研报掘金丨民生证券：维持歌尔股份“推荐”评级，后续业绩增长具备持续性

Core Viewpoint - The report from Minsheng Securities highlights that GoerTek achieved a net profit attributable to shareholders of 1.417 billion yuan in H1 2025, representing a year-on-year increase of 15.65% [1] - In Q2 2025, the net profit attributable to shareholders reached 948 million yuan, showing a year-on-year growth of 12.12% and a quarter-on-quarter increase of 102.13% [1] Group 1: Financial Performance - GoerTek's net profit for H1 2025 was 1.417 billion yuan, up 15.65% year-on-year [1] - The company reported a net profit of 948 million yuan in Q2 2025, reflecting a 12.12% year-on-year growth and a significant 102.13% increase from the previous quarter [1] Group 2: Industry Trends and Growth Drivers - The rapid development of AI technology is expected to continuously inject growth momentum into the consumer electronics industry [1] - The maturation of technologies such as optical waveguides, micro-displays, and system-level packaging is anticipated to drive the growth of AI smart glasses and AR products, providing new business growth points for the company [1] Group 3: Management and Future Outlook - The core management team of GoerTek maintains a stable and efficient operational style [1] - Given the rapid growth in precision components and smart hardware, along with the benefits from the intelligent transformation of the consumer electronics sector, the company's earnings forecast has been adjusted positively [1] - The ongoing expansion in markets for AR/AI glasses and automotive electronics suggests sustained performance growth in the future [1]