GoerTek(002241) 长江证券·2024-11-19 12:33Investment Rating - The report maintains a "Buy" rating for Goertek (002241 SZ) [9] Core Views - Goertek's Q3 2024 performance exceeded expectations, with a significant year-over-year increase in net profit attributable to the parent company of 162 88% and a 160 22% increase in non-GAAP net profit [2][6] - The company's Q3 revenue reached 29 264 billion yuan, a 1 7% increase year-over-year, with net profit attributable to the parent company at 1 12 billion yuan, up 138 16% year-over-year [6] - Goertek is expected to benefit from the AI-driven upgrade in consumer electronics, particularly in the acoustic components sector, as AI-enabled devices like smartphones and wearables demand enhanced microphone and speaker performance [7] - The company is well-positioned in the VR/AR industry, leveraging its expertise in precision manufacturing and its "components + complete machine" strategy, which is expected to drive long-term growth [8] Financial Performance - Goertek's Q3 2024 gross margin was 11 36%, up 1 21 percentage points year-over-year, while the net margin was 3 75%, up 2 14 percentage points year-over-year [6] - The company's non-recurring gains in Q3 were primarily driven by an increase in fair value changes of foreign exchange derivatives, contributing approximately 238 million yuan [6] - For 2024-2026, the report forecasts EPS of 0 81, 1 05, and 1 34 yuan, respectively [8] Industry and Market Position - Goertek is a global leader in acoustic components and complete machines for consumer electronics, benefiting from the AI-driven upgrade in mobile devices [7] - The company has a strong foothold in the VR/AR industry, with significant advantages in key component design and manufacturing, positioning it to capitalize on the next generation of human-computer interaction devices [8] - The integration of 5G and AI technologies is expected to accelerate the evolution of the VR/AR industry, with Goertek well-placed to benefit from this trend [8]