GoerTek (002241): Third-quarter results in line with expectations TWS promotes rapid growth in performance

GoerTek (002241): Third-quarter results in line with expectations TWS promotes rapid growth in performance

A brief comment on the performance of Goertek’s third quarterly report for 2019: The company achieved revenue of 241 in the first three quarters.

340,000 yuan, an increase of 56 in ten years.

23%, net profit 南京桑拿网 attributable to mother 9.

85 ppm, an increase of 15 in ten years.

04%, deducting non-attributed net profit of 10.

870,000 yuan, an increase of 62 in ten years.

33%; the company’s Q3 single quarter revenue reached 105.

59 ppm, an increase of 50 in ten years.

38%, net profit attributable to mother 4.

61 ppm, an increase of 12 in ten years.

13%, net of non-return to mother’s net profit 6.

70 ppm, an increase of 66 in ten years.

05%.

Military, company performance forecast for the first three quarters of net profit attributable to the mother is 8.

99-10.

70,000 yuan, a year-on-year increase of 5% -25%, actual performance in line with indicators.

The operating analysis company’s TWS business has grown at a high speed: It is estimated that the total output of Airpods will reach 55-60 million units in 2019, and the company will launch a high-end noise-reduction version of Airpods recently. The number growth rate in 2020 is expected to remain above 50%.

The company is the main supplier of customers’ TWS, and its share continues to increase. Through the expansion of production capacity, the improvement of the yield and the increase in the proportion of self-supplied parts, the company’s Airpods business revenue and profit have shown rapid growth.

In addition, it is expected that Android customers ‘TWS headsets will also experience a rapid volume in 2020. The company is the main supplier of H customers and will fully benefit the industry dividend.

Huawei releases heavy smart glasses products, the VR / AR era may have started: Huawei released smart glasses products VR Glass in September, priced at 2999 yuan, and will be available in December.

It is expected that smart glasses products will be launched in front-end terminal factories, and more brands of VR / AR glasses products will be launched in the next two years.

The company is the earliest domestic enterprise to deploy smart glasses products. In the early stage, it cooperated with terminal manufacturers to research and develop and produce. At the same time, it realized a large number of acoustic and optical components. The company will become the most benefited company in the booming smart glasses industry.

Profit quality continued to improve: net operating cash flow for the first three quarters was 31.

08 million yuan, compared with 5 in the same period last year.

7.3 billion; accounts receivable turnover days 86.

2 days, 116 for the same period last year.

7 days; inventory turnover days are 56.

8 days, 90 for the same period last year.

2 days; the company’s profitability and profit quality improved simultaneously.

Earnings Forecast and Investment Suggestions Due to the TWS business exceeding expectations and the company’s non-recurring 厦门夜网 profit and loss in 2019, we adjusted the company’s profit forecast for 2019-2021, and the net profit attributable to the parent is expected to be 12 in three years.

89 (+ 0%), 20.

37 (+18.

3%), 26.

10 (+16.

2%) billion yuan, raise the target price to 21.

98 yuan, corresponding to 35 × PE in 2020, maintain BUY rating.

Risks suggest that the volume of Airpods released is less than expected; the yield rate of the new version of Airpods changes; and the risk of intensifying the Sino-US trade war.

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