GoerTek(002241) 华鑫证券·2024-07-17 09:30Investment Rating - The report maintains a "Buy" rating for the company [3][9] Core Insights - The company is experiencing significant profit growth driven by core technology innovations in acoustics, optics, and microelectronics, with a projected net profit of 11.81 billion to 12.65 billion yuan for the first half of 2024, representing a year-on-year increase of 180% to 200% [5][6] - The company has made breakthroughs in emerging business areas such as smart hardware, precision optical components, and VR technology, contributing to rapid revenue and net profit growth [6][8] - The recovery of terminal demand in major markets following the end of the interest rate hike cycle in developed countries is expected to positively impact the company's market environment [6][8] Summary by Sections Financial Performance - The company achieved a net profit of 11.81 billion to 12.65 billion yuan in the first half of 2024, with a year-on-year growth of 180% to 200% [5][6] - The projected revenue for 2024-2026 is 1039.28 billion, 1187.76 billion, and 1330.60 billion yuan, with corresponding EPS of 0.67, 0.90, and 1.09 yuan [9][11] Technology and Innovation - The company has a strong innovation advantage in acoustics, optics, and microelectronics, focusing on smart acoustic products and precision optical components [7][8] - The acquisition of Yuguang Technology has enhanced the company's capabilities in micro-nano optical components and 3D sensing [7] Market Position and Strategy - The company is diversifying its smart hardware business across entertainment, health, and home security sectors, with products including VR, MR, and AR devices [8] - The company is enhancing its manufacturing capabilities through the GPS manufacturing system, aiming to maintain competitive strength in the market [8]