GGEC(SZ:002045) Minsheng Securities·2024-04-29 03:30Investment Rating - The report maintains a "Recommended" rating for the company [2][10]. Core Views - The company reported a revenue of 1.269 billion yuan for Q1 2024, a year-on-year increase of 16.78%, and a net profit attributable to shareholders of 29 million yuan, up 307.93% year-on-year [10]. - The growth is driven by an increase in sales volume and a higher proportion of high-margin products, enhancing profitability [10]. - The company is focusing on product structure upgrades and long-term growth through partnerships with major clients [10]. - The introduction of AI-driven products, such as the ChatMini smart speaker, is expected to enhance user interaction and drive future growth [10]. - The automotive audio business is expanding significantly, with the number of speakers per vehicle increasing from 4-8 to 20-30, and the company has secured multiple collaborations with car manufacturers [10]. - The company is also actively entering the VR/AR market, establishing itself as a key supplier of acoustic modules for leading VR companies [10]. Financial Forecasts - The company is projected to achieve revenues of 7.545 billion yuan, 9.616 billion yuan, and 11.428 billion yuan for 2024, 2025, and 2026, respectively [11][20]. - The net profit attributable to shareholders is expected to be 372 million yuan, 458 million yuan, and 559 million yuan for the same years [11][20]. - Corresponding PE ratios are projected to be 20, 16, and 13 for 2024, 2025, and 2026, respectively [11][20].