According to the Guosheng Securities Research Report, Goertek's performance in the first three quarters was steady, and end-side AI promoted a new round of growth opportunities. Net profit to mother for the first three quarters was 2,619 billion yuan, up 1.21% year on year; net profit from 26Q3 was 1.153 billion yuan, down 1.51% year on year and up 19.74% month on month. End-side AI hardware is in an upward boom cycle and will usher in an intensive release of new products. Looking ahead to the fourth quarter and early 2027, the industry is expected to usher in a new growth window. First, new products are being launched intensively in China, and AR devices with displays are being implemented at an accelerated pace on lightweight and AI-enabled tracks, which is expected to further increase the sales share of consumer-grade AR. In the new AI smart terminal circuit, the company focuses on emerging smart hardware with AI smart glasses as the core. The company has a deep industrial chain layout in the field of smart glasses. It not only has a leading position in the development and mass production of smart glasses, but also forwardly lays out core components such as optical waveguides, sensors, SiP system-level packaging modules, speakers, and precision structural parts, settles key processes, and builds strong vertical integration capabilities. The company focuses on the three major tracks of new AI smart terminals, robots, and semiconductors. It has long been optimistic about the space for further development brought about by the new business layout, and maintains a “buy” rating.

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