GoerTek(SZ:002241) Huajin Securities·2024-04-29 12:30Investment Rating - The report assigns an "Accumulate-A" investment rating to the company, indicating a positive outlook for future performance [1][9]. Core Views - The company's profitability is gradually recovering, with share buybacks reflecting confidence in its development. Despite challenges in the consumer electronics sector and slower-than-expected growth in some emerging smart hardware products, the company continues to adhere to its product strategy of "precision components + smart hardware systems" [1][2]. - The company is actively expanding its business in the fields of acoustics, optics, microelectronics, and structural components, while also making progress in automotive electronics [1][2]. - The company achieved a revenue of 98.57 billion yuan in 2023, with a net profit attributable to shareholders of 1.088 billion yuan, showing signs of improving profitability [1][3]. Financial Projections - Revenue projections for 2024 to 2026 are 101.31 billion yuan, 115.86 billion yuan, and 133.53 billion yuan, with growth rates of 2.8%, 14.4%, and 15.3% respectively. Net profit attributable to shareholders is projected to be 1.845 billion yuan, 2.539 billion yuan, and 2.816 billion yuan, with growth rates of 69.6%, 37.6%, and 10.9% respectively [2][8]. - The company’s gross margin is expected to improve from 8.95% in 2023 to 10.21% in 2024, and further to 10.81% by 2026 [3][11]. Business Segments - The smart hardware segment is projected to generate revenues of 56.18 billion yuan, 58.17 billion yuan, and 60.25 billion yuan from 2024 to 2026 [5]. - The smart acoustic systems segment is expected to achieve revenues of 29.13 billion yuan, 37.25 billion yuan, and 48.62 billion yuan during the same period [6]. - The precision components segment is forecasted to generate revenues of 14.40 billion yuan, 18.78 billion yuan, and 22.50 billion yuan from 2024 to 2026 [6]. Market Position and Competitive Advantage - The company is focusing on enhancing its vertical integration capabilities and profitability in the XR (Extended Reality) field, with significant investments in R&D for VR, MR, and AR technologies [1][2]. - The acquisition of 100% equity in Yuguang Technology is expected to strengthen the company's competitive position in the precision optics sector [1][2]. Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 29.5, 21.4, and 19.3 respectively, indicating a favorable valuation compared to peers [3][10].