歌尔股份-综合核心竞争力带来持续成长信心-221011（38页）.pdf

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1、Goertek(002241.SZ)Equity Research Company Research Consumer Electronics 1/38 东吴证券（香港）东吴证券（香港）请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分 Integrated core competitiveness signifies optimistic outlook of continuous growth Buy(Initiation)Forecast&Valuation 2021A 2022E 2023E 2024E Revenue(RMB mn)78,221 96,864 120,6

2、29 134,887 Growth(YoY%)35%24%25%12%Non-GAAP net profit(RMB mn)4,275 5,060 6,867 8,444 Growth(YoY%)50%18%36%23%Diluted EPS(RMB,Non-GAAP)1.25 1.48 2.01 2.47 P/E(X,Non-GAAP)25.63 21.65 15.95 12.97 Investment Thesis Goertek firmly lays out components and products,and has achieved remarkable results in c

3、ontrol and optimization.The company adheres to intelligent manufacturing and precision manufacturing two-wheel drive and 4+4+n strategic layout.The company cultivates deeper relationships with core major customers,maintains in-depth communication with customers,penetrates into product definition,tec

4、hnology,strengthens various aspects of products through R&D capabilities,and adheres to refined operation management.Various important indicators of the company continued to improve due to effective management and control optimization.Besides,continuous ESOP and equity incentives demonstrate the com

5、panys confidence in its long-term development,and also lay a foundation for employee home culture and continuous operation.VR/AR industry is entering a period of rapid growth,and Goertek will benefit from industry growth and enjoy a long-term upward trend.VR/AR are both main growth engines in the po

6、st-mobile era and important advantages of the company.Goertek has mature optical components(VR),opto-mechanical systems(AR)and intelligent hardware design and manufacturing capabilities.The company has been engaged in in-depth cooperation with global technology companies to lay out the VR/AR industr