GoerTek(SZ:002241) ZHONGTAI SECURITIES·2025-08-22 10:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company is expected to benefit significantly from the development of the AI/AR glasses industry, with multiple new products anticipated to contribute to revenue and profit growth from H2 2025 to 2026 [5][6] - The company's revenue for H1 2025 was 37.55 billion yuan, a year-on-year decrease of 7.0%, while the net profit attributable to the parent company was 1.42 billion yuan, an increase of 15.7% year-on-year [4][5] - The company has a strong vertical integration capability in the AI/AR glasses sector, with investments aimed at enhancing its core technologies and production capabilities [6] Financial Performance Summary - Revenue projections for the company are as follows: 2023A: 98.574 billion yuan, 2024A: 100.954 billion yuan, 2025E: 103.394 billion yuan, 2026E: 131.928 billion yuan, and 2027E: 163.630 billion yuan, with growth rates of -6%, 2%, 2%, 28%, and 24% respectively [2][6] - The net profit attributable to the parent company is projected to be 1.088 billion yuan in 2023A, 2.665 billion yuan in 2024A, 3.302 billion yuan in 2025E, 4.309 billion yuan in 2026E, and 5.517 billion yuan in 2027E, with growth rates of -38%, 145%, 24%, 31%, and 28% respectively [2][6] - The company's gross margin for H1 2025 was 13.5%, an increase of 2.0 percentage points year-on-year, while the net margin was 3.7%, an increase of 0.8 percentage points year-on-year [4][5] Product and Market Insights - The company reported that its revenue from smart hardware, smart acoustic systems, and precision components for H1 2025 was 20.34 billion yuan, 8.32 billion yuan, and 7.60 billion yuan respectively, with year-on-year changes of -2.5%, -34.9%, and +20.5% [5] - The company is positioned as a core manufacturer for Meta's upcoming consumer-grade AR glasses, which are expected to launch in September 2025, alongside other products from Xiaomi and Samsung [5][6] Valuation Metrics - The projected P/E ratios for the company are 95.2 for 2023A, 38.9 for 2024A, 31.4 for 2025E, 24.0 for 2026E, and 18.8 for 2027E [2][6] - The projected P/B ratios are 3.4 for 2023A, 3.1 for 2024A, 2.9 for 2025E, 2.6 for 2026E, and 2.3 for 2027E [2][6]