GoerTek(SZ:002241) 剑道电子·2025-04-08 10:06Core Viewpoint - The article emphasizes that GoerTek Inc. is experiencing a recovery in profitability while fully embracing new opportunities in AIoT terminals, driven by the increasing demand for voice interaction in smart devices [3][4][7]. Company Overview - GoerTek was established in June 2001, initially focusing on micro-acoustic components, and has since evolved into a global leader in electro-acoustic devices. The company has diversified its product matrix into precision components, smart acoustic systems, and smart hardware [3][7]. - In 2024, GoerTek achieved a revenue of 100.95 billion yuan (YoY +2.41%) and a net profit of 2.67 billion yuan (YoY +144.93%) [3][4]. Business Segments - The smart acoustic system segment generated a revenue of 26.30 billion yuan (YoY +8.73%) with a gross margin of 9.47%. The precision components segment achieved a revenue of 15.05 billion yuan (YoY +15.85%) with a gross margin of 21.51% [4][20]. - The revenue distribution among the three main business segments in 2024 was 14.9% for precision components, 26.0% for smart acoustic systems, and 56.7% for smart hardware [20]. Market Trends - The demand for voice interaction in AI terminals is driving an increase in both volume and price for precision acoustic components. Smart devices such as smartphones, PCs, glasses, toys, and speakers are increasingly adopting voice input as a primary interaction method [4][5]. - The global shipment of VR, MR, and AR devices is projected to reach approximately 7.6 million units in 2024, with AI glasses sales exceeding 2 million units [5]. Strategic Initiatives - GoerTek is strategically positioning itself in high-value segments of new terminal products, including acoustic components, assembly, optical modules, and diffractive waveguides. The company has established deep partnerships with leading brands like Meta, Sony, and Pico [5][9]. - The company has launched a lightweight AR reference design, Mulan 2, featuring holographic waveguide lenses and Micro LED optics, and has invested in optical lens company Konnate [5][9]. Financial Performance - From 2015 to 2024, GoerTek's revenue CAGR was approximately 24.89%. In 2023, the company faced a revenue decline of 6.03% due to weak demand in the consumer electronics sector, but a recovery is anticipated in 2024 driven by AI technology integration [15][18]. - The company's net profit CAGR from 2015 to 2024 was about 8.76%, with significant profit recovery expected in 2024 due to improved operational efficiency [18][19]. Cost Management - GoerTek has maintained stable expense ratios over the past five years, with a gradual decrease in gross margins due to changes in product mix. The overall gross margin improved to 11.09% in 2024, aided by enhanced operational efficiency [19][20].