Summary of Goertek (A) Research Report Company Overview - **Company**: Goertek - **Sector**: Technology - **Description**: Goertek is a leading acoustics supplier in China, providing speaker-box and MEMS microphones, with a diverse customer base including Apple, Samsung, and Huawei. The company has been involved in AirPods assembly since 2018 and VR system ODM assembly since 2016, being the sole supplier for Facebook Oculus and Sony PS VR [12][13]. Key Points Upgrade and Price Objective - **Rating Change**: Upgraded to Buy from Underperform - **Price Objective**: Increased to CNY42 from CNY17, reflecting a target multiple of 34x 2026E P/E, which aligns with historical averages and previous XR demand upticks [1][16]. Earnings Forecast - **Earnings Growth**: Expected structural earnings recovery starting in 2026, driven by smart glasses adoption, AirPods market share recovery, and acoustic ASP expansion. Earnings estimates for 2025-2027 have been raised by 4-51% [1][15][22]. - **Net Income Projections**: - 2025E: CNY3,084 million - 2026E: CNY4,300 million - 2027E: CNY5,574 million [4][10]. Smart Glasses Market Potential - **Market Growth**: Anticipated shipments of smart glasses to rise from 2 million in 2024 to 10 million and 18 million in 2025 and 2026, respectively, with a forecast of 55 million units by 2030 [2][27][30]. - **Total Addressable Market (TAM)**: Expected to exceed USD14 billion by 2030, up from less than USD1 billion in 2024 [32]. Competitive Position - **Assembly Dominance**: Goertek is positioned as a key beneficiary in the smart glasses market due to its assembly capabilities for major brands like Meta, Xiaomi, Amazon, and Huawei [2][27]. - **Core Competencies**: The company’s expertise in core components such as waveguides and micro-displays is expected to facilitate its transition from a pure EMS to a comprehensive supplier, enhancing margins and earnings [29]. Legacy Business Recovery - **AirPods Market Share**: After losing assembly share in 2022-2023, Goertek has rebuilt its relationship with Apple, with expectations to recover market share to 35% by 2H26 following new model launches [3][35]. - **Acoustic Business**: The high-margin acoustic segment is undergoing a specification upgrade cycle, supporting ASP expansion [3][40]. Financial Metrics - **Revenue Estimates**: - 2025E: CNY96,530 million - 2026E: CNY119,697 million - 2027E: CNY137,326 million [10][22]. - **EPS Growth**: Expected EPS growth from CNY0.88 in 2025 to CNY1.60 in 2027, with significant year-on-year increases [4][22]. Risks and Opportunities - **Downside Risks**: Include slower-than-expected margin recovery, further AirPods market share loss, and adverse macroeconomic conditions [47]. - **Upside Risks**: Faster margin improvement and market share expansion in AirPods and AR/VR business [47]. Conclusion - Goertek is positioned for significant growth driven by the smart glasses market and recovery in legacy businesses. The upgrade to a Buy rating reflects confidence in the company's ability to capitalize on emerging opportunities and improve financial performance in the coming years [1][13][15].

Group 1 - The core viewpoint of the news is the performance and business profile of Changying Precision, which saw a stock price increase of 5.54% to 27.26 CNY per share, with a total market capitalization of 37.082 billion CNY [1] - Changying Precision, established on July 17, 2001, and listed on September 2, 2010, specializes in the development, production, and sales of electronic connectors, precision components for smart electronics, connectors and modules for new energy vehicles, and components for consumer electronics [1] - The revenue composition of Changying Precision includes 41.16% from precision components for consumer electronics, 34.04% from new energy product components and connectors, 20.28% from electronic connectors and precision components for smart electronics, and 0.44% from robotics and industrial internet [1] Group 2 - Among the top ten circulating shareholders of Changying Precision, E Fund's Chuangye ETF (159915) entered the list in the second quarter, holding 23.466 million shares, which is 1.73% of the circulating shares, with an estimated floating profit of approximately 33.5564 million CNY [2] - The E Fund Chuangye ETF (159915) was established on September 20, 2011, with a current scale of 85.537 billion CNY, achieving a year-to-date return of 44.74% and a one-year return of 101.69% [2]

Core Insights - The article highlights the successful collaboration between the government and enterprises in the Rizhao Airport Economic Development Zone, showcasing how effective services have accelerated business growth [2][4]. Group 1: Company Development - Shandong Duoyi Electronic Technology Co., Ltd. invested 350 million yuan to establish a production facility in the Rizhao Airport Intelligent Manufacturing Industrial Park, aiming for an annual output of 24 million display modules [2]. - The company expects to achieve an annual sales revenue of 700 million yuan upon reaching full production capacity [2]. - The project has already established sales companies in regions such as Africa, Brazil, and the Middle East [2]. Group 2: Employment and Talent Acquisition - The Rizhao Airport Economic Development Zone facilitated the recruitment of over 50 employees for Duoyi Electronic through local social media channels [2][3]. - The zone's services also attracted talent from other regions, exemplified by an employee who relocated from Fujian with her family, benefiting from the zone's support in securing housing and school enrollment for her child [3]. Group 3: Government Services and Support - The development zone implemented a "point-to-point" service system for 53 operating enterprises and 25 ongoing projects, ensuring comprehensive support throughout the project lifecycle [4]. - The zone has conducted over 10 rounds of safety production guidance services and organized various enterprise service activities, including employment and financing support [4]. - In the first seven months of the year, the development zone attracted two major projects with investments exceeding 1 billion yuan and completed fixed asset investments of 953 million yuan across 34 projects [5].

