"Investor Network" Jordan
Since January 2022, Goertek (002241. SZ) has a total market value of 195.3 billion yuan to the current 63.1 billion yuan, and in just one and a half years, the market value has fallen by nearly seventy percent, and the former consumer electronics and VR leaders are gradually being sold by funds.
On April 18, Goertek released its 2022 and 2023 first quarter results, with revenue maintaining growth, but net profit falling sharply. On that day, the company's stock price fell to the limit, and in the following trading days, the stock price fell continuously.
From the once big white horse to the current stock price is so low, during the period Goertek has experienced the downturn in the consumer electronics industry, a large overseas customer suspended the production of one of its intelligent acoustic machine products caused by the decline in net profit and other risks, and related products have not resumed production in the first quarter of this year, which also increases the uncertainty of the company's future performance.
Net profit fell sharply, and related products have not resumed production in the first quarter of this yearAccording to the financial report, in 2022, the company's revenue will be 104.9 billion yuan, a year-on-year increase of 34%; net profit was 1.7 billion yuan, down 59% year-on-year; Gross profit margin and net profit margin were 11.12% and 1.71%, down 3.01 and 3.8 percentage points year-on-year, respectively.
For the net profit performance in 2022, the company explained in the financial report that in the fourth quarter of 2022, the company's new intelligent acoustic machine project fluctuated during the production process, and the company fully considered the impact of this matter and based on the principle of prudence, increased the provision for impairment of related assets, resulting in a decline in net profit in 2022.
From the performance of a single quarter, in the first three quarters of 2022, Goertek's revenue and net profit increased simultaneously, and by the fourth quarter of 2022, the net profit began to turn negative.
On November 9, 2022, Goertek issued a risk warning announcement, saying that it had received a notice from a large overseas customer to suspend the production of one of its intelligent acoustic complete machine products. At present, the cooperation with other product projects of this customer is still on track. The business change is expected to affect the operating income of no more than 3.3 billion yuan in 2022.
For the above-mentioned overseas large customers, many investors speculated that it was Apple, but the company did not make a clear response to this. In the company's investor relations activity record released on April 21, investors asked the company "what are the plans to deal with the pain period in the middle of the fruit chain?" and the company responded that "the company's cooperation with core customers is still stable." ”
Different from 2021, in 2022, the company increased its sales expense investment of 500 million yuan, a year-on-year increase of 23%. In 2021, this amount was 400 million yuan, down 7% year-on-year. However, from the performance point of view, after experiencing the cutting of orders by large customers, the company increased the sales expenses invested, although it helped the revenue, but the profitability did not improve.
At the same time, the proportion of sales of Goertek's top five customers has also changed. In 2022, the company's largest customer accounted for 31% of revenue, down 11% from the previous year.
By the first quarter of 2023, Goertek's earnings situation has become worse and worse. Revenue and net profit were 24.1 billion yuan and 100 million yuan, respectively, an increase of 19.94% and -88.22% year-on-year, while non-net profit decreased by 98.28% year-on-year. Gross profit margin and net profit margin were 6.98% and 0.45%, down 6.74 and 4.05 percentage points year-on-year, respectively.
As for the reasons for the decline, the company did not disclose in detail in the first quarterly report. However, in the latest IR activity record sheet, the company said that the individual product projects involved have not resumed production in the first quarter of 2023, and relevant customer communication work is still ongoing.
Key personnel changes are frequent, and the listing of subsidiaries is suspended after the IPOGoertek's recent key personnel changes have also attracted investors' attention.
On April 24, Goertek announced that the company's board of directors recently received a written resignation report from Jia Junan, who resigned as vice president and secretary of the board of directors due to work arrangements, and was appointed separately.
According to the company's information, Jia Junan was the manager of the tax department of KPMG Advisory (China) Co., Ltd. Qingdao Branch, and joined the company in 2010 as the deputy general manager of the finance department. After his resignation, Xu Dapeng, the former representative of securities affairs of the company, took over the position of secretary of the board of directors, and the term of office shall be from the date of deliberation and approval of the board of directors to the expiration of the term of the sixth board of directors.
