光大证券研报指出，2025年更多大厂参与AI眼镜市场，小米开启大厂发售序幕，后续字节、三星等厂商均有望发售AI眼镜，歌尔股份作为领先设计代工厂商有望深度受益。鉴于消费电子下游弱复苏、部分客户老款产品生命周期接近尾期影响，下调公司25-26年归母净利润预测为33.44/40.01亿元（调整幅度为-4%、-8%），新增27 年归母净利润预测为47.01亿元，对应25-27年PE分别为24X/20X/17X。歌尔股份作为国内消费电子龙头企业，未来XR渗透率逐步提升，公司XR代工市占率高，叠加公司大客户耳机业务回升、智能硬件板块产品结构优化、零组件ASP提升等因素，看好公司未来营收及业绩的增长趋势，维持“买入”评级。
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