GoerTek(002241) 东吴证券·2024-10-23 14:00Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Insights - The company's Q3 2024 performance exceeded expectations, with revenue for the first three quarters at 69.6 billion yuan, a slight decline of 6% year-on-year, while net profit attributable to shareholders surged by 163% to 2.35 billion yuan [2][3]. - The improvement in profitability is attributed to enhanced operational efficiency and internal control, alongside an optimized product mix, particularly in TWS headphones and XR glasses [2][3]. - The company is positioned as a leader in the global XR glasses market, benefiting from strong partnerships with major tech firms and the anticipated growth in AI and AR glasses [2][3]. Financial Performance Summary - Total revenue for 2022 was 104.89 billion yuan, with a forecast of 103.48 billion yuan for 2024, reflecting a year-on-year growth of 4.98% [1]. - Net profit for 2022 was 1.75 billion yuan, with a projected increase to 2.78 billion yuan in 2024, indicating a significant year-on-year growth of 155.42% [1]. - The latest diluted EPS is expected to rise from 0.32 yuan in 2023 to 0.81 yuan in 2024 [1]. Market Data - The closing price of the stock is 24.22 yuan, with a market capitalization of approximately 82.76 billion yuan [4]. - The price-to-earnings (P/E) ratio is currently at 76.06, projected to decrease to 29.78 in 2024 [11]. Strategic Outlook - The company is focusing on AI-enabled smart hardware, with expectations of increased product output and improved profit margins across various segments, including TWS headphones and smart home devices [3]. - Plans to spin off its subsidiary, Goer Micro, for a Hong Kong listing are underway, which is expected to enhance its position in the microelectronics sector [3].