Financials AAC Technologies Holdings Inc. Börse Stuttgart

Equities

A2XN

KYG2953R1149

Electronic Equipment & Parts

Market Closed - Börse Stuttgart Other stock markets 04:31:19 2024-07-12 am EDT			5-day change	1st Jan Change
3.74 ^EUR	-6.50%		+6.95%	+51.52%

May. 23	AAC Technologies Holdings Inc. Approves Final Dividend for the Year Ended 31 December 2023, Payable on June 20, 2024	CI
Mar. 22	Jefferies Adjusts AAC Technologies Holdings’ Price Target to HK$28.00 From HK$17.77, Keeps at Buy	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	73,440	44,144	30,329	18,924	25,272	35,835	-	-
Enterprise Value (EV) ¹	76,746	45,007	34,083	21,416	27,257	36,458	33,424	35,500
P/E ratio	33 x	29.2 x	23 x	23.9 x	35.1 x	24 x	19.1 x	16.1 x
Yield	0.6%	0.69%	0.65%	0.76%	0.47%	0.66%	0.85%	1.22%
Capitalization / Revenue	4.11 x	2.58 x	1.72 x	0.92 x	1.24 x	1.39 x	1.24 x	1.12 x
EV / Revenue	4.29 x	2.63 x	1.93 x	1.04 x	1.33 x	1.41 x	1.16 x	1.11 x
EV / EBITDA	16.9 x	11.8 x	8.07 x	5.7 x	6.52 x	8.03 x	6.56 x	6.7 x
EV / FCF	74.4 x	-68.5 x	-29.7 x	8.19 x	8.34 x	18 x	11.1 x	12.9 x
FCF Yield	1.34%	-1.46%	-3.36%	12.2%	12%	5.56%	9.01%	7.76%
Price to Book	3.8 x	2.09 x	1.39 x	0.87 x	1.15 x	1.51 x	1.4 x	1.33 x
Nbr of stocks (in thousands)	1,208,500	1,208,500	1,208,500	1,201,045	1,198,500	1,198,500	-	-
Reference price ²	60.77	36.53	25.10	15.76	21.09	29.90	29.90	29.90
Announcement Date	3/25/20	3/25/21	3/23/22	3/23/23	3/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,884	17,140	17,667	20,625	20,419	25,830	28,862	31,908
EBITDA ¹	4,534	3,827	4,224	3,760	4,183	4,540	5,093	5,298
EBIT ¹	2,472	1,350	1,483	745.4	457.1	1,684	2,150	2,495
Operating Margin	13.82%	7.88%	8.39%	3.61%	2.24%	6.52%	7.45%	7.82%
Earnings before Tax (EBT) ¹	2,552	1,648	1,413	860.7	822.9	1,692	2,134	2,500
Net income ¹	2,222	1,507	1,316	821	740	1,476	1,860	2,214
Net margin	12.43%	8.79%	7.45%	3.98%	3.62%	5.72%	6.44%	6.94%
EPS ²	1.840	1.250	1.090	0.6600	0.6000	1.243	1.563	1.860
Free Cash Flow ¹	1,031	-656.6	-1,146	2,614	3,269	2,027	3,010	2,754
FCF margin	5.76%	-3.83%	-6.49%	12.67%	16.01%	7.85%	10.43%	8.63%
FCF Conversion (EBITDA)	22.74%	-	-	69.51%	78.14%	44.64%	59.11%	51.97%
FCF Conversion (Net income)	46.39%	-	-	318.36%	441.71%	137.3%	161.84%	124.38%
Dividend per Share ²	0.3668	0.2528	0.1629	0.1200	0.1000	0.1969	0.2546	0.3636
Announcement Date	3/25/20	3/25/21	3/23/22	3/23/23	3/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q2	2023 S1	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2	2026 S1
Net sales ¹	10,316	4,246	4,812	4,896	4,520	5,373	5,840	-	9,219	-	11,200	5,291	5,732	11,265	7,006	7,272	15,056	5,962	13,342	16,793	14,601
EBITDA	-	814.4	898.1	873.5	790.1	881.9	-	-	-	-	2,324	-	-	1,915	-	-	2,576	-	-	-	-
EBIT ¹	1,630	239.4	261.3	239.3	155.9	247.7	102.5	-	-29.25	-	486.4	152	238	542.2	627	696	1,189	308	716.5	1,465	805
Operating Margin	15.8%	5.64%	5.43%	4.89%	3.45%	4.61%	1.76%	-	-0.32%	-	4.34%	2.87%	4.15%	4.81%	8.95%	9.57%	7.9%	5.17%	5.37%	8.72%	5.51%
Earnings before Tax (EBT) ¹	1,665	182.9	248.3	247.7	176.8	271.1	165.1	-	174.8	-	648	192	278	524.5	667	736	1,188	348	616.5	1,580	-
Net income ¹	1,453	183	212	205.3	145	234	237	-	150.3	-	590	167	241	484.3	581	640	1,017	303	622.7	1,290	844
Net margin	14.08%	4.31%	4.41%	4.19%	3.21%	4.36%	4.06%	-	1.63%	-	5.27%	3.16%	4.2%	4.3%	8.29%	8.8%	6.76%	5.08%	4.67%	7.68%	5.78%
EPS ²	1.200	0.1500	0.1800	0.1700	0.1200	0.2000	0.1700	-	0.1100	-	0.4900	0.1400	0.2100	0.4034	0.4900	0.5500	0.8583	0.2600	0.5267	1.083	0.7000
Dividend per Share	-	-	-	-	-	-	-	-	-	0.1000	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/25/20	11/11/21	3/23/22	5/12/22	8/24/22	11/10/22	3/23/23	8/24/23	8/24/23	3/21/24	3/21/24	-	-	-	-	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,306	863	3,754	2,493	1,985	623	-	-
Net Cash position ¹	-	-	-	-	-	-	2,411	335
Leverage (Debt/EBITDA)	0.7292 x	0.2255 x	0.8888 x	0.6629 x	0.4746 x	0.1373 x	-	-
Free Cash Flow ¹	1,031	-657	-1,146	2,614	3,269	2,027	3,010	2,754
ROE (net income / shareholders' equity)	11.6%	5.97%	6.13%	3.78%	3.4%	6.5%	7.7%	8.4%
ROA (Net income/ Total Assets)	6.94%	4.12%	3.25%	1.99%	1.87%	3.62%	4.3%	4.78%
Assets ¹	32,038	36,559	40,467	41,167	39,608	40,773	43,284	46,331
Book Value Per Share ²	16.00	17.50	18.00	18.00	18.30	19.90	21.30	22.50
Cash Flow per Share ²	3.180	2.970	1.820	3.640	3.920	2.790	3.450	3.800
Capex ¹	2,813	4,249	3,342	1,758	1,364	1,671	1,730	1,901
Capex / Sales	15.73%	24.79%	18.92%	8.53%	6.68%	6.47%	5.99%	5.96%
Announcement Date	3/25/20	3/25/21	3/23/22	3/23/23	3/21/24	-	-	-

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 AAC Technologies Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

29.9 CNY

Average target price

27.08 CNY

Spread / Average Target

-9.42%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electronic Component

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Electronic Component