Financials Wuxi NCE Power Co.,Ltd.

Equities

605111

CNE1000042H7

Semiconductors

End-of-day quote Shanghai S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
36.76 CNY +0.25% Intraday chart for Wuxi NCE Power Co.,Ltd. +5.72% -2.83%

Valuation

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 19,789 25,233 16,526 11,281 11,348 - -
Enterprise Value (EV) 1 19,789 25,233 13,961 8,613 8,196 7,953 7,613
P/E ratio 116 x 61.4 x 36.4 x 33.5 x 24.9 x 19.6 x 18.9 x
Yield 0.21% 0.32% 0.53% 0.57% 0.88% 1.12% 1.24%
Capitalization / Revenue 20.7 x 16.8 x 9.13 x 7.64 x 6.06 x 4.94 x 4.03 x
EV / Revenue 20.7 x 16.8 x 7.71 x 5.83 x 4.37 x 3.46 x 2.7 x
EV / EBITDA - 52 x 26.3 x 22.7 x 17.7 x 13.5 x 10.7 x
EV / FCF - - 74.6 x 30.3 x 43.1 x 16.7 x -
FCF Yield - - 1.34% 3.3% 2.32% 5.99% -
Price to Book 17.1 x 16.5 x 4.91 x 3.1 x 2.47 x 2.34 x 2.08 x
Nbr of stocks (in thousands) 277,693 277,693 298,226 298,192 298,168 - -
Reference price 2 71.26 90.87 55.41 37.83 36.76 36.76 36.76
Announcement Date 3/30/21 3/3/22 3/20/23 3/27/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net sales 1 955 1,498 1,811 1,477 1,874 2,295 2,817
EBITDA 1 - 485 531.2 379.6 464.1 587.7 712
EBIT 1 157.7 469.6 506.7 349.6 435.2 536.1 633
Operating Margin 16.51% 31.34% 27.98% 23.68% 23.23% 23.35% 22.47%
Earnings before Tax (EBT) 1 158 469.6 507.1 349.4 449.5 569.6 653
Net income 1 139.4 410.5 435.2 323.1 439.3 559.7 580.9
Net margin 14.59% 27.4% 24.03% 21.88% 23.45% 24.38% 20.62%
EPS 2 0.6159 1.480 1.521 1.130 1.474 1.877 1.948
Free Cash Flow 1 - - 187 284.4 190 476 -
FCF margin - - 10.33% 19.26% 10.14% 20.74% -
FCF Conversion (EBITDA) - - 35.21% 74.94% 40.94% 80.99% -
FCF Conversion (Net income) - - 42.98% 88.02% 43.25% 85.05% -
Dividend per Share 2 0.1512 0.2934 0.2921 0.2170 0.3252 0.4099 0.4544
Announcement Date 3/30/21 3/3/22 3/20/23 3/27/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q3 2022 Q4 2023 Q1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 - 398.8 - 483.8 373.7 345.8 372.3 401.5 501.9 602.3 501.9 504.5
EBITDA 1 - - - - - - - 91.82 112.3 132.8 112.3 110.9
EBIT 1 - 112.4 - 108.9 - 76.42 108.5 81.92 102.4 122.9 102.4 99.61
Operating Margin - 28.17% - 22.52% - 22.1% 29.16% 20.4% 20.4% 20.4% 20.4% 19.74%
Earnings before Tax (EBT) - - - - - 75.47 108.9 - - - - -
Net income 1 136.3 99.72 103.5 97.47 - 67.28 108.2 85.03 102.7 120.4 102.7 101.4
Net margin - 25% - 20.15% - 19.46% 29.07% 21.18% 20.46% 19.99% 20.46% 20.1%
EPS 2 0.4898 0.3622 0.3571 0.3214 - 0.2200 0.4100 0.2851 0.3444 0.4037 0.3444 0.3400
Dividend per Share 2 - - - - - - 0.2170 - - - 0.2755 -
Announcement Date 10/21/21 3/3/22 10/25/22 3/20/23 4/26/23 10/26/23 3/27/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - -
Net Cash position 1 - - 2,565 2,667 3,153 3,395 3,735
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow 1 - - 187 284 190 476 -
ROE (net income / shareholders' equity) 18.5% 30.6% 18.8% 9.25% 10.7% 13.3% 11.4%
ROA (Net income/ Total Assets) 12.6% 25% 14.8% 7.76% 9.41% 11.5% -
Assets 1 1,103 1,642 2,941 4,165 4,667 4,862 -
Book Value Per Share 2 4.180 5.510 11.30 12.20 14.90 15.70 17.70
Cash Flow per Share 2 0.2900 1.620 0.9200 1.590 1.870 1.640 2.060
Capex 1 58.1 146 86.3 191 73.7 67.8 79.7
Capex / Sales 6.08% 9.74% 4.76% 12.94% 3.93% 2.95% 2.83%
Announcement Date 3/30/21 3/3/22 3/20/23 3/27/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
7
Last Close Price
36.76 CNY
Average target price
40.4 CNY
Spread / Average Target
+9.90%
Consensus
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