Goertech (002241): 3Q19 deducted non-net profit high-growth finished product business continued to be strong

Goertech (002241): 3Q19 deducted non-net profit high-growth finished product business continued to be strong

The 3Q19 results were in line with our expectations for the third quarterly report of GoerTek AG: January-September revenue of $ 24.1 billion, an increase of 56.

2%, net profit attributable to mother 9.

85 ppm, an increase of 15 in ten years.

0%, between 5-25% of forecasters, in line with our expectations.

However, after excluding the effects of hedging losses from foreign exchange transactions, the scale of operations is expected to deduct non-net profit of 10.

90,000 yuan, an increase of 62 in ten years.


  Corresponding to 3Q19 single quarter revenue of 105.

6 ppm, an increase of 50 in ten years.

4%; Net profit 4.

6.1 billion, an annual increase of 12.

1%; deduct non-net profit 6.

70 ppm, an increase of 66 in ten years.

1%, growth momentum mainly comes from wireless headsets, smart watches and other finished products.

  The company forecasts a maximum net profit of 11.


4 ‰, an annual increase of 35-55%; corresponding to 4Q19 net profit1.


6 trillion, a significant improvement over the same period last year of 1152 million.

  Development trend Apple, Android wireless headsets have performed strongly.

1) Airpods: Airpods continue to exceed expectations this year, and 2H19-1H20 noise reduction models and optimized versions will also be released one after another. We expect that Airpods will make more than 60/90 million units this year and next.The number has increased by 22% / 33% so far in the next two years; 2) Android TWS: Goertek is a domestic mainstream supplier of Android TWS brands. Recently, Amazon and Google released TWS headsets to further tap the potential of voice interaction. GoerTek is also a major supplierWe expect Gore to this year and next.

  VRAR is about to usher in a rapid ramp-up period.

1) VRAR market: After the replacement of PC VR and VR all-in-one in the past few years, we believe that VRAR is expected to become a mobile phone accessories (especially 5G mobile phone accessories) in the next few years, and Huawei VR will be listed in December this year. Apple is expected toWith the release of AR next year, with the addition of operators and content providers, the VRAR ecosystem will gradually improve.

2) Goertech is the main beneficiary: We believe that Sony PS VR update next year, the new Oculus Quest will bring a lot of increase, the mainstream domestic VR brands are more worth looking forward to, we expect 夜来香体验网 Goer VRAR business in the next two yearsWill double in succession.

  The 5G replacement wave is coming, and electro-acoustic devices are warming up.

Goertek’s electro-acoustic device business has encountered challenges in the past two years.

We expect that the iPhone will start to pick up in 2H19. The 5G replacement wave is coming in 2020, and the brand manufacturers will be more motivated to innovate and drive the recovery of electroacoustic device business.

  Earnings forecasts and estimates Taking into account wireless headsets, VRAR has grown rapidly and raised 2019 / 20e EPS by 2% / 16% to 0.


69 yuan.

The current contradiction corresponds to 19 / 20e 42.


6x P / E.

Maintain Outperform rating and raise target price by 15 due to high growth this year and next.

0% to 23.

00 yuan, corresponding to 2019 / 20e 57.


1x P / E, 35% upside compared to previous mergers.  Risk Smartphone volume is less than expected.

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