证券研究报告·公司点评报告·电子 歌尔股份（002241） 多轮投资加速 AR 量产，歌尔股份 AR 赛道 全面布局 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：产业发展不及预期，竞争格局恶化等。 2025 年 08 月 24 日 证券分析师 陈海进 执业证书：S0600525020001 chenhj@dwzq.com.cn 股价走势 -11% -5% 1% 7% 13% 19% 25% 31% 37% 43% 49% 2024/8/26 2024/12/24 2025/4/23 2025/8/21 歌尔股份 沪深300 市场数据 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 98,574 | 100,954 | 100,222 | 117,011 | 132,631 | | 同比（%） | (6.03) | 2.41 | (0.73) | 16.75 | 13.35 | ...

Core Viewpoint - Goer Group (歌尔股份) is making strategic investments in the AI and AR sectors by providing a loan to Haylo Labs Limited to facilitate the acquisition of Plessey Semiconductors Limited, aiming to enhance its capabilities in the Micro-LED technology space and strengthen ties with key industry players [2][4][8]. Investment Details - Goer Group's subsidiary, Hong Kong Goer Tech, plans to provide a loan of up to $100 million to Haylo, which will be used to acquire 100% of Plessey and for capital expenditures [2]. - The loan includes a special profit-sharing clause, allowing Goer to receive 25% of the total transaction value or market value upon Haylo or Plessey's acquisition or IPO within five years [2]. Strategic Rationale - The investment aligns with Goer Group's focus on AI and AR technologies, particularly in the Micro-LED field, which is recognized as a competitive next-generation display technology [5][11]. - Plessey's collaboration with major tech companies like Meta enhances Goer's strategic positioning in the industry, as it aims to deepen relationships with key customers [7][8]. Market Context - Goer Group has shifted its focus towards VR/AR technologies, with a significant portion of its revenue coming from smart hardware, which accounted for 59.56% of its business by the end of 2023 [8]. - The company has been actively involved in the development of AI smart glasses and AR products, responding to market trends and competition from major players like Apple, Xiaomi, and Huawei [9][10]. Technological Advancements - Goer Group is not only investing in Micro-LED technology through Plessey but also holds stakes in leading Micro-OLED companies, ensuring a comprehensive coverage of current and future display technologies [11]. - The company has been proactive in patent applications related to smart glasses, indicating a strong commitment to innovation in this space [10].

Core Viewpoint - The company is providing a loan of up to $100 million to Haylo Labs Limited to facilitate the acquisition of Plessey Semiconductors Limited, which is expected to enhance its position in the Micro-LED sector [1][2] Group 1 - The loan will be secured by Plessey and its subsidiaries, and is intended for the acquisition and capital investment in Micro-LED related fixed assets [1] - Plessey is recognized as a notable technology company in the global Micro-LED field, possessing significant R&D and technical advantages [1] - The investment is anticipated to foster the development of Micro-LED technology and products, positively impacting the company's future business expansion in AI smart glasses and AR products [2] Group 2 - The integration of Haylo's investment in Plessey is expected to lead to greater advancements in the Micro-LED sector, supported by the company's leading clients [2] - The leadership of David Hayes and his team is expected to drive Plessey's growth in the Micro-LED domain [2] - The maturation of related technologies and products will have a beneficial effect on the company's future endeavors in the AI smart glasses and AR fields [2]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.32 billion CNY, representing a year-on-year growth of 28.64%. The net profit attributable to shareholders was 106 million CNY, up 132.90%, and the net profit excluding non-recurring items was 94 million CNY, a significant increase of 1,813.63% [2] - In Q1 2025, the company reported a revenue of 340.73 million CNY, a year-on-year increase of 15.18%. The net profit attributable to shareholders was 30.61 million CNY, growing by 51.88%, while the net profit excluding non-recurring items reached 26.92 million CNY, up 57.19% [2] Group 2: Business Strategy - The company has established a diversified business layout of "1+2+N", focusing on consumer electronics as the core business, with a steady recovery in profitability due to economic recovery [2] - The two core businesses are the rapidly growing automotive display sector and the mass production phase of LIPO technology, both of which have promising market prospects [2] - The company is actively exploring new growth points in emerging areas such as AR/VR displays and precision structural components [2] Group 3: R&D Innovations - The company adheres to a "technology-driven" business philosophy, focusing on core products to enhance its competitive edge [3] - Ongoing R&D projects include advancements in Mini-LED technology for automotive and VR applications, as well as innovations in OLED display technologies [3] - As of December 31, 2024, the company has filed a total of 543 patents, including 155 invention patents, with 417 granted, showcasing its commitment to innovation [3]