GoerTek(SZ:002241) CSC SECURITIES (HK) LTD·2025-06-25 09:26Investment Rating - The report assigns a "BUY" rating for the company, with a target price of 28.0 CNY per share [4][7]. Core Insights - The global smart glasses shipment reached 1.49 million units in Q1 2025, representing a year-on-year growth of 82%. The total annual shipment is expected to exceed 14.5 million units, growing over 40% [7][9]. - The company is positioned to benefit from the increasing demand for head-mounted devices due to its extensive experience and technological advantages in the optoelectronic field [7][9]. - The company's net profit for Q1 2025 was 470 million CNY, a year-on-year increase of 23.5%, despite a revenue decline of 15.6% [9]. - The report forecasts net profits of 3.12 billion CNY, 4.29 billion CNY, and 4.96 billion CNY for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.89 CNY, 1.23 CNY, and 1.42 CNY [8][9]. Financial Summary - The company's revenue for 2023 is projected at 98.57 billion CNY, with a net profit of 1.088 billion CNY [8][13]. - The projected P/E ratios for 2025, 2026, and 2027 are 26.18, 19.06, and 16.48 respectively, indicating attractive valuation levels [8][9]. - The dividend per share (DPS) is expected to increase from 0.70 CNY in 2023 to 1.70 CNY by 2027, with a dividend yield projected to rise from 2.99% to 7.27% over the same period [8].