歌尔股份-上调至买入评级，对新增长动力转持积极态度

Market share recovery in AirPods. We saw stronger-than-expected sales of AirPods Pro 3 thanks to its technology upgrades and new functions including health monitor and real-time translation. Apple has renewed its partnership with Goertek, and Goertek has entered the NPI (new product introduction) of the next generation model of AirPods, to be launched in 2026. Besides, with better operation of the Vietnam subsidiary through a JV with FIT, we expect Goertek to recapture 30% share of AirPod production in 2025 ...