Group 1 - The core point of the news is that GoerTek Inc. has applied for a patent related to a new authentication method, device, and equipment in the communication technology field, with the application date being November 2024 [1] - The patent application includes a method that involves receiving an authentication request from a device, recording local time, and providing an authorization option based on the time difference and validity of the request [1] - GoerTek Inc. has a significant number of patents, totaling around 5000, indicating a strong focus on innovation and intellectual property [2] Group 2 - GoerTek Inc. was established in 2001 and is located in Weifang City, primarily engaged in the manufacturing of electrical machinery and equipment [2] - The company has a registered capital of approximately 3.42 billion RMB and a paid-in capital of about 795 million RMB [2] - GoerTek has made investments in 39 companies and participated in 236 bidding projects, showcasing its active role in the industry [2]

Core Insights - The smart sensor industry is crucial for emerging fields such as industrial internet, autonomous driving, and smart homes, and serves as an important indicator of a country's level of informatization and digitalization [2] - The Chinese government has prioritized the development of the smart sensor industry, implementing various policies to support technological innovation and the improvement of the industrial chain [2][8] - From 2018 to 2022, the average scale of R&D investment in China's smart sensor industry has been increasing year by year, indicating a growing commitment to research and development [2] Industry Overview - The global smart sensor industry is primarily dominated by major industrial powers such as North America, Europe, and Japan, which hold significant market shares due to their strong technological capabilities and stable product quality [6] - As of 2023, the market size of China's smart sensor industry reached 142.96 billion RMB, marking a significant growth phase for the industry [21] Company Developments - Major companies in the smart sensor sector are focusing on the development of third-generation semiconductors and power devices, optimizing processes around key products [4] - Companies like GoerTek and Hanwei Technology are making significant advancements in smart sensor technologies, with GoerTek holding 1,800 patents in the field as of September 2024 [9][11] - Hanwei Technology has developed a wide range of sensors, including gas, pressure, and flexible tactile sensors, and has secured 989 patents as of mid-2024 [11] Innovation and Patents - The report identifies ten innovative companies in China's smart sensor industry by 2025, highlighting their patent achievements and technological advancements [8] - GoerTek leads with 1,800 patents, while Hanwei Technology and State Grid have also made substantial contributions with 989 and 954 patents, respectively [9][11][12] Market Dynamics - The production costs of smart sensors are significantly influenced by the prices of raw materials, which account for 50-80% of total costs, indicating potential volatility in the market [20] - The supply and demand for manufacturing materials and packaging materials are generally stable, reflecting a mature market environment [20] Future Outlook - The smart sensor industry is expected to continue its growth trajectory, driven by advancements in IoT applications and increasing demand across various sectors [18][21]

Core Insights - The core viewpoint of the articles is that GoerTek has successfully rebounded in its financial performance for 2024, achieving significant growth in revenue and net profit, primarily driven by its smart acoustic assembly business and precision components [1][2]. Financial Performance - GoerTek reported a total revenue of 100.95 billion yuan for 2024, marking a year-on-year increase of 2.41% [1]. - The net profit attributable to shareholders reached 2.665 billion yuan, reflecting a substantial year-on-year growth of 144.93% [1]. Business Segments - The company operates mainly in three segments: precision components, smart acoustic assemblies, and smart hardware [1]. - The precision components segment generated revenue of 15.051 billion yuan, up 15.85% year-on-year [1]. - The smart acoustic assembly segment achieved revenue of 26.296 billion yuan, with a year-on-year increase of 8.73% [1][2]. - The smart hardware segment, however, saw a decline of 2.57% in revenue, attributed to the normal decline in product lifecycle [4]. Market Trends - The growth in the smart acoustic assembly business is largely driven by increased market demand for smart wireless headphones and wearable products, supported by advancements in AI technology [3]. - Global smartphone shipments are projected to reach approximately 1.24 billion units in 2024, a year-on-year increase of about 6.1%, contributing to the recovery of the precision components market [3]. - The global TWS (True Wireless Stereo) headphone shipments are expected to be around 280 million units in 2024, reflecting a year-on-year growth of approximately 14% [3]. Future Outlook - The smart hardware business is facing challenges due to a decline in VR product shipments, with the global VR market expected to see a slight decrease in 2024 [5][6]. - However, there is optimism regarding the AI smart glasses market, with significant growth anticipated in 2025 as major companies like Xiaomi and Samsung are expected to launch their AI smart glasses [5][6]. - GoerTek is actively involved in developing optical components and modules for AI smart glasses, indicating a strategic shift towards this emerging market [5][6].

