GoerTek(SZ:002241) ZHONGTAI SECURITIES·2024-08-16 01:07Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company's performance in the first half of 2024 exceeded the forecast median, with significant improvement in profitability [1]. - The smart acoustic business experienced substantial growth, primarily driven by increased utilization rates in the headphone segment [1]. - The company is actively integrating production lines to enhance operational efficiency, leading to a rapid recovery in profitability [1]. Financial Summary - Revenue Forecasts: - 2022A: 104,894 million - 2023A: 98,574 million (down 6% YoY) - 2024E: 98,771 million (0% YoY) - 2025E: 120,004 million (21% YoY) - 2026E: 144,268 million (20% YoY) [1][2] - Net Profit Forecasts: - 2022A: 1,749 million - 2023A: 1,088 million (down 38% YoY) - 2024E: 2,509 million (up 131% YoY) - 2025E: 3,526 million (up 41% YoY) - 2026E: 4,539 million (up 29% YoY) [1][2] - Earnings Per Share (EPS): - 2023: 0.32 - 2024E: 0.73 - 2025E: 1.03 - 2026E: 1.33 [1][2] - Return on Equity (ROE): - 2023: 3% - 2024E: 8% - 2025E: 10% - 2026E: 12% [1][2] - Profitability Ratios: - Gross Margin: 11.5% (up 4.2 percentage points YoY) - Net Margin: 3.0% (up 2.0 percentage points YoY) [1][2] Investment Insights - The company is expected to achieve a net profit of 2,509 million in 2024, with a corresponding P/E ratio of 28 times [1]. - The report highlights the potential for a new product cycle driven by advancements in AI and AR technologies, which are expected to enhance the company's market position [1]. - The company is well-positioned to benefit from collaborations with major tech firms, enhancing its product offerings in the smart acoustic and AR sectors [1].