歌尔股份（002241）：业绩稳健增长，AI终端新起点

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth, with a new starting point in AI terminals. In Q3 2025, the company achieved a revenue of 681.07 billion yuan, a year-on-year decrease of 2.21%, while the net profit attributable to the parent company was 25.87 billion yuan, an increase of 10.33% year-on-year [4][5] - The company is experiencing a recovery in profitability, with a single-quarter gross margin of 12.85%, up 1.49 percentage points year-on-year, and a net margin of 3.78%, up 0.03 percentage points year-on-year [5] - The demand for AI glasses is strong, particularly in the North American market, driven by the success of Ray-Ban Meta smart glasses [5][6] - The integration of AI technology with smart headphones is expected to enhance their functionality, positioning them as a personal computing terminal [6] Financial Summary - For the first three quarters of 2025, the company reported a single-quarter revenue of 305.57 billion yuan, a year-on-year increase of 4.42%, and a quarter-on-quarter increase of 43.83% [4] - The projected net profits for 2025-2027 are 34.0 billion, 41.6 billion, and 51.6 billion yuan, respectively, with corresponding EPS of 0.96, 1.17, and 1.46 yuan per share [7] - The company’s revenue for 2025 is estimated at 105.32 billion yuan, with a year-on-year growth of 4.3% [9]