GoerTek(SZ:002241) Huaxin Securities·2024-08-29 00:00Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The recovery in the consumer electronics industry is driving performance recovery, with dual drivers from smart acoustics and smart optics [2][3] - The company reported a significant increase in profitability in the first half of 2024, with a notable year-on-year growth in net profit [4][8] Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 40.382 billion yuan, a year-on-year decrease of 10.60%, while net profit attributable to shareholders reached 1.225 billion yuan, a year-on-year increase of 190.44% [3] - In Q2 2024, the company recorded operating revenue of 21.070 billion yuan, a year-on-year increase of 0.1%, and a net profit of 846 million yuan, a year-on-year increase of 167.89% [4] - The revenue structure includes precision components, smart acoustic systems, and smart hardware, with revenues of 6.309 billion, 12.789 billion, and 19.846 billion yuan respectively [4] Market Trends - The advancement of artificial intelligence is expected to significantly benefit the audio sector, particularly in smart acoustics [5] - AI technology is anticipated to enhance the functionality of audio products, such as smart headphones and microphones, improving user interaction and audio quality [5] Business Segments - The company operates in three main business segments: precision components, smart acoustic systems, and smart hardware, focusing on advanced manufacturing and R&D capabilities [7] - The precision components segment includes MEMS acoustic sensors and optical devices, while the smart acoustic systems segment focuses on TWS wireless headphones and smart speakers [7] Earnings Forecast - The company is projected to achieve revenues of 102.132 billion, 114.960 billion, and 127.629 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.75, 1.01, and 1.24 yuan [8] - The current stock price corresponds to a PE ratio of 25.8, 19.1, and 15.7 for the years 2024, 2025, and 2026 respectively [8]