歌尔股份：AI/AR眼镜卡位优秀-20250423

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 29.26 RMB [5][6]. Core Views - The company reported a revenue of 16.305 billion RMB in Q1 2025, a year-over-year decrease of 15.6%, but with a gross margin improvement to 12.4%, up 3.2 percentage points year-over-year [1]. - The net profit attributable to the parent company was 469 million RMB, reflecting a year-over-year increase of 23.53% [1]. - The company is expected to face revenue challenges due to a decline in VR/PS5 industry shipments, but the AI glasses and AR headsets are positioned well for growth starting in 2025 [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 16.305 billion RMB, with a gross margin of 12.4% [1]. - The net profit attributable to the parent company was 469 million RMB, showing a year-over-year increase of 23.53% [1]. - The company anticipates a revenue decline of 4% in 2025, projecting total revenue of 96.871 billion RMB, while net profit is expected to grow by 23% to 3.29 billion RMB [2]. Product Outlook - The company is well-positioned in the AI glasses and AR headset markets, which are expected to drive growth starting in 2025 [2][3]. - The smart acoustic device segment is projected to grow by 6% in 2025, with an expected gross margin recovery to 9.9% [2]. Valuation and Estimates - The company maintains net profit estimates of 3.29 billion RMB for 2025, 3.81 billion RMB for 2026, and 4.28 billion RMB for 2027 [4]. - The target price is set at 29.26 RMB, based on a PE ratio of 31x for 2025, reflecting the company's strong positioning in AI and AR markets [4].