歌尔股份（002241）：业绩符合预期，未来受益端侧AI浪潮

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 68.1 billion yuan for the first three quarters of 2025, a year-over-year decrease of 2%, while the net profit attributable to the parent company was 2.6 billion yuan, an increase of 10% year-over-year [2][6] - In Q3 alone, the company achieved a revenue of 30.6 billion yuan, representing a year-over-year growth of 4% and a quarter-over-quarter increase of 44% [2][6] - The net profit for Q3 was 1.2 billion yuan, up 5% year-over-year and 23% quarter-over-quarter, with a non-recurring net profit of 1 billion yuan, reflecting a year-over-year increase of 20% and a quarter-over-quarter increase of 39% [2][6] Financial Performance - The gross margin for Q3 was 12.85%, and the net margin was 3.78% [12] - The company’s R&D investment for the first three quarters of 2025 was 4 billion yuan, accounting for 5.84% of its revenue, focusing on XR optics, AI glasses, and smart wearable devices [12] - The projected net profits for the years 2025 to 2027 are estimated to be 3.216 billion yuan, 4.263 billion yuan, and 5.161 billion yuan respectively [12]