Financials Ecovacs Robotics Co., Ltd.

Equities

603486

CNE1000031N8

Appliances, Tools & Housewares

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-07-11 pm EDT			5-day change	1st Jan Change
42.67 ^CNY	-0.54%		-3.26%	+2.97%

Jun. 14	Ecovacs Robotics Co., Ltd.(SHSE:603486) dropped from SSE 180 Index	CI
Jun. 14	Ecovacs Robotics Co., Ltd.(SHSE:603486) dropped from Shanghai Stock Exchange 180 Value Index	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,453	49,941	86,347	41,831	23,889	24,461	-	-
Enterprise Value (EV) ¹	11,453	49,941	83,741	39,369	20,471	20,289	19,760	18,987
P/E ratio	92.2 x	77.6 x	42.8 x	24.6 x	38.7 x	19.1 x	14.7 x	12 x
Yield	-	0.57%	0.73%	1.23%	0.72%	1.72%	2.3%	2.94%
Capitalization / Revenue	2.16 x	6.9 x	6.6 x	2.73 x	1.54 x	1.38 x	1.22 x	1.09 x
EV / Revenue	2.16 x	6.9 x	6.4 x	2.57 x	1.32 x	1.15 x	0.98 x	0.84 x
EV / EBITDA	45.5 x	58.3 x	34.8 x	19.5 x	22.3 x	12.1 x	9.15 x	7.17 x
EV / FCF	-	-	60.6 x	37.4 x	107 x	20.7 x	18.4 x	11.3 x
FCF Yield	-	-	1.65%	2.67%	0.93%	4.83%	5.44%	8.82%
Price to Book	4.63 x	16.1 x	17.4 x	6.63 x	3.72 x	3.25 x	2.8 x	2.39 x
Nbr of stocks (in thousands)	564,478	564,366	572,024	573,500	576,463	573,251	-	-
Reference price ²	20.29	88.49	151.0	72.94	41.44	42.67	42.67	42.67
Announcement Date	4/28/20	4/23/21	4/22/22	4/28/23	4/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,312	7,234	13,086	15,325	15,502	17,704	20,075	22,509
EBITDA ¹	252	856.4	2,409	2,021	917.4	1,674	2,159	2,649
EBIT ¹	141	727.5	2,256	1,817	635.9	1,457	1,877	2,316
Operating Margin	2.65%	10.06%	17.24%	11.86%	4.1%	8.23%	9.35%	10.29%
Earnings before Tax (EBT) ¹	144.4	731.6	2,253	1,827	653	1,412	1,831	2,264
Net income ¹	120.7	641.2	2,010	1,698	612.1	1,287	1,667	2,051
Net margin	2.27%	8.86%	15.36%	11.08%	3.95%	7.27%	8.3%	9.11%
EPS ²	0.2200	1.140	3.530	2.960	1.070	2.237	2.899	3.566
Free Cash Flow ¹	-	-	1,382	1,051	191.1	979	1,074	1,674
FCF margin	-	-	10.56%	6.86%	1.23%	5.53%	5.35%	7.44%
FCF Conversion (EBITDA)	-	-	57.36%	52.02%	20.83%	58.47%	49.77%	63.2%
FCF Conversion (Net income)	-	-	68.73%	61.91%	31.22%	76.09%	64.47%	81.61%
Dividend per Share ²	-	0.5000	1.100	0.9000	0.3000	0.7330	0.9817	1.252
Announcement Date	4/28/20	4/23/21	4/22/22	4/28/23	4/27/24	-	-	-

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 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	4,842	3,201	3,621	3,302	5,200	8,502	3,236	3,908	7,144	3,387	4,971	3,474	3,898	4,150	6,436	-	-
EBITDA ¹	729.6	-	460	300.6	-	-	-	-	-	-	-	-	413.4	485.4	701.2	-	-
EBIT ¹	752.4	469.1	453.6	199	599.5	838.8	357.6	289.5	647.1	61.37	-	312.6	287.7	359.7	575.5	-	-
Operating Margin	15.54%	14.65%	12.53%	6.03%	11.53%	9.87%	11.05%	7.41%	9.06%	1.81%	-	9%	7.38%	8.67%	8.94%	-	-
Earnings before Tax (EBT) ¹	744.1	-	510.4	-	601.5	842.9	-	293.9	653.9	7.382	-8.315	-	310.5	388.2	621.1	-	-
Net income ¹	679.8	-	453.3	-	576.2	821.5	-	257.9	584.1	19.61	8.388	-	279.8	349.8	559.6	-	-
Net margin	14.04%	-	12.52%	-	11.08%	9.66%	-	6.6%	8.18%	0.58%	0.17%	-	7.18%	8.43%	8.69%	-	-
EPS ²	1.190	0.7400	0.7900	0.4300	1.000	-	0.5700	0.4500	1.020	0.0300	0.0200	0.5200	0.5385	0.3589	0.5069	-	-
Dividend per Share ²	1.100	-	-	-	0.9000	-	-	-	-	-	0.3000	-	-	-	1.092	-	-
Announcement Date	4/22/22	4/22/22	8/27/22	10/28/22	4/28/23	4/28/23	4/29/23	8/26/23	8/26/23	10/28/23	4/27/24	4/27/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	-	2,606	2,462	3,418	4,171	4,701	5,473
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	1,382	1,051	191	979	1,074	1,674
ROE (net income / shareholders' equity)	4.92%	22.9%	50.9%	30.5%	9.51%	17.8%	19.9%	21.1%
ROA (Net income/ Total Assets)	-	12.2%	23.8%	14.1%	4.59%	8.74%	10.3%	11.6%
Assets ¹	-	5,247	8,441	12,015	13,348	14,729	16,183	17,627
Book Value Per Share ²	4.390	5.490	8.700	11.00	11.20	13.10	15.30	17.90
Cash Flow per Share ²	0.4600	2.120	3.070	3.010	1.890	2.420	3.340	3.970
Capex ¹	-	130	376	676	900	696	574	579
Capex / Sales	-	1.8%	2.87%	4.41%	5.81%	3.93%	2.86%	2.57%
Announcement Date	4/28/20	4/23/21	4/22/22	4/28/23	4/27/24	-	-	-

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 Ecovacs Robotics Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

42.67 CNY

Average target price

54.31 CNY

Spread / Average Target

+27.28%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Household Appliances

	1st Jan change	Capi.
ECOVACS ROBOTICS CO., LTD.	+2.97%	3.37B
GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI	+20.83%	29.61B
BEIJING ROBOROCK TECHNOLOGY CO., LTD.	+33.10%	6.83B
WHIRLPOOL CORPORATION	-9.79%	6B
RINNAI CORPORATION	+13.89%	3.35B
COWAY CO., LTD.	+13.64%	3.43B
ARÇELIK ANONIM SIRKETI	+32.76%	3.13B
HANGZHOU ROBAM APPLIANCES CO., LTD.	-2.16%	2.76B
SHANGHAI FLYCO ELECTRICAL APPLIANCE CO., LTD.	-28.50%	2.17B
KINGCLEAN ELECTRIC CO.,LTD	-1.97%	1.73B

Household Appliances