Financials Goertek Inc.

Equities

002241

CNE100000BP1

Electronic Equipment & Parts

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
15.59 ^CNY	+2.90%		+5.20%	-25.80%

Apr. 25	Jefferies Adjusts Goertek’s Price Target to 15 Yuan From 18 Yuan, Keeps at Hold	MT
Apr. 24	Goertek Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	63,661	120,162	180,805	56,255	71,542	52,740	-	-
Enterprise Value (EV) ¹	67,048	121,349	177,747	53,995	69,723	45,540	57,042	55,176
P/E ratio	49.8 x	41.9 x	42.3 x	32.4 x	65.7 x	20.5 x	16.9 x	15.3 x
Yield	0.5%	0.4%	0.37%	0.59%	0.48%	0.86%	1.07%	1.42%
Capitalization / Revenue	1.81 x	2.09 x	2.31 x	0.54 x	0.73 x	0.53 x	0.46 x	0.44 x
EV / Revenue	1.91 x	2.11 x	2.27 x	0.51 x	0.71 x	0.46 x	0.5 x	0.46 x
EV / EBITDA	19.2 x	22.3 x	23.8 x	10.5 x	14.4 x	7.1 x	7.66 x	7.12 x
EV / FCF	27.2 x	56.9 x	101 x	195 x	43.9 x	54.6 x	30.2 x	25.9 x
FCF Yield	3.68%	1.76%	0.99%	0.51%	2.28%	1.83%	3.31%	3.85%
Price to Book	4.01 x	6.22 x	6.76 x	1.95 x	2.33 x	1.58 x	1.49 x	1.41 x
Nbr of stocks (in thousands)	3,195,834	3,219,768	3,342,056	3,342,553	3,405,163	3,382,929	-	-
Reference price ²	19.92	37.32	54.10	16.83	21.01	15.59	15.59	15.59
Announcement Date	2/26/20	1/29/21	3/29/22	4/17/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	35,148	57,613	78,221	104,894	98,574	98,992	113,915	119,463
EBITDA ¹	3,488	5,449	7,479	5,129	4,849	6,417	7,445	7,755
EBIT ¹	1,496	3,318	4,683	1,610	909.2	2,802	3,598	3,791
Operating Margin	4.26%	5.76%	5.99%	1.54%	0.92%	2.83%	3.16%	3.17%
Earnings before Tax (EBT) ¹	1,472	3,237	4,606	1,509	791.2	2,734	3,416	3,715
Net income ¹	1,281	2,855	4,275	1,749	1,088	2,595	3,203	3,560
Net margin	3.64%	4.96%	5.46%	1.67%	1.1%	2.62%	2.81%	2.98%
EPS ²	0.4000	0.8900	1.280	0.5200	0.3200	0.7612	0.9226	1.022
Free Cash Flow ¹	2,465	2,133	1,759	276.5	1,589	833.5	1,887	2,126
FCF margin	7.01%	3.7%	2.25%	0.26%	1.61%	0.84%	1.66%	1.78%
FCF Conversion (EBITDA)	70.66%	39.15%	23.52%	5.39%	32.76%	12.99%	25.35%	27.42%
FCF Conversion (Net income)	192.47%	74.72%	41.14%	15.81%	146.03%	32.12%	58.93%	59.73%
Dividend per Share ²	0.1000	0.1500	0.2000	0.1000	0.1000	0.1337	0.1664	0.2213
Announcement Date	2/26/20	1/29/21	3/29/22	4/17/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	15,573	42,040	25,432	47,934	20,112	23,492	30,549	30,742	61,291	24,122	21,050	28,775	24,626	53,401	19,312	20,465	30,287	28,833	19,642	-
EBITDA ¹	-	-	1,281	-	1,679	1,974	2,757	-	-	-	-	-	-	-	-	1,218	1,755	1,564	862.4	-
