TF International analyst Ming-Chi Kuo said today that investors are worried that Goertek’s loss of orders due to AirPods Pro2 quality issues will affect existing orders and future new orders. However, the latest survey suggests investors are overly pessimistic.
Guo Mingchi pointed out that, first of all, Goertek is expected to resume production of AirPods Pro 2, which will help regain revenue and profit momentum. Secondly, Goertek AirPods 2, AirPods 3 and other parts orders have been determined not to be affected. Finally, Goertek has received HomePod mini 2 NPI and assembly orders, and it is expected to ship in large quantities in 2H24.
On November 8 last year, Goertek issued a risk reminder announcement saying that it had recently received a notice from a major overseas customer to suspend the production of one of its smart acoustic complete machine products. As the three giants of the fruit chain, the “big foreign customers” have a clear direction, so as soon as the news came out, it attracted widespread attention. Afterward, Ming-Chi Kuo said through investigation that Goertek stopped production of Apple’s AirPods Pro 2 earphones this time. The suspension of production is more likely due to production problems rather than demand problems. He also revealed that Luxshare Precision has filled the production gap.
On December 2, Goertek released the 2022 annual performance forecast revision announcement. It is estimated that the net profit attributable to shareholders of listed companies in 2022 will be 1.71 billion to 2.137 billion CNY, a year-on-year decrease of 50%-60%. The previous net profit was expected to be 4.06 billion CNY. 100 million CNY- 4.7 billion CNY.
Last month, Ming-Chi Kuo also said that according to the latest survey, Hon Teng Precision (a subsidiary of Foxconn Group) may replace Goertek as a new assembler of AirPods and thus benefit significantly.
At present, Goertek shares have hit the daily limit, with a turnover of over 4.8 billion CNY.
