GoerTek(002241) 北京韬联科技·2024-06-20 11:00Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company, GoerTek, has seen a significant decline in revenue and net profit over the past two years, with a revenue of 98.57 billion yuan in 2023, down 6% year-on-year, and a net profit of 0.88 billion yuan, down 47.2% year-on-year [3] - In the first quarter of 2023, while revenue decreased by 19.9% year-on-year, the net profit attributable to the parent company increased by 1722.9% [3] - The company is a key supplier for major clients like Apple and Huawei, with a focus on precision components and smart acoustic products [2][6] Company Overview and Performance - GoerTek's main business segments include precision components, smart acoustic devices, and smart hardware, with products used in consumer electronics [2] - The company has faced challenges due to a downturn in the consumer electronics market, with a decline in shipments of mobile phones, laptops, and tablets [2][3] - The company has a strong market position in the VR/AR sector, holding nearly 80% market share in high-end VR/AR device assembly [6] Market Behavior - Northbound capital has been steadily increasing its holdings in the company since mid-April, reaching a new high for 2023 with a holding ratio of 5.38% [8] - The number of shareholders has been declining, with a 32.4% reduction from the peak in February 2023, indicating increased concentration of shares [10] - The company has no plans for lock-up share releases or ongoing reductions in holdings [9] Catalysts - The integration of AI into consumer electronics is expected to drive demand for existing hardware, with major companies like Apple and Microsoft launching AI-enhanced products [7][8] - The anticipated launch of AI consumer electronics may trigger a replacement wave in the market [7]