\u3000\u3 China Vanke Co.Ltd(000002) 241 Goertek Inc(002241) )
Event overview
Goertek Inc(002241) plans to subscribe for Beijing Yuguang Technology Development Co., Ltd. with its own capital of 200 million yuan, and will hold 10.526% equity of Yuguang technology.
Analysis and judgment:
Combination of strong and strong, in-depth layout, optical competition Road
In order to meet its own strategic development needs, Goertek Inc(002241) plans to subscribe for the new equity of Beijing Yuguang Technology Development Co., Ltd. with its own capital of 200 million yuan. After the completion of this transaction, the company will hold 10.526% equity of Yuguang technology. Yuguang technology is a leading optical device solution manufacturer in China. The company’s products mainly include doe, diffuser, diffractive optical waveguide and other optical basic components. The company has in-depth layout in the optical field, especially in the field of relief diffraction optical waveguide. It has strong R & D ability in micro nano optical design (EDA tools, grating structure and system simulation design), semiconductor precision processing (mask, nano imprint manufacturing and Technology) and efficient automatic detection. In particular, the EDA tools and system design capabilities developed by the company are expected to break through some patent blockades of industry leader Wo and quickly realize the ability of product autonomy. Goethe, as a large manufacturer of surface relief grating diffraction waveguide, is expected to achieve the effect of 1 + 1 greater than 2.
Optimistic about the VraR competition, the company can expect in the future
Benefiting from the housing economy, the VR industry has witnessed explosive growth in the past 20 years. In 2021, the global VR shipment volume was 10.95 million units, with a year-on-year increase of 63.43%; Psvr2, apple and meta are expected to launch new products one after another. The screen and full-color perspective scheme are expected to further drive the continued popularity of the VR industry and break through the single positioning of the current game console. It is expected that the global VR shipment will reach 15.73 million units in 2022. The company has deep layout of VR OEM business, and has accumulated a lot of experience in the industry for many years. At present, it can provide one-stop VR solutions, and ODM business is far ahead in China. The company also actively deployed VR upstream core businesses, including optics, software and structural parts. At the same time, the progress of AR industry is improving in an all-round way, the progress of upstream optical waveguide and full-color micro LED is accelerating, and various manufacturers such as Google, Amazon, snap and Microsoft have also announced their own products one after another. At the same time, AR has shown strong demand in the industrial field. Among them, the leading company realwear has developed rapidly, the industry influence is rising, the company’s sales have tripled year-on-year growth, and has also reached a new milestone of transporting head worn computers to more than 3000 enterprises around the world. At present, the company has prepared for IPO. We expect ar to further develop rapidly in various industries in the future.
Investment advice
We maintain the company’s profit forecast and predict that the operating revenue from 2022 to 2024 will be 100749 billion yuan, 121281 billion yuan and 140914 billion yuan respectively; The net profit attributable to the parent company is 5.506 billion yuan, 6.541 billion yuan and 7.621 billion yuan, EPS is 1.61 yuan, 1.91 yuan and 2.23 yuan respectively, corresponding to the closing price of 37.6 yuan / share on May 20, 2022, and PE is 23x, 20x and 17x respectively, maintaining the “buy” rating.
Risk tips
The demand for TWS headphones is lower than expected, the demand for VR is lower than expected, the macro economy is lower than expected, and the price of upstream raw materials is higher
