GOERTEK(002241)：GOERTEK ANNOUNCED THE REVISION OF PERFORMANCE FORECAST INDICATING OTHER COOPERATIVE PRODUCTS IS IN NORMAL OPERATION

The reason for the change in Goertek's performance is that one of the intelligent acoustic complete machine products of a major overseas
customer suspended production. Affected by this, the company's operating income decreased by no more than RMB3.3 bn this year, and the related direct loss was approximately RMB0.9 bn (including the decrease in direct profit and the loss of shutdown, etc.). The company intends to increase the provision for impairment of assets and confirm the impairment loss of assets based on the principle of prudence. The impairment loss is expected to be RMB1.1-1.5 bn (including inventory falling price loss of approximately RMB0.7-0.9 bn and fixed assets impairment loss of approximately RMB0.4-0.6 bn).
Goertek promoted the follow-up solution of relevant matters, and other cooperative products is in normal operation. After the above matters, the
company's management team actively responded, maintained close communication with customers. At the same time, the company actively performs the relevant information disclosure obligations.
We continue to be firmly optimistic about the company's long-term trends.
1) In 2023, Chinese, Japanese and American customers will release new VR products, which is expected to drive the growth of shipments in 2023. Based on different factors in the long-run, VR/AR hardware shipments are expected to continue to grow in the next few years; 2) Game console shipments and company share Sustained growth and major domestic customers adding smart wearables will bring incremental contributions to future revenue and profits.
Earnings Forecast & Rating: Based on the calculation of direct losses and asset impairment losses, we lowered the profit forecast for 2022. The adjusted net profit for 2022-2024 is RMB1.9/3.3/4.5 bn respectively. The VR/AR industry is entering a period of rapid growth, and the company is expected to fully benefit from the growth with its profound technology and customer
advantages. We maintain the “buy” rating.
Risks: Lower-than-expected VR/AR industry development; Sales of other products miss expectations.
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   【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。