GoerTek(SZ:002241) Huachuang Securities·2024-10-24 08:38Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [19][18]. Core Insights - The company's revenue for the first three quarters of 2024 reached 69.646 billion yuan, a year-on-year decrease of 5.82%, while the net profit attributable to the parent company was 2.345 billion yuan, reflecting a significant year-on-year increase of 162.88% [2][3]. - The launch of new XR products and advancements in AI technology are expected to further enhance the company's growth potential, particularly in the XR and smart acoustic sectors [3][2]. - The global VR/AR market is projected to grow, with a year-on-year increase of 7.5% in 2024 and a compound annual growth rate (CAGR) of 43.9% from 2024 to 2028, positioning the company favorably within this expanding market [3][2]. Financial Summary - The total revenue forecast for the company is projected to increase from 98.574 billion yuan in 2023 to 138.876 billion yuan by 2026, with a compound annual growth rate of 13.0% [7]. - The net profit attributable to the parent company is expected to rise from 1.088 billion yuan in 2023 to 4.486 billion yuan in 2026, reflecting a CAGR of 23.0% [7]. - Earnings per share (EPS) are forecasted to grow from 0.32 yuan in 2023 to 1.31 yuan in 2026, with a corresponding decrease in the price-to-earnings (P/E) ratio from 76 times to 19 times over the same period [7].