Financials Goertek Inc.

Equities

002241

CNE100000BP1

Electronic Equipment & Parts

End-of-day quote Shenzhen S.E. Other stock markets 18:00:00 2024-04-29 EDT			5-day change	1st Jan Change
15.8 ^CNY	-0.88%		+6.04%	-24.80%

04-25	Jefferies Adjusts Goertek’s Price Target to 15 Yuan From 18 Yuan, Keeps at Hold	MT
04-24	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	53,450	-	-
Enterprise Value (EV) ¹	67,048	121,349	177,747	53,995	69,723	46,250	56,161	53,450
P/E ratio	49.8 x	41.9 x	42.3 x	32.4 x	65.7 x	22.2 x	17.4 x	15.3 x
Yield	0.5%	0.4%	0.37%	0.59%	0.48%	0.84%	1.08%	1.4%
Capitalization / Revenue	1.81 x	2.09 x	2.31 x	0.54 x	0.73 x	0.53 x	0.48 x	0.45 x
EV / Revenue	1.91 x	2.11 x	2.27 x	0.51 x	0.71 x	0.46 x	0.5 x	0.45 x
EV / EBITDA	19.2 x	22.3 x	23.8 x	10.5 x	14.4 x	7.49 x	7.48 x	6.7 x
EV / FCF	27.2 x	56.9 x	101 x	195 x	43.9 x	58.1 x	51.3 x	28.7 x
FCF Yield	3.68%	1.76%	0.99%	0.51%	2.28%	1.72%	1.95%	3.49%
Price to Book	4.01 x	6.22 x	6.76 x	1.95 x	2.33 x	1.64 x	1.52 x	1.43 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	15.80	15.80	15.80
Announcement Date	20-02-26	21-01-29	22-03-29	23-04-17	24-03-27	-	-	-

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	100,038	112,436	118,951
EBITDA ¹	3,488	5,449	7,479	5,129	4,849	6,175	7,505	7,976
EBIT ¹	1,496	3,318	4,683	1,610	909.2	2,648	3,546	3,828
Operating Margin	4.26%	5.76%	5.99%	1.54%	0.92%	2.65%	3.15%	3.22%
Earnings before Tax (EBT) ¹	1,472	3,237	4,606	1,509	791.2	2,573	3,353	3,752
Net income ¹	1,281	2,855	4,275	1,749	1,088	2,429	3,149	3,594
Net margin	3.64%	4.96%	5.46%	1.67%	1.1%	2.43%	2.8%	3.02%
EPS ²	0.4000	0.8900	1.280	0.5200	0.3200	0.7124	0.9071	1.031
Free Cash Flow ¹	2,465	2,133	1,759	276.5	1,589	796	1,094	1,865
FCF margin	7.01%	3.7%	2.25%	0.26%	1.61%	0.8%	0.97%	1.57%
FCF Conversion (EBITDA)	70.66%	39.15%	23.52%	5.39%	32.76%	12.89%	14.58%	23.38%
FCF Conversion (Net income)	192.47%	74.72%	41.14%	15.81%	146.03%	32.76%	34.76%	51.88%
Dividend per Share ²	0.1000	0.1500	0.2000	0.1000	0.1000	0.1334	0.1708	0.2206
Announcement Date	20-02-26	21-01-29	22-03-29	23-04-17	24-03-27	-	-	-

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	20,973	29,718	28,181	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	489.9	1,027	835.8	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%	2.34%	3.46%	2.97%	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	485.9	890	685.5	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	455.7	865.7	664.2	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%	2.91%	2.36%	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	0.1314	0.2508	0.1982	0.1114	0.1800
Dividend per Share ²	-	-	0.2000	-	-	-	-	-	-	-	-	-	-	-	-	0.0400	-	0.0559	-	-
Announcement Date	20-08-20	21-01-29	22-03-29	22-03-29	22-04-26	22-08-29	22-10-27	23-04-17	23-04-17	23-04-17	23-08-28	23-10-26	24-03-27	24-03-27	24-04-24	-	-	-	-	-

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	-	-	-	-	2,711	-
Net Cash position ¹	-	-	3,058	2,260	1,819	7,200	-	-
Leverage (Debt/EBITDA)	0.971 x	0.2179 x	-	-	-	-	0.3612 x	-
Free Cash Flow ¹	2,465	2,133	1,759	277	1,589	796	1,094	1,865
ROE (net income / shareholders' equity)	8.19%	16.6%	18.2%	6.17%	3.59%	7.47%	8.78%	9.27%
ROA (Net income/ Total Assets)	3.98%	6.84%	7.76%	-	-	2.99%	3.56%	4.24%
Assets ¹	32,199	41,744	55,086	-	-	81,308	88,379	84,681
Book Value Per Share ²	4.960	6.000	8.000	8.620	9.010	9.660	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	4,719	5,784	4,974
Capex / Sales	8.5%	9.63%	8.74%	7.67%	6.66%	4.72%	5.14%	4.18%
Announcement Date	20-02-26	21-01-29	22-03-29	23-04-17	24-03-27	-	-	-

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

15.8 CNY

Average target price

17.36 CNY

Spread / Average Target

+9.87%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electronic Component

	1st Jan change	Capi.
GOERTEK INC.	-24.80%	7.38B
AMPHENOL CORPORATION	+21.83%	71.63B
HON HAI PRECISION INDUSTRY CO., LTD.	+49.28%	66.41B
MURATA MANUFACTURING CO., LTD	-6.52%	34.47B
LUXSHARE PRECISION INDUSTRY CO., LTD.	-15.24%	28.95B
JABIL INC.	-9.51%	13.79B
AVIC JONHON OPTRONIC TECHNOLOGY CO.,LTD.	-11.85%	10.06B
LENS TECHNOLOGY CO., LTD.	+8.41%	9.77B
SUZHOU TFC OPTICAL COMMUNICATION CO., LTD.	+76.30%	8.8B
EOPTOLINK TECHNOLOGY INC., LTD.	+75.39%	8.48B

Electronic Component