Investment Rating - The report maintains a "BUY" rating for Goertek with a new target price (TP) of RMB 25.9, reflecting a 27% upside from the current price of RMB 20.39 [4][12]. Core Insights - Goertek's 1H24 revenue and net profit growth were reported at -11% and +190% year-on-year (YoY), respectively, aligning with earlier profit alerts [2]. - The gross profit margin (GPM) improved to 13.6% in 2Q24, up 4.4 percentage points quarter-on-quarter (QoQ) and 5.9 percentage points YoY, driven by enhanced efficiency and profitability in acoustics and smart products [2][7]. - The outlook for 2H24 and FY25E is positive, with expectations of continued GPM recovery and increased demand for augmented reality (AR) and virtual reality (VR) products, particularly with new launches from major players [2][12]. - Earnings per share (EPS) estimates for FY24-26E have been raised by 19-38% to reflect the strong performance in 1H24 and improved operating leverage [2][8]. Financial Performance Summary - 1H24 revenue was RMB 98,561 million, with a net profit of RMB 1,088.1 million, showing a significant recovery from previous quarters [3][11]. - The company expects net profit growth of +164% and +23% YoY for FY24 and FY25E, respectively [2][12]. - The report highlights strong revenue growth in precision components and acoustic products segments, with increases of +21% and +38% YoY, although smart products saw a decline of -32% YoY due to product cycle delays [2][10]. Earnings Revisions - Revenue estimates for FY24E have been adjusted to RMB 98,561 million, with net profit revised to RMB 2,876 million, reflecting a 19% increase from previous estimates [8][9]. - The gross profit margin is expected to stabilize around 11.4% for FY24E, with operating profit margins projected to improve to 3.3% [8][9]. Market Position and Future Outlook - Goertek is well-positioned to capitalize on the upcoming AR/VR product cycle, with anticipated launches from companies like Meta and Sony [2][12]. - The report emphasizes Goertek's leadership in the XR, acoustics, and gaming segments, which are expected to drive market share gains and profitability recovery in FY24 and FY25E [12][15].

证券代码：002241 证券简称：歌尔股份 公告编号：2024-077 歌尔股份有限公司 关于公司部分股票期权注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 歌尔股份有限公司(以下简称"公司")于 2024 年 8 月 14 日召开了第六届董事 会第十八次会议及第六届监事会第十五次会议，审议通过了《关于调整公司 2023 年 股票期权激励计划首次授予部分激励对象名单及授予数量并注销部分股票期权的议 案》，具体内容详见公司于 2024 年 8 月 15 日在信息披露媒体巨潮资讯网 http://www.cninfo.com.cn、《证券时报》《中国证券报》《上海证券报》《证券日报》 上披露的相关公告。 一、本次注销股票期权的原因、数量 鉴于公司 2023 年股票期权激励计划首次授予的第一个行权等待期（2023 年 8 月 28 日至 2024 年 8 月 27 日）即将届满，截至目前，原激励对象中有 549 名激励 对象因离职或自愿放弃等原因不再具备激励资格，其已获授的合计 1,521.37 万份 股票期权将予以注销；75 名激励对象个人绩效考核 ...

证券研究报告 歌尔股份 (002241 CH) 2Q24 业绩：盈利能力持续改善 华泰研究 中报点评 投资评级(维持): 买入 目标价(人民币): 29.26 2024 年 8 月 15 日│中国内地 消费电子 风险提示：TWS/VR/AR 需求不及预期；量产爬坡、原材料涨价拉低利润率。 研究员 谢春生 SAC No. S0570519080006 SFC No. BQZ938 xiechunsheng@htsc.com +(86) 21 2987 2036 研究员 黄礼悦 SAC No. S0570523070007 SFC No. BRH099 andrewhuang@htsc.com +(86) 21 2897 2228 24 中报：归母净利润符合预告区间，各分部毛利率持续改善 歌尔公布 24 年中报，对应 2Q24 营业收入 210.7 亿（yoy+0.1%），毛利率 13.6%（yoy+6.0pp，qoq+4.4pp），归母净利 8.46 亿（yoy+168%），扣非 归母净利 9.09 亿元（yoy+113%）。公司 2Q24 业绩大幅改善的原因主要是 公司强化精益运营、修复提升盈利能力的经营导向 ...