EBIT ¹	978.2	2,339	840.8	2,653	1,020	1,324	1,910	-2,644	-733.8	-17.45	268.1	486.4	172.1	658.5	383.7	489.4	1,064	918.9	362.4	-
Operating Margin	6.28%	5.56%	3.31%	5.54%	5.07%	5.64%	6.25%	-8.6%	-1.2%	-0.07%	1.27%	1.69%	0.7%	1.23%	1.99%	2.39%	3.51%	3.19%	1.84%	-
Earnings before Tax (EBT) ¹	955.1	2,282	797.3	2,602	1,002	1,307	1,907	-2,707	-799.7	-44.9	247.1	468.2	120.8	589	367.6	473.7	962.2	790	307.8	-
Net income ¹	780.7	2,074	942.2	2,544	901.1	1,178	1,761	-2,091	-329.7	106.2	315.6	470.3	195.9	666.3	379.5	443.2	908.7	750	283.2	-
Net margin	5.01%	4.93%	3.7%	5.31%	4.48%	5.01%	5.77%	-6.8%	-0.54%	0.44%	1.5%	1.63%	0.8%	1.25%	1.97%	2.17%	3%	2.6%	1.44%	-
EPS ²	-	0.6400	0.2800	0.7600	0.2700	0.3500	0.5300	-0.6300	-0.1000	0.0300	0.0900	0.1400	0.0600	0.2000	0.1100	0.1266	0.2667	0.2278	0.1064	0.1700
Dividend per Share ²	-	-	0.2000	-	-	-	-	-	-	-	-	-	-	-	-	0.0500	-	0.0580	-	-
Announcement Date	8/20/20	1/29/21	3/29/22	3/29/22	4/26/22	8/29/22	10/27/22	4/17/23	4/17/23	4/17/23	8/28/23	10/26/23	3/27/24	3/27/24	4/24/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,387	1,187	-	-	-	-	4,302	2,436
Net Cash position ¹	-	-	3,058	2,260	1,819	7,200	-	-
Leverage (Debt/EBITDA)	0.971 x	0.2179 x	-	-	-	-	0.5779 x	0.3142 x
Free Cash Flow ¹	2,465	2,133	1,759	277	1,589	834	1,887	2,127
ROE (net income / shareholders' equity)	8.19%	16.6%	18.2%	6.17%	3.59%	7.73%	8.91%	9.19%
ROA (Net income/ Total Assets)	3.98%	6.84%	7.76%	-	-	3.01%	3.7%	4.24%
Assets ¹	32,199	41,744	55,086	-	-	86,110	86,645	83,964
Book Value Per Share ²	4.960	6.000	8.000	8.620	9.010	9.890	10.40	11.10
Cash Flow per Share ²	1.680	2.350	2.570	2.430	2.380	2.130	2.410	2.580
Capex ¹	2,987	5,549	6,840	8,041	6,563	5,339	5,843	5,316
Capex / Sales	8.5%	9.63%	8.74%	7.67%	6.66%	5.39%	5.13%	4.45%
Announcement Date	2/26/20	1/29/21	3/29/22	4/17/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Goertek Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

15.59 CNY

Average target price

17.42 CNY

Spread / Average Target

+11.75%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electronic Component

	1st Jan change	Capi.
GOERTEK INC.	-25.80%	7.28B
AMPHENOL CORPORATION	+21.55%	72.28B
HON HAI PRECISION INDUSTRY CO., LTD.	+48.33%	65.86B
MURATA MANUFACTURING CO., LTD	-4.21%	34.41B
LUXSHARE PRECISION INDUSTRY CO., LTD.	-16.43%	28.52B
JABIL INC.	-7.17%	14.26B
AVIC JONHON OPTRONIC TECHNOLOGY CO.,LTD.	-13.03%	9.92B
LENS TECHNOLOGY CO., LTD.	+5.83%	9.52B
SUZHOU TFC OPTICAL COMMUNICATION CO., LTD.	+71.16%	8.54B
YAGEO CORPORATION	+3.02%	7.91B

Electronic Component