GoerTek(SZ:002241) ZHONGTAI SECURITIES·2024-09-14 08:39Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 18.53 yuan [1]. Core Insights - The company plans to spin off its subsidiary, Goer Micro, for a listing on the Hong Kong Stock Exchange, focusing on resource synergy development [4]. - Goer Micro is a leading player in MEMS sensors and micro-system modules in China, with significant revenue contributions from its MEMS acoustic sensors [4]. - The demand for AI-driven acoustic devices is expected to boost both volume and price for MEMS sensors, particularly with the introduction of advanced products like the MEMS microphone in Apple's iPhone 16 [4]. - The miniaturization trend in AR/MR devices is anticipated to drive growth in micro-system modules, with Goer Micro positioned to benefit from this trend [4]. - The spin-off is expected to enhance Goer Micro's development and profitability, which will, in turn, benefit the parent company, Goer Holdings [5]. - The projected net profit for Goer Holdings from 2024 to 2026 is estimated at 25 billion, 35 billion, and 45 billion yuan, corresponding to PE ratios of 25, 18, and 14 times [5]. Financial Summary - Revenue for 2022 was 104.894 billion yuan, with a projected decline to 98.574 billion yuan in 2023, followed by a slight recovery to 98.771 billion yuan in 2024 [1]. - Net profit is expected to rebound significantly from 1.088 billion yuan in 2023 to 2.509 billion yuan in 2024, reflecting a growth rate of 131% [1]. - The company's return on equity (ROE) is projected to improve from 3% in 2023 to 8% in 2024 [1]. - The company’s total assets are expected to grow from 73.744 billion yuan in 2023 to 99.987 billion yuan by 2026 [6].