GoerTek(SZ:002241) Chang Jiang Shang Bao·2025-10-21 23:49Core Viewpoint - The acquisition plan by GoerTek, involving approximately 10.4 billion HKD (around 9.5 billion RMB), has been terminated due to the inability to reach consensus on key terms between the parties involved, but the company maintains its long-term strategic direction and ongoing investments in R&D [1][2][3]. Financial Performance - GoerTek's revenue has shown significant growth, with 2020 revenue at 57.74 billion RMB, surpassing 100 billion RMB for the first time in 2022 at 104.89 billion RMB, and projected to return above 100 billion RMB in 2024 at 100.95 billion RMB [3]. - The net profit attributable to shareholders has fluctuated, with figures of 2.85 billion RMB in 2020, 4.28 billion RMB in 2021, dropping to 1.75 billion RMB in 2022, and expected to rebound to 2.67 billion RMB in 2024, reflecting a year-on-year growth of 144.93% [3]. - In the first half of 2025, GoerTek achieved a revenue of 37.55 billion RMB and a net profit of 1.42 billion RMB, marking a year-on-year increase of 15.65% [3]. Strategic Developments - Despite the termination of the acquisition, GoerTek continues to pursue its strategy focused on "precision components + smart hardware systems," aiming for high-quality growth through internal development and mergers and acquisitions [3]. - The company's precision components business revenue share has increased to 20.25%, while the smart hardware business, benefiting from the rise of AI smart glasses, generated revenue of 20.34 billion RMB with a gross margin of 11.51% [3]. Optical and Sensor Business Expansion - GoerTek's subsidiary, GoerTek Optics, is deepening its optical field layout by planning to increase its registered capital by 530 million RMB to acquire 100% of Shanghai Aolai, enhancing its capabilities in waveguide technology [4]. - GoerTek Microelectronics, the sensor business unit, is preparing for an IPO in Hong Kong, with 2024 revenue projected at 4.54 billion RMB and a net profit of 309 million RMB, positioning it as the largest acoustic sensor provider globally with a market share of 43% [5]. - The company has maintained high R&D investment, totaling 24.78 billion RMB over five and a half years, with 2025 H1 R&D expenses reaching 2.35 billion RMB [5].