GoerTek(SZ:002241) Guotou Securities·2025-10-25 13:59Investment Rating - The investment rating for the company is "Buy-A" with a target price of 38.7 CNY, maintaining the rating [5]. Core Views - The company reported a revenue of 30.557 billion CNY for Q3 2025, a year-on-year increase of 4.42%, and a net profit of 1.171 billion CNY, also up by 4.51% [1]. - The company is strategically positioned in the AI glasses market, which is expected to grow significantly, with a projected market size increase from 1.23 billion USD in 2025 to 3.42 billion USD by 2032, reflecting a compound annual growth rate of 22.4% [2]. - The company is benefiting from the new product cycle of Apple, particularly with the launch of AirPods Pro 3, which is expected to drive demand for its acoustic components [3]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a gross margin of 13.19% and a research and development expense ratio of 5.84%, indicating improved operational efficiency and a commitment to long-term competitiveness [2]. - For the first half of 2025, the smart hardware business generated revenue of 20.341 billion CNY, with a gross margin increase of 2.27 percentage points to 11.51% [2]. Market Position and Growth Potential - The company has established a comprehensive capability in the AI glasses sector, integrating optical, acoustic, structural, and manufacturing processes, creating a system-level advantage that is difficult to replicate [2]. - The company is expected to benefit from the growth in demand for AI glasses and headphones, positioning itself as a leading player in the OEM market for these products [9]. Future Projections - Revenue projections for the company are 104.58 billion CNY, 115.87 billion CNY, and 128.07 billion CNY for the years 2025, 2026, and 2027, respectively, with net profits expected to reach 3.522 billion CNY, 4.496 billion CNY, and 5.036 billion CNY in the same years [9][10].