歌尔股份（002241）：AI赋能端侧创新，打开公司成长天花板

Investment Rating - The report assigns a rating of "Buy" for the company [4] Core Views - The company is positioned as a global leader in the optoelectronic industry, focusing on a comprehensive strategy that integrates components and finished products, targeting leading clients in the technology and consumer electronics sectors [1][13] - The report highlights significant growth potential in AI-enabled XR glasses and TWS headphones, driven by advancements in AI technology and strong partnerships with major clients [2][3] Summary by Sections Company Overview - The company, established in 2001 and listed in 2008, initially focused on micro-acoustic components and successfully entered Apple's supply chain in 2010, leading to rapid revenue growth [1][13] - The strategic shift to a "parts + finished products" model in 2015 has resulted in a diversified product matrix, including precision components, smart acoustic systems, and smart hardware [1][13] AI/XR Glasses - The XR glasses market is expected to face short-term shipment pressures, but product iterations and ecosystem enhancements are anticipated to drive future growth [2] - The company is recognized as a leading XR OEM, leveraging both internal capabilities and external investments to strengthen its competitive edge [2] TWS Headphones - The global TWS headphone market is recovering, with AI technology enhancing user experience through features like real-time translation and health monitoring [3] - The company has established strong collaborations with major clients such as Apple and Huawei, facilitating stable growth in its TWS business [3] Financial Analysis - Revenue projections for 2024-2026 are estimated at 100.39 billion, 106.43 billion, and 118.30 billion CNY, with corresponding net profits of 2.65 billion, 3.48 billion, and 4.50 billion CNY, reflecting significant growth rates [7][9] - The company has shown a recovery in profitability, with a notable increase in net profit in 2024 compared to the previous year [30][37] Competitive Positioning - The company has a robust global presence with R&D centers across multiple countries, emphasizing partnerships with leading technology firms and academic institutions [25][28] - The strategic focus on high-value segments in the AR market, including optical and machine components, positions the company favorably for future growth [55][56]