GoerTek(002241) CAITONG SECURITIES·2024-10-24 06:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a significant performance exceeding expectations, with a revenue of 69.646 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.82%. The net profit attributable to shareholders reached 2.345 billion yuan, up 162.88% year-on-year, indicating a strong recovery in profitability [2][3] - The company is benefiting from the AI-driven growth in consumer electronics, particularly in high-end microphones and TWS earphones, which are expected to see increased market penetration. The XR industry is also anticipated to provide substantial growth opportunities for the company [3][4] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 29.264 billion yuan, a year-on-year increase of 1.70% and a quarter-on-quarter increase of 38.88%. The net profit attributable to shareholders was 1.120 billion yuan, up 138.16% year-on-year and 32.48% quarter-on-quarter [2] - The gross profit margin for Q3 2024 was 11.36%, an increase of 1.21 percentage points year-on-year, although it decreased by 2.27 percentage points quarter-on-quarter [2] - The company expects net profits for 2024-2026 to be 2.618 billion yuan, 3.663 billion yuan, and 4.403 billion yuan respectively, with corresponding EPS of 0.77 yuan, 1.07 yuan, and 1.29 yuan, leading to PE ratios of 31.61, 22.60, and 18.80 [3][4] Market Position and Future Outlook - The company is positioned as a leader in the XR manufacturing sector, with a comprehensive layout across various components, which is expected to leverage the growth in AI and XR markets [3] - The report anticipates a significant long-term growth potential driven by the integration of AI in consumer electronics and the expansion of the XR market [3][4]