GoerTek(002241) 中泰证券·2025-03-27 12:40Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8] Core Views - The company's performance in 2024 met expectations, with revenue of 100.95 billion and a year-on-year growth of 2.4%. The net profit attributable to the parent company was 2.67 billion, reflecting a significant increase of 144.9% year-on-year [4][5] - The report emphasizes the importance of the new AI+AR glasses product cycle, with major manufacturers expected to launch new products in 2025, which will drive rapid penetration of AI glasses and subsequent upgrades to AR glasses [5][6] - The company is expected to continue improving its profitability in 2025, driven by operational efficiency optimization and the launch of new products such as AirPods Pro [5][6] Financial Summary - The company's projected revenue for 2025-2027 is adjusted to 1034 billion, 1319 billion, and 1636 billion respectively, with net profits of 3.5 billion, 4.5 billion, and 5.7 billion for the same years [5][6] - The earnings per share (EPS) is forecasted to be 0.77, 1.02, 1.31, and 1.63 for the years 2024 to 2027 [6][7] - The price-to-earnings (P/E) ratio is expected to decrease from 35 in 2024 to 17 in 2027, indicating a more attractive valuation over time [6][7] Market Position - The company is positioned to benefit from the new product cycle in AI and AR glasses, as it serves as an OEM for major brands, covering critical components such as optical waveguides and acoustics [5][6] - The report highlights the recovery in profitability due to increased sales of products like Quest and AirPods, which have improved operational efficiency [5][6]