Stock 603988 SEC ELECTRIC MACHINERY CO., LTD.
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Financials SEC Electric Machinery Co., Ltd.

Equities

603988

CNE100001VD3

Heavy Electrical Equipment

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-28 pm EDT 		5-day change 1st Jan Change
9.99 CNY +0.60% Intraday chart for SEC Electric Machinery Co., Ltd. +7.19% -12.14%
Apr. 11 China stocks rise as commodities shine; Hong Kong snaps winning streak RE
Apr. 10 China stocks down pressured by real estate; HK shares up RE

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 2,354 2,272 2,905 3,827 2,185 2,674
Enterprise Value (EV) 1 1,996 1,919 2,491 3,619 2,076 2,519
P/E ratio 47.7 x 20.1 x 16.9 x 95.7 x 42.2 x 63.2 x
Yield 3.85% 2.61% 8.85% 0.35% 0.71% 0.53%
Capitalization / Revenue 5.49 x 3.74 x 3.39 x 4.67 x 2.54 x 3.53 x
EV / Revenue 4.66 x 3.16 x 2.91 x 4.42 x 2.41 x 3.33 x
EV / EBITDA 37.3 x 19.5 x 18.3 x 42.7 x 28.9 x 56.5 x
EV / FCF 823 x 110 x 31.8 x 2,839 x -23.9 x 90.4 x
FCF Yield 0.12% 0.91% 3.14% 0.04% -4.18% 1.11%
Price to Book 3.5 x 3.27 x 3.84 x 6.47 x 3.45 x 4.02 x
Nbr of stocks (in thousands) 235,200 235,200 235,200 235,200 235,200 235,200
Reference price 2 10.01 9.660 12.35 16.27 9.290 11.37
Announcement Date 4/12/19 4/24/20 4/9/21 4/15/22 4/14/23 3/29/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 428.5 608 856.4 819.4 859.9 757.4
EBITDA 1 53.47 98.2 136 84.69 71.91 44.56
EBIT 1 41.64 85.37 123.4 71.14 58.58 29.43
Operating Margin 9.72% 14.04% 14.41% 8.68% 6.81% 3.89%
Earnings before Tax (EBT) 1 54.88 132.5 198.4 47.21 58.93 49.42
Net income 1 48.23 113.5 171.2 39.94 51.58 43.21
Net margin 11.25% 18.66% 19.99% 4.87% 6% 5.7%
EPS 2 0.2100 0.4800 0.7300 0.1700 0.2200 0.1800
Free Cash Flow 1 2.425 17.48 78.34 1.275 -86.75 27.85
FCF margin 0.57% 2.88% 9.15% 0.16% -10.09% 3.68%
FCF Conversion (EBITDA) 4.54% 17.8% 57.6% 1.51% - 62.5%
FCF Conversion (Net income) 5.03% 15.41% 45.75% 3.19% - 64.46%
Dividend per Share 2 0.3850 0.2520 1.093 0.0565 0.0658 0.0600
Announcement Date 4/12/19 4/24/20 4/9/21 4/15/22 4/14/23 3/29/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 358 353 413 207 109 155
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 2.42 17.5 78.3 1.27 -86.7 27.8
ROE (net income / shareholders' equity) 7.2% 16.6% 23.6% 5.92% 8.42% 6.66%
ROA (Net income/ Total Assets) 2.79% 5.3% 6.65% 3.6% 3.07% 1.61%
Assets 1 1,731 2,141 2,575 1,111 1,681 2,691
Book Value Per Share 2 2.860 2.950 3.220 2.520 2.690 2.830
Cash Flow per Share 2 1.370 0.8700 0.7600 0.4600 0.2500 0.4000
Capex 1 32.7 30.8 4.26 0.3 1.78 1.49
Capex / Sales 7.63% 5.07% 0.5% 0.04% 0.21% 0.2%
Announcement Date 4/12/19 4/24/20 4/9/21 4/15/22 4/14/23 3/29/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Heavy Motors & Generators

1st Jan change Capi.
SEC ELECTRIC MACHINERY CO., LTD. Stock SEC Electric Machinery Co., Ltd.
-12.14% 322M
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+6.39% 708M
SHANGHAI COOLTECH POWER CO., LTD. Stock Shanghai Cooltech Power Co., Ltd.
-19.92% 273M
VPOWER GROUP INTERNATIONAL HOLDINGS LIMITED Stock VPower Group International Holdings Limited
-22.39% 222M
GNCENERGY CO., LTD Stock GnCenergy Co., Ltd
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Heavy Motors & Generators
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