华创证券研报指出，歌尔股份拟收购米亚精密补足金属加工能力拼图，进一步完善自身平台化布局。标的公司在精密金属结构件领域内具有行业领先的竞争力，在金属/非金属材料加工、精细化表面处理等相关领域内具有深厚的核心技术积累，在精密结构件领域与行业领先客户长期合作，具有可观的营收规模和资产规模，且与公司现有的精密结构件业务具有优势互补和协同作用。此举有望拓展公司在金属加工领域的业务版图，进一步完善公司的平台化布局。25年将迎AI眼镜元年，公司深度卡位AI/AR眼镜行业后续有望受益行业爆发。智能声学整机及声学零部件业务逐步改善，且公司为全球XR 行业代工龙头，有望受益于行业出货增长。另外本次收购亦有望进一步增厚公司业绩。考虑到收购正推进中，暂不考虑收购标的业绩增厚情况，预计公司25~27年归母净利润为35.35/42.68/52.83亿元，维持“推荐”评级。
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