23 年毛利率逐季改善，24 年盈利能力有望向上修复 歌尔股份(002241.SZ)/电子 证券研究报告/公司点评 2024年3月27日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：16.02元 指标 2022A 2023A 2024E 2025E 2026E 分 析师：王芳 营业收入（百万元） 104,894 98,574 98,771 120,004 144,268 增长率yoy% 34% -6% 0% 21% 20% 执业证书编号： S0740521120002 净利润（百万元） 1,749 1,088 2,306 3,303 4,321 Email：wangfang02@zts.com.cn 增长率yoy% -59% -38% 112% 43% 31% 分析师：张琼 每股收益（元） 0.51 0.32 0.67 0.97 1.26 执业证书编号：S0740523070004 每股现金流量 2.43 2.39 2.63 2.73 2.97 净资产收益率 6% 3% 7% 9% 11% Email：zha ...

Financial Performance - Goertek's operating revenue for 2023 was approximately ¥98.57 billion, a decrease of 6.03% compared to ¥104.89 billion in 2022[19]. - The net profit attributable to shareholders for 2023 was approximately ¥1.09 billion, down 37.80% from ¥1.75 billion in 2022[19]. - The net profit after deducting non-recurring gains and losses was approximately ¥859.93 million, a decline of 47.16% from ¥1.63 billion in 2022[19]. - The total assets at the end of 2023 were approximately ¥73.74 billion, a decrease of 4.45% from ¥77.18 billion at the end of 2022[19]. - The company reported a basic earnings per share of ¥0.32 for 2023, down 38.46% from ¥0.52 in 2022[19]. - The company's total revenue for 2023 was CNY 98,573,902,273.14, representing a year-on-year decrease of 6.03%[48]. - The net profit attributable to shareholders was CNY 108,807.67 million, down 37.80% compared to the previous year[48]. - The company's operating costs amounted to CNY 89,753.06 million, a decrease of 3.73% year-on-year[48]. Cash Flow and Investments - The company reported a cash flow from operating activities of approximately ¥8.15 billion, a slight decrease of 1.99% from ¥8.32 billion in 2022[19]. - Operating cash inflow totaled CNY 80.17 billion, down 13.76% year-over-year, while cash outflow decreased by 14.92% to CNY 72.01 billion[67]. - The net increase in cash and cash equivalents was CNY 2.35 billion, reflecting a 41.55% increase year-over-year[67]. - The company invested a total of 649.94 million yuan in the current period, with a cumulative investment of 4,021.97 million yuan as of December 31, 2023[91]. - The total investment during the reporting period was ¥8,889,964,898.25, a decrease of 3.48% compared to ¥9,210,478,674.05 in the previous year[78]. Research and Development - Research and development expenses were CNY 457,285.54 million, accounting for 4.64% of total revenue and 14.50% of the latest audited net assets[50]. - The company applied for a total of 3,003 patents during the reporting period, including 2,249 invention patents, and has cumulatively applied for 32,209 patents as of December 31, 2023[43]. - The company has ongoing R&D projects aimed at enhancing its competitive edge in MEMS sensors and optical components for VR/MR/AR applications[63]. - The company is investing 200 million RMB in R&D for new technologies in the upcoming year[151]. - The company is committed to increasing its R&D investment, particularly in areas such as acoustics, optics, microelectronics, and automation, to build core technological competitiveness[110]. Market Trends and Challenges - The global smartphone shipment volume in 2023 was approximately 1.17 billion units, reflecting a year-on-year decline of about 3.2%[31]. - The company experienced a decline in demand due to global economic recovery challenges and geopolitical conflicts affecting consumer spending[31]. - The global VR/AR product shipments in 2023 have shown a significant decline, impacting the demand for consumer electronics, including smart wearables and TWS products[97]. - The global macroeconomic recovery remains insufficient, with a complex external environment posing challenges for the company's development in 2024[114]. - The company recognizes the importance of a robust supply chain and is aware of potential impacts from international political and economic changes on the industry[108]. Corporate Governance and Management - Goertek's financial report is guaranteed to be true, accurate, and complete by its board of directors and management[4]. - The company emphasizes improving corporate governance and internal control systems to protect the rights and interests of minority investors[133]. - The company has established an independent financial department and accounting system to ensure financial autonomy[147]. - The board of directors held a total of 12 meetings during the reporting period, with the latest meeting on December 28, 2023[178]. - The company has a diverse management team, with various roles including chairman, president, and vice presidents, each with specified remuneration[177]. Shareholder Returns and Dividends - Goertek reported a cash dividend of 1.00 RMB per 10 shares for all shareholders, with no bonus shares issued[4]. - Cumulative cash dividends from 2021 to 2023 reached RMB 1.509 billion, representing 51.01% of the average net profit from 2020 to 2022[136]. - The company provided a total cash dividend of 338,292,888.90 CNY, which accounts for 31.09% of the net profit attributable to shareholders for the year[194]. - The total distributable profit for 2023 was reported at 11,036,440,853.38 CNY, with a cash dividend policy ensuring a minimum of 20% of profits distributed as cash dividends[194]. Strategic Initiatives and Future Outlook - The company plans to deepen the integration of strategic business development and talent cultivation in 2024, enhancing its training programs[191]. - The company provided a revenue guidance for 2024, projecting a growth rate of 10% to 12%[151]. - The company aims to deepen its strategy of "precision components + smart hardware integration" to enhance its competitive advantage in both fields[109]. - The company is likely to pursue new product development and market expansion strategies, as indicated by the diverse backgrounds of its management team[156]. - The company plans to enhance its supply chain efficiency, aiming to reduce lead times by 20%[166].

