智能硬件业务营业收入为571.99 亿元，同比下降2.57%，因部分毛利率相对较低的项目进入生命周期中 后段，但VR/MR 产品销量显著增长，带动该板块毛利率同比提升1.90 个百分点。IDC 数据显示，2024 年全球VR/MR 设备出货量760 万台，同比增加12%，公司作为核心供应商将持续受益。 卡位布局XR 行业，长期趋势与短期拐点兼具。公司积极横向拓展消费电子业务，从可穿戴设备、智能 音箱迈入VR/AR 行业，各项业务形成良好共振，使得公司成为虚拟现实行业集声、光、电为一体的精 密制造龙头企业，卡位布局"零件+整机"，大客户资源及先发优势显著。在5G 时代与AI 潮流的融合 下，VR/AR 头显最具成为下一代智能人机交互终端设备的潜力，有望重塑信息获取方式。龙头的积极 布局与开发有望推动虚拟现实行业高速演进，公司具有VR/AR 产品关键零部件、模组的设计与制造能 力，凭借平台化优势充分受益。预计公司2025-2027 年EPS 分别为1.02、1.21、1.44，维持公司"买入"评 级。 风险提示 1、VR/AR 出货不及预期； 2、消费电子行业需求疲软； 事件描述 3 月26 日，歌尔股份公司发布 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company has returned to growth in 2024, with a revenue of 1009.54 billion yuan, a year-on-year increase of 2.41%. The net profit attributable to shareholders reached 26.65 billion yuan, up 144.93% year-on-year, while the net profit excluding non-recurring items was 23.93 billion yuan, reflecting a growth of 178.30% [2][6]. - In Q4 2024, the company achieved a revenue of 313.08 billion yuan, marking a year-on-year growth of 27.13% and a quarter-on-quarter increase of 6.99%. The net profit for this quarter was 3.20 billion yuan, up 63.23% year-on-year, although it saw a significant quarter-on-quarter decline of 71.45% [2][6]. - The company’s precision components and smart acoustic products have shown strong performance, with revenues of 150.51 billion yuan and 262.96 billion yuan respectively, growing by 15.9% and 8.7% year-on-year. The smart hardware segment experienced a slight decline of 2.6% due to product lifecycle adjustments [12]. - The company is strategically positioned in the XR industry, benefiting from the integration of 5G and AI trends, with expectations for significant growth in VR/AR headsets as the next generation of smart human-computer interaction devices [12]. Financial Summary - The company’s earnings per share (EPS) are projected to be 1.02, 1.21, and 1.44 for the years 2025, 2026, and 2027 respectively [12]. - The gross margin for the electronic components business improved by 2.21 percentage points to 11.14% in 2024, driven by a higher proportion of high-margin components and improved production efficiency [12]. - The company’s total assets are expected to grow from 82,707 million yuan in 2024 to 104,221 million yuan by 2027, indicating a robust financial outlook [18].