千億涅槃！歌爾股份：被蘋果拋棄，被Meta封神，AI眼鏡藏最大預期差

2026年被視為AI眼鏡元年，消費電子迎來全新變革。IDC數據顯示，2025年全球AI眼鏡出貨量暴增241%。曾因蘋果砍單陷入谷底的歌爾股份，憑藉前瞻佈局穩坐全球AI眼鏡代工龍頭，深度綁定Meta、華為、阿里等巨頭，並獨家代工Meta Ray-Ban Stories。

業績強勁復甦：2025年營收965.5億元，歸母淨利潤年增47.85%；2026年首季營收186.6億元（+14.44%），扣非淨利潤增19.57%，展現韌性。智能硬體為核心收入，AI眼鏡出貨爆發，市佔率全球第一。精密零組件業務年增19.45%，築牢利潤基礎。

技術壁壘：年研發投入逾50億元，累計專利3.7萬項。透過換股與舜宇光學合作，將上海奧來光學資產納入歌爾光學，補齊光波導短板，升級為「聲—光—結構」一體化綜合平台。

隱憂猶存：毛利率僅13.77%（AI眼鏡不足12%），越南用工成本攀升、匯兌損失導致財務費用暴增5088%，短期借款201億元侵蝕利潤，且仍高度依賴海外大客戶。

未來看點：機構預測2026年全球AI眼鏡出貨量翻倍。隨著Meta、華為新品密集落地，產能優化後成本壓力緩解。中長期看，歌爾將提高自研光學器件佔比，降低代工依賴，轉型為綜合精密製造平台，有望乘風完成涅槃。

Goertek’s Billion-Dollar Rebirth: Abandoned by Apple, Crowned by Meta, AI Glasses Hold the Biggest Expectation Gap
2026 is recognized as the first year of AI glasses, with IDC data showing global AI glasses shipments surged 241% in 2025. Goertek, once plunged into a downturn after Apple reduced orders, has now secured the top spot as the world’s leading ODM for AI glasses, deeply partnering with Meta, Huawei, Alibaba, and exclusively manufacturing Meta Ray-Ban Stories.

Strong financial rebound: 2025 revenue reached 96.55 billion yuan, net profit up 47.85% YoY; Q1 2026 revenue 18.66 billion yuan (+14.44%), ex-non-recurring net profit +19.57%. Smart hardware is its core revenue segment, with AI glass shipments exploding – Goertek holds the global No.1 market share. Precision components grew 19.45% YoY, providing a solid profit base.

Technological moat: over 5 billion yuan annual R&D investment, 37,000+ patents. Through a share swap with Sunny Optical, Goertek integrated Shanghai Aolai’s optical assets, filling waveguide technology gaps and upgrading to an integrated “acoustic-optical-structural” platform.

Challenges remain: gross margin only 13.77% (under 12% for AI glasses), rising labor costs in Vietnam, foreign exchange losses causing a 5,088% surge in financial expenses, and high short-term debt of 20.1 billion yuan eroding profits. The company still heavily relies on overseas clients.

Future outlook: institutions forecast global AI glasses shipments doubling in 2026. With new product launches from Meta and Huawei, capacity optimization will ease cost pressures. In the long term, Goertek aims to increase self-developed optical components, reduce ODM dependence, and transform into an integrated precision manufacturing platform – poised for a true rebirth.

Summary:
Goertek rebounded from Apple’s order cuts to become the world’s top ODM for AI glasses, exclusively manufacturing Meta’s eyewear. Strong financial recovery and waveguide tech integration offset low margins, with sector tailwinds promising further growth.