Investment Rating - The investment rating for the company is maintained at "Buy - A" with a 6-month target price of 18.90 CNY, which corresponds to a dynamic P/E ratio of 30.00x for 2024 [6][9]. Core Insights - The company reported a revenue of 98.574 billion CNY in 2023, a year-on-year decline of 6.03%, and a net profit attributable to shareholders of 1.088 billion CNY, down 37.80% year-on-year [2][3]. - The overall performance in 2023 was under pressure, but the gross margin showed a quarterly improvement, with the gross margin increasing from 6.98% in Q1 to 10.58% in Q4 [3]. - The acquisition of 100% equity in Yuguang Technology in Q4 2023 enhanced the company's capabilities in precision optics, which is expected to support long-term growth in the optical business [4]. - The development of AI large models is anticipated to empower the XR industry, creating more software applications and product usage scenarios for emerging smart hardware products [5]. Financial Performance Summary - In 2023, the company's revenue was 98.574 billion CNY, with a gross margin of 8.95%, down 2.17 percentage points from 2022 [3][10]. - The company expects revenue growth rates of 8.95%, 15.61%, and 14.51% for 2024 to 2026, with net profit growth rates of 97.60%, 54.86%, and 25.51% respectively [9][10]. - The gross margin for the smart hardware business decreased from 11.14% in 2022 to 7.27% in 2023, impacting overall profitability [3][10]. - The company’s total market capitalization is approximately 53.96 billion CNY, with a circulating market capitalization of about 47.53 billion CNY [6].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company's performance in 2023 met expectations, with a revenue of 98.57 billion yuan, down 6.0% year-on-year, and a net profit attributable to shareholders of 1.09 billion yuan, down 37.8% year-on-year. The decline in revenue is attributed to weak global economic recovery, interest rate hikes in major economies, and insufficient demand in the consumer electronics sector [2][3]. - The company is expected to see gradual recovery in performance and profits, with projected net profits of 2.03 billion yuan, 3.23 billion yuan, and 4.50 billion yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 27, 17, and 12 [2][3]. - The XR industry is at a low point, but new products are anticipated to drive recovery. The company’s major client, Meta, is expected to release a budget version of Quest in 2024, which could boost revenue and profits in the smart hardware segment [2][3]. - The company has shown confidence in its long-term development by initiating a share buyback plan totaling 500 to 700 million yuan, with 597 million yuan already repurchased as of February 29 [2][3]. Financial Summary - In 2023, the company achieved total revenue of 98.57 billion yuan, with a net profit of 1.09 billion yuan. The gross margin for 2023 was 8.95%, a decrease of 2.2 percentage points year-on-year. However, in Q4 2023, the gross margin improved to 10.6%, up 4.3 percentage points year-on-year [2][3][5]. - The company’s operating cash flow for 2023 was 8.15 billion yuan, indicating healthy cash flow management [2][3][7]. - The projected revenue growth rates for 2024, 2025, and 2026 are 4.9%, 11.6%, and 15.4% respectively, with net profit growth rates of 86.5%, 59.4%, and 39.2% [3][5].

