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歌尔股份(002241):盈利能力持续向上 深度受益AI/AR眼镜产业发展
Xin Lang Cai Jing· 2025-08-22 10:35
2)25H1 智能声学整机收入下滑主因耳机处于新老产品过渡期。公司继续推动内部运营效率优化以及各 产品线良效率提升,25Q2 毛利率&净利率同环比继续提升。 事件:公司发布2025 年中报: 1)25H1:营收375.5 亿元,yoy-7.0%,归母14.2 亿元,yoy+15.7%,扣非归母10.3亿元,yoy-12.7%,毛 利率13.5%,yoy+2.0pct,净利率3.7%,yoy+0.8pct。非经常性损益3.8 亿元,其中外汇衍生品业务合约 交割及按公允价值重新计量产生的收益约4.2 亿元,公司业务多为美元结算,一般通过套保减少汇率变 动影响,因此归母净利润更能反映公司经营性利润表现。 2)25Q2:营收212.4 亿元,yoy+0.8%,qoq+30.3%,归母9.5 亿元,yoy+12.1%,qoq+102.2%,扣非归 母7.4 亿元,yoy-18.4%,qoq+153.6%,毛利率14.3%,yoy+0.7pct,qoq+1.9pct,净利率4.5%, yoy+0.6pct,qoq+1.8pct。 盈利能力持续向上,25H2-26 年多款新品有望贡献增长。 1)25H1 智能硬件/智能声学 ...
歌尔股份(002241):盈利能力持续向上,深度受益AI/AR眼镜产业发展
ZHONGTAI SECURITIES· 2025-08-22 10:30
Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company is expected to benefit significantly from the development of the AI/AR glasses industry, with multiple new products anticipated to contribute to revenue and profit growth from H2 2025 to 2026 [5][6] - The company's revenue for H1 2025 was 37.55 billion yuan, a year-on-year decrease of 7.0%, while the net profit attributable to the parent company was 1.42 billion yuan, an increase of 15.7% year-on-year [4][5] - The company has a strong vertical integration capability in the AI/AR glasses sector, with investments aimed at enhancing its core technologies and production capabilities [6] Financial Performance Summary - Revenue projections for the company are as follows: 2023A: 98.574 billion yuan, 2024A: 100.954 billion yuan, 2025E: 103.394 billion yuan, 2026E: 131.928 billion yuan, and 2027E: 163.630 billion yuan, with growth rates of -6%, 2%, 2%, 28%, and 24% respectively [2][6] - The net profit attributable to the parent company is projected to be 1.088 billion yuan in 2023A, 2.665 billion yuan in 2024A, 3.302 billion yuan in 2025E, 4.309 billion yuan in 2026E, and 5.517 billion yuan in 2027E, with growth rates of -38%, 145%, 24%, 31%, and 28% respectively [2][6] - The company's gross margin for H1 2025 was 13.5%, an increase of 2.0 percentage points year-on-year, while the net margin was 3.7%, an increase of 0.8 percentage points year-on-year [4][5] Product and Market Insights - The company reported that its revenue from smart hardware, smart acoustic systems, and precision components for H1 2025 was 20.34 billion yuan, 8.32 billion yuan, and 7.60 billion yuan respectively, with year-on-year changes of -2.5%, -34.9%, and +20.5% [5] - The company is positioned as a core manufacturer for Meta's upcoming consumer-grade AR glasses, which are expected to launch in September 2025, alongside other products from Xiaomi and Samsung [5][6] Valuation Metrics - The projected P/E ratios for the company are 95.2 for 2023A, 38.9 for 2024A, 31.4 for 2025E, 24.0 for 2026E, and 18.8 for 2027E [2][6] - The projected P/B ratios are 3.4 for 2023A, 3.1 for 2024A, 2.9 for 2025E, 2.6 for 2026E, and 2.3 for 2027E [2][6]