Financials Luxshare Precision Industry Co., Ltd.

Equities

002475

CNE100000TP3

Electronic Equipment & Parts

End-of-day quote Shenzhen Stock Exchange Other stock markets 06:00:00 2023-11-30 pm EST			5-day change	1st Jan Change
31.36 ^CNY	-1.48%		+0.97%	-1.23%

Nov. 24	ShenZhen Tenways Technovation Limited announced that it has received funding from Zhuhai Hillhouse Equity Investment Management Co., Ltd., Luxshare Precision Industry Co., Ltd.	CI
Nov. 10	Apple supplier Luxshare to invest $330 mln more in northern Vietnam	RE

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	57 852	195 239	392 660	346 782	225 234	223 984	-	-
Enterprise Value (EV) ¹	61 265	195 154	393 958	352 598	233 906	231 000	219 880	210 069
P/E ratio	21,3x	42,0x	55,6x	49,7x	24,8x	20,3x	15,7x	12,7x
Yield	0,36%	0,33%	0,20%	0,22%	0,41%	0,50%	0,63%	0,76%
Capitalization / Revenue	1,62x	3,13x	4,24x	2,25x	1,05x	0,96x	0,81x	0,69x
EV / Revenue	1,72x	3,13x	4,26x	2,29x	1,09x	0,99x	0,79x	0,65x
EV / EBITDA	13,8x	26,3x	37,2x	26,4x	12,3x	11,0x	8,83x	7,29x
EV / FCF	-31,1x	157x	-752x	-71,4x	-669x	38,3x	21,1x	14,8x
FCF Yield	-3,22%	0,64%	-0,13%	-1,40%	-0,15%	2,61%	4,73%	6,76%
Price to Book	3,73x	9,65x	14,3x	10,0x	5,04x	3,94x	3,22x	2,63x
Nbr of stocks (in thousands)	6 953 548	6 953 548	6 996 787	7 048 406	7 093 995	7 142 335	-	-
Reference price ²	8,32	28,1	56,1	49,2	31,8	31,4	31,4	31,4
Announcement Date	02/25/19	02/27/20	03/22/21	03/14/22	04/27/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	35 700	62 380	92 501	153 946	214 028	233 944	277 758	322 707
EBITDA ¹	4 450	7 416	10 585	13 356	18 955	21 061	24 903	28 816
EBIT ¹	3 359	5 745	8 168	8 167	11 154	12 615	16 074	19 654
Operating Margin	9,41%	9,21%	8,83%	5,31%	5,21%	5,39%	5,79%	6,09%
Earnings before Tax (EBT) ¹	3 318	5 635	8 136	8 143	11 158	13 446	17 323	21 383
Net income ¹	2 727	4 714	7 225	7 071	9 163	11 065	14 309	17 625
Net margin	7,64%	7,56%	7,81%	4,59%	4,28%	4,73%	5,15%	5,46%
EPS ²	0,39	0,67	1,01	0,99	1,28	1,54	2,00	2,46
Free Cash Flow ¹	-1 971	1 244	-524	-4 939	-350	6 034	10 398	14 190
FCF margin	-5,52%	1,99%	-0,57%	-3,21%	-0,16%	2,58%	3,74%	4,40%
FCF Conversion (EBITDA)	-	16,8%	-	-	-	28,6%	41,8%	49,2%
FCF Conversion (Net income)	-	26,4%	-	-	-	54,5%	72,7%	80,5%
Dividend per Share ²	0,03	0,09	0,11	0,11	0,13	0,16	0,20	0,24
Announcement Date	02/25/19	02/27/20	03/22/21	03/14/22	04/27/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2020 S1	2021 Q2	2021 Q3	2021 Q4	2021 S2	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
Net sales ¹	36 452	27 128	32 866	72 934	105 799	41 600	40 361	63 291	68 776	132 067	49 942	48 029	57 904	73 161	161 410	53 722	51 062	69 338	83 876
EBITDA ¹	-	2 760	2 300	3 866	-	3 292	3 560	5 241	-	-	-	-	-	5 925	-	4 922	5 174	6 219	6 947
