Stock 002938 AVARY HOLDING(SHENZHEN)CO., LIMITED
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Financials Avary Holding(Shenzhen)Co., Limited

Equities

002938

CNE100003GF5

Semiconductors

End-of-day quote Shenzhen S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
23.69 CNY +0.38% Intraday chart for Avary Holding(Shenzhen)Co., Limited +8.03% +6.14%
Apr. 25 Avary Holding Shenzhen's Q1 Profit Jumps 19% Despite Operating Income Staying Nearly Flat MT
Apr. 24 Avary Holding(Shenzhen)Co., Limited 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 1 103,783 114,809 98,500 63,425 51,635 54,747 - -
Enterprise Value (EV) 1 103,783 114,809 99,011 58,381 44,873 44,993 43,063 54,747
P/E ratio 35.6 x 40.4 x 29.7 x 12.7 x 15.7 x 13.2 x 11.2 x 11.3 x
Yield 1.11% 1.01% 1.18% 2.55% 2.24% 2.84% 3.08% 3.63%
Capitalization / Revenue 3.9 x 3.85 x 2.96 x 1.75 x 1.61 x 1.48 x 1.34 x 1.26 x
EV / Revenue 3.9 x 3.85 x 2.97 x 1.61 x 1.4 x 1.22 x 1.05 x 1.26 x
EV / EBITDA 20.2 x 22.2 x 16 x 6.8 x 6.89 x 6.16 x 5.62 x 6.71 x
EV / FCF - -527 x - 8.81 x 9.99 x 18 x 10.9 x 11.6 x
FCF Yield - -0.19% - 11.4% 10% 5.57% 9.2% 8.65%
Price to Book 5.23 x 5.33 x 4.12 x 2.28 x 1.75 x 1.62 x 1.51 x 1.43 x
Nbr of stocks (in thousands) 2,311,431 2,311,431 2,321,476 2,311,396 2,313,386 2,310,968 - -
Reference price 2 44.90 49.67 42.43 27.44 22.32 23.69 23.69 23.69
Announcement Date 2/27/20 2/5/21 3/16/22 3/13/23 3/12/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 26,632 29,851 33,315 36,211 32,066 36,943 40,858 43,477
EBITDA 1 5,149 5,164 6,201 8,583 6,509 7,308 7,668 8,158
EBIT 1 3,436 3,288 3,812 5,620 3,566 4,912 5,263 5,360
Operating Margin 12.9% 11.01% 11.44% 15.52% 11.12% 13.3% 12.88% 12.33%
Earnings before Tax (EBT) 1 3,437 3,288 3,817 5,620 3,571 4,912 5,313 5,364
Net income 1 2,920 2,841 3,317 5,012 3,287 4,175 4,914 4,853
Net margin 10.96% 9.52% 9.96% 13.84% 10.25% 11.3% 12.03% 11.16%
EPS 2 1.260 1.230 1.430 2.160 1.420 1.800 2.118 2.092
Free Cash Flow 1 - -217.8 - 6,629 4,491 2,506 3,962 4,737
FCF margin - -0.73% - 18.31% 14.01% 6.78% 9.7% 10.9%
FCF Conversion (EBITDA) - - - 77.23% 68.99% 34.29% 51.67% 58.07%
FCF Conversion (Net income) - - - 132.28% 136.64% 60.02% 80.63% 97.61%
Dividend per Share 2 0.5000 0.5000 0.5000 0.7000 0.5000 0.6729 0.7286 0.8600
Announcement Date 2/27/20 2/5/21 3/16/22 3/13/23 3/12/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2020 S2 2021 S1 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 S2 2024 Q2 2024 Q3 2024 Q4
Net sales - 19,737 - 12,301 21,350 7,076 7,114 10,601 11,419 6,667 4,868 8,920 11,610 20,531 - - -
EBITDA - - - 2,243 - 1,332 1,247 2,597 - - - - - - - - -
EBIT - 2,396 - 1,864 3,064 684.3 878.6 2,107 1,950 467.9 319.5 1,148 1,630 2,778 - - -
Operating Margin - 12.14% - 15.16% 14.35% 9.67% 12.35% 19.88% 17.07% 7.02% 6.56% 12.87% 14.04% 13.53% - - -
Earnings before Tax (EBT) - 2,396 - - 3,064 - - - - 469.5 320.7 1,145 1,636 2,781 - - -
Net income 791.6 2,050 633.3 1,639 2,684 593.2 833.2 - 1,747 418.5 393.3 1,032 1,443 2,475 - - -
Net margin - 10.39% - 13.33% 12.57% 8.38% 11.71% - 15.3% 6.28% 8.08% 11.57% 12.43% 12.06% - - -
EPS 0.3400 0.8900 0.2700 0.7100 1.160 0.2600 0.3500 0.8000 0.7500 0.1800 0.1700 0.4500 0.6200 1.070 - - -
Dividend per Share 1 - - - 0.5000 - - - - 0.7000 - - - 0.5000 - - - 0.7558
Announcement Date 8/12/20 2/5/21 8/30/21 3/16/22 3/16/22 4/28/22 8/9/22 10/26/22 3/13/23 4/28/23 8/9/23 10/30/23 3/12/24 3/12/24 - - -
1CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - 511 - - - - -
Net Cash position 1 - - - 5,044 6,761 9,754 11,684 -
Leverage (Debt/EBITDA) - - 0.0824 x - - - - -
Free Cash Flow 1 - -218 - 6,629 4,491 2,506 3,962 4,737
ROE (net income / shareholders' equity) 15.7% 13.9% 14.6% 19.4% 11.4% 13.2% 13.6% 12.7%
ROA (Net income/ Total Assets) 10.4% 9.17% 9.67% 13.1% 8.11% 9.3% 9.4% 9.9%
Assets 1 28,057 30,980 34,322 38,142 40,541 44,892 52,275 49,018
Book Value Per Share 2 8.580 9.330 10.30 12.00 12.80 14.60 15.70 16.50
Cash Flow per Share 2 1.800 2.240 1.850 4.720 3.430 2.820 2.980 2.610
Capex 1 3,716 5,402 6,950 4,328 3,477 3,398 3,664 3,192
Capex / Sales 13.95% 18.1% 20.86% 11.95% 10.84% 9.2% 8.97% 7.34%
Announcement Date 2/27/20 2/5/21 3/16/22 3/13/23 3/12/24 - - -
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 Avary Holding(Shenzhen)Co., Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
9
Last Close Price
23.69 CNY
Average target price
26.28 CNY
Spread / Average Target
+10.91%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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