GoerTek(002241) HUAXI Securities·2025-03-27 06:20Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's revenue for 2024 reached 100.95 billion, a year-on-year increase of 2.41%, while the net profit attributable to shareholders was 2.67 billion, up 144.93% year-on-year, indicating strong performance in line with market expectations [1] - The company is benefiting from AI-driven innovations in consumer electronics, particularly in XR and smart acoustic products, which are expected to drive long-term growth [4][7] Revenue and Profitability - The smart hardware segment generated revenue of 57.20 billion, a decrease of 2.57% year-on-year, with a gross margin of 9.17%, up 1.90 percentage points [2] - The smart acoustic assembly segment achieved revenue of 26.30 billion, an increase of 8.73% year-on-year, with a gross margin of 9.47%, up 2.73 percentage points [2] - The precision components segment reported revenue of 15.05 billion, a year-on-year increase of 15.85%, with a gross margin of 21.51%, up 1.02 percentage points [2] Margin and Cost Control - The overall gross margin for 2024 was 11.09%, an increase of 2.14 percentage points year-on-year, driven by product mix optimization [3] - The company's expense ratio for 2024 was 7.70%, a decrease of 0.21 percentage points, reflecting improved operational efficiency [3] Future Growth Projections - Revenue projections for 2025 and 2026 are estimated at 105.67 billion and 116.91 billion, respectively, with year-on-year growth rates of 4.7% and 10.6% [8] - Net profit projections for 2025 and 2026 are expected to be 3.66 billion and 4.53 billion, respectively, with year-on-year growth rates of 37.4% and 23.7% [8] - The company anticipates an EPS of 1.05 and 1.30 for 2025 and 2026, respectively [8]