Financials TCL Technology Group Corporation

Equities

000100

CNE000001GL8

Electronic Equipment & Parts

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
4.78 ^CNY	-0.83%		-2.25%	+11.16%

Apr. 30	TCL's 2023 Profit Soars 748%, Revenue Rises 5%	MT
Apr. 30	TCL Returns to Profit in Q1	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	58,417	95,335	83,782	62,020	78,859	87,662	-	-
Enterprise Value (EV) ¹	108,522	190,950	175,082	178,425	216,816	220,479	196,521	207,580
P/E ratio	23.1 x	21.9 x	8.39 x	201 x	36.5 x	18.2 x	11.1 x	9.93 x
Yield	2.24%	1.69%	2.43%	-	1.86%	1.32%	3.1%	2.72%
Capitalization / Revenue	0.78 x	1.24 x	0.51 x	0.37 x	0.45 x	0.48 x	0.43 x	0.41 x
EV / Revenue	1.45 x	2.49 x	1.07 x	1.07 x	1.24 x	1.2 x	0.96 x	0.98 x
EV / EBITDA	8.86 x	12 x	4.99 x	7.83 x	7.17 x	6.1 x	4.38 x	4.73 x
EV / FCF	-12.7 x	-11.7 x	86.5 x	-	-52.6 x	-169 x	20.9 x	-
FCF Yield	-7.86%	-8.58%	1.16%	-	-1.9%	-0.59%	4.79%	-
Price to Book	2.01 x	2.93 x	2.02 x	1.25 x	1.53 x	1.56 x	1.43 x	1.25 x
Nbr of stocks (in thousands)	14,375,657	14,812,000	14,936,807	18,339,325	18,339,325	18,339,325	-	-
Reference price ²	4.064	6.436	5.609	3.382	4.300	4.780	4.780	4.780
Announcement Date	3/30/20	3/10/21	3/10/22	3/30/23	4/30/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	74,933	76,677	163,541	166,553	174,367	183,575	205,202	212,761
EBITDA ¹	12,249	15,905	35,055	22,796	30,247	36,168	44,856	43,879
EBIT ¹	3,977	5,360	17,353	419	5,184	8,906	14,628	16,844
Operating Margin	5.31%	6.99%	10.61%	0.25%	2.97%	4.85%	7.13%	7.92%
Earnings before Tax (EBT) ¹	4,056	5,735	17,564	1,057	5,052	8,795	14,491	16,311
Net income ¹	2,618	4,388	10,057	261.3	2,215	4,941	7,555	9,025
Net margin	3.49%	5.72%	6.15%	0.16%	1.27%	2.69%	3.68%	4.24%
EPS ²	0.1759	0.2933	0.6686	0.0168	0.1179	0.2627	0.4315	0.4814
Free Cash Flow ¹	-8,533	-16,379	2,023	-	-4,119	-1,301	9,414	-
FCF margin	-11.39%	-21.36%	1.24%	-	-2.36%	-0.71%	4.59%	-
FCF Conversion (EBITDA)	-	-	5.77%	-	-	-	20.99%	-
FCF Conversion (Net income)	-	-	20.12%	-	-	-	124.61%	-
Dividend per Share ²	0.0909	0.1091	0.1364	-	0.0800	0.0632	0.1482	0.1299
Announcement Date	3/30/20	3/10/21	3/10/22	3/30/23	4/30/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	29,333	47,344	42,612	40,567	43,955	41,993	40,038	82,031	39,443	45,705	47,960	41,258	89,218	39,908	45,564	47,386	49,359	43,741	45,564
EBITDA ¹	-	-	3,281	6,404	4,216	5,418	-	-	-	-	-	-	-	-	6,943	7,220	8,592	-	-
EBIT ¹	-	4,599	2,329	1,863	-568.9	-197.2	-678	-	43.62	2,270	3,859	-988.7	2,870	-465.5	1,826	1,899	3,049	1,802	1,877
Operating Margin	-	9.71%	5.47%	4.59%	-1.29%	-0.47%	-1.69%	-	0.11%	4.97%	8.05%	-2.4%	3.22%	-1.17%	4.01%	4.01%	6.18%	4.12%	4.12%
Earnings before Tax (EBT) ¹	-	4,502	-	-	-	-	-	-	50.51	2,240	3,785	-1,024	2,761	-466.3	1,464	1,522	3,335	1,454	1,515
Net income ¹	1,208	3,180	955.5	1,353	-689	-382.9	-19.35	-	-549	889.5	1,271	603.5	1,874	240	989	1,029	1,698	998.5	1,040
Net margin	4.12%	6.72%	2.24%	3.33%	-1.57%	-0.91%	-0.05%	-	-1.39%	1.95%	2.65%	1.46%	2.1%	0.6%	2.17%	2.17%	3.44%	2.28%	2.28%
EPS ²	-	0.2091	0.0818	0.0903	-0.0454	-0.0273	-0.000730	-	-0.0296	0.0477	0.0700	0.0300	0.1000	0.0128	0.0527	0.0548	0.0904	0.0532	0.0554
Dividend per Share ²	-	-	0.1364	-	-	-	-	-	-	-	-	-	-	-	-	-	0.0632	-	-
Announcement Date	8/28/20	3/10/21	3/10/22	4/27/22	8/26/22	10/21/22	3/30/23	3/30/23	4/27/23	8/29/23	10/27/23	4/30/24	4/30/24	4/30/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	50,105	95,615	91,300	116,405	137,957	132,817	108,859	119,918
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.091 x	6.012 x	2.604 x	5.106 x	4.561 x	3.672 x	2.427 x	2.733 x
Free Cash Flow ¹	-8,533	-16,379	2,023	-	-4,119	-1,301	9,414	-
ROE (net income / shareholders' equity)	9.09%	13.8%	26.5%	0.52%	4.27%	6.76%	11.7%	10.9%
ROA (Net income/ Total Assets)	1.46%	2.08%	3.55%	-	-	1.4%	2%	-
Assets ¹	178,809	211,376	283,676	-	-	352,962	377,750	-
Book Value Per Share ²	2.020	2.200	2.770	2.700	2.820	3.050	3.330	3.810
Cash Flow per Share ²	0.7700	1.080	2.130	-	1.350	2.270	1.550	2.690
Capex ¹	20,023	33,077	30,666	40,677	29,434	22,092	26,803	22,375
Capex / Sales	26.72%	43.14%	18.75%	24.42%	16.88%	12.03%	13.06%	10.52%
Announcement Date	3/30/20	3/10/21	3/10/22	3/30/23	4/30/24	-	-	-

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 TCL Technology Group Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4.78 CNY

Average target price

4.964 CNY

Spread / Average Target

+3.86%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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