GoerTek(002241) 新浪财经·2025-03-27 10:37Core Insights - The company reported a total revenue of 100.95 billion yuan for 2024, representing a year-on-year increase of 2.41% [1] - The net profit attributable to shareholders reached 2.67 billion yuan, up 144.93% year-on-year, while the non-recurring net profit was 2.39 billion yuan, reflecting a 178.30% increase [1] - The gross profit margin for the year was 11.09%, an increase of 2.14 percentage points year-on-year [1] Quarterly Performance - In Q4 2024, the company achieved a revenue of 31.31 billion yuan, a year-on-year increase of 27.13% and a quarter-on-quarter increase of 6.99% [1] - The net profit attributable to shareholders for Q4 was 320 million yuan, up 63.23% year-on-year but down 71.45% quarter-on-quarter [1] - The non-recurring net profit for Q4 was 347 million yuan, showing a significant year-on-year increase of 371.32% but a quarter-on-quarter decrease of 59.72% [1] - The gross profit margin for Q4 was 10.30%, a decrease of 0.29 percentage points year-on-year and 1.06 percentage points quarter-on-quarter [1] Business Segment Performance - The smart hardware segment generated revenue of 57.20 billion yuan, down 2.57% year-on-year, with a gross margin of 9.17%, an increase of 1.90 percentage points [2] - The smart acoustic complete machine segment saw revenue of 26.30 billion yuan, up 8.73% year-on-year, with a gross margin of 9.47%, an increase of 2.73 percentage points [2] - The precision components segment reported revenue of 15.05 billion yuan, a year-on-year increase of 15.85%, with a gross margin of 21.51%, up 1.02 percentage points [2] - The company’s VR/MR business showed significant growth, and AI is expected to enhance the value and profitability of acoustic sensor components [2] Future Outlook - The company is well-positioned to benefit from the upcoming AI wave, particularly with the RayBan-Meta leading the AI glasses market [2] - The company has a comprehensive layout in assembly, optics, acoustics, and sensing components, with deep cooperation with downstream major clients, indicating potential for entering a new growth cycle [2] Investment Projections - The company’s performance aligns with expectations, and the full-scale layout in edge AI is anticipated to lead to a new growth cycle [3] - Projected net profits for 2025-2027 are 3.62 billion, 4.50 billion, and 5.08 billion yuan, respectively, with corresponding EPS of 1.04, 1.29, and 1.45 yuan [3] - The projected PE ratios for the same period are 26.00, 20.93, and 18.53 times [3]