On April 8, Goertek issued an announcement that Jiang Long, vice chairman, director and president of the company, resigned from the above positions in the company due to personal reasons. After his resignation, Jiang Long will serve as a senior advisor to the company.
According to the data, Jiang Long joined the company in 2004 and successively served as vice president, senior vice president and executive vice president of the company. He is also the vice president of China Electronic Audio Industry Association and the chairman of the electroacoustic branch of China Electronic Components Industry Association, and has rich experience in marketing, marketing and enterprise management.
On March 8, Goertek issued an announcement that the company's vice president Yoshinaga Kazura resigned as the company's vice president due to personal reasons. After his resignation, Yoshinaga Kazura ceased to hold any other position in Goertek and its subsidiaries. According to the data, Yoshinaga Kazura, a Japanese national, was a deputy partner of IBM. He joined the company in 2015 and has extensive experience in strategy and change management.
In just two months, key executives of Goertek left one after another, which inevitably made investors worry about whether the company's management had unstable factors. In addition, the listing of subsidiaries that the company has been planning for two years has also been suspended this year.
According to the data, Goertek Microelectronics Co., Ltd. (hereinafter referred to as "Goertek"), a subsidiary of Goertek holding 85.9% of the shares, planned to be listed on the ChiNext at the end of 2021, and on October 19, 2022, the company's meeting approved; However, as of March 31, 2023, Goertek's listing was suspended because the financial information had expired.
According to the IPO inquiry materials, there are certain amounts of related party transactions between Goertek and Goertek and its affiliates due to actual business needs. Goertek also has a high concentration of customers, with the top five customers accounting for more than 60% of the revenue.
The poor prosperity of consumer electronics will open up new opportunities in the field of automotive electronicsFrom the current revenue structure of Goertek, more than 60% of the company's revenue comes from smart hardware, which mainly includes VR virtual reality/AR augmented reality, TWS smart wireless headset, smart wearable, smart home electronic game console and accessories, smart home and other products.
The remaining percentage comes from the precision component business and the intelligent acoustic machine business. Overall, most of the company's products are used in the field of consumer electronics. The prosperity of the consumer electronics industry, especially the mobile phone sector, directly affects the company's performance. However, in recent years, the consumer electronics industry has shown a relatively weak development momentum.
For example, mobile phones, according to statistics from IDC, a well-known consulting organization, global smartphone shipments in 2022 will be about 1.21 billion units, down about 11% year-on-year. While shipments are declining, the technological innovation of smart phone products and application scenario innovation is also slowing down, and the demand for precision components related to smartphones has also declined.
Specific to the company level, according to the Guojin Securities Research Report, Apple's shipments in the global market in 2022 will decline slightly year-on-year, and the Android series will decline significantly. Among them, Apple shipments were 91.4 million units, a year-on-year decrease of 1%, and a market share of 31.8%, still ranking first; Samsung shipped 25.6 million units, down 10% year-on-year, with a market share of 8.9%; Xiaomi shipped 15.2 million units, a year-on-year decrease of 34%, and its market share was 5.3%.
Performance has also declined, taking Apple as an example, according to its latest fiscal second quarter report released in 2023, Apple's revenue for the current period was $94.836 billion, down -2.5% year-on-year, and net profit was $24.16 billion, down -3.4% year-on-year. In summary, the prospects of the consumer electronics industry should still be viewed with caution.
Goertek also foresaw a slowdown in the growth rate of the smartphone industry a few years ago, so it is also constantly adjusting the company's business structure. According to the company's recent investor relations activity record sheet, the company has increased investment in emerging smart hardware such as VR/AR to cultivate new business growth points. At the same time, the company is also actively exploring new business opportunities in automotive electronics and other fields. (Produced by Thinking Finance) ■