超預期！歌爾股份三季報淨利同比翻倍，消費電子迎來強週期？
三季報的業績大門已經打開，作為聲學龍頭，歌爾股份釋出了一份超出此前預期的成績單。
10月23日，歌爾股份開盤高開近3%，現有所回調，跌1.34%，最新總市值為1161億元，而今年以來，其股價累計漲幅已超過110%以上。
數據來源：Choice
今年第三季度，歌爾股份實現營業收入347.30億元，同比增長43.90%；歸屬於上市公司股東淨利潤20.16億元，同比增長104.71%；扣非後歸屬於上市公司股東淨利潤19.84億元，同比增長82.44%。
數據來源：官方公告
“預計2020年全年實現淨利潤27.53億元至28.81億元，同比增長115%至125%。”——公開數據
玩味的是，在此前的半年報中，歌爾股份曾預計前三季度實現淨利潤16.74億元至18.71億元，同比增長70%至90%，這一數據與現行業績相比，可以發現其業績還是較為樂觀，超預期的。
歌爾股份的主營業務主要由精密零組件、智能聲學整機、智能硬件等組成。而就本次貢獻營收的細分業務來看，其中，精密零組件83.08億元，同比增長13.64%，智能聲學整機152.72億元，同比增長61.45%，智能硬件101.50億元，同比增長52.05%。
資料來源：東北證券
可以發現，包括TWS、智能音響等產品在內的智能聲學整機業務在行業的整體升温下，繼續為其營收貢獻了主要力量；而涵蓋AR、VR等產品的智能硬件業務正受到行業的熱風吹拂，伴隨着智能穿戴設備的進一步滲透而得到了較為廣闊的成長空間，具備一定的增長潛力，預計2020年全球VR頭顯出貨量將達到637萬台，2024年預計出貨量將達到3561萬台，2020-2024年均複合增速為37.27%。
數據來源：IDC
基於此，可以發現，作為消費電子的頭部標的，在疫情時期，歌爾股份在智能無線耳機、精密零組件及虛擬現實等相關產品發展順利的前提下，業績表現繼續向好，其中，隨着TWS行業進入成長爆發期，再加上VR/AR市場發展持穩，從長期來看，歌爾股份在一定程度上會受益於相關行業高景氣，穩固其業績上升的驅動力以及市場競爭地位。
數據來源：Counterpoint
整體來看，截止目前，在消費電子領域，有兆馳股份、長盈精密、長信科技等14家公司前三季度實現盈利，伴隨着5G技術助推，疊加換機潮的到來，如華為Mate 40系列手機以及蘋果iphone 12的發佈，智能手機等相關電子產品或步入新一輪的增長週期，利於消費電子板塊繼續擁有確定性較強的成長性機會。
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