歌尔股份(002241)

　　Goertek’s 1H24 revenue/ net profit growth of -11%/+190% YoY was largely inline with its earlier positive profit alert (net profit +180-200% YoY). 2Q24revenue/net profit delivered +0.1%/+168% YoY, and GPM came in at 13.6%(+4.4 ppts QoQ/5.9 ppts YoY), mainly due to improving efficiency and betteracoustics product/smart product profitability. Looking ahead to 2H24/FY25E, weexpect Goertek’s earnings will continue to rebound given improving GPM andbetter AR/VR/gaming demand with multiple product launches from major VR/ARplayers. We raise FY24-26E EPS by 19-38% to reflect 1H24 results, a strongerGPM and better operating leverage. In longer term, we believe Goertek is wellpositioned to capture opportunities in the AR/VR product cycle from playerssuch as Meta, Sony, Google, Samsung and Huawei. Maintain BUY with new TPof RMB25.9, based on rollover 25x FY25E P/E (prior 25x FY24E P/E).

　　1H24 in-line with profit alert, impressive GPM across all segments.Goertek’s1H24 revenue/attributable net profit growth of -11%/+190% YoYwas largely in-line with its positive profit alert. Strong revenue growth inprecision components and acoustic products segments (+21%/+38% YoY)was partly offset by smart product weakness (-32% YoY), due to the lateproduct cycle of Sony gaming console/VR and Meta Quest 3. 2Q GPM camein at 13.6% (+4.4 ppts QoQ/5.9 ppts YoY), mainly due to improving efficiencyand better acoustics product/smart product profitability.

　　2H24/25 outlook: Expect continued GPM recovery; positive on “AI+XR”trend in 2H24E. In addition to solid recovery of acoustic product segment,we believe Goertek is well positioned to benefit from new product launchesof Meta Quest 3S and Sony PS5 Pro gaming console in 2H24E, along withAR glass product launches from multiple players, which should continue todrive profitability recovery and topline growth. Overall, we expect Goertek’snet profit to grow +164%/23% YoY in FY24/25E.

　　Maintain BUY. We think Goertek’s industry leadership and product roadmapin XR/acoustics/gaming segments will allow it to benefit from industryrecovery and the upcoming new XR/gaming console product cycle inFY24/25E. We lift our FY24/25E EPS estimates by 19-38% mainly for betterGPM and operating efficiency. Our new TP of RMB25.9 is based on a rolledover 25x FY25E P/E (vs prior 25x FY24E P/E). Maintain BUY. Upcomingcatalysts include new XR/gaming product launches and continued marginrecovery.