Financials Shenzhen S.C New Energy Technology Corporation

Equities

300724

CNE100003G91

Semiconductor Equipment & Testing

End-of-day quote Shenzhen S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
62.86 CNY +4.07% Intraday chart for Shenzhen S.C New Energy Technology Corporation +10.92% -15.07%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 12,125 46,770 39,808 39,706 25,769 21,886 - -
Enterprise Value (EV) 1 12,125 45,415 35,833 35,997 20,925 14,854 13,466 10,761
P/E ratio 31.8 x 89.3 x 53.9 x 37.9 x 15.8 x 7.96 x 6.34 x 6.29 x
Yield 0.48% 0.12% 0.16% 0.18% 1.62% 0.93% 1% 0.91%
Capitalization / Revenue 4.8 x 11.6 x 7.89 x 6.61 x 2.95 x 1.41 x 1.07 x 1.06 x
EV / Revenue 4.8 x 11.2 x 7.1 x 5.99 x 2.4 x 0.95 x 0.66 x 0.52 x
EV / EBITDA 27.2 x 74 x 41.8 x 27.3 x 10.9 x 4.28 x 3.62 x 2.88 x
EV / FCF - 273 x 32.3 x 29.3 x 6.53 x 8.03 x 5.22 x 6.49 x
FCF Yield - 0.37% 3.1% 3.41% 15.3% 12.4% 19.1% 15.4%
Price to Book 4.75 x 15.4 x 6.42 x 5.51 x 2.95 x 1.95 x 1.56 x 1.32 x
Nbr of stocks (in thousands) 320,000 321,220 348,278 348,234 348,177 348,175 - -
Reference price 2 37.89 145.6 114.3 114.0 74.01 62.86 62.86 62.86
Announcement Date 2/28/20 4/28/21 4/26/22 4/27/23 4/18/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,527 4,044 5,047 6,005 8,733 15,574 20,369 20,675
EBITDA 1 445.8 613.4 857.4 1,316 1,915 3,475 3,715 3,731
EBIT 1 427.9 580.9 817.3 1,167 1,842 3,174 3,814 5,070
Operating Margin 16.93% 14.36% 16.19% 19.43% 21.09% 20.38% 18.72% 24.52%
Earnings before Tax (EBT) 1 429 583.2 816.3 1,173 1,848 3,139 3,938 3,932
Net income 1 381.9 523 717.4 1,047 1,634 2,750 3,484 3,481
Net margin 15.11% 12.93% 14.21% 17.43% 18.7% 17.66% 17.11% 16.84%
EPS 2 1.190 1.630 2.120 3.010 4.690 7.898 9.920 9.995
Free Cash Flow 1 - 166.4 1,110 1,226 3,207 1,849 2,577 1,658
FCF margin - 4.12% 22% 20.42% 36.72% 11.87% 12.65% 8.02%
FCF Conversion (EBITDA) - 27.13% 129.51% 93.19% 167.5% 53.21% 69.37% 44.44%
FCF Conversion (Net income) - 31.82% 154.78% 117.16% 196.31% 67.24% 73.96% 47.63%
Dividend per Share 2 0.1800 0.1800 0.1800 0.2000 1.200 0.5865 0.6310 0.5750
Announcement Date 2/28/20 4/28/21 4/26/22 4/27/23 4/18/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 - - 1,302 1,363 1,317 - 1,577 1,749 1,931 2,152 2,322 2,328 2,579 3,657 4,383 4,854 5,214 5,019
EBITDA 1 - - 74.68 279.6 175.3 - 285.2 - - - - - - 473.9 667.7 923.4 1,025 622.5
EBIT 1 - - 139.7 306.9 257.3 - 348.3 254 378.4 462.2 549.4 446.6 681.5 452.1 645.9 901.6 996.9 594.8
Operating Margin - - 10.73% 22.52% 19.54% - 22.09% 14.53% 19.59% 21.48% 23.66% 19.18% 26.43% 12.36% 14.74% 18.57% 19.12% 11.85%
Earnings before Tax (EBT) - - - - - - - - - - - 452.8 - - - - - -
Net income 249.2 457.8 - - 234.6 507.8 313 - 336.4 - - 411 - - - - - -
Net margin - - - - 17.82% - 19.85% - 17.42% - - 17.65% - - - - - -
EPS 2 0.7800 - 0.3400 0.7800 0.6800 - 0.9000 0.6500 0.9700 1.190 1.350 1.180 1.660 1.400 1.727 2.492 2.316 0.8506
Dividend per Share 2 - - 0.1800 - - - - 0.2000 - - - - - - - 0.4668 - -
Announcement Date 8/26/20 8/26/21 4/26/22 4/26/22 8/10/22 8/10/22 10/26/22 4/27/23 4/27/23 8/20/23 10/25/23 4/18/24 4/26/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 - 1,354 3,975 3,709 4,843 7,032 8,421 11,125
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 - 166 1,110 1,226 3,207 1,849 2,577 1,658
ROE (net income / shareholders' equity) 16% 18.7% 14.3% 15.6% 20.5% 25.5% 25% 19.1%
ROA (Net income/ Total Assets) 7.42% 6.56% 6.5% 6.56% - 6.39% 7% 5.45%
Assets 1 5,144 7,974 11,033 15,959 - 43,031 49,746 63,872
Book Value Per Share 2 7.980 9.450 17.80 20.70 25.10 32.30 40.40 47.50
Cash Flow per Share 2 -0.7900 1.040 3.870 4.170 10.10 3.930 13.10 11.80
Capex 1 118 167 239 225 310 363 247 216
Capex / Sales 4.67% 4.14% 4.74% 3.74% 3.55% 2.33% 1.22% 1.04%
Announcement Date 2/28/20 4/28/21 4/26/22 4/27/23 4/18/24 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
18
Last Close Price
62.86 CNY
Average target price
81.88 CNY
Spread / Average Target
+30.26%
Consensus
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