GoerTek(SZ:002241) 光大证券研究·2025-07-03 13:42Core Viewpoint - The article highlights the launch of Xiaomi's AI glasses as a significant event in the XR market, indicating a trend where major companies are expected to enter this space, benefiting leading design and manufacturing firms like the company mentioned [2]. Group 1: Company Overview - The company is a global leader in providing optoelectronic products and solutions, with a focus on acoustic technology and a diversified product range including AR/VR headsets, TWS earphones, and smart wearables [3]. - In 2024, the company achieved a revenue of 100.95 billion yuan, a year-on-year increase of 2.41%, and a net profit of 2.67 billion yuan, a significant year-on-year increase of 144.93% [3]. Group 2: Performance and Growth Drivers - The company is expected to see a recovery in TWS earphone orders, leading to a sustained increase in revenue and gross margin from its smart acoustic business [4]. - The product structure in the smart hardware segment is continuously optimizing, with a growing revenue share from the higher-margin XR/wearable segment, which is expected to boost overall gross margin [4]. - The precision components segment is benefiting from the increased demand for AI terminals, leading to higher average selling prices (ASP) for MEMS and other components, which is anticipated to enhance the company's profitability [4]. - The company is actively adjusting its production capacity, and with the anticipated sales increase from Meta's new products and AI glasses, the XR segment is expected to become a new growth driver [4].