日本股市上涨，因市场对美联储可能降息的预期提振了隔夜美股。日经平均指数上涨 0.3%，报 44916.65 点。电子制造商和贸易公司领涨。铠侠控股上涨 4.3%，丸红上涨 2.5%。美元兑日元汇率为 147.40，与周一纽约时间下午 5 点的 147.38 相比变化不大。投资者关注日本执政党自民党党魁选举的任 何进展。 来源：滚动播报 ...

Group 1: Company Overview - Jabil Electronics (Wuxi) Co., Ltd. is a wholly-owned subsidiary of Jabil Electronics located in the Wuxi High-tech Comprehensive Bonded Zone, recognized as an "invisible champion" in the electronics contract manufacturing sector and a "pioneering outpost" for innovation and research [2] - The company employs 3,500 staff who provide comprehensive lifecycle services for top global electronics firms, covering areas such as communications, storage, IoT, new energy, smart instruments, semiconductor equipment, automotive electronics, medical, and consumer electronics [2] - Jabil has over a hundred patents, showcasing its technological and innovative capabilities [2] Group 2: Industry and Economic Impact - The Wuxi High-tech Comprehensive Bonded Zone has attracted over 70 industry giants, including four Fortune Global 500 companies, and has established a highly efficient collaborative industrial network [2] - In 2024, the bonded zone achieved an impressive import and export total of 174.04 billion yuan, marking a year-on-year increase of 24.3%, ranking second in the province and seventh nationally [2] - The area, which occupies only 0.05% of Wuxi City, contributes 22.6% to the city's total import and export value, highlighting its significant economic impact [2] Group 3: Foreign Investment and Global Collaboration - The Wuxi High-tech Zone has attracted a cumulative foreign investment of 26.292 billion USD, with foreign trade import and export scale exceeding 50 billion USD for seven consecutive years [3] - The zone hosts 1,827 foreign enterprises, including 128 Fortune Global 500 companies, forming a robust industrial matrix [3] - The area has established overseas business innovation exchange centers in Japan, South Korea, Europe, and Singapore to enhance cross-border cooperation [4] Group 4: Innovation and Future Development - The successful implementation of over 100 billion USD foreign investment projects, such as SK Hynix and Huahong, has led to the establishment of three "lighthouse factories," making the region a leader among national high-tech zones [4] - The local economy is leveraging digitalization to empower traditional trade and enhance international competitiveness through high-value-added products [4] - The Wuxi High-tech Zone is focused on improving resource allocation capabilities and enhancing industrial resilience through international cooperation and innovation networks [4]

（文章来源：证券日报） 证券日报网讯 9月15日晚间，易德龙发布公告称，公司股票交易2025年9月11日、9月12日、9月15日连 续三个交易日内日收盘价格涨幅偏离值累计超过20%，属于股票交易异常波动情形。经公司自查，并向 公司控股股东及实际控制人发函询证，截至本公告披露日，确认不存在应披露而未披露的重大信息。 ...

Core Viewpoint - The company, Pengding Holdings (002938), is actively advancing its research and marketization of automotive PCB products in response to the growing trends of electrification, intelligence, and connectivity in the automotive sector [1] Group 1: Product Offerings - The company supplies various products in the automotive field, including battery management systems (BMS) boards, intelligent driving and cockpit domain controller boards, radar module boards, and camera module boards [1] Group 2: Market Position and Collaborations - The company is accelerating its development of automotive PCB products and has established comprehensive collaborations with several domestic Tier 1 manufacturers [1] - The company has successfully passed certifications from international Tier 1 clients, enhancing its product line in the autonomous driving sector [1] Group 3: Industry Trends - The company is becoming an important player in the smart automotive PCB market due to its continuous breakthroughs in automotive PCB technology [1]

Group 1 - The company, Guanghong Technology, is one of the largest smartphone manufacturing service providers globally [1] - The company produces smartphones and other terminal products that support eSIM functionality depending on the sales policies of the respective countries and regions [1]