Core Viewpoint - The recent financial reports from ten display companies indicate varied performance, with some companies showing significant growth while others face declines in revenue and profit margins [1]. Group 1: Company Performance - BOE Technology Group reported revenue of 125.61 billion RMB, a 25% increase year-on-year, but a net profit decline of 18% to 3.65 billion RMB [3][5]. - Xinli International achieved revenue of 166.63 billion RMB, up 14.4%, with net profit increasing by 14.9% to 2.82 billion RMB, driven by smartphone business growth [6][8]. - Deep Textile reported revenue of 33.35 billion RMB, an 8.3% increase, and net profit of 89.37 million RMB, up 12.75% [10]. - Lens Technology saw revenue rise to 698.97 billion RMB, a 28.27% increase, with net profit of 36.24 billion RMB, up 19.94% [12]. - Puyang Huicheng's revenue was 14.11 billion RMB, a modest 2.31% increase, but net profit fell by 18.53% to 1.92 billion RMB [14]. - Landai Technology reported revenue of 35.35 billion RMB, a 25.93% increase, and a significant net profit increase of 134.04% to 1.24 billion RMB [16][18]. - Kaisheng Technology's revenue decreased by 2.32% to 48.94 billion RMB, while net profit rose by 30.76% to 1.4 billion RMB [19][20]. - Nanjing Panda reported a revenue decline of 9.15% to 26.46 billion RMB, with a net loss of 14.14 million RMB [21][24]. - Tiande Yu achieved a revenue of 21.02 billion RMB, a 73.88% increase, with net profit rising by 143.61% to 2.75 billion RMB [25][26]. - GoerTek reported revenue of 1009.5 billion RMB, a 2.41% increase, with net profit soaring by 144.93% to 2.67 billion RMB [27][29]. Group 2: Industry Trends - The display materials industry is undergoing a restructuring, with OLED materials demand increasing due to the growth of OLED panel production [14]. - The touch display panel industry is recovering, with traditional consumer products showing signs of rebound, particularly in automotive and large-size displays [18]. - The demand for smart devices, including VR/MR and wearables, is driving growth in the precision components and smart hardware sectors [29].

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation of outperforming the benchmark index by 10%-20% over the next six months [7][22]. Core Insights - The company's profitability has significantly improved, with a notable increase in revenue and net profit for the fiscal year 2024. The total revenue reached 100.95 billion yuan, reflecting a year-on-year growth of 2.41%, while the net profit attributable to shareholders surged by 144.93% to 2.67 billion yuan [1][3]. - The company is well-positioned to benefit from the explosive growth in the AI glasses industry, with a comprehensive strategy that includes various segments such as acoustic components, assembly, optical modules, and diffraction waveguides [7][8]. Financial Performance Summary - For the fiscal year 2024, the company reported total revenue of 100,954 million yuan, with a year-on-year growth rate of 2.4%. The net profit attributable to shareholders was 2,665 million yuan, showing a remarkable year-on-year increase of 144.9% [3][8]. - The earnings per share (EPS) for 2024 is projected at 0.76 yuan, with a price-to-earnings (P/E) ratio of 35 [3][8]. - The company anticipates continued revenue growth, with projections of 104,317 million yuan in 2025 and 121,000 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of 9.1% from 2025 to 2027 [3][8]. Business Segment Insights - The smart acoustic assembly and component business is gradually improving, with the company being a leading player in the global XR industry, expected to benefit from industry shipment growth [7][8]. - The precision components business achieved revenue of 15.05 billion yuan in 2024, with a gross margin of 21.51%, indicating a year-on-year increase of 1.02 percentage points [7][8]. - The smart hardware segment reported a revenue of 571.99 billion yuan in 2024, despite a slight decline of 2.57% year-on-year, but with an improved gross margin of 9.17% [7][8]. Market Position and Future Outlook - The company is strategically positioned in the AI/AR glasses market, with a significant increase in global AI smart glasses sales, which reached 1.52 million units in 2024, a year-on-year growth of 533% [7][8]. - The company plans to leverage its technological advantages in optical and waveguide segments, having introduced a lightweight AR reference design at CES 2025, which includes holographic waveguide lenses and Micro LED optics [7][8].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for the next 3-6 months [1][7]. Core Insights - The company's profitability has significantly improved, with a notable increase in revenue and net profit for the fiscal year 2024. The total revenue reached 100.95 billion yuan, a year-on-year increase of 2.41%, while the net profit attributable to shareholders was 2.67 billion yuan, reflecting a year-on-year growth of 144.93% [1][3]. - The company is well-positioned to benefit from the explosive growth in the AI glasses industry, with a strong presence in multiple segments including acoustic components and assembly [7][8]. Financial Performance Summary - For the fiscal year 2024, the company achieved total revenue of 100,954 million yuan, with a year-on-year growth of 2.4% projected for 2025 [3][8]. - The net profit attributable to shareholders for 2024 was 2,665 million yuan, with an expected growth rate of 32.6% for 2025 [3][8]. - The earnings per share (EPS) for 2024 was 0.76 yuan, projected to increase to 1.01 yuan in 2025 [3][8]. - The company’s total assets amounted to 82.71 billion yuan, with a debt-to-equity ratio of 48% [8]. Market Position and Future Outlook - The company is a leading player in the XR industry, expected to benefit from the anticipated growth in AI glasses sales, which saw a year-on-year increase of 533% in 2024 [7][8]. - The report highlights the company's strategic positioning in the AI glasses market, including its capabilities in acoustic components and optical modules, which are expected to drive future growth [7][8].

