GoerTek (002241) Company In-depth Report: TWS Promotes Performance Transformation and Long-term Renewal of Smart Glasses

Investment logic from precision acoustic parts to smart hardware OEM: The company was founded in 2001. In the past, the company mainly developed military electronics, acoustic precision components, and gradually developed its business. At present, it has developed into intelligent acoustic machines (TWS), smart speakers, and various headphonesEtc.), OEM business of smart hardware (VR / AR glasses, etc.).

In 2019H1, the company achieved revenue of 135.

76 ppm, an increase of 61 in ten years.

11%, mainly benefited from the volume of TWS and achieved net profit attributable to mothers5.

24 ppm, an increase of 17 in ten 西安耍耍网 years.

73%.

TWS’s strong certainty has helped the company’s performance in 2019 to reverse: It is expected that the TWS investment volume of major customers will maintain rapid growth in 2019-2021, and the TWS of Android customers will begin to expand the volume.Benefit from the increase in market share, gradually increase the volume growth rate leading the industry; In the first quarter of 2019, due to the yield problem of TWS, the company’s increase in gross profit margin in the first half of the year translated into the improvement of Q2 yield, the company’s continuous volume and gross airpodsInterest rates have further increased, and the heavy volume of TWS in the next two years will be the core driving force for the company’s overall performance.

Acoustic precision component business resumes growth in 2020: In 2020, 5G smartphones will be available soon, and global smartphone positioning will resume growth. At the same time, Android smartphones will follow Apple’s upgrade in acoustic performance (waterproof, dustproof, stereo), and Android acoustic components ASPThere is still room for improvement.

In addition, the downstream application development of acoustic component products, the demand growth rate of MEMS microphones will remain above 10% in the next three years, and the company’s precision component business will achieve a small increase in 2020-2021.

Optimistic about VR / AR as the company’s long-term performance continuation: VR / AR, as the most revolutionary product in the post-smartphone era, will usher in new developments in the 5G era. It is expected that many VR products will be released in the next year.

The company has been the exclusive foundry of Sony and Oculus VR glasses since 2016, and has been cultivating upstream VR components for a long time.At the same time, in 2018, the company has an exclusive production partnership agreement with WaveOptics fiber, which is the world’s first echelon in the field of AR optical waveguide lenses., To help the company’s potential in the AR glasses foundry leader.

Optimistic about VR / AR glasses has become the driving force for the company’s long-term development.

  Estimates and investment recommendations The company is expected to achieve revenue of 316 in 2019-2021.

0, 431.

2,557.

10,000 yuan, to achieve net profit attributable to mother 12.

89, 17.

22, 22.

47 trillion, corresponding to 34.

4,25.

7, 19.

7 ×, giving the company an estimate of 32 × in 2020, corresponding to a target price of 6-12 months.

99 yuan, covering the buy rating for the first time.

  Risks: The risk of uncertainty in the Sino-US trade war, the risk of TWS yield changes, the risk that VR / AR development progress is less than 南宁桑拿 expected, and the competition for acoustic precision components continues to increase.