研报掘金丨国盛证券：维持歌尔股份“买入”评级，盈利水平提升明显，持续受益AI赋能

Group 1 - The core viewpoint of the article highlights that GoerTek achieved a net profit attributable to shareholders of 1.42 billion yuan in the first half of the year, representing a year-on-year increase of 15.7% [1] - In Q2 2025, the company reported a net profit of 950 million yuan, which is a year-on-year growth of 12.1% and a quarter-on-quarter increase of 102.2% [1] - Despite a slight decline in overall revenue due to the product iteration cycle affecting certain smart acoustic projects, the company benefited from the successful progress of AI smart glasses and smart wearable product lines, leading to a significant improvement in overall profitability compared to the same period last year [1] Group 2 - The maturity of technologies such as optical waveguides, micro-displays, and system-level packaging, along with the development of related software applications, is expected to drive rapid growth in AI glasses and AR products, which will also boost the growth of related precision components in acoustics, optics, sensors, and structural parts [1] - The company has a strong market position in XR optics and acoustics, with significant first-mover advantages that will provide new business growth points [1] - GoerTek continues to deepen its engagement in the consumer electronics sector, demonstrating vertical integration capabilities from precision components to smart hardware systems, and maintaining close partnerships with major clients for mutual growth [1]