Goertech (002241): TWS headsets drive rapid growth in performance VR and AR business focus on the future

Goertech (002241): TWS headsets drive rapid growth in performance VR and AR business focus on the future

[Matters]The company releases its 2019 performance report.

The company achieved operating income of 351 in 2019.

61 ppm, an increase of 48 in ten years.

04%; net profit attributable to mother 13.

07 million yuan, an increase of 50 in ten years.

59%.

  Corresponding fourth quarter revenue was 110.

27 ppm, an increase of 32 in ten years.

81%; net profit attributable to mothers for the fourth quarter was 3.

220,000 yuan, an increase of 2583 in ten years.

33%.

  [Comment]The explosion of TWS headset expansion has driven the company’s performance to grow rapidly.

The advent of Airpods led to the explosive growth of TWS headsets.

According to Counterpoint Research, the volume of TWS headphones worldwide will reach 2 in 2020.

300 million pairs, an increase of 91 in ten years.

6%, the compound annual growth rate from 2019 to 2022 can reach 80%.

As a leading acoustic manufacturer in China, the company benefited from the surge in demand for TWS headsets, and the intelligent acoustics machine in the first three quarters of 2019 achieved revenue of 94.

590,000 yuan, an increase of 138 in ten years.

72%.

The company is the exclusive supplier of Huawei FreeBuds 3 and is the biggest beneficiary of the Android brand TWS headset.

In addition, the company has also entered the Airpods supply chain and is expected to extend its expected yield increase.

The promising TWS headsets in the next few years will further infiltrate the company’s performance, which will translate into improved yields, and the profitability of this business is expected to further improve.

  The VR / AR business looks to the future and is expected to usher in an explosion in 2021.

The 5G curtain opens every year in 2019, and the concept of “5G Cloud VR” becomes the focus, and this technology is expected to become a solution for mature VR equipment.

In September 2019, Huawei released Huawei VR Glass, which further ignited VR enthusiasm in the market.

VR technology began to climb 武汉夜生活网 into the recovery period after the expected expansion period in 2016 and the bubble burst period in 2017-2018, and the industry gradually recovered.

Benefiting from the recovery of the VR industry in the first half of 2019, the company’s intelligent hardware business achieved revenue of 39.

37 ppm, an increase of 51 in ten years.

30%.

The company started to deploy VR field as early as 2012. At present, there are one-stop ODM / JDM service capabilities in ID design, optical design / optical components, electronic circuits, structure / heat dissipation, acoustics, wireless / RF, software, and automation.We have provided “components + complete machine” overall solutions for long-term world-class customers such as Sony, Samsung, Huawei, Apple, Oculus and so on.

The company said that the current expansion of VR products accounts for 70% of the global mid-to-high-end market, and the industry is expected to usher in an explosion in 2021. VR / AR business will become the company’s growth point in the next 3-5 years.

  We are optimistic that the demand for wearable devices such as TWS headsets and VR / AR will continue to erupt in the next two years.

The company’s 20/21 operating income is expected to be 473.

53/589.

2.7 billion yuan, the net profit attributable to the mother for 20/21 is 18.

14/24.

9.9 billion yuan, corresponding to 0 in 20/21 EPS.

56/0.77 yuan, PE 45/32 times.

Maintain the “overweight” rating.

  [Risk warning]TWS headset penetration is less than expected; VR / AR equipment penetration is less than expected.