GoerTek(SZ:002241) Huachuang Securities·2024-07-15 23:01Investment Rating - The report maintains a "Recommended" rating for the company, expecting it to outperform the benchmark index by 10%-20% over the next six months [3][18]. Core Views - The company is expected to achieve a significant year-on-year increase in net profit for the first half of 2024, with estimates ranging from 1.181 to 1.265 billion yuan, representing a growth of 180%-200% [3]. - The improvement in profitability is attributed to the recovery of the smart acoustic assembly and smart hardware businesses, which are expected to enhance the company's profit margins [3]. - The anticipated launch of new products by Meta in the second half of 2024 is expected to drive industry shipment volumes, benefiting the company as a leading player in the XR sector [3]. - Innovations in AI terminals are likely to stimulate demand for acoustic components in consumer electronics, further enhancing the company's growth prospects [3]. Financial Summary - The company forecasts total revenue of 107.255 billion yuan for 2024, with a year-on-year growth rate of 8.8% [4]. - The projected net profit for 2024 is 2.707 billion yuan, reflecting a substantial increase of 148.7% compared to the previous year [4]. - Earnings per share (EPS) is expected to rise to 0.79 yuan in 2024, with a price-to-earnings (P/E) ratio of 25 [4]. - The company's total assets are projected to reach 85.761 billion yuan by 2024, with a debt-to-asset ratio of 60.4% [4].