GoerTek(SZ:002241)2024-10-25 01:42Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company's Q3 2024 net profit attributable to shareholders increased by 138.16% year-on-year, driven by the performance of headphones and XR products [6]. - Revenue for Q3 2024 reached 29.264 billion yuan, a year-on-year growth of 1.7%, while the gross profit margin improved to 11.36%, up 1.21 percentage points [6]. - The company plans to spin off its microelectronics division for an independent listing in Hong Kong, aiming to enhance its focus on precision components and smart hardware sectors [6]. Financial Performance - For the first three quarters of 2024, the company reported a revenue of 69.646 billion yuan, a decrease of 5.82% year-on-year, but a net profit of 2.345 billion yuan, reflecting a significant increase of 162.9% [8]. - The gross profit margin for the first three quarters was 11.45%, up 3 percentage points year-on-year, indicating improved profitability [6][8]. - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 2.651 billion yuan in 2024, 3.363 billion yuan in 2025, and 4.267 billion yuan in 2026 [7][8]. Market Dynamics - The company is benefiting from the release of new products in the second half of the year, including the Quest 3S and new AirPods, which are expected to drive sales growth [6]. - The acoustic business is showing signs of recovery, with significant revenue growth in precision components and smart acoustic systems [6]. - The company is focusing on enhancing its competitive edge in XR and smart wearable technology, supported by the establishment of a national optical precision testing center [6].