歌尔股份（002241）：紧跟端侧AI化浪潮，盈利能力持续提升

Investment Rating - The report maintains a "Recommended" rating for the company, considering its rapid growth in precision components and smart hardware business, benefiting from the intelligent wave in the consumer electronics industry [4][6]. Core Viewpoints - The company achieved a revenue of 37.549 billion yuan in H1 2025, a year-on-year decrease of 7.02%, while the net profit attributable to shareholders was 1.417 billion yuan, a year-on-year increase of 15.65% [1]. - The overall profitability of the company improved significantly in H1 2025, with a gross margin rising to 13.47%, up by 1.96 percentage points year-on-year, despite a decline in overall revenue due to product iteration cycles in the smart acoustic assembly business [2]. - The company is actively seizing opportunities in AI smart glasses and wearable devices, with expectations for continued rapid growth in these segments driven by advancements in AI technology and related technologies [2][3]. Financial Summary - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 3.412 billion yuan, 4.280 billion yuan, and 5.120 billion yuan respectively, corresponding to PE ratios of 31, 24, and 20 times [4][5]. - The projected revenue growth rates for 2025, 2026, and 2027 are 2.3%, 14.0%, and 13.9% respectively, indicating a recovery and growth trajectory in the coming years [5][10]. - The report highlights a significant increase in earnings per share, projected to rise from 0.98 yuan in 2025 to 1.47 yuan in 2027 [5][10].