Financials BOE Technology Group Company Limited

Equities

000725

CNE0000016L5

Electronic Equipment & Parts

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
4.37 ^CNY	+1.16%		+3.07%	+12.05%

Apr. 15	BOE Technology's Q1 Profit to Soar Up to 304%	MT
Apr. 03	Nomura Adjusts BOE Technology Group’s Price Target to 5 Yuan From 4.85 Yuan, Keeps at Buy	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	156,287	203,667	190,318	127,106	143,790	160,971	-	-
Enterprise Value (EV) ¹	232,649	295,925	256,716	206,527	219,052	213,439	213,429	221,361
P/E ratio	90.8 x	46.2 x	7.11 x	17.8 x	65 x	25.3 x	14.7 x	11.9 x
Yield	0.44%	1.67%	4.16%	1.8%	0.77%	1.31%	2.16%	1.91%
Capitalization / Revenue	1.35 x	1.5 x	0.87 x	0.71 x	0.82 x	0.79 x	0.71 x	0.63 x
EV / Revenue	2 x	2.18 x	1.17 x	1.16 x	1.26 x	1.04 x	0.94 x	0.87 x
EV / EBITDA	12.1 x	10.4 x	3.71 x	6.02 x	6.05 x	4.66 x	4.01 x	3.55 x
EV / FCF	-9.97 x	-59.6 x	9.63 x	15.1 x	16.2 x	12.1 x	9.99 x	8.6 x
FCF Yield	-10%	-1.68%	10.4%	6.61%	6.19%	8.27%	10%	11.6%
Price to Book	1.66 x	2.34 x	1.36 x	1.01 x	1.15 x	1.21 x	1.16 x	1.1 x
Nbr of stocks (in thousands)	34,798,399	34,448,399	38,095,747	37,674,331	37,152,529	37,152,529	-	-
Reference price ²	4.540	6.000	5.050	3.380	3.900	4.370	4.370	4.370
Announcement Date	4/27/20	4/12/21	3/30/22	4/3/23	4/1/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	116,060	135,553	219,310	178,414	174,543	204,979	227,848	254,095
EBITDA ¹	19,262	28,484	69,184	34,314	36,195	45,813	53,188	62,326
EBIT ¹	398.7	6,044	34,543	-24.77	1,519	11,060	16,918	21,538
Operating Margin	0.34%	4.46%	15.75%	-0.01%	0.87%	5.4%	7.43%	8.48%
Earnings before Tax (EBT) ¹	503.8	6,093	34,620	51.22	1,833	8,985	15,593	21,864
Net income ¹	1,919	5,036	25,831	7,551	2,547	6,492	11,208	13,823
Net margin	1.65%	3.71%	11.78%	4.23%	1.46%	3.17%	4.92%	5.44%
EPS ²	0.0500	0.1300	0.7100	0.1900	0.0600	0.1728	0.2974	0.3660
Free Cash Flow ¹	-23,333	-4,964	26,670	13,650	13,557	17,658	21,373	25,752
FCF margin	-20.1%	-3.66%	12.16%	7.65%	7.77%	8.61%	9.38%	10.13%
FCF Conversion (EBITDA)	-	-	38.55%	39.78%	37.45%	38.54%	40.18%	41.32%
FCF Conversion (Net income)	-	-	103.25%	180.78%	532.17%	272.01%	190.7%	186.3%
Dividend per Share ²	0.0200	0.1000	0.2100	0.0610	0.0300	0.0573	0.0943	0.0834
Announcement Date	4/27/20	4/12/21	3/30/22	4/3/23	4/1/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	60,867	55,993	56,031	50,476	41,134	41,134	45,669	37,973	42,204	46,337	48,028	45,923	52,735	56,010	54,880
EBITDA ¹	-	20,660	9,408	13,427	5,456	12,976	-	-	-	-	-	10,877	12,834	14,115	14,092
EBIT ¹	-	11,865	5,060	4,251	5,110	-4,464	-372.8	-	39	503.5	2,026	1,369	2,718	4,416	4,918
Operating Margin	-	21.19%	9.03%	8.42%	12.42%	-10.85%	-0.82%	-	0.09%	1.09%	4.22%	2.98%	5.15%	7.88%	8.96%
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-383.5	-	-	-	2,122	1,787	3,860	5,191	5,345
Net income ¹	1,135	7,253	5,816	4,389	2,207	-1,305	2,260	-	488.5	286.3	1,525	1,144	2,471	3,322	3,421
Net margin	1.87%	12.95%	10.38%	8.69%	5.37%	-3.17%	4.95%	-	1.16%	0.62%	3.18%	2.49%	4.68%	5.93%	6.23%
EPS ²	-	0.1970	0.1500	0.1130	0.0530	-0.0400	0.0600	0.003000	0.0170	0.0100	0.0400	0.0235	0.0552	0.0727	0.0736
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/28/20	10/29/21	3/30/22	4/27/22	8/30/22	10/30/22	4/3/23	4/28/23	8/28/23	10/31/23	4/1/24	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	76,362	92,258	66,398	79,421	75,262	52,468	52,459	60,390
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.964 x	3.239 x	0.9597 x	2.315 x	2.079 x	1.145 x	0.9863 x	0.9689 x
Free Cash Flow ¹	-23,333	-4,964	26,670	13,650	13,557	17,658	21,373	25,752
ROE (net income / shareholders' equity)	2.12%	5.15%	23.8%	5.45%	1.89%	5.49%	7.61%	8.39%
ROA (Net income/ Total Assets)	0.6%	1.32%	5.48%	-	0.61%	1.38%	2.21%	2.94%
Assets ¹	322,223	382,356	471,557	-	419,193	470,532	507,824	470,979
Book Value Per Share ²	2.730	2.560	3.720	3.350	3.380	3.600	3.770	3.970
Cash Flow per Share ²	0.7500	1.130	1.740	1.130	1.020	1.160	1.290	1.260
Capex ¹	49,416	44,037	35,601	29,372	24,745	29,196	29,556	28,440
Capex / Sales	42.58%	32.49%	16.23%	16.46%	14.18%	14.24%	12.97%	11.19%
Announcement Date	4/27/20	4/12/21	3/30/22	4/3/23	4/1/24	-	-	-

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 BOE Technology Group Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.37 CNY

Average target price

5.233 CNY

Spread / Average Target

+19.76%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electronic Equipment & Parts

	1st Jan change	Capi.
BOE TECHNOLOGY GROUP COMPANY LIMITED	+12.05%	22.21B
KEYENCE CORPORATION	+12.06%	107B
HEXAGON AB	-0.62%	29.43B
TELEDYNE TECHNOLOGIES INCORPORATED	-16.05%	17.75B
KYOCERA CORPORATION	-6.34%	17.25B
ZEBRA TECHNOLOGIES CORPORATION	+8.74%	15.28B
FLEX LTD.	-4.89%	12.2B
HALMA PLC	-2.85%	10.42B
HUIZHOU DESAY SV AUTOMOTIVE CO., LTD.	-8.86%	9.04B
SAMSUNG ELECTRO-MECHANICS CO., LTD.	-4.57%	7.87B

Other Electronic Equipment & Parts