GoerTek(002241) 华创证券·2024-08-15 05:09Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][14]. Core Insights - The company's revenue for the first half of 2024 was CNY 40.382 billion, a year-over-year decrease of 10.60%, while the net profit attributable to shareholders was CNY 1.225 billion, reflecting a significant year-over-year increase of 190.44% [1]. - The smart acoustic device business has shown a recovery in profitability, with revenue reaching CNY 12.789 billion, up 38.19% year-over-year, and a gross margin improvement of 5.78 percentage points [2]. - The smart hardware segment experienced a revenue decline of 32.31% year-over-year, primarily due to the normal reduction in product volume at the end of its lifecycle, although its gross margin improved by 3.37 percentage points [2]. - The company is well-positioned in the XR (Extended Reality) market, with potential growth driven by new product launches from major clients like Apple and Meta [2]. - Advancements in AI technology are expected to create new application scenarios for terminal devices, benefiting the company's acoustic components business [2]. Financial Summary - For 2024E, total revenue is projected to be CNY 107.255 billion, with a year-over-year growth rate of 8.8% [3]. - The net profit attributable to shareholders is expected to reach CNY 2.707 billion in 2024E, representing a year-over-year growth of 148.7% [3]. - The earnings per share (EPS) is forecasted to be CNY 0.79 for 2024E, with a price-to-earnings (P/E) ratio of 25 [3]. - The company's total assets are projected to grow to CNY 85.761 billion by 2024E, with a debt-to-asset ratio of 60.4% [3].