GoerTek(SZ:002241)2022-12-03 10:28Group 1: Company Overview - The company, GoerTek, has established a leading position in multiple fields over 20 years, starting from acoustic components and expanding into various sectors [3][4] - GoerTek is recognized as the global leader in ECM (Electret Condenser Microphone) and ranks second in MEMS (Micro-Electro-Mechanical Systems) microphones, with aspirations to become the top player in the next two years [3][4] - The company has a strong focus on R&D, with over 1,000 patents accumulated in MEMS technology over 16 years [4][5] Group 2: Financial Performance - In Q1 2018, GoerTek achieved a revenue of CNY 4.046 billion, with a net profit attributable to shareholders of CNY 184 million, and R&D investment accounting for 8.11% of revenue [5][6] - The revenue breakdown shows that electro-acoustic devices and electronic components contributed 66.04% and 33.96% respectively [5][6] - The decline in performance was attributed to lower-than-expected sales of new smartphone models and a slowdown in the virtual reality product market [5][6] Group 3: Business Strategy and Market Position - GoerTek aims to build a comprehensive Audio+Video company, integrating microphones, speakers, optics, headphones, and sound systems, making it unique in both A-share and global markets [5][6] - The company is committed to developing new business areas, particularly in virtual and augmented reality, which are seen as significant growth opportunities [6][7] - GoerTek's strong technical capabilities and high automation levels are key competitive advantages, enabling it to respond quickly to market demands [7][8] Group 4: Future Outlook - The company maintains a positive outlook for growth in the second half of the year, driven by new product launches and a robust market potential [6][7] - GoerTek's strategy includes careful consideration of new business developments, focusing on high-margin areas while avoiding low-margin projects like camera modules [8] - The company is positioned as a solution provider, offering comprehensive solutions rather than just individual components, which differentiates it from traditional packaging and testing companies [7][8]