歌尔股份有限公司 关联交易决策制度 第一章 总则 第一条 为规范歌尔股份有限公司（以下简称"公司"）及其控 股子公司与公司关联人之间的关联交易决策程序，防止关联交易损害 公司及中小股东的利益，根据《中华人民共和国公司法》（以下简称 "《公司法》"）《中华人民共和国证券法》《上市公司信息披露管 理办法》《上市公司独立董事管理办法》《深圳证券交易所股票上市 规则》（简称"《股票上市规则》"）《深圳证券交易所上市公司自 律监管指引第 1 号——主板上市公司规范运作》《深圳证券交易所上 市公司自律监管指引第 7 号——交易与关联交易》《歌尔股份有限公 司章程》（简称"《公司章程》"）及相关法律、法规和规范性文件， 制定本制度。 第二条 本制度所称关联交易是指公司或其控股子公司与公司 关联人之间发生的转移资源或者义务的事项。 （五）中国证券监督管理委员会（以下简称"中国证监会"）、深 圳证券交易所或者公司根据实质重于形式的原则认定的其他与公司 有特殊关系，可能或者已经造成公司对其利益倾斜的法人（或者其他 组织）。 第五条 具有下列情形之一的自然人，为公司的关联自然人： （一）直接或者间接持有公司 5％以上股份的自然人； ...

歌尔股份有限公司 对外提供财务资助管理制度 第一章 总则 第一条 为依法规范歌尔股份有限公司（以下简称"公司"） 对外提供财务资助行为，防范财务风险，确保公司经营稳健，根据 《中华人民共和国公司法》《深圳证券交易所股票上市规则》（以下 简称"《股票上市规则》"）《深圳证券交易所上市公司自律监管指引 第 1 号——主板上市公司规范运作》等相关法律、法规、规范性文 件及《歌尔股份有限公司章程》（以下简称"《公司章程》"）的规定， 结合公司实际情况，制定本制度。 第二条 本制度所称"对外提供财务资助"，是指公司及其控 股子公司有偿或者无偿对外提供资金、委托贷款等行为。公司及控 股子公司对外提供财务资助适用本制度，但下列情况除外： （一）公司以对外提供借款、贷款等融资业务为其主营业务； （二）资助对象为公司合并报表范围内且持股比例超过 50%的 控股子公司且该控股子公司其他股东中不包含公司的控股股东、实 际控制人及其关联人； （三）中国证券监督管理委员会或者深圳证券交易所认定的其 他情形。 第三条 公司存在下列情形之一的，应当参照本制度的规定 执行： 1 （一）在主营业务范围外以实物资产、无形资产等方式对外提 供资助 ...

| 序号 | 修订前条文 | 修订后条文 | | --- | --- | --- | | | 担保事项； | 保事项； | | | （十三）审议公司在一年内购买、出 | （十三）审议批准第四十四条规定的财 | | | 售重大资产超过公司最近一期经审 | 务资助事项； | | | 计总资产 30%的事项； | （十四）审议公司在一年内购买、出售 | | | （十四）审议批准变更募集资金用途 | 重大资产超过公司最近一期经审计总 | | | 事项； | 资产 30%的事项； | | | （十五）审议股权激励计划和员工持 | （十五）审议批准变更募集资金用途事 | | | 股计划； | 项； | | | （十六）因本章程第二十五条第（一） | （十六）审议股权激励计划和员工持股 | | | 项、第（二）项规定的情形收购本公 | 计划； | | | 司股份作出决议； | （十七）因本章程第二十五条第（一） | | | （十七）审议法律、行政法规、部门 | 项、第（二）项规定的情形收购本公司 | | | 规章或本章程规定应当由股东大会 | 股份作出决议； | | | 决定的其他事项。 | （十八）审议法律、行政法规、部 ...

