Financials Gotion High-Tech Co.,Ltd.

Equities

002074

CNE000001NY7

Electrical Components & Equipment

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
18.21 ^CNY	+0.83%		-1.83%	-15.30%

Apr. 23	Jefferies Adjusts Gotion High-Tech’s Price Target to 19 Yuan From 21 Yuan, Keeps at Hold	MT
Apr. 19	Gotion High-tech Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	16,538	50,095	85,316	51,090	38,304	32,461	-	-
Enterprise Value (EV) ¹	20,405	54,465	85,527	62,505	63,862	59,293	70,154	84,485
P/E ratio	291 x	301 x	641 x	160 x	40.6 x	27.9 x	20.6 x	16.9 x
Yield	-	-	0.2%	-	0.47%	0.57%	0.62%	1.27%
Capitalization / Revenue	3.34 x	7.45 x	8.24 x	2.22 x	1.21 x	0.84 x	0.65 x	0.57 x
EV / Revenue	4.11 x	8.1 x	8.26 x	2.71 x	2.02 x	1.54 x	1.41 x	1.47 x
EV / EBITDA	35.1 x	70.3 x	101 x	48.4 x	22.3 x	14.9 x	13.2 x	12.9 x
EV / FCF	-7.73 x	-38.7 x	-25.3 x	-4.97 x	-6.02 x	-8.56 x	-13.8 x	-16.2 x
FCF Yield	-12.9%	-2.58%	-3.96%	-20.1%	-16.6%	-11.7%	-7.25%	-6.18%
Price to Book	1.86 x	4.59 x	4.54 x	2.18 x	1.53 x	1.25 x	1.19 x	1.14 x
Nbr of stocks (in thousands)	1,136,651	1,280,544	1,664,708	1,772,109	1,781,569	1,782,584	-	-
Reference price ²	14.55	39.12	51.25	28.83	21.50	18.21	18.21	18.21
Announcement Date	4/28/20	4/15/21	4/28/22	4/27/23	4/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,959	6,724	10,356	23,052	31,605	38,601	49,701	57,345
EBITDA ¹	581.8	775.1	849	1,292	2,858	3,977	5,309	6,569
EBIT ¹	58.85	167.6	39.16	198.7	975.4	1,455	2,031	2,379
Operating Margin	1.19%	2.49%	0.38%	0.86%	3.09%	3.77%	4.09%	4.15%
Earnings before Tax (EBT) ¹	51.89	166.4	47.83	259	948.2	1,345	1,969	2,824
Net income ¹	51.25	149.7	101.9	311.6	938.7	1,258	1,725	2,287
Net margin	1.03%	2.23%	0.98%	1.35%	2.97%	3.26%	3.47%	3.99%
EPS ²	0.0500	0.1300	0.0800	0.1800	0.5300	0.6524	0.8836	1.081
Free Cash Flow ¹	-2,640	-1,406	-3,384	-12,580	-10,601	-6,929	-5,084	-5,218
FCF margin	-53.24%	-20.91%	-32.68%	-54.57%	-33.54%	-17.95%	-10.23%	-9.1%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	0.1000	-	0.1000	0.1043	0.1133	0.2320
Announcement Date	4/28/20	4/15/21	4/28/22	4/27/23	4/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	4,631	3,916	4,722	-	5,788	8,626	7,177	8,062	6,540	9,827	7,508	12,424	10,541	10,159	3,893	13,419
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-151.8	38.33	15.11	-	75.89	69.36	88.4	133.1	-	622.6	11.64	337.8	620.8	620.8	-	-
Operating Margin	-	-3.28%	0.98%	0.32%	-	1.31%	0.8%	1.23%	1.65%	-	6.34%	0.16%	2.72%	5.89%	6.11%	-	-
Earnings before Tax (EBT) ¹	-	-36.54	40.49	15.46	-	77.68	125.3	74.55	-	122	617.5	11.18	389	4,479	-4,328	172.1	452.9
Net income ¹	36.14	34.06	-	32.42	64.62	85.56	161.4	-	-	83.14	646.5	69.14	-135.4	3,635	-3,069	156	-97.21
Net margin	-	0.74%	-	0.69%	-	1.48%	1.87%	-	-	1.27%	6.58%	0.92%	-1.09%	34.48%	-30.21%	4.01%	-0.72%
EPS ²	-	0.0300	0.0200	-	-	0.0489	0.0900	0.0400	0.0800	0.0400	0.3700	0.0400	0.1400	0.1550	0.2500	0.0874	-0.0544
Dividend per Share	-	0.1000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/27/20	4/28/22	4/28/22	8/27/22	8/27/22	10/26/22	4/27/23	4/27/23	8/29/23	10/27/23	4/19/24	4/19/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,867	4,370	211	11,415	25,558	26,832	37,693	52,024
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.646 x	5.638 x	0.2483 x	8.835 x	8.944 x	6.746 x	7.1 x	7.919 x
Free Cash Flow ¹	-2,640	-1,406	-3,384	-12,580	-10,601	-6,929	-5,084	-5,218
ROE (net income / shareholders' equity)	0.6%	1.54%	0.86%	1.5%	3.87%	4.39%	5.87%	6.59%
ROA (Net income/ Total Assets)	0.22%	0.57%	0.29%	0.54%	-	1.11%	1.31%	1.55%
Assets ¹	22,881	26,491	35,726	58,119	-	113,677	131,947	147,209
Book Value Per Share ²	7.830	8.520	11.30	13.20	14.00	14.50	15.30	15.90
Cash Flow per Share ²	-0.6000	0.5300	0.6400	0.4500	1.350	2.780	3.820	5.070
Capex ¹	1,970	2,091	4,442	13,381	13,020	12,146	9,073	9,809
Capex / Sales	39.73%	31.1%	42.89%	58.05%	41.19%	31.47%	18.25%	17.1%
Announcement Date	4/28/20	4/15/21	4/28/22	4/27/23	4/19/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Gotion High-Tech Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

18.21 CNY

Average target price

21.92 CNY

Spread / Average Target

+20.38%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Batteries & Uninterruptable Power Supplies

	1st Jan change	Capi.
GOTION HIGH-TECH CO.,LTD.	-15.30%	4.48B
CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED	+21.57%	120B
LG ENERGY SOLUTION, LTD.	-12.98%	63.24B
SAMSUNG SDI CO., LTD.	-13.45%	19.67B
TDK CORPORATION	+8.86%	17.62B
ECOPRO BM. CO., LTD.	-18.06%	16.74B
EVE ENERGY CO., LTD.	-14.00%	10.22B
VOLTRONIC POWER TECHNOLOGY CORP.	-12.28%	4.03B
TIANNENG BATTERY GROUP CO., LTD.	+7.52%	4.03B
SUNWODA ELECTRONIC CO.,LTD	+1.29%	3.81B

Batteries & Uninterruptable Power Supplies