GoerTek(SZ:002241) Zhong Guo Jing Ying Bao·2025-03-29 01:51Core 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].