歌尔股份有限公司 证券投资与衍生品交易管理制度 第一章 总则 第一条 为规范歌尔股份有限公司（以下简称"公司"）及控 股子公司证券投资与衍生品交易行为，防范投资风险，强化风险控 制，保证公司资金、财产的安全，维护公司和股东的合法权益，根 据《中华人民共和国公司法》《上市公司信息披露管理办法》《深圳 证券交易所股票上市规则》（以下简称"《股票上市规则》"）、《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》《深圳证券交易所上市公司自律监管指引第 7 号——交易与 关联交易》等有关法律、行政法规、部门规章、规范性文件、证券 交易所业务规则和《歌尔股份有限公司章程》（以下简称"《公司章 程》"）的规定，结合公司实际情况，特制定本制度。 第二条 本制度所称证券投资，包括新股配售或者申购、证券 回购、股票及存托凭证投资、债券投资及深圳证券交易所认定的其 他投资行为。 本制度所称衍生品交易是指期货交易以外的，以互换合约、远 期合约和非标准化期权合约及其组合为交易标的的交易活动。衍生 品的基础资产既可以是证券、指数、利率、汇率、货币、商品等标 的，也可以是上述标的的组合。 第三条 公司及控股子公司 ...

歌尔股份有限公司 2023年度独立董事述职报告（王琨） 本人王琨，作为歌尔股份有限公司（以下简称"公司"）独立董事，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司独立董事管理办法》 《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》等法 律、法规和《歌尔股份有限公司章程》（以下简称"《公司章程》"）的规定，现 将2023年度本人履行独立董事职责的工作情况报告如下： 一、基本情况 （一）工作履历、专业背景以及兼职情况 本人王琨，香港科技大学会计学博士、南开大学会计学学士。现任清华大学经 济管理学院会计系副教授、清华大学公司治理研究中心副主任、高级研究员，兼任 公司及中国国际期货股份有限公司、凌云光技术股份有限公司独立董事。曾任清华 大学经济管理学院会计系讲师、清华大学经济管理学院会计系博士项目主任，曾兼 任北京华宇软件股份有限公司、积成电子股份有限公司等公司独立董事。本人已于 2024年3月14日向董事会辞去公司独立董事及审计委员会委员职务，为保证董事会 中独立董事人数占比不少于三分之一，本人的辞任将在新任独立董事经股东大会选 举通过后生效。 2023年，公司共召开了10次董 ...

中喜会计师事务所（特殊普通合伙） 地址：北京市东城区崇文门外大街11号新成文化大厦A座11层 邮编：100062 电话：010-67085873 传真：010-67084147 邮箱：zhongxi@zhongxicpa.net 关于歌尔股份有限公司 2023年度非经营性资金占用及其他关联资金往来情况 的专项说明 中喜专审2024Z00147号 中喜会计师事务所 (特殊普通合伙 ) Z H O N G XI C P A s（ SPE CIA L G E N E R AL P A R T NE RSHIP） 关于歌尔股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项说明 中喜专审2024Z00147号 歌尔股份有限公司全体股东： 我们接受委托，审计了歌尔股份有限公司（以下简称"歌尔股份"）2023年度 财务报表，包括2023年12月31日的合并及公司资产负债表，2023年度的合并及公司 利润表、合并及公司现金流量表、合并及公司所有者权益变动表，以及财务报表附 注，并于2024年3月27日出具了中喜财审2024S00362号标准无保留意见的审计报告。 歌尔股份管理层按照中国证券监督管理委员会《上市公司监 ...