GoerTek(002241) 长江证券·2025-04-27 03:43Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company has returned to growth in 2024, with a revenue of 1009.54 billion yuan, a year-on-year increase of 2.41%. The net profit attributable to shareholders reached 26.65 billion yuan, up 144.93% year-on-year, while the net profit excluding non-recurring items was 23.93 billion yuan, reflecting a growth of 178.30% [2][6]. - In Q4 2024, the company achieved a revenue of 313.08 billion yuan, marking a year-on-year growth of 27.13% and a quarter-on-quarter increase of 6.99%. The net profit for this quarter was 3.20 billion yuan, up 63.23% year-on-year, although it saw a significant quarter-on-quarter decline of 71.45% [2][6]. - The company’s precision components and smart acoustic products have shown strong performance, with revenues of 150.51 billion yuan and 262.96 billion yuan respectively, growing by 15.9% and 8.7% year-on-year. The smart hardware segment experienced a slight decline of 2.6% due to product lifecycle adjustments [12]. - The company is strategically positioned in the XR industry, benefiting from the integration of 5G and AI trends, with expectations for significant growth in VR/AR headsets as the next generation of smart human-computer interaction devices [12]. Financial Summary - The company’s earnings per share (EPS) are projected to be 1.02, 1.21, and 1.44 for the years 2025, 2026, and 2027 respectively [12]. - The gross margin for the electronic components business improved by 2.21 percentage points to 11.14% in 2024, driven by a higher proportion of high-margin components and improved production efficiency [12]. - The company’s total assets are expected to grow from 82,707 million yuan in 2024 to 104,221 million yuan by 2027, indicating a robust financial outlook [18].