Goertek (002241 CH) Q3 2024 Results and Outlook
Q3 2024 Financial Highlights:
- Revenue: Increased by 2% year-over-year (YoY) to RMB 29,264 million.
- Net Profit: Rose by 138% YoY to RMB 1,120 million.
- Gross Margin (GPM): Improved to 11.4%, up 1.2 percentage points (ppt) YoY.
- Operating Profit Margin (OPM): Increased to 4.4%.
- Net Margin: Grew to 3.8%.
Outlook for 4Q 2024 and FY 2025:
- Revenue Growth: Expected to grow 36.3% YoY and 164% YoY for FY 2024 and FY 2025 respectively.
- Profitability: Projected to grow 164% YoY in FY 2024 and 30% YoY in FY 2025.
- Key Drivers:
- Meta Quest 3S and AirPods 4 Series Launches: These products are expected to boost revenue and profitability.
- AR/VR Products: Multiple product launches from major players like Meta, Sony, and Google are anticipated to drive growth.
Long-Term Strategy:
- Industry Leadership: Goertek is well-positioned to capitalize on the AR/VR product cycles from leading companies such as Meta, Sony, Google, Samsung, and Huawei.
- Product Roadmap: The company's expertise in XR, acoustics, and gaming segments will help it benefit from industry recovery and upcoming new product cycles.
Financial Estimates:
- EPS Estimates: Lifting of FY 2025 and FY 2026 EPS estimates by 6% each, reflecting better operating leverage and expense control.
- Target Price: RMB 27.39, based on a 25x FY 2025 P/E ratio.
Summary:
Goertek is on track for recovery in Q3 2024, with improved efficiency and cost controls. The company is expected to benefit significantly from upcoming product launches and is well-positioned for long-term growth in the AR/VR segment. Analysts maintain a BUY rating with a target price of RMB 27.39.
Key Data Points:
- Revenue Growth: 36.3% YoY in Q4 2024, 164% YoY in FY 2024.
- Net Profit Growth: 164% YoY in FY 2024, 30% YoY in FY 2025.
- Gross Margin (GPM): 11.4% in Q3 2024.
- Target Price: RMB 27.39, based on a 25x FY 2025 P/E ratio.
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