GoerTek(SZ:002241) Huachuang Securities·2024-04-26 10:02Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][16]. Core Views - The company's profitability continues to improve, with its performance returning to an upward trajectory. In Q1 2024, the company achieved a revenue of 19.312 billion yuan, a year-over-year decrease of 19.94% but a quarter-over-quarter increase of 21.58%. The net profit attributable to the parent company was 380 million yuan, reflecting a year-over-year increase of 257.47% and a quarter-over-quarter increase of 93.88% [2]. - The global VR/AR shipment volume is expected to grow significantly in 2024, driven by the release of Apple's MR and the strong performance of Quest 3. The report anticipates a 44.2% year-over-year increase in global VR/AR shipments, reaching 9.7 million units [2]. - The company's gross margin for smart acoustic products has improved, and the revenue structure of smart hardware is also enhancing, indicating a clear recovery in profitability. The gross margin increased from 6.98% in Q1 2023 to 9.20% in Q1 2024 [2]. Financial Summary - The company is projected to achieve total revenue of 117.183 billion yuan in 2024, with a year-over-year growth rate of 18.9%. The net profit attributable to the parent company is expected to reach 1.996 billion yuan, reflecting an 83.5% year-over-year increase [3][9]. - Earnings per share (EPS) are forecasted to be 0.58 yuan in 2024, with a price-to-earnings (P/E) ratio of 26 [3][9]. - The total market capitalization of the company is approximately 51.77 billion yuan, with a circulating market value of about 45.60 billion yuan [6].