\u3000\u3 China Vanke Co.Ltd(000002) 241 Goertek Inc(002241) )
Events
Goertek Inc(002241) released the performance report for the first quarter of 2022: in the first quarter of 2022, the company achieved an operating revenue of 20.111 billion yuan, a year-on-year increase of 43.37%, a net profit attributable to the parent company of 901 million yuan, a year-on-year decrease of 6.71%, and a net profit deducted from non net profit of 878 million yuan, a year-on-year increase of 46.06%.
Key investment points
1q22 deduction non outstanding performance, and the profit contribution rate of intelligent hardware increased
In the first quarter of 2022, the company’s operating revenue increased significantly year-on-year. From the perspective of the three business segments, in 2022q1, the company achieved a revenue of 6.469 billion yuan, a year-on-year increase of 6.10%, a revenue of 10.144 billion yuan, a year-on-year increase of 125.05%, and a revenue of 3.153 billion yuan of precision components, a slight decrease of 1.42% year-on-year. Among them, the revenue of VR, intelligent game console and other intelligent hardware products has increased to 50.44%, The profit contribution accounts for about 1 / 3. In terms of profitability, 2022q1 achieved a gross profit margin of 13.72%. In terms of expenses, the company’s sales, management and financial expense rates were 0.70%, 2.36% and 0.24% respectively. The expense rate of “three expenses” increased by 3.74pct year-on-year, mainly due to the increase of interest expenses and exchange losses, resulting in the year-on-year increase of financial expenses by 119.96%. In terms of R & D expenses, the company’s R & D investment in virtual reality, acoustics, optics and other fields increased. The R & D expenses in the first quarter were 1.113 billion yuan, a year-on-year increase of 58.07%.
VR / AR is developing well, and strategic innovation and cooperation contribute to high performance growth
Adhering to the product strategy of “precision parts and components + intelligent hardware machine”, the company actively promotes the development of precision parts and components such as acoustics and optics and intelligent hardware such as VR / ar. With the transition of global technology and consumer electronics to the backward mobile era, the company firmly grasps the innovation opportunities of emerging intelligent hardware products, seizes the high-quality track and lays out the VR industrial chain. VR products continued the high-speed development trend in the past. According to IDC data, the global shipment of vr virtual reality products in 2021 was about 9.36 million units, with a year-on-year increase of about 68.6%; Ar also shows great market potential. In 2021, the global shipment of ar Augmented reality products was about 330000 units, with a year-on-year increase of about 13.8%; In the field of wearable devices, according to ccsinsight, the total shipment of smart 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; 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. With a strong technical talent team, the company continues to carry out strategic innovation and transformation and increase R & D expenses, while actively consolidating and deepening the company’s customer resource advantages. As the core supplier of oculus, which accounts for 78% of the global VR product shipments, the company continues to benefit from the rapid volume and yield improvement of its products. At the same time, the company has conducted in-depth cooperation with Huawei, Fitbit, Xiaomi and other manufacturers, and the revenue scale in the field of wearable products is expected to continue to expand. Moreover, the company has become the second-generation industry and Commerce of apple airpods. At the same time, it has actively laid out the Android TWS market, and has cooperated with Huawei, oppo, vivo Xiaomi and other terminal manufacturers have reached cooperation, and 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 company’s revenue from 2022 to 2024 will be 99.670 billion yuan, 127450 billion yuan and 155066 billion yuan respectively, and the EPS will be 1.63, 2.00 and 2.40 yuan respectively. The corresponding PE of the current stock price will be 17, 14 and 12 times respectively, giving the “recommended” investment rating.
Risk tips
Downside risks of industry prosperity, lower than expected sales of end products, increased industry competition, etc.
