产品介绍

海洋之神国际棋牌,GOERTEK INC.(002241):Q319 PERFORMANCE IN LINE WITH

  Company Profile

      GoerTek Inc. manufactures wireless communication products. The Company offers wirelesscommunication devices armed with wireless technology, active noise cancellation headphones, VoIPdevices, hands-free headsets, and other electro-acoustic devices. GoerTek serves thetelecommunication and electro-acoustic industries worldwide. (Source: Bloomberg)

    Investment Highlights

      Goertek (the company)’s Q319 performance met expectation, settling in the upper range of theprevious estimation.

      For Jan. ~Sep., the company’s revenue was CNY 24.13 bn (+56.23% yoy) and its net profit attributableto shareholders was CNY 985 mn (+15.0% yoy) which came in at the upper level of the preliminaryestimation (CNY 899~CNY 1,070 mn). The company’s Q319 performance was in line with expectation.

      For 2019, the company’s annual earnings are expected to maintain high growth, which mainly benefitsfrom increasing sales vol, of TWS earphone.

      For the whole year of 2019, the company’s net profit attributable to shareholders is estimated to beCNY 1.17~1.35 bn with a yoy growth of 35%~55%. The increase mainly benefits from the successfuldevelopment of smart wireless headsets and smart wearable devices.

      Noise canceling function will be a new highlight of TWS earphone in the future. Apple will continue toenjoy a high market share.

      In the near future, Apple may add active noise canceling function to AirPods, which is bound tobecome one of the core competitiveness of Apple TWS. In 2018, TWS market scale was about 50 mnsets, and in 2019, that will reach 100 mn sets. Although Samsung, Huawei, Sony and Xiaomi scratchfor TWS market share, Apple’s AirPods will still dominate the market with a 50% market share.

      The coming era of 5G will boost the demand for wearable devices.

      We are positive about the company’s growth momentum in TWS wireless earphone and VR/ARmarkets when demand increasing. We estimate the company’s profit to be CNY 1.28/1.74/2.19 bn foryear 19/20/21, implying a P/E ratio of 43.4/32.0/25.4x (based on the closing price of October 23rd,2019). We maintain “Outperform” rating for the company.

      Potential risks: macroeconomic downturn; worsening Sino-US trade relationship; intensifying marketcompetition