招银国际-歌尔股份-002241-Strong 2Q22 in-line; Lower TP on margin weakness-220831

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（以下内容从招银国际《Strong 2Q22 in-line; Lower TP on margin weakness》研报附件原文摘录）
　　歌尔股份(002241) 　　Goertek’s 2Q22 revenue/ NP growth of 45%/54% YoY is largely in-line with itspreliminary results, and 2Q GPM is slightly lower at 12.3% (-2ppt YoY, -1.4pptQoQ) due to product mix and new product ramp. Also, Goertek reported soft3Q22 prelim earnings of 9.5%-40.7% YoY growth, which is below expectationsdue to weaker VR demand and macro weakness. Looking into 2H22E, webelieve Goertek’s growth momentum will continue with multiple product launchesfrom new-gen AirPods, Quest 2 Pro and PS VR2. Overall, we expect Goertek toremain the major beneficiary of AR/VR product cycle in 2023E, and deliver28%/23% YoY earnings growth in FY22/23E, backed by 62%/26% YoY in smartproduct segment (VR, gaming console, smart watch). Maintain BUY with newTP to RMB44.69, based on same 28x FY22E P/E (7-yr hist avg). 　　Strong 2Q22 on solid VR/gaming console despite margin pressure.Goertek reported solid 2Q22 results with revenue/recurring NP growth of45%/54% YoY, in-line with its preview earlier. Given Android demandweakness, 2Q22 precision components/hearables products declined11%/8% YoY, offsetting strong smart product (Watch, AR/VR, gamingconsole) of 119% YoY. In addition, 2Q GPM came in at 12.3% (-2ppt YoY, -1.4ppt QoQ) due to weaker product mix and new product ramp up. For3Q22E, company pre-announced net profit of RMB1.75-2.25bn, up 9.5-40.7% YoY, below expectations due to macro weakness and soft VRdemand. 　　2023 Outlook: AR/VR and gaming console as dual growth engines. Webelieve Goertek’s VR/AR and gaming segment will continue to be majorgrowth drivers (51%/55% of FY22/23E sales), which will grow at 62%/26%YoY in FY22/23E, backed by new product cycle from Oculus Quest 2 Pro andSony PS VR 2 in 2H22E, as well as share gain in Sony PS 5. In addition,mgmt. maintained positive view with AR/VR/MR shipment target of 50-60mnunit in 2025, backed by a new wave of product launches from Meta, Pico andApple in next two years. 　　Maintain BUY with new TP of RMB44.69. We trimmed our FY22-24E EPSby 3-7% to reflect lower margin and near-term macro weakness. Our new TPof RMB44.69 is based on same 28x FY22E P/E, based on 7-year hist. avgP/E. We believe recent pullback provides good buying opportunities (16.5xFY23E P/E), given its solid product roadmap and growth opportunities inAR/VR and gaming console biz.