Core Viewpoint - The company reported a revenue of 100.95 billion with a year-on-year increase of 2.41% and a net profit attributable to shareholders of 2.67 billion, reflecting a significant year-on-year growth of 144.93% [1] Financial Performance - For Q4 2024, the company achieved a revenue of 31.31 billion, representing a year-on-year increase of 27% and a quarter-on-quarter increase of 7%. The net profit for the same period was 320 million, showing a year-on-year growth of 63.2% but a quarter-on-quarter decline of 71.5% [1] - The gross margin for Q4 2024 was 10.3%, down from the previous year [1] - In 2H24, the precision components product line generated revenue of 8.74 billion, down 11.2% year-on-year but up 38.6% quarter-on-quarter, with a gross margin of 20.8% [2] - The smart acoustic complete products line had a revenue of 13.51 billion, down 9.5% year-on-year but up 5.6% quarter-on-quarter, with a gross margin of 9.1% [2] - The smart hardware products line saw a revenue of 37.35 billion, up 27.1% year-on-year and up 88.2% quarter-on-quarter, maintaining a gross margin of 9.1% [2] Asset Impairment and Future Outlook - The company recorded an asset impairment loss of 557 million in the second half of 2024, compared to 243 million in the same period last year, which negatively impacted profit margins [3] - For 2025, the company anticipates an improvement in profitability, with smart acoustic complete product revenue expected to grow by 6% year-on-year and gross margin projected to improve to 9.9% [3] - Global VR shipment is expected to decline by 12% to 6.5 million units in 2025, which may negatively affect the company's smart hardware product revenue [3] - Collaborations with Meta and Xiaomi on AI glasses and XR products are expected to gradually become new growth drivers starting in 2025 [3] Profit Forecast and Valuation - The company has revised down its global VR shipment expectations, forecasting net profits attributable to shareholders of 3.29 billion, 3.81 billion, and 4.28 billion for 2025, 2026, and 2027 respectively, which is a downward adjustment of 18% and 13% for 2025 and 2026 [4] - The average PE ratio for comparable companies is projected at 24.2x for 2025, while the company is assigned a PE valuation of 31.13x for 2025, down from 33.6x for 2024, maintaining a target price of 29.26 [4]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 29.26 RMB [7][8] Core Views - The company reported a revenue of 100.95 billion RMB for 2024, a year-on-year increase of 2.41%, and a net profit attributable to shareholders of 2.67 billion RMB, reflecting a significant year-on-year growth of 144.93% [1] - The growth in revenue is driven by improvements in the revenue scale and profitability of acoustic sensors, XR, wireless earphones, and wearable products [1] - The company anticipates that AI glasses and AR headsets will become new growth drivers in 2025, despite a projected decline in VR/PS5 industry shipments [1][3] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 31.31 billion RMB, representing a year-on-year increase of 27% and a quarter-on-quarter increase of 7% [1] - The gross profit margin for 2024 was reported at 11.1%, an increase of 2.1 percentage points year-on-year [1] - The company recorded an asset impairment loss of 4.12 billion RMB in Q4 2024, primarily due to aging inventory and the impairment of old production line equipment [1] Product Line Performance - In the second half of 2024, the precision components segment generated revenue of 8.74 billion RMB, a year-on-year decrease of 11.2% but a quarter-on-quarter increase of 38.6% [2] - The smart acoustic products segment reported revenue of 13.51 billion RMB, down 9.5% year-on-year but up 5.6% quarter-on-quarter, indicating a recovery in market share [2] - The smart hardware segment saw a revenue increase of 27.1% year-on-year, reaching 37.35 billion RMB, with a gross margin of 9.1% [2] 2025 Outlook - For 2025, the company expects a 6% year-on-year increase in smart acoustic product revenue, with a gross margin improvement to 9.9% [3] - The overall revenue is projected to decline by 4% to 96.87 billion RMB, while net profit is expected to grow by 23% to 3.29 billion RMB [3][4] - The company is adjusting its expectations for VR global shipments, forecasting a 12% decline to 6.5 million units, which may impact smart hardware revenue [3][4] Valuation and Estimates - The estimated net profits for 2025, 2026, and 2027 are 3.29 billion RMB, 3.81 billion RMB, and 4.28 billion RMB respectively, with downward adjustments of 18% and 13% for 2025 and 2026 [4] - The company is assigned a PE ratio of 31.13x for 2025, reflecting its potential in AI glasses and AR products, with a target price maintained at 29.26 RMB [4]

