GoerTek(SZ:002241) Huachuang Securities·2025-03-28 08:50Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for the next 3-6 months [1][7]. Core Insights - The company's profitability has significantly improved, with a notable increase in revenue and net profit for the fiscal year 2024. The total revenue reached 100.95 billion yuan, a year-on-year increase of 2.41%, while the net profit attributable to shareholders was 2.67 billion yuan, reflecting a year-on-year growth of 144.93% [1][3]. - The company is well-positioned to benefit from the explosive growth in the AI glasses industry, with a strong presence in multiple segments including acoustic components and assembly [7][8]. Financial Performance Summary - For the fiscal year 2024, the company achieved total revenue of 100,954 million yuan, with a year-on-year growth of 2.4% projected for 2025 [3][8]. - The net profit attributable to shareholders for 2024 was 2,665 million yuan, with an expected growth rate of 32.6% for 2025 [3][8]. - The earnings per share (EPS) for 2024 was 0.76 yuan, projected to increase to 1.01 yuan in 2025 [3][8]. - The company’s total assets amounted to 82.71 billion yuan, with a debt-to-equity ratio of 48% [8]. Market Position and Future Outlook - The company is a leading player in the XR industry, expected to benefit from the anticipated growth in AI glasses sales, which saw a year-on-year increase of 533% in 2024 [7][8]. - The report highlights the company's strategic positioning in the AI glasses market, including its capabilities in acoustic components and optical modules, which are expected to drive future growth [7][8].