GoerTek(002241) 东吴证券·2024-07-14 23:00Investment Rating - The report maintains a "Buy" rating for Goertek (002241) [1] Core Views - Goertek's H1 2024 performance significantly exceeded expectations, with net profit attributable to shareholders reaching 1.18-1.27 billion yuan, a year-on-year increase of 180%-200% [3] - The company's profitability has improved significantly due to optimized product structure and efficient internal controls [3] - Goertek is expected to maintain high growth momentum, driven by its leading position in XR glasses and AI+AR glasses opportunities [3] - The company's TWS earphones, gaming consoles, wearables, and smart home devices are expected to contribute to diversified revenue streams [4] Financial Performance and Projections - Revenue is projected to grow from 103.48 billion yuan in 2024E to 147.33 billion yuan in 2026E, with a CAGR of 19.05% [2] - Net profit attributable to shareholders is expected to increase from 2.32 billion yuan in 2024E to 4.53 billion yuan in 2026E, with a CAGR of 32.95% [2] - EPS is forecasted to grow from 0.68 yuan in 2024E to 1.33 yuan in 2026E [2] - The company's P/E ratio is expected to decrease from 32.01 in 2024E to 16.35 in 2026E, indicating potential undervaluation [2] Market Position and Growth Drivers - Goertek maintains a leading position in the global XR glasses market, with strong capabilities in optical components, light engine systems, and intelligent design [3] - The company is well-positioned to benefit from the AI+AR glasses trend, with international tech giants expected to accelerate AR industry development [3] - Goertek's TWS earphones and core acoustic components hold a leading market position, with steady recovery in orders and market share [4] - The company is strengthening its layout in the microelectronics field, including MEMS microphones and SiP advanced packaging, which could enhance profitability [4] Financial Metrics - The company's gross margin is expected to improve from 8.95% in 2023A to 12.04% in 2026E [8] - ROE is projected to increase from 3.53% in 2023A to 11.18% in 2026E, reflecting improved profitability [9] - The company's P/B ratio is expected to decrease from 2.41 in 2023A to 1.83 in 2026E, indicating potential undervaluation [9] Market Data - The stock's closing price is 21.69 yuan, with a 52-week range of 13.83-22.22 yuan [5] - The company's market capitalization is 74.12 billion yuan, with a P/B ratio of 2.41 [5] - The stock's P/E ratio based on the latest diluted EPS is 32.01 for 2024E [2]