GoerTek (002241): H1 Results Division Guidance Cap Q3 Guidance Exceeds Market Expectations
Event: The company released a 19-year semi-annual report and achieved revenue of 135 in the first half.
76 ppm, an increase of 61 in ten years.
11%; net profit attributable to mother 5.
240,000 yuan, +17.
73%; gross profit margin 15.
57% ten years ago.
88%; Third quarter guidance: Net profit attributable to mother 3.
460,000 yuan, 8 year on year.
Opinion: We are optimistic about the company, benefiting from the high growth of smart wireless headsets and wearables, the second quarter performance growth has accelerated, and the margins continue to improve.
We maintain the judgment that the price of H2 acoustic components is stable and the profit margin reaches the inflection point, and repeat the H2 entering the consumer electronics season. It is expected that the output of TWS multi-customers and multi-products will increase and increase the company’s performance.
Optimistic about the company’s performance.
In the medium and long term, strategic customers such as Huawei’s multi-product line growth + key customer strategy + optical accumulation will help boost the growth logic of VR / AR in the 5G era, and continue to recommend the company steadily!
The H1 performance was in line with our expectations of exceeding market expectations, and the Q3 guidance median exceeded market expectations.
The company’s H1 revenue is 135.
760,000 yuan, +61.
11%; net profit of non-attributed mothers4.
170,000 yuan, a year-on-year increase of +56.
69%, above the previous guidance.
Specifically, the revenue of smart acoustics machines increased 216% annually, mainly due to the growth of smart wireless headset sales. The growth rate of smart hardware revenue was 51%, which was mainly driven by the growth of smart wearables. Therefore, the revenue of the precision component segmentyoy-2.
71%, other sectors yoy + 281.
Corresponds to Q2 revenue of 78.
710,000 yuan, +79.
7%, quarterly +91.
9%, net profit attributable to mother 3.
21 ppm, + 23% year-on-year, +58 quarterly.
The company’s Q3 guidance median exceeded market expectations and expected net profit attributable to the parent3.
460,000 yuan, 8 year on year.
Net profit stabilized and achieved a month-on-month increase, and the profit growth margin of H2 was better.
The proportion of assembly business increased, and gross profit margin of H1 company was 15.
57%, a year-on-year increase of 5.
22%, specifically, precision components, intelligent acoustics, and intelligent hardware gross margins are 24.
86%, -3 compared to the same 苏州桑拿网 period last year.
H1 company three fees yoy + 1.
82% of which research expenditure is yoy-11.
03%, the company’s overall net margin is 3.
85% over the same period last year.
29%, qoq + 0.
Looking ahead to H2, we expect that the price of acoustic components will stabilize the profit margin to the inflection point and overlap the company’s three-fee management. Profitability is expected to improve.
Strategic customers focus on strategic products, AIOT has great potential, and the future revenue scale is expected to grow rapidly; in the long term, it is optimistic about the optical accumulation + key customer strategy under the 5G era first-mover advantage.
The company continues to carry out strategic transformation and develop new performance growth points in strategic areas such as audible / visible / wearable / robot. Huawei wearables have experienced rapid growth, with the fastest growth rate in 18 years. We are optimistic about Huawei’s penetration in high-end productsThe improvement of the rate will drive the company’s relevant business line profit margin.
Huawei business is expected to maintain high growth this year and make breakthroughs in new product lines.
We are optimistic about the company’s leading VR / AR card slots. The company already has one-stop VR / AR ODM / JDM service capabilities, optical technology, and mass production capabilities. It is expected to lead the industry in launching lightweight products this year. We are optimistic about the company’s VR in the 5G era. / AR First-mover advantage when heavy volume.
Investment suggestion: Based on the company’s business progress and downstream demand outlook, the company’s net profit for 2020/2021 will be 18.
8 was raised to 19.
0 million, corresponding to 0 EPS.
9 yuan per share, given 30xPE in 2020, corresponding to a target price of 18 yuan.
Risk warning: New product development fails to meet expectations, and smart hardware product penetration does not meet expectations.