\u3000\u3 China Vanke Co.Ltd(000002) 241 Goertek Inc(002241) )
The company released the first quarterly report of 2022 Goertek Inc(002241) 2022 Q1 achieved a revenue of 20.112 billion yuan, an increase of 43.37% year-on-year; The net profit attributable to the parent company was 901 million yuan, a year-on-year decrease of 6.71%; Deduct non net profit of 878 million yuan, up 46.06% year-on-year; Among them, the revenue of Q1 precision parts and components was about 3.15 billion yuan, a year-on-year decrease of 1.42%; The total intelligent acoustic machine was 6.47 billion yuan, a year-on-year increase of 6.10%; Intelligent hardware was 10.14 billion yuan, a year-on-year increase of 125.05%. The company always adheres to the development strategy of “parts + finished products”, actively promotes the development of precision parts and components such as acoustics, microelectronics, optics and structural parts, as well as intelligent hardware products such as intelligent headphones, virtual / augmented reality and intelligent wear, continuously improves customer relations and continuously enhances the core competitiveness of the company. At the same time, the company adheres to R & D and technological innovation, actively arranges emerging technology fields such as SIP system level packaging technology, optical waveguide technology and nano embossing technology, and maintains a leading position in the market.
The company released the performance forecast for the first half of 2022. The company released the performance forecast for the half year of 2022 and realized the net profit attributable to the parent company of RMB 2.077 billion-2.423 billion, with a year-on-year increase of 20% – 40%. Deducting non net profit of 1.903 billion yuan to 2.185 billion yuan, with a year-on-year increase of 35% – 55%, which greatly exceeded the market expectation, mainly due to the growth of sales revenue and profitability of vr virtual reality, intelligent game console and other products.
Quest2’s market share continues to reach a new high, and the company continues to cultivate intelligent hardware. With the continuous emergence of popular applications, a good software ecology is expected to support the steady development of VR / AR industry. Oculusquest2 city’s share continues to reach a new high, and VR ecology continues to improve. The company firmly grasps the innovation opportunity of intelligent hardware. According to the data of steam platform, oculusquest2 has continuously won the first place in VR head display market since February 2021. The market share reached 47.35% in March 2022, reaching a new high. VR has become one of the most important growth points of the company. With the climbing of yield and efficiency, the profit margin will be further improved. We expect that the profit of intelligent hardware will account for more than 1 / 3 this year. The company actively develops the business of precision components and intelligent hardware machines related to emerging intelligent hardware products. Give full play to the synergy between the company’s component business and complete machine business.
The share of game consoles continues to increase this year, and wearable and intelligent acoustic machines are further driven. We expect Goethe’s share of game consoles this year to increase significantly compared with last year, which is expected to bring new increment. As the main supplier of TWS earphones for major customers, the company’s shipment volume is expected to increase steadily this year. With the advent of earphone replacement cycle, the subsequent sales volume is expected to have a positive impact. At the same time, the company actively arranges the wearing business such as smart watches and bracelets, which is expected to bring new profit increment with the subsequent upgrading of health functions.
Profit forecast and valuation suggestions: the company firmly grasps the innovation opportunity of intelligent acoustic complete machine, gives play to its existing competitive advantage, integrates supply chain resources, serves customers at home and abroad, and continues to consolidate the company’s leading position in the field of global acoustic optoelectronic overall solutions. We predict that the operating revenue of 2022e / 2023e / 2024e company will reach 101688125076151.342 billion yuan, with a year-on-year increase of 30.0% / 23.0% / 21.0%. The net profit attributable to the parent company of 2022e / 2023e / 2024e company will reach 60.09/74.28/9.092 billion yuan, with a year-on-year increase of 40.6% / 23.6% / 22.4%. At present, the corresponding PE of the stock price is 15.7/12.7/10.4x, maintaining the “buy” rating.
Risk tip: downstream demand is less than expected and industry competition intensifies.
