歌尔股份：3Q24 recovery on track; Poised to benefit from XR/TWS/gaming product launches in 2H24/FY25E

25 Oct 2024 CMB International Global Markets | Equity Research | Company Update Goertek (002241 CH) 3Q24 recovery on track; Poised to benefit from XR/TWS/gaming product launches in 2H24/FY25E Goertek's 3Q24 revenue/ net profit rose +2%/+138% YoY, exceeding previous market expectations. 3Q24 GPM lifted to 11.4% (-2.2 ppts QoQ/+1.2 ppts YoY), mainly due to improving efficiency and better scale effect. Looking into 4Q24/FY25E, we expect Goertek's earnings will continue to rebound given improving GPM YoY, prude ...