歌尔股份（002241）：与舜宇光学强强联合，增强AR光波导实力

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The collaboration with Sunny Optical through equity swap enhances the company's competitiveness in AR waveguide technology, which is crucial for the future development of AI glasses and AR headsets [1][2]. - The acquisition of Shanghai Aolai is expected to alleviate financial pressure and accelerate the formation of mature production capacity, allowing the company to seize market opportunities [2]. - The company is well-positioned in the XR optical field, with significant first-mover advantages and ongoing investments in R&D to support the growth of AR smart glasses and AI integration [3]. Financial Projections - The company is projected to achieve revenues of 101.1 billion, 115.1 billion, and 130.0 billion RMB for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 0.1%, 13.9%, and 12.9% [4][5]. - The net profit attributable to the parent company is expected to reach 3.3 billion, 4.1 billion, and 4.8 billion RMB for the same years, reflecting growth rates of 24.0%, 23.1%, and 17.1% [4][5]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 31, 26, and 22 times, respectively [4].