the first half of 2024, benefiting from increased demand in consumer electronics driven by AI [1]. - Smart acoustic products revenue was 8.32 billion yuan with a gross margin of 9.93%, affected by product cycles of major TWS earphone clients, but expected to improve in the second half [1]. - Smart hardware revenue reached 20.34 billion yuan with a gross margin of 11.51%, supported by AI glasses and wearable devices, with further growth anticipated from new product launches [1]. Strategic Initiatives - The company is enhancing its core competitiveness through lean operations and internal control improvements, aiming to reduce costs and optimize operational metrics [1]. - The acquisition of Mia Precision is expected to broaden the product range and improve profitability, while also strengthening relationships with key international clients [3]. - The company is focusing on AI and AR opportunities, positioning itself as a leader in the XR glasses market, with expectations for significant demand growth in AI+AR glasses [2]. Future Outlook - The company maintains a strong outlook for 2025-2027, with projected net profits of 3.2 billion, 4.1 billion, and 5.1 billion yuan, respectively, with potential increases if the acquisition is successful [4].