\u3000\u3 China Vanke Co.Ltd(000002) 241 Goertek Inc(002241) )
Event: the company announced its foreign investment in Yuguang technology, a micro nano optical company.
Invest in micro nano optics company to consolidate its core competitiveness: goer plans to subscribe for the new equity of Beijing Yuguang Technology (holding 10.526%) with its own capital of 200 million yuan. Yuguang has the ability to integrate micro nano optics, and provides core micro nano optics, projection / display modules and overall three-dimensional sensing solutions for smart phones and AR glasses. It has a high degree of synergy with Goethe’s business and strategic layout. From the perspective of product and business collaboration, Yuguang technology takes nano DOE (diffractive optical element) as the starting point, pays attention to technology and patent accumulation, and the comprehensive solution has the advantages of low cost and small volume. It is a product supplier for foreign technology giants and well-known Chinese mobile phone manufacturers. It is expected to further improve goer’s core technology layout in VR / AR and other fields and consolidate its competitive advantage in the future.
The order boom of the company is high, and the industrial trend continues to improve: 1) at present, the orders and production of VR and various products of the company are carried out normally, the medium-term report is high year-on-year, and the growth certainty is strong. In the second half of the year, it is expected to welcome the centralized release and mass production of various new products such as VR and TWS earphones. With the advent of the peak season of major customers, we believe that the performance rhythm of the company in each quarter is expected to continue to rise. 2) Sony recently announced its strategic plan for fiscal year 22, with a forward-looking layout in meta universe, mobile travel and other fields. At the same time, it is expected that the shipment of ps5 will reach 18 million units (22q2-23q1), which is expected to make a significant incremental contribution to the company’s VR, game console and other important businesses. 3) Recently, the company and Qualcomm released ar glasses reference design based on Xiaolong XR2 platform, technology upgrading such as computing power and transmission, and comfort improvement such as strength and counterweight. Combined with recent equity investment and other actions, the company further consolidated its comprehensive core competitiveness and vertical integration layout in the VR / AR field, which helps to continuously bind key customers and potential new technology players.
All kinds of product lines are expected to blossom: the VR industry maintains a high outlook and promotes the high growth of sales volume of major customers outside China. The new iteration of TWS earphone major customers brings steady growth in demand. At the same time, the shipment of game consoles provided by the company as a second supplier continues to grow, and the intelligent wearing products of Chinese major customers are also expected to contribute to the increment, promoting the continuous and rapid growth of the company’s revenue and profit. We continue to be optimistic about the company’s core competitiveness and long-term growth trend. VR / AR is the highlight of the company, but the company is not only VR / ar.
We maintain the company’s earnings per share forecast of 1.75, 2.29 and 2.81 yuan respectively in 22-24 years. According to the comparable company’s 22-year 31 times PE valuation level, the corresponding target price is 54.25 yuan, and maintain the buy rating.
Risk tips
VR / AR development fails to meet expectations; TWS earphone sales did not meet expectations; Risk of global epidemic deterioration.
