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    002241   CNE100000BP1

GOERTEK INC.

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Be more patriotic, China's Xi tells companies as targets economic upturn

07/21/2020 | 07:18am EDT
Chinese President Xi Jinping arrives for the opening session of NPC in Beijing

Chinese companies should be more patriotic as well as enhancing their ability to expand overseas, as the country strives to make up economic losses caused by the coronavirus epidemic, President Xi Jinping said on Tuesday, according to state TV.

China's economic recovery so far and epidemic control efforts have been better than expected, China Central Television cited Xi as saying in a meeting with corporate representatives from Hikvision, Goertek, Panasonic China and others.

Xi said the government will target a good growth rate this year, making fiscal policy more proactive, prudent monetary policy more flexible, and macro-economic policies more targeted and timely, according to the report. Authorities would also continue to cut taxes, administrative fees, rent and rates to benefit businesses.

The economy returned to growth in the second quarter after a deep slump at the start of the year, but unexpected weakness in domestic consumption underscored the need for more policy support to bolster the recovery after the shock of the coronavirus crisis.

In the face of rising protectionism, a slowing world economy and shrinking global demand, Beijing would fully take advantage of its huge domestic market.

It will also press ahead with reforms in keeping with the historical trend of economic globalisation, and companies should understand international rules and fend off risks in international markets, said Xi.

(This story corrects 'feed off' to 'fend off' in final paragraph)

(Reporting by Colin Qian, Stella Qiu and Kevin Yao; editing by John Stonestreet)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
GOERTEK INC. -0.13% 37.73 End-of-day quote.1.10%
HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO., LTD. 0.62% 62 End-of-day quote.27.81%
PANASONIC CORPORATION -0.68% 1246 End-of-day quote.4.66%
WUHAN GUIDE INFRARED CO., LTD. -3.44% 25.3 End-of-day quote.-15.16%
All news about GOERTEK INC.
2020China stocks rise as consumer, healthcare firms lend support; Hong Kong up
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2020Be more patriotic, China's Xi tells companies as targets economic upturn
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2019GOERTEK INC.  : 3rd quarter results
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2019GOERTEK INC.  : 1st quarter results
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2018GOERTEK INC.  : 3rd quarter report
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2018GOERTEK INC.  : Slide show half-year results
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2018GOERTEK INC.  : Half-year report
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2018GOERTEK INC.  : Slide show Q1 results
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Financials
Sales 2021 75 937 M 11 871 M 11 871 M
Net income 2021 3 952 M 618 M 618 M
Net Debt 2021 2 979 M 466 M 466 M
P/E ratio 2021 32,2x
Yield 2021 0,59%
Capitalization 126 B 19 642 M 19 648 M
EV / Sales 2021 1,69x
EV / Sales 2022 1,34x
Nbr of Employees 87 346
Free-Float 65,5%
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Technical analysis trends GOERTEK INC.
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 19
Average target price 46,02 CNY
Last Close Price 37,73 CNY
Spread / Highest target 49,3%
Spread / Average Target 22,0%
Spread / Lowest Target -9,89%
EPS Revisions
Managers and Directors
NameTitle
Long Jiang Vice Chairman & President
Hui Lu Duan Chief Financial Officer, Director & Deputy GM
Bin Jiang Chairman
Hong Bin Sun Chairman-Supervisory Board
Shan Hong Xia Independent Director
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