Financials Zhongji Innolight Co., Ltd.

Equities

300308

CNE100001CY9

Communications & Networking

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
184.9 ^CNY	+12.62%		+8.30%	+63.72%

Apr. 21	Zhongji Innolight Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 01	Nomura Adjusts Zhongji InnoLight’s Price Target to 180 Yuan From 128 Yuan, Keeps at Buy	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	37,120	36,171	33,920	21,487	88,788	145,367	-	-
Enterprise Value (EV) ¹	37,282	37,318	32,982	20,625	86,411	143,136	138,737	139,402
P/E ratio	71.4 x	41.7 x	35.1 x	17.6 x	40.9 x	29.8 x	23.5 x	18.8 x
Yield	0.16%	0.24%	0.52%	0.74%	0.4%	0.52%	0.63%	0.9%
Capitalization / Revenue	7.8 x	5.13 x	4.41 x	2.23 x	8.28 x	5.77 x	4.49 x	3.67 x
EV / Revenue	7.84 x	5.29 x	4.29 x	2.14 x	8.06 x	5.68 x	4.28 x	3.52 x
EV / EBITDA	45.3 x	28.1 x	23.8 x	11.4 x	28.7 x	23.4 x	18.6 x	14.4 x
EV / FCF	-197 x	-40.3 x	-1,230 x	12.4 x	401 x	76.3 x	37.2 x	66 x
FCF Yield	-0.51%	-2.48%	-0.08%	8.07%	0.25%	1.31%	2.69%	1.52%
Price to Book	5.37 x	4.6 x	2.96 x	1.82 x	6.35 x	7.81 x	6.16 x	4.59 x
Nbr of stocks (in thousands)	711,787	711,185	798,116	794,925	786,360	786,360	-	-
Reference price ²	52.15	50.86	42.50	27.03	112.9	184.9	184.9	184.9
Announcement Date	2/21/20	2/26/21	2/28/22	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	4,758	7,050	7,695	9,642	10,725	25,208	32,380	39,652
EBITDA ¹	822.5	1,330	1,388	1,808	3,011	6,115	7,442	9,687
EBIT ¹	576.4	989.8	962.9	1,327	2,503	5,640	7,112	9,074
Operating Margin	12.11%	14.04%	12.51%	13.77%	23.34%	22.37%	21.96%	22.88%
Earnings before Tax (EBT) ¹	576.7	987	959.9	1,352	2,500	5,701	7,215	9,152
Net income ¹	513.5	865.5	877	1,224	2,181	5,023	6,383	8,072
Net margin	10.79%	12.28%	11.4%	12.69%	20.34%	19.93%	19.71%	20.36%
EPS ²	0.7300	1.220	1.210	1.540	2.760	6.208	7.856	9.847
Free Cash Flow ¹	-189	-926.1	-26.82	1,665	215.6	1,876	3,730	2,112
FCF margin	-3.97%	-13.14%	-0.35%	17.27%	2.01%	7.44%	11.52%	5.33%
FCF Conversion (EBITDA)	-	-	-	92.08%	7.16%	30.69%	50.13%	21.8%
FCF Conversion (Net income)	-	-	-	136.03%	9.88%	37.36%	58.44%	26.17%
Dividend per Share ²	0.0840	0.1210	0.2200	0.2000	0.4500	0.9540	1.168	1.658
Announcement Date	2/21/20	2/26/21	2/28/22	2/27/23	2/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S2	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	2025 Q1	2025 Q2
Net sales ¹	3,805	2,373	4,398	2,089	2,142	2,634	2,777	5,411	1,837	2,167	3,026	3,860	6,721	4,843	5,766	6,706	8,109	7,040	7,480
EBITDA ¹	-	455	-	-	-	603.4	-	-	-	-	-	-	-	-	1,563	1,658	1,998	1,534	-
EBIT ¹	559.2	350.2	591.5	233.1	291.6	409.7	393.1	802.7	269.9	443.6	755.3	1,568	1,789	1,170	1,325	1,550	1,888	1,548	1,646
Operating Margin	14.7%	14.76%	13.45%	11.16%	13.61%	15.55%	14.15%	14.84%	14.69%	20.47%	24.96%	40.63%	26.62%	24.16%	22.99%	23.12%	23.28%	21.99%	22%
Earnings before Tax (EBT) ¹	558	347.8	589.9	233.3	290	409.1	419.1	828.3	270.1	444.2	754.7	1,567	1,785	1,175	1,299	1,575	1,922	1,643	1,680
Net income ¹	500.3	316.9	536.2	217.4	275	360.1	371.5	731.5	249.9	363.8	682.1	1,328	1,567	1,009	1,136	1,311	1,611	1,380	1,484
Net margin	13.15%	13.35%	12.19%	10.41%	12.84%	13.67%	13.38%	13.52%	13.6%	16.79%	22.54%	34.42%	23.32%	20.84%	19.71%	19.55%	19.86%	19.6%	19.83%
EPS ²	0.7100	0.4200	0.7300	0.2700	0.3400	0.4500	0.4800	0.9300	0.3100	0.4500	0.8500	1.150	2.000	1.280	1.428	1.591	1.953	1.638	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.113	-	-
Announcement Date	2/26/21	2/28/22	2/28/22	4/24/22	8/25/22	10/28/22	2/27/23	2/27/23	4/23/23	8/27/23	10/22/23	2/28/24	2/28/24	4/21/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	162	1,147	-	-	-	-	-	-
Net Cash position ¹	-	-	938	862	2,377	2,230	6,629	5,964
Leverage (Debt/EBITDA)	0.1975 x	0.8627 x	-	-	-	-	-	-
Free Cash Flow ¹	-189	-926	-26.8	1,665	216	1,877	3,730	2,112
ROE (net income / shareholders' equity)	8.29%	11.7%	9.98%	10.3%	16.6%	27.4%	27.4%	26.3%
ROA (Net income/ Total Assets)	5.53%	7.18%	5.8%	-	-	20.4%	19.1%	20.6%
Assets ¹	9,285	12,054	15,133	-	-	24,581	33,426	39,126
Book Value Per Share ²	9.700	11.10	14.40	14.90	17.80	23.70	30.00	40.30
Cash Flow per Share ²	0.8000	0.0300	1.020	3.060	2.360	3.330	6.290	9.480
Capex ¹	758	948	832	784	1,682	1,296	896	1,455
Capex / Sales	15.94%	13.45%	10.81%	8.13%	15.68%	5.14%	2.77%	3.67%
Announcement Date	2/21/20	2/26/21	2/28/22	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 Zhongji Innolight Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

184.9 CNY

Average target price

191.6 CNY

Spread / Average Target

+3.64%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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