Financials Shenzhen Inovance Technology Co.,Ltd

Equities

300124

CNE100000V46

Electrical Components & Equipment

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
60.92 ^CNY	+1.86%		-3.61%	-3.52%

Apr. 24	Nomura Adjusts Shenzhen Inovance Technology’s Price Target to 70 Yuan From 76 Yuan, Keeps at Buy	MT
Apr. 22	Shenzhen Inovance Technology 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	53,094	160,450	180,760	184,574	168,854	162,991	-	-
Enterprise Value (EV) ¹	53,088	159,246	178,654	182,035	164,593	156,213	153,686	148,806
P/E ratio	52.8 x	77.1 x	50.4 x	42.6 x	35.5 x	30.1 x	23.3 x	20.9 x
Yield	0.59%	0.39%	0.44%	0.52%	0.71%	0.83%	1.02%	1.24%
Capitalization / Revenue	7.18 x	13.9 x	10.1 x	8.02 x	5.55 x	4.34 x	3.49 x	2.98 x
EV / Revenue	7.18 x	13.8 x	9.96 x	7.91 x	5.41 x	4.16 x	3.29 x	2.72 x
EV / EBITDA	41.9 x	60.1 x	42.8 x	36.9 x	29.4 x	25.9 x	20.3 x	17.6 x
EV / FCF	47.7 x	143 x	180 x	118 x	-	33.6 x	37.8 x	27.5 x
FCF Yield	2.1%	0.7%	0.56%	0.85%	-	2.97%	2.65%	3.64%
Price to Book	6.16 x	15.1 x	11.4 x	9.33 x	6.9 x	5.72 x	4.71 x	4.09 x
Nbr of stocks (in thousands)	2,599,259	2,579,585	2,634,982	2,655,738	2,674,282	2,675,494	-	-
Reference price ²	20.43	62.20	68.60	69.50	63.14	60.92	60.92	60.92
Announcement Date	2/28/20	2/26/21	2/28/22	3/1/23	4/3/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,390	11,511	17,943	23,008	30,420	37,560	46,709	54,663
EBITDA ¹	1,266	2,648	4,170	4,931	5,601	6,029	7,571	8,468
EBIT ¹	1,047	2,348	3,822	4,470	5,001	5,212	6,990	7,564
Operating Margin	14.17%	20.39%	21.3%	19.43%	16.44%	13.88%	14.97%	13.84%
Earnings before Tax (EBT) ¹	1,056	2,344	3,819	4,477	5,000	5,712	7,435	8,276
Net income ¹	951.9	2,100	3,573	4,320	4,742	5,418	6,999	7,808
Net margin	12.88%	18.24%	19.92%	18.77%	15.59%	14.42%	14.98%	14.28%
EPS ²	0.3867	0.8067	1.360	1.630	1.780	2.025	2.619	2.918
Free Cash Flow ¹	1,112	1,110	993.2	1,543	-	4,647	4,066	5,413
FCF margin	15.05%	9.64%	5.54%	6.71%	-	12.37%	8.7%	9.9%
FCF Conversion (EBITDA)	87.9%	41.92%	23.82%	31.29%	-	77.07%	53.7%	63.92%
FCF Conversion (Net income)	116.85%	52.85%	27.79%	35.71%	-	85.77%	58.09%	69.33%
Dividend per Share ²	0.1200	0.2400	0.3000	0.3600	0.4500	0.5038	0.6230	0.7565
Announcement Date	2/28/20	2/26/21	2/28/22	3/1/23	4/3/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	4,595	4,778	5,618	-	5,844	6,767	4,782	7,669	7,670	10,299	6,492	9,934	9,998	11,382	7,837	12,317
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	1,454	1,454	2,200	-	-
EBIT ¹	1,041	728.8	1,307	-	1,111	1,323	731.6	1,373	1,309	1,587	823.7	1,421	1,422	1,500	1,111	2,023
Operating Margin	22.66%	15.25%	23.27%	-	19.01%	19.55%	15.3%	17.9%	17.06%	15.41%	12.69%	14.3%	14.23%	13.18%	14.18%	16.42%
Earnings before Tax (EBT) ¹	1,040	729.9	1,307	-	1,112	-	-	1,371	-	1,585	821.3	1,586	1,612	1,884	1,186	2,124
Net income ¹	1,082	717.4	1,257	1,975	1,110	1,235	-	1,330	1,242	1,422	811.1	1,562	1,568	1,520	1,179	2,053
Net margin	23.53%	15.01%	22.38%	-	18.99%	18.25%	-	17.34%	16.2%	13.81%	12.49%	15.73%	15.68%	13.35%	15.04%	16.67%
EPS ²	0.4100	0.2600	0.4800	-	0.4200	0.4700	0.2800	0.5000	0.4600	0.5400	0.3000	0.5816	0.5816	0.5967	0.4400	0.7700
Dividend per Share ²	0.3000	-	-	-	-	0.3600	-	-	-	-	-	-	-	0.5036	-	-
Announcement Date	2/28/22	4/25/22	8/22/22	8/22/22	10/26/22	3/1/23	4/24/23	8/21/23	10/26/23	4/3/24	4/22/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	5.99	1,204	2,105	2,539	4,261	6,778	9,305	14,185
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,112	1,110	993	1,543	-	4,647	4,066	5,413
ROE (net income / shareholders' equity)	13.8%	21.7%	27.4%	24.3%	21.7%	20.2%	21.4%	20.9%
ROA (Net income/ Total Assets)	7.55%	12.5%	15.4%	-	-	9.96%	11%	11.2%
Assets ¹	12,608	16,766	23,171	-	-	54,411	63,539	69,753
Book Value Per Share ²	3.320	4.120	6.030	7.450	9.150	10.70	12.90	14.90
Cash Flow per Share ²	0.5200	0.5700	0.6700	1.200	1.260	1.850	2.510	2.770
Capex ¹	249	357	773	1,658	1,505	1,538	1,559	1,743
Capex / Sales	3.37%	3.11%	4.31%	7.21%	4.95%	4.09%	3.34%	3.19%
Announcement Date	2/28/20	2/26/21	2/28/22	3/1/23	4/3/24	-	-	-

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 Shenzhen Inovance Technology Co.,Ltd

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

60.92 CNY

Average target price

74.17 CNY

Spread / Average Target

+21.75%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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