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序号	证券代码	证券简称	研究机构	最新评级	目标价	报告日收盘价	预期涨幅	盈利预测	报告日期	报告摘要
24年EPS	25年EPS	26年EPS
1	002241	歌尔股份	招银国际	买入	27.39	23.31	18%	0.84	1.10	1.27	2024-10-25	报告摘要
3Q24 recovery on track; Poised to benefit from XR/TWS/gaming product launches in 2H24/FY25E 歌尔股份(002241) Goertek’s 3Q24 revenue/ net profit rose +2%/+138% YoY, exceeding previousmarket expectations. 3Q24 GPM lifted to 11.4% (-2.2 ppts QoQ/+1.2 ppts YoY),mainly due to improving efficiency and better scale effect. Looking into4Q24/FY25E, we expect Goertek’s earnings will continue to rebound givenimproving GPM YoY, prudent cost control and better AR/VR/gaming demandwith multiple product launches from major VR/AR players. We raised FY24-26EEPS estimates by 0-6% to reflect 3Q24 results, better operating leverage andexpense control. In the longer term, we believe Goertek is well-positioned tocapture opportunities in AR/VR product cycle from players such as Meta, Sony,Google, Samsung and Huawei. Maintain BUY with new TP of RMB27.39, basedon same 25x FY25E P/E. 3Q24 above expectations on better efficiency and cost controls. 3Q24revenue/ net profit rose +2%/+138% YoY, beating market expectations,mainly driven by higher utilization, efficiency improvement and prudent costcontrols. We believe Goertek’s profitability recovery will continue into 4Q24Eand we estimate 4Q revenue/net profit will grow 36.3%/166.7% YoY,benefiting from the launch of Meta Quest 3S, AirPods 4 Series and otherARVR products. 4Q24/2025 Outlook: Continued profitability recovery and sales growthfrom edge AI and wearable product launches. In addition to order recoveryof AirPods (after share loss in last two years) and product cycle of AirPods 4,we think Meta’s Quest 3S and upcoming Sony PS5 Pro will boost revenuegrowth in 4Q24/1H25E. Overall, we expect Goertek’s net profit to grow164%/30% YoY in FY24/25E. Maintain BUY. We think Goertek’s industry leadership and productroadmap in XR/acoustics/gaming segments will allow it to benefit fromindustry recovery and upcoming new XR/gaming console product cycle inFY24/25E. We lifted our FY25/26E EPS estimates by 6%/6% mainly forbetter wearable product revenue and operating efficiency. Our new TP ofRMB27.39 is based on same 25x FY25E P/E. Maintain BUY. Upcomingcatalysts include new XR/gaming product launches and continued marginrecovery.

序号

证券代码

证券简称

研究机构

最新评级

目标价

报告日收盘价

预期涨幅

盈利预测

报告日期

报告摘要

24年EPS

25年EPS

26年EPS

002241

歌尔股份

招银国际

买入

27.39

23.31

18%

0.84

1.10

1.27

2024-10-25

报告摘要

3Q24 recovery on track; Poised to benefit from XR/TWS/gaming product launches in 2H24/FY25E

歌尔股份(002241)
    Goertek’s 3Q24 revenue/ net profit rose +2%/+138% YoY, exceeding previousmarket expectations. 3Q24 GPM lifted to 11.4% (-2.2 ppts QoQ/+1.2 ppts YoY),mainly due to improving efficiency and better scale effect. Looking into4Q24/FY25E, we expect Goertek’s earnings will continue to rebound givenimproving GPM YoY, prudent cost control and better AR/VR/gaming demandwith multiple product launches from major VR/AR players. We raised FY24-26EEPS estimates by 0-6% to reflect 3Q24 results, better operating leverage andexpense control. In the longer term, we believe Goertek is well-positioned tocapture opportunities in AR/VR product cycle from players such as Meta, Sony,Google, Samsung and Huawei. Maintain BUY with new TP of RMB27.39, basedon same 25x FY25E P/E.
    3Q24 above expectations on better efficiency and cost controls. 3Q24revenue/ net profit rose +2%/+138% YoY, beating market expectations,mainly driven by higher utilization, efficiency improvement and prudent costcontrols. We believe Goertek’s profitability recovery will continue into 4Q24Eand we estimate 4Q revenue/net profit will grow 36.3%/166.7% YoY,benefiting from the launch of Meta Quest 3S, AirPods 4 Series and otherARVR products.
    4Q24/2025 Outlook: Continued profitability recovery and sales growthfrom edge AI and wearable product launches. In addition to order recoveryof AirPods (after share loss in last two years) and product cycle of AirPods 4,we think Meta’s Quest 3S and upcoming Sony PS5 Pro will boost revenuegrowth in 4Q24/1H25E. Overall, we expect Goertek’s net profit to grow164%/30% YoY in FY24/25E.
    Maintain BUY. We think Goertek’s industry leadership and productroadmap in XR/acoustics/gaming segments will allow it to benefit fromindustry recovery and upcoming new XR/gaming console product cycle inFY24/25E. We lifted our FY25/26E EPS estimates by 6%/6% mainly forbetter wearable product revenue and operating efficiency. Our new TP ofRMB27.39 is based on same 25x FY25E P/E. Maintain BUY. Upcomingcatalysts include new XR/gaming product launches and continued marginrecovery.