歌尔股份（002241）研报：Solid GPM recovery in 1H24; Poised to benefit from “AI+XR” trend in 2H24E

    Goertek's 1H24 financial results showed a revenue and net profit growth of -11% and +190% year-over-year (YoY), respectively, aligning closely with the company's earlier positive profit alert predicting a net profit increase of 180-200% YoY. In the second quarter of 2024 (2Q24), the company reported a 0.1% increase in revenue and a 168% increase in net profit YoY. The gross profit margin (GPM) reached 13.6%, up by 4.4 percentage points quarter-over-quarter (QoQ) and 5.9 percentage points YoY, primarily due to improved operational efficiency and enhanced profitability of acoustics and smart products. For the second half of 2024 (2H24) and fiscal year 2025 (FY25E), Goertek anticipates continued earnings recovery driven by improved GPM and growing demand for augmented reality/virtual reality (AR/VR) and gaming products, including new releases from major players like Meta and Sony. Consequently, the company's earnings per share (EPS) forecasts for FY24-26E have been raised by 19-38% to reflect these improvements. Long-term, Goertek is poised to capitalize on opportunities in the AR/VR product cycle from key players including Meta, Sony, Google, Samsung, and Huawei. The target price (TP) has been adjusted to RMB25.9 based on a projected 25 times FY25E price-to-earnings (P/E) ratio. Upcoming catalysts include new product launches and ongoing margin recovery.