Quantitative Models and Construction Methods 1. Model Name: PB-ROE-50 Combination - **Model Construction Idea**: This model focuses on selecting stocks with low Price-to-Book (PB) ratios and high Return on Equity (ROE) to construct a portfolio that aims to achieve excess returns[24] - **Model Construction Process**: The portfolio is constructed by screening stocks based on their PB and ROE metrics. Stocks with the lowest PB ratios and highest ROE values are selected to form the top 50 stocks in the portfolio. The portfolio is rebalanced periodically to maintain the selection criteria[24] - **Model Evaluation**: The model demonstrates significant excess returns in the all-market stock pool, though it underperforms in specific indices like the CSI 500 and CSI 800[24][25] 2. Model Name: Public and Private Institutional Research Combination - **Model Construction Idea**: This model leverages the stock selection strategies of public and private institutional research to identify stocks with potential for excess returns[27] - **Model Construction Process**: The portfolio is constructed by tracking the stocks that public and private institutions have recently researched. Stocks with higher research frequency or positive sentiment are included in the portfolio. The portfolio is rebalanced periodically to reflect updated research data[27] - **Model Evaluation**: The public institutional research strategy shows significant excess returns compared to the CSI 800 index, while the private institutional research strategy also achieves positive but smaller excess returns[27][28] 3. Model Name: Block Trade Combination - **Model Construction Idea**: This model identifies stocks with high block trade activity and low volatility, as these characteristics are associated with better subsequent performance[31] - **Model Construction Process**: The portfolio is constructed based on two key metrics: "block trade transaction amount ratio" and "6-day transaction amount volatility." Stocks with higher transaction ratios and lower volatility are selected. The portfolio is rebalanced monthly[31] - **Model Evaluation**: The model experienced a drawdown in the past week, with negative excess returns relative to the CSI All Share Index[31][32] 4. Model Name: Directed Issuance Combination - **Model Construction Idea**: This model focuses on stocks involved in directed issuance events, which are analyzed for their potential investment value based on event-driven factors[37] - **Model Construction Process**: The portfolio is constructed by identifying stocks with directed issuance announcements. Factors such as market capitalization, rebalancing cycles, and position control are considered. The portfolio is rebalanced periodically to reflect new issuance events[37] - **Model Evaluation**: The model experienced a drawdown in the past week, with negative excess returns relative to the CSI All Share Index[37][38] --- Model Backtesting Results 1. PB-ROE-50 Combination - **Weekly Excess Return**: All-market stock pool: +0.79%; CSI 500: -0.57%; CSI 800: -0.02%[24][25] - **Year-to-Date Excess Return**: All-market stock pool: +22.30%; CSI 500: +3.00%; CSI 800: +16.16%[25] - **Weekly Absolute Return**: All-market stock pool: +2.87%; CSI 500: +2.79%; CSI 800: +1.89%[25] - **Year-to-Date Absolute Return**: All-market stock pool: +48.27%; CSI 500: +28.59%; CSI 800: +36.42%[25] 2. Public and Private Institutional Research Combination - **Weekly Excess Return**: Public research: +3.82%; Private research: +0.51%[27][28] - **Year-to-Date Excess Return**: Public research: +8.10%; Private research: +12.02%[28] - **Weekly Absolute Return**: Public research: +5.81%; Private research: +2.44%[28] - **Year-to-Date Absolute Return**: Public research: +26.96%; Private research: +31.56%[28] 3. Block Trade Combination - **Weekly Excess Return**: -1.77%[31][32] - **Year-to-Date Excess Return**: +0.26%[32] - **Weekly Absolute Return**: Not explicitly stated - **Year-to-Date Absolute Return**: +62.65%[32] 4. Directed Issuance Combination - **Weekly Excess Return**: -1.71%[37][38] - **Year-to-Date Excess Return**: -0.77%[38] - **Weekly Absolute Return**: Not explicitly stated - **Year-to-Date Absolute Return**: +20.29%[38] --- Quantitative Factors and Construction Methods 1. Factor Name: Beta Factor - **Factor Construction Idea**: Measures the sensitivity of a stock's returns to market movements, capturing systematic risk[20] - **Factor Construction Process**: Beta is calculated using regression analysis of a stock's returns against the market index over a specified period[20] - **Factor Evaluation**: Demonstrated significant positive returns in the past week, indicating a preference for high-beta stocks[20] 2. Factor Name: Momentum Factor - **Factor Construction Idea**: Captures the tendency of stocks with strong past performance to continue performing well in the short term[20] - **Factor Construction Process**: Momentum is calculated based on the cumulative returns of a stock over a specific lookback period, such as 1 month or 5 days[20][22] - **Factor Evaluation**: Significant positive returns were observed, with notable momentum effects in sectors like media, real estate, and agriculture[20][22] 3. Factor Name: Scale Factor - **Factor Construction Idea**: Reflects the size effect, where larger-cap stocks tend to outperform smaller-cap stocks in certain market conditions[20] - **Factor Construction Process**: Scale is measured using market capitalization, with adjustments for sector and industry effects[20] - **Factor Evaluation**: Demonstrated positive returns, indicating a preference for large-cap stocks in the past week[20] --- Factor Backtesting Results 1. Beta Factor - **Weekly Return**: +0.70%[20] 2. Momentum Factor - **Weekly Return**: +0.46%[20] 3. Scale Factor - **Weekly Return**: +0.16%[20]

Core Viewpoint - The company is expanding its production of micro-inverters and related products in both domestic and international bases, aiming to enhance supply chain options for customers amid export barriers in certain regions [1] Group 1 - The company has production facilities for micro-inverters and related products in both domestic and international locations [1] - Export barriers, including tariffs, have been set by some countries and regions, particularly in Europe and the United States [1] - The company's overseas bases, including those in Vietnam, are positioned to provide better supply chain options, potentially allowing for the acquisition of more related business [1]