EBIT ¹	-	1 998	1 910	2 662	4 572	2 289	2 170	3 669	3 027	6 696	2 177	2 772	3 877	4 359	8 975	2 501	2 787	4 399	5 339
Operating Margin	-	7,37%	5,81%	3,65%	4,32%	5,50%	5,38%	5,80%	4,40%	5,07%	4,36%	5,77%	6,70%	5,96%	5,56%	4,66%	5,46%	6,34%	6,37%
Earnings before Tax (EBT) ¹	-	1 972	1 907	2 663	4 570	2 287	2 177	3 622	3 072	6 694	2 180	2 765	3 877	4 672	8 979	3 192	3 228	4 813	5 903
Net income ¹	2 538	1 740	1 600	2 381	3 981	1 803	1 981	2 616	2 763	5 379	2 018	2 338	3 018	3 690	7 244	2 547	2 579	3 863	4 612
Net margin	6,96%	6,41%	4,87%	3,26%	3,76%	4,33%	4,91%	4,13%	4,02%	4,07%	4,04%	4,87%	5,21%	5,04%	4,49%	4,74%	5,05%	5,57%	5,50%
EPS ²	-	0,24	0,23	0,33	0,56	0,25	0,28	0,36	0,39	0,75	0,25	0,35	0,42	0,51	1,01	0,37	0,36	0,55	0,69
Dividend per Share ²	-	-	-	0,11	-	-	-	-	0,13	-	-	-	-	0,15	-	-	-	-	0,19
Announcement Date	08/24/20	08/24/21	10/27/21	03/14/22	03/14/22	04/27/22	08/25/22	10/28/22	04/27/23	04/27/23	04/27/23	08/28/23	10/20/23	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	3 413	-	1 298	5 816	8 672	7 016	-	-
Net Cash position ¹	-	84,7	-	-	-	-	4 104	13 915
Leverage (Debt/EBITDA)	0,77x	-	0,12x	0,44x	0,46x	0,33x	-	-
Free Cash Flow ¹	-1 971	1 244	-524	-4 939	-350	6 034	10 398	14 190
ROE (net income / shareholders' equity)	19,0%	26,6%	30,3%	22,4%	23,0%	19,6%	20,6%	20,8%
Shareholders' equity ¹	14 338	17 755	23 854	31 635	39 840	56 466	69 336	84 581
ROA (Net income/ Total Assets)	8,60%	11,0%	12,1%	7,59%	6,81%	7,00%	7,78%	8,13%
Assets ¹	31 713	42 911	59 695	93 146	134 478	158 136	183 935	216 740
Book Value Per Share ²	2,23	2,91	3,93	4,92	6,30	7,95	9,75	11,9
Cash Flow per Share ²	0,45	1,07	0,98	1,03	1,79	2,87	3,17	3,55
Capex ¹	5 114	6 222	7 397	12 224	13 077	11 224	11 259	12 010
Capex / Sales	14,3%	9,97%	8,00%	7,94%	6,11%	4,80%	4,05%	3,72%
Announcement Date	02/25/19	02/27/20	03/22/21	03/14/22	04/27/23	-	-	-

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 Luxshare Precision Industry Co., Ltd.

Trading Rating :

Investor Rating :

ESG Refinitiv :

A+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

31.36CNY

Average target price

43.19CNY

Spread / Average Target

+37.71%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electronic Component

	1st Jan change	Capi.
LUXSHARE PRECISION INDUSTRY CO., LTD.	-1.23%	31 376 M $
AMPHENOL CORPORATION	+21.20%	55 212 M $
HON HAI PRECISION INDUSTRY CO., LTD.	+0.60%	42 124 M $
MURATA MANUFACTURING CO., LTD	+29.83%	36 540 M $
JABIL INC.	+71.42%	14 958 M $
AVIC JONHON OPTRONIC TECHNOLOGY CO.,LTD.	-10.83%	11 763 M $
BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED	+31.67%	9 731 M $
LENS TECHNOLOGY CO., LTD.	+24.31%	9 042 M $
GOERTEK INC.	+8.56%	8 715 M $
YAGEO CORPORATION	+32.37%	7 966 M $

Electronic Component