Financials BOE Technology Group Company Limited

Equities

000725

CNE0000016L5

Electronic Equipment & Parts

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
4.41 ^CNY	+2.56%		+0.68%	+13.08%

May. 07	TCL Unit Has No Plans to Build Production Line for OLED 8 Panels This Year	MT
Apr. 29	BOE Technology Group Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	156,287	203,667	190,318	127,106	143,790	162,500	-	-
Enterprise Value (EV) ¹	232,649	295,925	256,716	206,527	219,052	187,416	204,122	222,890
P/E ratio	90.8 x	46.2 x	7.11 x	17.8 x	65 x	26.7 x	15 x	12.2 x
Yield	0.44%	1.67%	4.16%	1.8%	0.77%	1.22%	2.17%	2.37%
Capitalization / Revenue	1.35 x	1.5 x	0.87 x	0.71 x	0.82 x	0.79 x	0.71 x	0.63 x
EV / Revenue	2 x	2.18 x	1.17 x	1.16 x	1.26 x	0.91 x	0.89 x	0.87 x
EV / EBITDA	12.1 x	10.4 x	3.71 x	6.02 x	6.05 x	3.67 x	3.76 x	3.69 x
EV / FCF	-9.97 x	-59.6 x	9.63 x	15.1 x	16.2 x	10.6 x	9.55 x	8.66 x
FCF Yield	-10%	-1.68%	10.4%	6.61%	6.19%	9.42%	10.5%	11.6%
Price to Book	1.66 x	2.34 x	1.36 x	1.01 x	1.15 x	1.22 x	1.16 x	1.11 x
Nbr of stocks (in thousands)	34,798,399	34,448,399	38,095,747	37,674,331	37,152,529	37,152,529	-	-
Reference price ²	4.540	6.000	5.050	3.380	3.900	4.410	4.410	4.410
Announcement Date	4/27/20	4/12/21	3/30/22	4/3/23	4/1/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	116,060	135,553	219,310	178,414	174,543	206,415	229,625	255,961
EBITDA ¹	19,262	28,484	69,184	34,314	36,195	51,053	54,260	60,429
EBIT ¹	398.7	6,044	34,543	-24.77	1,519	10,636	16,683	20,468
Operating Margin	0.34%	4.46%	15.75%	-0.01%	0.87%	5.15%	7.27%	8%
Earnings before Tax (EBT) ¹	503.8	6,093	34,620	51.22	1,833	8,923	15,289	20,705
Net income ¹	1,919	5,036	25,831	7,551	2,547	6,214	11,100	13,616
Net margin	1.65%	3.71%	11.78%	4.23%	1.46%	3.01%	4.83%	5.32%
EPS ²	0.0500	0.1300	0.7100	0.1900	0.0600	0.1653	0.2950	0.3602
Free Cash Flow ¹	-23,333	-4,964	26,670	13,650	13,557	17,658	21,373	25,752
FCF margin	-20.1%	-3.66%	12.16%	7.65%	7.77%	8.55%	9.31%	10.06%
FCF Conversion (EBITDA)	-	-	38.55%	39.78%	37.45%	34.59%	39.39%	42.62%
FCF Conversion (Net income)	-	-	103.25%	180.78%	532.17%	284.15%	192.55%	189.13%
Dividend per Share ²	0.0200	0.1000	0.2100	0.0610	0.0300	0.0536	0.0958	0.1043
Announcement Date	4/27/20	4/12/21	3/30/22	4/3/23	4/1/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	60,867	56,031	50,476	41,134	41,134	45,669	37,973	42,204	46,337	48,028	45,888	48,677	55,154	57,577	52,840
EBITDA ¹	-	9,408	13,427	5,456	12,976	-	-	-	-	-	-	13,045	14,838	13,789	11,190
EBIT ¹	-	5,060	4,251	5,110	-4,464	-372.8	-	39	503.5	2,026	586.3	2,873	4,501	3,986	2,668
Operating Margin	-	9.03%	8.42%	12.42%	-10.85%	-0.82%	-	0.09%	1.09%	4.22%	1.28%	5.9%	8.16%	6.92%	5.05%
Earnings before Tax (EBT) ¹	-	-	-	-	-	-383.5	-	-	-	2,122	634.7	3,368	4,700	4,901	2,917
Net income ¹	1,135	5,816	4,389	2,207	-1,305	2,260	-	488.5	286.3	1,525	983.8	1,435	2,180	2,086	1,867
Net margin	1.87%	10.38%	8.69%	5.37%	-3.17%	4.95%	-	1.16%	0.62%	3.18%	2.14%	2.95%	3.95%	3.62%	3.53%
EPS ²	-	0.1500	0.1130	0.0530	-0.0400	0.0600	0.003000	0.0170	0.0100	0.0400	0.0260	0.0466	0.0614	0.0602	0.0496
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/28/20	3/30/22	4/27/22	8/30/22	10/30/22	4/3/23	4/28/23	8/28/23	10/31/23	4/1/24	4/29/24	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	76,362	92,258	66,398	79,421	75,262	24,916	41,623	60,390
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.964 x	3.239 x	0.9597 x	2.315 x	2.079 x	0.488 x	0.7671 x	0.9994 x
Free Cash Flow ¹	-23,333	-4,964	26,670	13,650	13,557	17,658	21,373	25,752
ROE (net income / shareholders' equity)	2.12%	5.15%	23.8%	5.45%	1.89%	4.59%	7.61%	8.34%
ROA (Net income/ Total Assets)	0.6%	1.32%	5.48%	-	0.61%	1.38%	2.31%	2.94%
Assets ¹	322,223	382,356	471,557	-	419,193	450,415	480,662	463,930
Book Value Per Share ²	2.730	2.560	3.720	3.350	3.380	3.610	3.800	3.980
Cash Flow per Share ²	0.7500	1.130	1.740	1.130	1.020	1.240	1.370	1.280
Capex ¹	49,416	44,037	35,601	29,372	24,745	29,196	28,816	28,440
Capex / Sales	42.58%	32.49%	16.23%	16.46%	14.18%	14.14%	12.55%	11.11%
Announcement Date	4/27/20	4/12/21	3/30/22	4/3/23	4/1/24	-	-	-

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 BOE Technology Group Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.41 CNY

Average target price

5.245 CNY

Spread / Average Target

+18.94%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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