GoerTek(002241) 广发证券·2024-11-15 09:12Investment Rating - The report maintains a "Buy" rating for Goertek Inc (002241 SZ) with a target price of 28 03 RMB per share [1][3] Core Views - Goertek's Q3 2024 financial performance was strong with significant profit growth despite a slight revenue decline [1] - Q1-Q3 2024 revenue: 69 646 billion RMB (-5 82% YoY) - Q1-Q3 2024 net profit: 2 345 billion RMB (+162 88% YoY) - Q3 2024 revenue: 29 264 billion RMB (+1 7% YoY) - Q3 2024 net profit: 1 120 billion RMB (+138 16% YoY) - The company's product lines are progressing well with improved profitability [1] - Goertek continues to focus on its "Precision Components + Smart Hardware" strategy [1] Business Strategy and Market Position - Goertek is maintaining its industry leadership position while developing new growth areas [1] - The company is actively expanding in emerging smart hardware products and automotive electronics [1] - AI integration in consumer electronics is expected to drive demand for Goertek's precision components [1] Financial Projections - EPS forecasts for 2024-2026: 0 80/1 04/1 32 RMB per share [1] - Revenue growth projections: - 2024: 3 6% (102 099 billion RMB) - 2025: 3 8% (105 954 billion RMB) - 2026: 10 9% (117 543 billion RMB) [2] - Net profit growth projections: - 2024: 152 7% (2 749 billion RMB) - 2025: 29 3% (3 556 billion RMB) - 2026: 27 4% (4 529 billion RMB) [2] Financial Ratios and Valuation - P/E ratio projections: - 2024: 29 91x - 2025: 23 12x - 2026: 18 16x [2] - ROE projections: - 2024: 8 3% - 2025: 9 9% - 2026: 11 4% [2] - EV/EBITDA projections: - 2024: 12 51x - 2025: 10 79x - 2026: 9 15x [2] Product Development - Goertek is focusing on: - Acoustic optical and microelectronic precision components - VR/MR/AR products - Smart wireless headphones - Wearable devices - Smart home products [1] - The company is building its GPS manufacturing system to enhance smart manufacturing capabilities [1]