国盛证券研报指出，歌尔股份上半年实现归母净利润14.2亿元，同比增长15.7%；从25Q2单季度来看，实现归母净利润9.5亿元，同比增长12.1%，环比增长102.2%。由于个别智能声学整机项目受产品迭代周期的影响，整体营收略有下滑，但受益于AI智能眼镜、智能可穿戴等产品线业务的顺利进展，公司上半年整体盈利水平较去年同期明显提升。随着光波导、微显示、系统级封装等技术的成熟和相关软件应用的发展，AI眼镜和AR产品有望持续快速成长，同时带动相关的声学、光学、传感器、结构件等精密零组件业务的成长，公司在XR声光学等领域卡位好，市场先发优势显著，将为公司带来新的业务增长点。公司持续深耕消费电子领域，具备从精密零组件到智能硬件整机的垂直整合能力，深度绑定大客户共成长。维持“买入”评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.