上 市 公 司 电子 2024 年 08 月 15 日 歌尔股份 (002241) —— 24 年中报点评：上半年归母净利润同比增长 190%， 拓展 AI+智能穿戴 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 公告：公司 2024 年上半年营业收入 403.82 亿元，同比下降 11%，归母净利润 12.25 亿 元，同比增加 190%。毛利率为 11.51%，同比上升 4.22pct，净利率为 2.95%，同比上升 2.04pct。单二季度实现营业收入 210.70 亿元，同比上升 0.1%，归母净利润 8.46 亿元， 同比上升 168%。毛利率为 14%，净利率为 4%。业绩符合预期。 ⚫ 智能声学整机业务营收实现 38%增长。上半年收入下滑主要受智能硬件板块拖累，一方面， 上半年全球缺乏重磅头显新品上市，导致产品出货量下降，另一方面，客户游戏机项目进 入产品周期后段，影响智能硬件业务板块营收。据公司 24 年半年报，分业务来看，精密 零组件营收 63 亿元，同比上升 21%，占比 16%；智能声学整机 128 亿元，同比上升 38%， 占比 32%；智能硬件营收 198 亿元，同比下滑 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company's performance in the first half of 2024 exceeded the forecast median, with significant improvement in profitability [1]. - The smart acoustic business experienced substantial growth, primarily driven by increased utilization rates in the headphone segment [1]. - The company is actively integrating production lines to enhance operational efficiency, leading to a rapid recovery in profitability [1]. Financial Summary - **Revenue Forecasts**: - 2022A: 104,894 million - 2023A: 98,574 million (down 6% YoY) - 2024E: 98,771 million (0% YoY) - 2025E: 120,004 million (21% YoY) - 2026E: 144,268 million (20% YoY) [1][2] - **Net Profit Forecasts**: - 2022A: 1,749 million - 2023A: 1,088 million (down 38% YoY) - 2024E: 2,509 million (up 131% YoY) - 2025E: 3,526 million (up 41% YoY) - 2026E: 4,539 million (up 29% YoY) [1][2] - **Earnings Per Share (EPS)**: - 2023: 0.32 - 2024E: 0.73 - 2025E: 1.03 - 2026E: 1.33 [1][2] - **Return on Equity (ROE)**: - 2023: 3% - 2024E: 8% - 2025E: 10% - 2026E: 12% [1][2] - **Profitability Ratios**: - Gross Margin: 11.5% (up 4.2 percentage points YoY) - Net Margin: 3.0% (up 2.0 percentage points YoY) [1][2] Investment Insights - The company is expected to achieve a net profit of 2,509 million in 2024, with a corresponding P/E ratio of 28 times [1]. - The report highlights the potential for a new product cycle driven by advancements in AI and AR technologies, which are expected to enhance the company's market position [1]. - The company is well-positioned to benefit from collaborations with major tech firms, enhancing its product offerings in the smart acoustic and AR sectors [1].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company reported a revenue of 40.382 billion yuan for H1 2024, a year-over-year decrease of 10.6%, while the net profit attributable to shareholders reached 1.225 billion yuan, reflecting a significant year-over-year increase of 190.3% [1]. - The improvement in product structure and profitability of assembly business is notable, with the second quarter of 2024 showing a net profit of 846 million yuan, a year-over-year increase of 167.9% and a quarter-over-quarter increase of 122.6% [1]. - The report highlights a recovery in the MR industry and emphasizes the potential of AI-enhanced AR glasses, with expectations of increased demand for precision optical components and smart glasses [1]. - The company is actively expanding into automotive electronics and has completed the acquisition of 100% equity in a micro-optical technology firm, enhancing its product layout [1]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 40.382 billion yuan, with a net profit of 1.225 billion yuan, and a non-recurring net profit of 1.184 billion yuan [1]. - In Q2 2024, the company reported a revenue of 21.07 billion yuan, with a net profit of 846 million yuan, and a non-recurring net profit of 909 million yuan [1]. - The revenue breakdown shows precision components generating 6.309 billion yuan (21.2% growth), smart acoustic devices at 12.789 billion yuan (38.2% growth), and smart hardware at 19.846 billion yuan (32.3% decline) [1]. Product and Market Strategy - The company focuses on a dual strategy of "precision components + smart hardware," with key products including TWS headphones, smart speakers, and VR/AR devices [1]. - The report notes a shift in business structure due to decreased demand for consumer electronics, but anticipates recovery with the resurgence of the XR industry and the rise of AR glasses [1]. Future Outlook - The company is projected to achieve net profits of 2.521 billion yuan, 3.793 billion yuan, and 4.584 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 28, 18, and 15 [2][5]. - The anticipated growth in the AR/VR sector positions the company as a leader, with a well-established product layout [1].

