Financials Shengyi Technology Co.,Ltd.

Equities

600183

CNE000000XL5

Electronic Equipment & Parts

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
16.83 ^CNY	+3.12%		+3.00%	-8.08%

Apr. 26	Shengyi Technology Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 29	Shengyi Technology Co.,Ltd. agreed to acquire the remaining stake in Shengyi Technology Co., Ltd. from Beijing Weihua Electronics Co., Ltd. for CNY 440 million	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	47,618	64,485	54,399	33,526	43,059	39,678	-	-
Enterprise Value (EV) ¹	49,223	67,122	56,029	35,189	44,122	40,809	38,488	38,127
P/E ratio	31.7 x	38.6 x	19.5 x	22.2 x	37.4 x	21.6 x	16.9 x	15.1 x
Yield	1.91%	1.42%	2.55%	3.12%	2.46%	3.05%	3.45%	5.13%
Capitalization / Revenue	3.6 x	4.39 x	2.68 x	1.86 x	2.6 x	2.1 x	1.82 x	1.7 x
EV / Revenue	3.72 x	4.57 x	2.76 x	1.95 x	2.66 x	2.16 x	1.76 x	1.63 x
EV / EBITDA	22.2 x	25.6 x	14.1 x	14.1 x	21 x	14.1 x	11 x	9.52 x
EV / FCF	-	13,534 x	2,871 x	21.5 x	26.3 x	145 x	112 x	-
FCF Yield	-	0.01%	0.03%	4.66%	3.8%	0.69%	0.89%	-
Price to Book	5.38 x	6.53 x	4.16 x	2.48 x	3.08 x	2.66 x	2.4 x	2.26 x
Nbr of stocks (in thousands)	2,276,191	2,289,960	2,309,947	2,326,547	2,351,671	2,357,558	-	-
Reference price ²	20.92	28.16	23.55	14.41	18.31	16.83	16.83	16.83
Announcement Date	2/20/20	1/29/21	2/27/22	2/27/23	2/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,241	14,687	20,274	18,014	16,586	18,890	21,818	23,328
EBITDA ¹	2,214	2,621	3,970	2,497	2,097	2,894	3,510	4,005
EBIT ¹	1,805	2,061	3,316	1,785	1,273	2,061	2,615	2,956
Operating Margin	13.63%	14.03%	16.35%	9.91%	7.67%	10.91%	11.99%	12.67%
Earnings before Tax (EBT) ¹	1,805	2,054	3,310	1,773	1,271	2,010	2,583	2,978
Net income ¹	1,449	1,663	2,830	1,531	1,164	1,828	2,332	2,616
Net margin	10.94%	11.32%	13.96%	8.5%	7.02%	9.68%	10.69%	11.22%
EPS ²	0.6600	0.7300	1.210	0.6500	0.4900	0.7807	0.9960	1.112
Free Cash Flow ¹	-	4.96	19.52	1,640	1,676	281	344	-
FCF margin	-	0.03%	0.1%	9.1%	10.1%	1.49%	1.58%	-
FCF Conversion (EBITDA)	-	0.19%	0.49%	65.69%	79.92%	9.71%	9.8%	-
FCF Conversion (Net income)	-	0.3%	0.69%	107.13%	143.97%	15.37%	14.75%	-
Dividend per Share ²	0.4000	0.4000	0.6000	0.4500	0.4500	0.5133	0.5807	0.8641
Announcement Date	2/20/20	1/29/21	2/27/22	2/27/23	2/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S2	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	7,268	7,809	4,896	10,443	4,768	4,607	4,302	4,338	8,640	3,756	4,125	4,467	4,239	4,469	5,435	5,152	-	-
EBITDA ¹	-	-	754.6	-	817.5	657.2	623	-	-	-	-	-	-	723.8	900	1,041	-	-
EBIT ¹	1,028	1,057	520.9	-	592.9	553	285.6	353.4	639	273.9	324.7	373.2	300.7	433.2	738.5	743.8	-	-
Operating Margin	14.14%	13.54%	10.64%	-	12.44%	12%	6.64%	8.15%	7.4%	7.29%	7.87%	8.35%	7.09%	9.69%	13.59%	14.44%	-	-
Earnings before Tax (EBT) ¹	1,030	1,053	518.5	-	-	553	284.8	342.7	627.5	-	-	-	300.3	423	770.4	725.6	-	-
Net income ¹	819.9	854.7	490.3	-	482.4	452.8	261.4	334.1	595.5	247.8	307.1	344	265.1	368.7	695.1	686.1	-	-
Net margin	11.28%	10.95%	10.01%	-	10.12%	9.83%	6.08%	7.7%	6.89%	6.6%	7.45%	7.7%	6.25%	8.25%	12.79%	13.32%	-	-
EPS ²	0.3600	0.3700	0.2200	-	0.2100	0.1900	0.1100	0.1400	0.2500	0.1100	0.1300	0.1400	0.1100	0.1728	0.2626	0.2607	-	-
Dividend per Share ²	-	-	0.6000	-	-	-	-	0.4500	-	-	-	-	-	-	-	0.6049	-	-
Announcement Date	2/20/20	1/29/21	2/27/22	2/27/22	4/29/22	8/12/22	10/27/22	2/27/23	2/27/23	4/28/23	8/17/23	10/26/23	2/28/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,605	2,637	1,630	1,663	1,063	1,131	-	-
Net Cash position ¹	-	-	-	-	-	-	1,190	1,551
Leverage (Debt/EBITDA)	0.7248 x	1.006 x	0.4106 x	0.6661 x	0.507 x	0.391 x	-	-
Free Cash Flow ¹	-	4.96	19.5	1,640	1,676	281	344	-
ROE (net income / shareholders' equity)	19.7%	18.1%	24.4%	11.7%	8.57%	12.4%	14.5%	15.7%
ROA (Net income/ Total Assets)	10.2%	9.92%	13.2%	-	-	6.5%	8.07%	-
Assets ¹	14,211	16,766	21,395	-	-	28,121	28,896	-
Book Value Per Share ²	3.890	4.310	5.660	5.800	5.940	6.330	7.010	7.450
Cash Flow per Share ²	0.7400	0.7700	0.7700	1.210	1.170	0.8200	1.110	1.190
Capex ¹	1,580	1,753	1,756	1,180	1,067	1,319	1,166	1,340
Capex / Sales	11.94%	11.94%	8.66%	6.55%	6.44%	6.98%	5.35%	5.74%
Announcement Date	2/20/20	1/29/21	2/27/22	2/27/23	2/28/24	-	-	-

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 Shengyi Technology Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

16.83 CNY

Average target price

19.25 CNY

Spread / Average Target

+14.41%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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