GoerTek(002241) 中银国际·2025-04-07 06:31Investment Rating - The report maintains a "Buy" rating for the company [2][4][5] Core Views - The company reported a slight increase in revenue for 2024, but a significant growth in net profit, driven by improved gross margins across various business segments. The AI/AR glasses industry is expected to grow rapidly, and the company is well-positioned to benefit from this trend [4][5][8] Financial Summary - The company’s revenue for 2024 is projected at RMB 100,954 million, a year-on-year increase of 2.41%. The net profit attributable to the parent company is expected to reach RMB 2,665 million, reflecting a growth of 144.93% [7][8] - The gross margin for 2024 is estimated at 11.09%, an increase of 2.14 percentage points year-on-year, while the net margin is projected at 2.56%, up by 1.53 percentage points [8] - The company’s earnings per share (EPS) for 2025 is forecasted to be RMB 1.04, with a corresponding price-to-earnings (P/E) ratio of 22.4 [5][10] Business Segments Performance - The smart hardware business generated revenue of RMB 572 billion, accounting for 56.66% of total revenue, despite a year-on-year decline of 2.57%. The gross margin for this segment improved by 1.90 percentage points [8] - The smart acoustic products segment saw revenue increase by 8.73% to RMB 263 billion, with a gross margin improvement of 2.73 percentage points [8] - The precision components segment achieved a revenue growth of 15.85% to RMB 151 billion, with a gross margin increase of 1.02 percentage points [8] Future Outlook - The AI/AR glasses market is anticipated to experience significant growth, with global shipments of AI smart glasses expected to increase by 210% in 2024, surpassing 2 million units for the first time. The AR device shipments are projected to reach 6.9 million units by 2028, with a compound annual growth rate of approximately 78% from 2025 to 2028 [8][9] - The company has made substantial investments in the AI/AR glasses sector, launching new products that are expected to accelerate industry growth [8][9]