盈利能力改善，充分受益消费电子终端智能化 投资要点 业务结构改善致公司业绩提升，24H1 归母净利润同比增长超 190%。2024H1 公 司实现营收 403.82 亿元，同比下降 10.60%；归母净利润为 12.25 亿元，同比增长 190.44%。其中 2024Q2 公司实现营收 210.70 亿元，同比增长 0.10%，环比增长 9.11%，归母净利润为 8.46 亿元，同比增长 167.89%，环比增长 122.77%。主要 原因是：首先，二季度中公司智能声学整机、智能硬件业务中的部分重点产品项目 出货量增加，稼动率提升，盈利能力提升；其次，公司业务营收结构改善，部分毛 利相对低的组装业务在营收中的比重有所下降，精密零组件等高毛利业务营收占比 有所提升。从各业务角度分析：（1）精密零组件实现营收 63.09 亿元，同比增长 21.22%；占营收比例为 15.62%，同比上升 4.10pcts；毛利率为 22.46%；（2）智 能声学整机实现营收 127.89 亿元，同比增长 38.19%；占营收比例为 31.67%，同 比上升 11.18pcts；毛利率为 9.83%。（3）智能硬件实现营收 198 ...

证券代码：002241 证券简称：歌尔股份 公告编号：2024-076 歌尔股份有限公司 2024 年半年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、根据歌尔股份有限公司（以下简称"公司"或"本公司"）2023 年度股东大 会的授权，公司 2024 年 8 月 14 日召开的第六届董事会第十八次会议审议通过的利 润分配方案为：以现有公司总股本 3,417,134,589 股扣除回购股份 39,434,946 股 后的 3,377,699,643 股为基数，向全体股东每 10 股派发现金红利 0.50 元（含税）， 本次现金分红共计 168,884,982.15 元。 2、本次权益分派按公司总股本折算的每 10 股现金红利为 0.494229 元（含税）。 在保证本次权益分派方案不变的前提下,本次权益分派实施后的除权除息参考 价=除权除息日前一交易日收盘价-按公司总股本折算每股现金分红金额=股权登记 日收盘价-0.0494229 元/股。 一、股东大会审议通过利润分配及资本公积金转增股本方案等情况 1、公司于 2024 年 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 15 日 歌尔股份(002241.SZ) 24H1 业绩符合预告指引，盈利能力持 续修复 事件： 公司发布 2024 年半年度报告，2024H1 公司实现营业收入 403.82 亿 元，同比减少 10.60%；公司实现归母净利润 12.25 亿元，同比增长 190.44%。其中 24Q2 单季度，公司实现营业收入 210.70 亿元，同比 增长 0.10%，环比增长 9.11%；归母净利润 8.46 亿元，同比增长 167.89%，环比增长 122.77%。24H1 公司智能硬件业务受个别项目在 产品生命周期后段的正常降量等因素的影响，营收同比下降，导致公 司整体收入有小幅下滑。盈利端来看，公司在持续提升精益运营水平、 推动盈利能力修复的各项工作中取得了较为显著的成果，上半年盈利 水平同比显著提升：24Q2 单季度，公司实现销售毛利率 13.63%，同 比增长 5.97 个 pct，环比增长 4.44 个 pct。 消费电子行业复苏，可穿戴和 XR 市场亮眼： 2024 年上半年，全球消费电子行业开始复苏，部分新兴智能硬件 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][14]. Core Insights - The company's revenue for the first half of 2024 was CNY 40.382 billion, a year-over-year decrease of 10.60%, while the net profit attributable to shareholders was CNY 1.225 billion, reflecting a significant year-over-year increase of 190.44% [1]. - The smart acoustic device business has shown a recovery in profitability, with revenue reaching CNY 12.789 billion, up 38.19% year-over-year, and a gross margin improvement of 5.78 percentage points [2]. - The smart hardware segment experienced a revenue decline of 32.31% year-over-year, primarily due to the normal reduction in product volume at the end of its lifecycle, although its gross margin improved by 3.37 percentage points [2]. - The company is well-positioned in the XR (Extended Reality) market, with potential growth driven by new product launches from major clients like Apple and Meta [2]. - Advancements in AI technology are expected to create new application scenarios for terminal devices, benefiting the company's acoustic components business [2]. Financial Summary - For 2024E, total revenue is projected to be CNY 107.255 billion, with a year-over-year growth rate of 8.8% [3]. - The net profit attributable to shareholders is expected to reach CNY 2.707 billion in 2024E, representing a year-over-year growth of 148.7% [3]. - The earnings per share (EPS) is forecasted to be CNY 0.79 for 2024E, with a price-to-earnings (P/E) ratio of 25 [3]. - The company's total assets are projected to grow to CNY 85.761 billion by 2024E, with a debt-to-asset ratio of 60.4% [3].