In the early trading on December 5, Goertek shares bottomed out and stabilized. As of press time, it was reported at 17.56 yuan, down 1.84%, and the biggest intraday drop was close to 5%.
In terms of news, Goertek has significantly lowered its 2022 annual performance forecast. It expects a net profit of 1.71 billion to 2.14 billion yuan in 2022, which is 50%-60% lower than the same period last year. The revised net profit attributable to the parent is 2.35 billion less. 100 million – 2.56 billion yuan.
At the end of October, the “Annual Performance Forecast for 2022” released by Goertek showed that it expects the net profit attributable to the parent company for the whole year of 2022 to be 4.06 billion to 4.7 billion yuan, an increase of -5% -10% over the same period of the previous year. The net profit range after recurring profit and loss is a profit of 3.64 billion to 4.02 billion yuan, an increase of -5% to 5% over the same period of the previous year.
Regarding the reasons for the performance change, Goertek stated that the company disclosed in its announcement on November 9 that it received a notice from a major overseas customer to suspend the production of one of its smart acoustic complete machine products. Based on the current progress, it is expected that this product will not be able to resume normal production and delivery in 2022.
Public information shows that Goertek is the main supplier of Apple AirPods product components. Although in the above announcement, Goertek did not disclose the specific information of customers who “cut orders”.
For such a sharp reduction, GoerTek explained that based on the current progress, it is expected that this product will not be able to resume normal production and delivery in 2022. Affected by this, the company’s operating income this year has decreased by no more than 3.3 billion yuan, and the related direct loss has been about 900 million yuan (including direct profit reduction and shutdown losses, etc.).
For this reason, Goertek intends to increase the provision for asset impairment and recognize asset impairment losses. The impairment loss is expected to be about 1.1 billion to 1.5 billion yuan, of which the inventory price loss is about 700 million to 900 million yuan, and the fixed asset impairment loss is about 400 million to 600 million yuan. The company’s total direct losses and asset impairment losses are about 2 billion to 2.4 billion yuan, which will have a significant impact on the 2022 operating performance.
At the same time, Goertek also stated that the business cooperation between the company and the customer except for this product and other parts and complete machines are in normal progress.