Core Viewpoint - The company, GoerTek, has significantly increased its profitability in 2024, driven by a recovery in global consumer electronics demand and a strong focus on its "AI+" strategy, which enhances its transition into the smart hardware sector [1][2]. Financial Performance - In 2024, GoerTek achieved a revenue of 100.95 billion yuan, a year-on-year increase of 2.41% [2]. - The net profit attributable to shareholders reached 2.665 billion yuan, marking a substantial year-on-year growth of 144.93% [2]. - The company's net profit excluding non-recurring items was 2.393 billion yuan, reflecting a remarkable increase of 178.30% year-on-year [2]. Business Segments - Revenue from precision components, smart acoustic systems, and smart hardware for 2024 was 15.051 billion yuan, 26.296 billion yuan, and 57.199 billion yuan, respectively [2]. - The precision components and smart acoustic systems segments saw year-on-year revenue growth of 15.85% and 8.73% [2]. Strategic Initiatives - GoerTek is actively pursuing its "AI+" strategy, focusing on the integration of AI technology with smart hardware products, which has led to performance upgrades in acoustic sensors and other products [2][4]. - The company has made significant advancements in VR and MR product sales, with a notable increase in the sales of smart wireless headphones and wearable devices [2]. Research and Development - GoerTek has prioritized R&D, with total R&D expenses amounting to 22.421 billion yuan from 2020 to 2024 [5]. - The company applied for 2,663 patents in 2024, with 83.9% being invention patents, indicating a strong commitment to innovation [6]. Future Outlook - The company anticipates continued growth in global consumer electronics demand, particularly for high-performance precision components and AI-enabled smart hardware products by 2025 [4][6]. - GoerTek plans to leverage advancements in AI technology and emerging trends in 6G, IoT, and cloud computing to enhance its product offerings and market position [6].

2025 年 03 月 27 日 公司点评 买入/维持 歌尔股份(002241) 昨收盘:26.95 盈利水平显著提升，把握 AI 端侧创新机遇 ◼ 走势比较 (10%) 12% 34% 56% 78% 100% 24/3/27 24/6/7 24/8/18 24/10/29 25/1/9 25/3/22 歌尔股份 沪深300 ◼ 股票数据 总股本/流通(亿股) 34.91/30.84 总市值/流通(亿元) 940.75/831.02 12 个月内最高/最低价 (元) 30.63/14.57 相关研究报告 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 公 司 研 究 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 事件：歌尔股份发布 2024 年报，2024 年公司实现营收 1009.54 亿元，同 比增长 2.41%，实现归母净利润 26.65 亿元，同比增长 114.93%；单 Q4 来 看，2024Q4 公司实现 ...