Goertek (002241) Quick Review of Major Events: General Intelligent Hardware Giant Benefits 2020 Wearable Device Track

Goertek (002241) Quick Review of Major Events: General Intelligent Hardware Giant Benefits 2020 Wearable Device Track

Goertek (002241) Quick Review of Major Events: General Intelligent Hardware Giant Benefits 2020 Wearable Device Track

Review the growth path of Goertek, and analyze the company’s future development path.

It is optimistic that the company will become a general intelligent hardware giant in the future high-quality wearable track.

  Guoxin Electronics View: Raise the military profit forecast, and estimate that the net profit attributable to mothers in 19-21 will be from the previous 12.

74/17.

87/22.

7 trillion is raised to 12.

73/22.

15/30.

700 million.

Earnings per share are 0.

39/0.

68/0.

95 yuan, a year-on-year growth rate of 46.

7% / 74.

0% / 38.

6%, currently sustainable corresponding to PE 32 in 20/21.

2/23.

2x, maintain “Buy” rating.

  Comment: Fupan Goer’s growth path: from electro-acoustic device and product experts to general intelligent hardware giant Goer AG’s main military acoustic optoelectronic precision components and precision structural parts, intelligent complete machines, high-end equipment research and development,Manufacturing and sales.

From upstream precision components, modules, to downstream intelligent hardware, from molds, injection molding, surface treatment, to the independent design and manufacturing of high-precision automatic lines, GoerTek has created precision machining and intelligent manufacturing that are vertically integrated in the value chain.platform.

Since the listing, the company’s strategic layout, its own technical level, and the entire consumer electronics industry have undergone several significant changes: 1. The company went public in 2008 and started with electro-acoustic components + electro-acoustic devices. At this stageBenefit from the rapid growth of the smartphone industry.

  2. In 2014, the company adjusted its business development strategy, fully implemented the four strategies of “big acoustics, wearables, sensors, and precision manufacturing”, continued development and expansion around major customers, and completed product line expansion and private label establishment.

  3. Since 2016, the consumer electronics industry has continued to innovate, and the company’s strategic transformation direction has been further expanded, focusing on the four major strategies of audible, wearable, visual, and robotic to optimize the layout of the industrial chain.

  4. After the expansion of smartphone expansion in 2018, the intensified acoustic competition led to the decline in company performance.

The company adheres to the “parts + finished products” development strategy has formed the ability to provide customers with products such as acoustics, optics, wireless communication and other technologies as one, and with the explosive growth of TWS, watches and other wearable products, the company in 19Performance returns to growth.

With the company’s comprehensive layout and development in the fields of precision components, acoustics, intelligent hardware and other fields, we believe that the company has built the core technology of wearable products, as well as the construction of process platforms, and its precision manufacturing capabilities have continued to increase.

With the outbreak of wearable products in the 5G era, the company is expected to enjoy a new round of industry dividends and usher in a new round of growth cycles.

  From the expansion capabilities of consumer electronics products, the company ‘s capabilities are mainly divided into three major categories: Intelligent hardware: including smart wearables, AR / VR, smart audio, and smart home products.

In the field of intelligent hardware, the company can already provide customers with overall solutions for wearable devices from ID design to manufacturing, from acoustic design, acoustic algorithms, hardware integration, optical design, VR system solutions, electronics and structural design, vertical integration, etc.Comprehensive technical and service capabilities.

  Second, parts: The company has a full range of solutions and products such as sensors, miniature microphones, miniature speakers and receivers, speakers, antennas, optical modules, etc., which are widely used in various categories of consumer electronics.

The company has leading precision manufacturing and intelligent manufacturing capabilities, forming a unique advantage of large-scale production of high-quality products.

  Third, the module and complete solution: including AR / VR overall solution, miniature speaker and antenna module, miniature microphone and pressure sensor module, etc.

  Through strong vertical integration, system integration capabilities and years of technology accumulation, the company can provide products and complete solutions such as VR, joysticks, peripherals, audiovisual, image processing, speaker and antenna modules, microphones and pressure sensor modules.

  The company has formed some leading precision manufacturing and intelligent manufacturing capabilities, and has achieved self-made core materials such as plastic parts, metal parts, die-cut parts, diaphragms, etc., in optical lens, optical path design, virtual reality / augmented reality, micro display /Micro-projection, sensors, MEMS, 3D packaging and other microelectronics fields form precision manufacturing capabilities. In the production process, advanced technologies such as powder metallurgy, ultrasonic welding, and laser technology are applied.

  The company has established a complete technology platform, and through continuous innovation and transformation, solid quality customer resources, and a constantly stable management team, all constitute the company’s core competitiveness.

In this way, the company can continuously meet the needs of customers for rapid and continuous innovation in the field of consumer electronics, while welcoming itself in the era of 5G Internet of Everything, wearable devices usher in a new round of growth.

  TWS is gaining momentum, and the explosive effect brings a new round of dividends to the industry. According to the TWS headset report released by Counterpoint Research, in the third quarter of 2019, more than 33 million wireless Bluetooth headset devices have been sold, an increase 深圳桑拿网 of 22% over the second quarter.
The convenience of wireless headphones and the introduction of new noise reduction features continue to drive consumer desire to buy.According to the report of Rising Sun Big Data, in 19 years, the global exchange platform headset market has replaced about 1 brand.

600 million units. It is predicted that in 2020, the global TWS headset market will undergo a brand transformation of 400 million units.

The above data has not been included in the reorganization of the white-brand TWS headset.

According to the October TWS Bluetooth chip breakdown ranking released by the Rising Sun Big Data, the top three chip manufacturers, Jerry, Zhongke Lanxun, and Luoda, have totaled more than 100 million in a month.

The actual market space of TWS exceeded market expectations.

  GoerTek is currently one of the major OEMs of TWS headsets for customers and H customers, and all TWS headset production lines are now in full production.

  With the continuous heavy volume of TWS, the expansion of production lines and production capacity, the company’s yield improvement time is shorter than the previous period, and the profitability has continued to increase. It has become the biggest winner who has benefited from both the iOS and Android TWS outbreaks.

At the same time, the company’s active layout in wearables such as watches, AR / VR will also win stronger and sustained growth for 20 years.

  Investment suggestion: High-quality general-purpose intelligent hardware giant, profitability is expected to continue to improve, maintain “Buy” rating.

  The company has built the core technology of wearable products, as well as the construction of technology platforms, and its precision manufacturing capabilities have continued to improve.

With the outbreak of wearable products in the 5G era, the company is expected to enjoy a new round of industry dividends and usher in a new round of growth cycles.

  The average profit forecast is raised, and the net profit attributable to mothers in 19-21 is expected to be 12 from the previous one.

74/17.

87/22.

7 trillion is raised to 12.

73/22.

15/30.

700 million.

EPS0.

39/0.

68/0.

95 yuan, a year-on-year growth rate of 46.

7% / 74.

0% / 38.

6%, currently sustainable corresponding to PE 32 in 20/21.

2/23.

2 times, maintain “Buy” rating, risk reminder one, the overall consumer electronics demand is not up to expectations.

  Second, the growth rate of the wearable and wireless headset market is not up to expectations.

  Third, the traditional acoustics market has intensified competition and the gross profit margin has decreased.