Financials Bestechnic (Shanghai) Co., Ltd.

Equities

688608

CNE100005XM1

Semiconductors

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-07-07 pm EDT			5-day change	1st Jan Change
145 ^CNY	+0.79%		-0.41%	-6.02%

Jul. 05	Certain A Shares of ANHUI HONGYU WUZHOU Medical Manufacturer Co.,LTD. are subject to a Lock-Up Agreement Ending on 5-JUL-2024.	CI
Apr. 23	Bestechnic Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	39,720	36,600	13,680	18,454	17,322	-	-
Enterprise Value (EV) ¹	39,720	35,159	11,960	15,919	17,322	17,322	17,322
P/E ratio	150 x	89.9 x	112 x	151 x	58.4 x	40.2 x	30.6 x
Yield	0.05%	0.11%	-	0.1%	0.19%	0.33%	0.5%
Capitalization / Revenue	37.4 x	20.7 x	9.21 x	8.48 x	6.12 x	4.88 x	3.9 x
EV / Revenue	37.4 x	20.7 x	9.21 x	8.48 x	6.12 x	4.88 x	3.9 x
EV / EBITDA	-	83.3 x	75.5 x	84 x	57 x	36.8 x	29.1 x
EV / FCF	-	-201 x	-	-	-88.8 x	-241 x	241 x
FCF Yield	-	-0.5%	-	-	-1.13%	-0.42%	0.42%
Price to Book	7.23 x	6.2 x	2.29 x	3.04 x	2.72 x	2.57 x	2.38 x
Nbr of stocks (in thousands)	120,000	120,000	120,000	119,622	119,467	-	-
Reference price ²	331.0	305.0	114.0	154.3	145.0	145.0	145.0
Announcement Date	2/21/21	2/22/22	2/27/23	2/20/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,061	1,765	1,485	2,176	2,830	3,549	4,445
EBITDA ¹	-	439.5	181.1	219.7	303.8	470.8	594.7
EBIT ¹	199.7	409.7	123.7	126.6	300.6	437.6	575.2
Operating Margin	18.82%	23.21%	8.33%	5.82%	10.62%	12.33%	12.94%
Earnings before Tax (EBT) ¹	199.9	409.8	124.1	124.4	300.3	437.7	574.9
Net income ¹	198.4	407.7	122.4	123.6	297.6	433.3	569.4
Net margin	18.7%	23.1%	8.24%	5.68%	10.52%	12.21%	12.81%
EPS ²	2.200	3.393	1.018	1.024	2.481	3.609	4.744
Free Cash Flow ¹	-	-182.3	-	-	-195	-72	72
FCF margin	-	-10.33%	-	-	-6.89%	-2.03%	1.62%
FCF Conversion (EBITDA)	-	-	-	-	-	-	12.11%
FCF Conversion (Net income)	-	-	-	-	-	-	12.64%
Dividend per Share ²	0.1680	0.3400	-	0.1600	0.2800	0.4800	0.7233
Announcement Date	2/21/21	2/22/22	2/27/23	2/20/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	-	287.2	400.2	482	315.4	797.4	383.6	526.5	653.9	612.2	653.2
EBITDA	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	22.39	58.36	-	-26.06	42.99	-0.7889	51.89	68.81	6.662	27.48
Operating Margin	-	7.8%	14.58%	-	-8.26%	5.39%	-0.21%	9.86%	10.52%	1.09%	4.21%
Earnings before Tax (EBT)	-	-	-	-	-26.04	43.01	-	-	-	-	-
Net income	-	-	58.59	-	-27.74	41.33	-	-	-	5.851	-
Net margin	-	-	14.64%	-	-8.8%	5.18%	-	-	-	0.96%	-
EPS ²	0.9400	0.1873	0.4900	0.5745	-0.2300	0.3400	-0.006300	0.4160	0.5689	0.0400	0.2281
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/22/22	4/25/22	8/29/22	10/27/22	2/27/23	2/27/23	4/27/23	8/22/23	10/24/23	2/20/24	4/23/24

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	1,441	1,720	2,535	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-182	-	-	-195	-72	72
ROE (net income / shareholders' equity)	31.5%	7.15%	2.06%	2.05%	4.64%	6.36%	7.8%
ROA (Net income/ Total Assets)	6.2%	6.73%	1.92%	1.91%	4.35%	5.86%	6.95%
Assets ¹	3,198	6,061	6,386	6,481	6,841	7,394	8,190
Book Value Per Share ²	45.80	49.20	49.70	50.80	53.20	56.50	60.80
Cash Flow per Share ²	2.330	-0.3600	-3.000	3.910	1.340	2.170	2.970
Capex ¹	25.7	139	147	194	46.2	97.3	116
Capex / Sales	2.42%	7.85%	9.93%	8.9%	1.63%	2.74%	2.62%
Announcement Date	2/21/21	2/22/22	2/27/23	2/20/24	-	-	-

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 Bestechnic (Shanghai) Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

145 CNY

Average target price

150.5 CNY

Spread / Average Target

+3.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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