GoerTek(002241) 华创证券·2025-03-28 09:15Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation of outperforming the benchmark index by 10%-20% over the next six months [7][22]. Core Insights - The company's profitability has significantly improved, with a notable increase in revenue and net profit for the fiscal year 2024. The total revenue reached 100.95 billion yuan, reflecting a year-on-year growth of 2.41%, while the net profit attributable to shareholders surged by 144.93% to 2.67 billion yuan [1][3]. - The company is well-positioned to benefit from the explosive growth in the AI glasses industry, with a comprehensive strategy that includes various segments such as acoustic components, assembly, optical modules, and diffraction waveguides [7][8]. Financial Performance Summary - For the fiscal year 2024, the company reported total revenue of 100,954 million yuan, with a year-on-year growth rate of 2.4%. The net profit attributable to shareholders was 2,665 million yuan, showing a remarkable year-on-year increase of 144.9% [3][8]. - The earnings per share (EPS) for 2024 is projected at 0.76 yuan, with a price-to-earnings (P/E) ratio of 35 [3][8]. - The company anticipates continued revenue growth, with projections of 104,317 million yuan in 2025 and 121,000 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of 9.1% from 2025 to 2027 [3][8]. Business Segment Insights - The smart acoustic assembly and component business is gradually improving, with the company being a leading player in the global XR industry, expected to benefit from industry shipment growth [7][8]. - The precision components business achieved revenue of 15.05 billion yuan in 2024, with a gross margin of 21.51%, indicating a year-on-year increase of 1.02 percentage points [7][8]. - The smart hardware segment reported a revenue of 571.99 billion yuan in 2024, despite a slight decline of 2.57% year-on-year, but with an improved gross margin of 9.17% [7][8]. Market Position and Future Outlook - The company is strategically positioned in the AI/AR glasses market, with a significant increase in global AI smart glasses sales, which reached 1.52 million units in 2024, a year-on-year growth of 533% [7][8]. - The company plans to leverage its technological advantages in optical and waveguide segments, having introduced a lightweight AR reference design at CES 2025, which includes holographic waveguide lenses and Micro LED optics [7][8].