GoerTek(002241) Soochow Securities·2024-06-28 00:31Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The adjustment of the long-term incentive plan's performance targets reflects the company's confidence in growth and aims to stimulate new profit potential. The new targets require net profit growth of at least 100%, 140%, and 180% for the years 2024-2026 compared to 2023, indicating a strong belief in future profit recovery and quality [3][4] - The XR glasses business is expected to recover high growth driven by technological innovation, with the company maintaining its leading position in the global XR glasses market. Short-term product upgrades and market expansion are anticipated to significantly boost shipment volumes [3] - The optimization of product structure is expected to lead to a comprehensive recovery in various smart hardware segments, with a focus on smart manufacturing and precision manufacturing driving profitability improvements [4] Financial Forecasts and Valuation - The company forecasts total revenue of 98,574 million in 2023, with expected growth to 147,333 million by 2026, reflecting a compound annual growth rate [2] - The net profit attributable to the parent company is projected to recover from 1,088 million in 2023 to 4,533 million by 2026, with corresponding P/E ratios decreasing from 58.48 to 14.04 over the same period [2][4] - The report maintains net profit forecasts of 2,316 million, 3,409 million, and 4,533 million for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 27, 19, and 14 [4]