\u3000\u3 China Vanke Co.Ltd(000002) 241 Goertek Inc(002241) )
Events
Goertek Inc(002241) released the annual report for 2021: in 2021, the company achieved an operating revenue of 78.221 billion yuan, a year-on-year increase of 35.47%, and the net profit attributable to the parent company was 4.275 billion yuan, a year-on-year increase of 50.09%.
In addition, the company released the performance forecast for the first quarter of 2022. It is estimated that the net profit attributable to the parent company will be RMB 669 million-966 million, a year-on-year decrease of 0% – 10%, and the net profit deducted from non profit is expected to be RMB 842 million-902 million, a year-on-year increase of 40% – 50%.
Key investment points
The demand in the field of intelligent hardware increased greatly, and the profit increased rapidly in 2021
Thanks to the continuous growth of the demand for intelligent hardware products and related precision components such as vr virtual reality, TWS intelligent wireless headphones, intelligent wearable, intelligent home video game consoles and accessories, the company achieved a sales volume of 5.403 billion electronic components in 2021, with a year-on-year increase of 30.68%. The improvement of sales scale helped the company’s performance grow rapidly year-on-year. In terms of business segments, the revenue of 2021 company in precision parts and components, intelligent acoustic machine and intelligent hardware was RMB 13.840 billion, 30.297 billion and 32.809 billion respectively, with a year-on-year increase of 13.39%, 13.58% and 85.87%, of which the revenue of intelligent hardware has reached 41.94%, and the business structure has been continuously optimized. In terms of profitability, the gross profit margin of electronic components business in 2021 was 14.16%, a year-on-year decrease of -1.92pct, and the demand for intelligent acoustic machines was lower than expected, which dragged down the gross profit margin. In terms of expenses, during the reporting period, the company’s sales, management and financial expense rates were 0.57%, 2.50% and 0.21% respectively. The expense rate of “three expenses” was 1.22pct lower than that in 2020, reflecting the company’s efficient operation and management ability. In terms of R & D expenses, the company’s R & D expenses in 2021 were 4.170 billion yuan, with a year-on-year increase of 21.72%. A total of 3468 patents were applied for, including 2539 invention patents and 2675 patent authorizations, including 1036 invention patents. The company further strengthens the development of new technologies, new products and new processes, actively introduces high-end technical talents, and empowers the company to keep up with the market and continue innovation.
Vr virtual reality, intelligent game console, 1q22 deduction, non performance continued to increase
Under the background that the development of the global smart phone industry has entered a bottleneck period, the company firmly grasps the innovation opportunities of emerging smart hardware products in the technology and consumer electronics industry, seizes the high-quality track and lays out the VR industrial chain. In 2022q1, the company’s non net profit continued to grow rapidly. Among them, vr virtual reality, intelligent game console and other products contributed 240300 million yuan of profit, accounting for nearly 1 / 3 of the profit. VR / AR products are the next outlet in the consumer electronics industry. According to IDC data, in 2021, the global shipment of vr virtual reality products was about 9.36 million units, with a year-on-year increase of about 68.6%. The global shipment of ar Augmented reality products was about 330000 units, with a year-on-year increase of about 13.8%, and oculusquest 2 of meta accounted for 78%. As the core supplier of oculus, the company will continue to benefit from the rapid volume and yield improvement of its products, and the profitability improvement of VR and other intelligent hardware products will help the company develop at a high speed.
Grasp the top three business resources and go hand in hand
The company continues to adhere to the product strategy of “precision parts and components + intelligent hardware machine”, and actively promote the development of precision parts and components such as acoustics, optics, microelectronics and structural parts, as well as intelligent hardware such as VR / AR, TWS headphones and intelligent wearable devices. In the field of wearable devices, according to ccsinsight, the total shipment of intelligent wearable products in 2021 was about 232 million units, with a year-on-year increase of about 20.2%. It is expected that the shipment will exceed 400 million units in 2026. The company has conducted in-depth cooperation with Huawei, Fitbit, Xiaomi and other manufacturers, and the revenue scale of wearable products is expected to continue to expand. In the field of TWS headphones, according to the statistical data of futuresource, the global shipment of smart headphones in 2021 was about 300 million units, with a year-on-year increase of about 37%. With the continuous maturity of products, the penetration rate of TWS headphones will continue to increase. The company is the second-generation industry and Commerce of Apple’s airpods. At the same time, it has actively laid out the Android TWS market and has reached cooperation with terminal manufacturers such as Huawei, oppo, vivo and Xiaomi. The proportion of Android customers is expected to further increase. Apple + Android customers will continue to help the development of the company.
Profit forecast
It is predicted that the revenue of the company from 2022 to 2024 will be 102257 billion yuan, 131337 billion yuan and 164906 billion yuan respectively, and the EPS will be 172, 2.15 and 2.56 yuan respectively. The corresponding PE of the current stock price will be 20, 16 and 13 times respectively, and the “recommended” investment rating will be given.
Risk tips
Downside risks of industry prosperity, lower than expected sales of end products, increased industry competition, etc.
