证券研究报告 歌尔股份 (002241 CH) 围绕 AR 产业链持续深度布局 2025 年 8 月 26 日│中国内地 消费电子 舜宇光学、歌尔股份公告签订谅解备忘录，将就认购事项进一步磋商订立最 终协议。拟由歌尔光学以增发股份的方式，取得舜宇持有的上海奥来 100% 股权。预计本次交易完成后，上海奥来（原舜宇旗下）将成为歌尔光学的全 资子公司，上海奥来原股东将持有歌尔光学约 1/3 的股权，歌尔光学原股东 将持有歌尔光学约 2/3 的股权。我们认为如果交易完成，公司将进一步完善 在 AR 业务，尤其是 SiC 衬底光波导业务布局，进一步强化公司在 AR 产业 链卡位。维持"买入"。 上海奥来具有 SiC 衬底 AR 光波导片生产能力 歌尔股份本次交易对手是宁波奥来，后者是舜宇光学 100%持股的子公司， 是舜宇从事光波导、超表面器件、衍射光学器件等晶圆级微纳光学器件产品 业务的主体公司。其于 2023 年 12 月在上海临港投产了 12 英寸透明衬底晶 圆 AR 眼镜微纳光学产品项目，并于 2025 年年中完成了设备搬入，预计 2025 年下半年投产。我们认为此次并购可以促成歌尔光学和舜宇实现优势互补， ...

Market Performance - The main board led the gains with notable increases in stocks such as Anhui Tong Technology (+10.06%), Aorui Technology (+10.05%), and Beiwai Technology (+10.04%) [1] - The ChiNext board saw significant rises, particularly in Longli Technology (+20.00%) and Weier High (+20.00%) [1] - The Sci-Tech Innovation board was also strong, with Lier Technology (+20.01%) and Dongxin Technology (+14.66%) leading the way [1] - Active sub-industries included SW Printed Circuit Boards (+3.75%) and SW LED (+3.16%) [1] Domestic News - GoerTek announced efforts to advance Micro-LED technology and products, supporting its AI smart glasses and AR business, with a loan of up to $100 million to Haylo [1] - Shanghai Chip-on-Wafer Technology Co., Ltd. held a delivery ceremony for its 500th stepper lithography machine, aiming to become a leading semiconductor equipment company [1] - Wentech Technology reported progress in the sale of nine subsidiaries and overseas business assets, with several companies' 100% equity and related business assets successfully delivered [1] - World Advanced reported a significant drop in July revenue to NT$36.13 billion, a decrease of 19.26% from the previous month, attributed to reduced wafer shipments [1] Company Announcements - Aobi Zhongguang reported a total revenue of 435 million yuan for H1 2025, a year-on-year increase of 104.14%, with a net profit of 60 million yuan, up 212.77% [3] - Guangha Communication achieved a total revenue of 194 million yuan for H1 2025, a 27.8% increase, with a net profit of 24 million yuan, up 69.51% [3] - Rijiu Optoelectronics reported a total revenue of 302 million yuan for H1 2025, an 8.06% increase, with a net profit of 46 million yuan, up 37.87% [3] - Industrial Fulian announced a total revenue of 360.76 billion yuan for H1 2025, a 35.58% increase, with a net profit of 12.113 billion yuan, up 38.61% [3] International News - Toshiba's semiconductor division plans to significantly increase its contract chip manufacturing output by 50% by the end of the 2029 fiscal year [4] - Samsung Electronics is considering expanding local investments, including an additional 10 trillion won for packaging facilities, following large orders from Tesla and Apple [4] - TrendForce reported that DRAM manufacturers and PC OEMs are negotiating third-quarter contract prices, with limited capacity affecting PC demand [4] - SK Hynix predicts that the HBM chip market for AI design will grow at an annual rate of 30% by 2030, driven by significant capital expenditures from cloud computing companies [4]