Financials DuoLun Technology Corporation Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
6.79 ^CNY	+5.27%		+17.07%	-25.22%

Apr. 25	DuoLun Technology Corporation Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 25	DuoLun Technology Corporation Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,266	5,630	4,332	4,026	6,410	4,793	-	-
Enterprise Value (EV) ¹	4,266	5,630	4,332	4,026	6,410	4,793	4,793	4,793
P/E ratio	28 x	71.2 x	-25.4 x	78.9 x	-24.4 x	67.9 x	26.1 x	24.3 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	6.11 x	8.86 x	6.06 x	5.44 x	12.1 x	7.36 x	5.98 x	4.87 x
EV / Revenue	6.11 x	8.86 x	6.06 x	5.44 x	12.1 x	7.36 x	5.98 x	4.87 x
EV / EBITDA	-	41.8 x	-38.7 x	34.3 x	-38.6 x	37.8 x	20.3 x	17.1 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	-	3.47 x	3.01 x	2.68 x	3.24 x	2.34 x	2.15 x	1.97 x
Nbr of stocks (in thousands)	620,040	620,040	619,790	624,118	705,930	705,930	-	-
Reference price ²	6.880	9.080	6.990	6.450	9.080	6.790	6.790	6.790
Announcement Date	4/8/20	4/26/21	4/27/22	4/26/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	697.9	635.6	714.7	739.8	531.4	651.4	801.6	985
EBITDA ¹	-	134.8	-111.9	117.5	-165.9	126.8	236.3	280.5
EBIT ¹	-	92.8	-183	37.22	-247.6	60.91	158.7	185.9
Operating Margin	-	14.6%	-25.61%	5.03%	-46.6%	9.35%	19.8%	18.87%
Earnings before Tax (EBT) ¹	-	92.18	-182.9	47.8	-247.7	64.47	163.4	188.6
Net income ¹	-	79.54	-171.5	50.97	-231.9	71.02	181.8	198.1
Net margin	-	12.51%	-24%	6.89%	-43.64%	10.9%	22.68%	20.11%
EPS ²	0.2460	0.1275	-0.2749	0.0817	-0.3716	0.1000	0.2600	0.2800
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	4/8/20	4/26/21	4/27/22	4/26/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	4.87%	-10.2%	3.15%	-15.4%	3.29%	7.71%	8.17%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	-	2.620	2.320	2.410	2.800	2.900	3.160	3.440
Cash Flow per Share ²	-	0.1000	0.2000	0.3100	0.0900	-0.1200	0.3200	0.0900
Capex ¹	-	-	115	48.3	23.1	73.9	91.3	108
Capex / Sales	-	-	16.08%	6.53%	4.36%	11.35%	11.38%	10.93%
Announcement Date	4/8/20	4/26/21	4/27/22	4/26/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6.79 CNY

Average target price

6.89 CNY

Spread / Average Target

+1.47%

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