Financials Suzhou Veichi Electric Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 18:00:00 2024-05-30 EDT			5-day change	1st Jan Change
28.68 ^CNY	+3.09%		+5.67%	-21.06%

05-06	Dalai Tianlu No. 2 Private Securities Investment Fund managed by Shenzhen Qianhai Dalai Private Securities Fund Management Co., Ltd agreed to acquire 5% stake in Suzhou Veichi Electric Co., Ltd. from Shenzhen Veichi Electric Co. Ltd for approximately CNY 240 million.	CI
04-29	Suzhou Veichi Electric Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,220	4,828	3,728	7,639	6,030	-	-
Enterprise Value (EV) ¹	3,220	4,828	3,728	7,639	6,030	6,030	6,030
P/E ratio	27.5 x	38.3 x	26.6 x	35.6 x	22.7 x	15.7 x	13.2 x
Yield	-	-	1.21%	0.77%	0.94%	1.83%	-
Capitalization / Revenue	-	5.9 x	4.11 x	5.85 x	3.53 x	2.65 x	2.19 x
EV / Revenue	-	5.9 x	4.11 x	5.85 x	3.53 x	2.65 x	2.19 x
EV / EBITDA	-	33.2 x	23.4 x	34.6 x	19 x	13.4 x	9.53 x
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	-	5.58 x	3.8 x	3.96 x	2.81 x	2.88 x	2.16 x
Nbr of stocks (in thousands)	180,000	180,000	180,000	210,259	210,259	-	-
Reference price ²	17.89	26.82	20.71	36.33	28.68	28.68	28.68
Announcement Date	2/25/21	2/25/22	2/20/23	2/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	818.9	906	1,305	1,708	2,272	2,749
EBITDA ¹	-	145.3	159	220.6	316.8	451	633
EBIT ¹	-	130.3	141.6	197.1	274.5	385.3	494
Operating Margin	-	15.92%	15.63%	15.11%	16.07%	16.96%	17.97%
Earnings before Tax (EBT) ¹	-	136.9	147.2	198.7	277.5	388.6	497
Net income ¹	87.56	126.7	139.9	191	266	369.9	457
Net margin	-	15.48%	15.44%	14.64%	15.57%	16.28%	16.62%
EPS ²	0.6500	0.7000	0.7800	1.020	1.265	1.832	2.180
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	-	0.2500	0.2800	0.2700	0.5250	-
Announcement Date	2/25/21	2/25/22	2/20/23	2/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	15.6%	15.2%	15.1%	12.7%	19.3%	16.4%
ROA (Net income/ Total Assets)	-	-	10.2%	9.52%	9.05%	11%	10.7%
Assets ¹	-	-	1,370	2,007	2,939	3,370	4,271
Book Value Per Share ²	-	4.810	5.450	9.180	10.20	9.970	13.30
Cash Flow per Share ²	-	0.1700	1.000	0.0300	1.090	0.9700	-
Capex ¹	-	41.1	90	182	254	227	200
Capex / Sales	-	5.02%	9.94%	13.98%	14.85%	9.99%	7.28%
Announcement Date	2/25/21	2/25/22	2/20/23	2/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

28.68 CNY

Average target price

41.17 CNY

Spread / Average Target

+43.54%

	1st Jan change	Capi.
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