Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 268.79 billion yuan in 2024, representing a year-on-year growth of 15.9%, with a net profit attributable to shareholders of 13.37 billion yuan, up 22.0% year-on-year [4][5] - In Q1 2025, the company reported a revenue of 61.79 billion yuan, a year-on-year increase of 17.9%, and a net profit of 3.04 billion yuan, up 23.2% year-on-year [4][5] - The company expects a net profit attributable to shareholders for the first half of 2025 to be between 6.48 billion and 6.75 billion yuan, reflecting a year-on-year growth of 20%-25% [4] Summary by Sections Financial Performance - In 2024, the company recorded a comprehensive gross margin of 10.4%, down from 11.6% in 2023, primarily due to losses from certain smart wearable products and temporary overcapacity in domestic production [5] - The gross margin for Q1 2025 improved to 11.2%, an increase of 0.4 percentage points year-on-year, attributed to ongoing internal management improvements and cost optimization [5] Business Segments - The consumer electronics segment generated revenue of 224.09 billion yuan in 2024, maintaining rapid growth through a strategy of "scene ecology, AI empowerment, and global collaboration" [6] - The communications segment achieved revenue of 18.36 billion yuan in 2024, a year-on-year increase of 26.3%, driven by growth in component business [7] - The automotive segment saw revenue of 13.76 billion yuan in 2024, up 48.7% year-on-year, with expectations for continued high growth in 2025 [8] Future Projections - The company forecasts net profits attributable to shareholders of 17 billion yuan, 21.3 billion yuan, and 24.9 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.34, 2.94, and 3.44 yuan per share [9][10] - The projected P/E ratios for 2025, 2026, and 2027 are 13.0, 10.4, and 8.9 respectively, indicating a favorable valuation outlook [9][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 268.79 billion yuan for 2024, representing a year-on-year growth of 15.9%, with a net profit attributable to shareholders of 13.37 billion yuan, up 22.0% year-on-year [4][5] - In Q1 2025, the company achieved a revenue of 61.79 billion yuan, a year-on-year increase of 17.9%, and a net profit of 3.04 billion yuan, up 23.2% year-on-year [4][5] - The company expects a net profit attributable to shareholders for the first half of 2025 to be between 6.48 billion and 6.75 billion yuan, reflecting a year-on-year growth of 20%-25% [4] Summary by Sections Financial Performance - In 2024, the company achieved a comprehensive gross margin of 10.4%, down from 11.6% in 2023, primarily due to losses from certain smart wearable products and short-term overcapacity in domestic production [5] - The gross margin for Q1 2025 improved to 11.2%, an increase of 0.4 percentage points year-on-year, attributed to continuous internal management improvements and cost optimization [5] Business Segments - The consumer electronics segment generated revenue of 224.09 billion yuan in 2024, maintaining rapid growth through a three-pronged strategy of "scene ecology, AI empowerment, and global collaboration" [6] - The communications segment reported revenue of 18.36 billion yuan in 2024, a year-on-year increase of 26.3%, driven by growth in component business [7] - The automotive segment achieved revenue of 13.76 billion yuan in 2024, a significant year-on-year growth of 48.7%, with expectations for continued high growth in 2025 [8] Profit Forecast - The company forecasts net profits attributable to shareholders of 17 billion yuan, 21.3 billion yuan, and 24.9 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.34, 2.94, and 3.44 yuan per share [9][10]

点击 关注我们 报告发布日期：2025年4月7日 报告名称:《歌尔股份(002241.SZ) - 盈利能力回升全面拥抱AIOT终端新机遇 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002 联系人：连欣然 完整报告请扫描下方二维码 电声器件全球龙头，充分受益AIoT发展趋势 歌尔股份成立于2001年6月，以微型声学元器件起家，2010年公司切入北美大客户，进入爆发式增长期，2015 年，公司提出"精密零组件+智能硬件整机"战略，形成精密零组件、智能声学整机和智能硬件产品三大产品矩 阵（2024年公司三大板块营收分别占比14.9%、26.0%、56.7%），逐步成长为电声器件全球龙头。2024年公司 实现营业收入1009.54亿元(YoY +2.41%)，实现归母净利润26.65亿元(YoY +144.93%)，对应4Q24实现营业收入 313.08亿元(YoY +27.13%，QoQ +6.99%)，实现归母净利润3.20亿元(YoY +63.23%，Qo ...