Financials DongHua Testing Technology Co. , Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
43.07 ^CNY	+0.84%		+1.84%	-13.29%

Apr. 15	DongHua Testing Technology Co. , Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 03	Tranche Update on DongHua Testing Technology Co. , Ltd.'s Equity Buyback Plan announced on October 26, 2023.	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,992	5,291	5,285	6,870	5,957	-	-
Enterprise Value (EV) ¹	1,992	5,291	5,285	6,870	5,957	5,957	5,957
P/E ratio	39.8 x	65.9 x	43.4 x	78.8 x	29.4 x	20.1 x	17.7 x
Yield	-	-	0.46%	0.26%	0.67%	1.03%	1.18%
Capitalization / Revenue	-	-	14.4 x	18.2 x	8.77 x	6.31 x	5.31 x
EV / Revenue	-	-	14.4 x	18.2 x	8.77 x	6.31 x	5.31 x
EV / EBITDA	-	-	-	62.5 x	24.8 x	20 x	16 x
EV / FCF	-	-	225 x	-306 x	165 x	50.1 x	-
FCF Yield	-	-	0.44%	-0.33%	0.6%	2%	-
Price to Book	-	-	8.81 x	10.3 x	7.01 x	5.18 x	4.31 x
Nbr of stocks (in thousands)	138,320	138,320	138,320	138,320	138,320	-	-
Reference price ²	14.40	38.25	38.21	49.67	43.07	43.07	43.07
Announcement Date	2/7/21	3/28/22	3/9/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	-	367.1	378.2	679	944.9	1,121
EBITDA ¹	-	-	-	109.9	240	297.1	372.1
EBIT ¹	-	-	136.2	99.93	227.9	332.2	377.4
Operating Margin	-	-	37.1%	26.42%	33.56%	35.16%	33.67%
Earnings before Tax (EBT) ¹	-	-	136	99.48	227.7	332.1	377.2
Net income ¹	50.08	80.02	121.8	87.75	202.7	297.1	335.9
Net margin	-	-	33.17%	23.2%	29.85%	31.44%	29.96%
EPS ²	0.3621	0.5800	0.8800	0.6300	1.465	2.147	2.430
Free Cash Flow ¹	-	-	23.48	-22.44	36	119	-
FCF margin	-	-	6.4%	-5.93%	5.3%	12.59%	-
FCF Conversion (EBITDA)	-	-	-	-	15%	40.05%	-
FCF Conversion (Net income)	-	-	19.28%	-	17.76%	40.06%	-
Dividend per Share ²	-	-	0.1770	0.1280	0.2900	0.4450	0.5100
Announcement Date	2/7/21	3/28/22	3/9/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	23.5	-22.4	36	119	-
ROE (net income / shareholders' equity)	-	-	22.2%	14%	23.8%	25.8%	23.1%
ROA (Net income/ Total Assets)	-	-	19.7%	-	20.7%	21.8%	22.4%
Assets ¹	-	-	618.8	-	979.2	1,363	1,499
Book Value Per Share ²	-	-	4.340	4.800	6.140	8.320	9.990
Cash Flow per Share ²	-	-	0.2300	0.0300	0.9700	0.9600	1.100
Capex ¹	-	-	7.9	26.6	19.5	19.3	17.3
Capex / Sales	-	-	2.15%	7.02%	2.87%	2.04%	1.54%
Announcement Date	2/7/21	3/28/22	3/9/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

43.07 CNY

Average target price

47.04 CNY

Spread / Average Target

+9.22%

	1st Jan change	Capi.
DONGHUA TESTING TECHNOLOGY CO. , LTD.	-13.29%	823M
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HORIBA, LTD.	+38.58%	4.2B
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ESCO TECHNOLOGIES INC.	-8.33%	2.77B
WUHAN JINGCE ELECTRONIC GROUP CO.,LTD	-28.89%	2.36B