GoerTek(002241) Huajin Securities·2025-02-05 09:48Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company is expected to experience significant growth in 2024, benefiting from the recovery in consumer electronics driven by AI technology. The precision components, intelligent acoustic systems, and smart hardware segments, particularly in VR/MR and wearable devices, are progressing well, leading to an overall improvement in gross margins. The company forecasts a net profit attributable to shareholders between 2.557 billion and 2.775 billion yuan for 2024, representing a year-on-year growth of 135% to 155% [1][10] - The company has launched a new AR full-color waveguide display module, Star G-E1, which utilizes advanced etching technology to enhance display quality. This module achieves a peak brightness of 5000 nits and significantly improves color performance compared to similar technologies [2] - The company is expanding its presence in XR, wearable, and automotive sectors, introducing lightweight AR reference designs and health-monitoring smart devices. These innovations aim to enhance user experience and comfort while integrating advanced technologies [3][8] Financial Data and Valuation - The company’s projected revenue for 2024 is 103.463 billion yuan, with a year-on-year growth of 5.0%. The net profit attributable to shareholders is expected to be 2.682 billion yuan, reflecting a growth of 146.5% [9][10] - The gross margin is projected to improve from 10.7% in 2024 to 11.7% by 2026, indicating a positive trend in profitability [9] - The company’s P/E ratio is expected to decrease from 36.0 in 2024 to 21.3 by 2026, suggesting a more attractive valuation over time [9][10]