GoerTek(SZ:002241) Minsheng Securities·2024-08-15 23:30Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company reported a revenue of 40.382 billion yuan for H1 2024, a year-over-year decrease of 10.6%, while the net profit attributable to shareholders reached 1.225 billion yuan, reflecting a significant year-over-year increase of 190.3% [1]. - The improvement in product structure and profitability of assembly business is notable, with the second quarter of 2024 showing a net profit of 846 million yuan, a year-over-year increase of 167.9% and a quarter-over-quarter increase of 122.6% [1]. - The report highlights a recovery in the MR industry and emphasizes the potential of AI-enhanced AR glasses, with expectations of increased demand for precision optical components and smart glasses [1]. - The company is actively expanding into automotive electronics and has completed the acquisition of 100% equity in a micro-optical technology firm, enhancing its product layout [1]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 40.382 billion yuan, with a net profit of 1.225 billion yuan, and a non-recurring net profit of 1.184 billion yuan [1]. - In Q2 2024, the company reported a revenue of 21.07 billion yuan, with a net profit of 846 million yuan, and a non-recurring net profit of 909 million yuan [1]. - The revenue breakdown shows precision components generating 6.309 billion yuan (21.2% growth), smart acoustic devices at 12.789 billion yuan (38.2% growth), and smart hardware at 19.846 billion yuan (32.3% decline) [1]. Product and Market Strategy - The company focuses on a dual strategy of "precision components + smart hardware," with key products including TWS headphones, smart speakers, and VR/AR devices [1]. - The report notes a shift in business structure due to decreased demand for consumer electronics, but anticipates recovery with the resurgence of the XR industry and the rise of AR glasses [1]. Future Outlook - The company is projected to achieve net profits of 2.521 billion yuan, 3.793 billion yuan, and 4.584 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 28, 18, and 15 [2][5]. - The anticipated growth in the AR/VR sector positions the company as a leader, with a well-established product layout [1].