Financials MeiG Smart Technology Co., Ltd

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-07-03 pm EDT			5-day change	1st Jan Change
18.51 ^CNY	-3.04%		-4.73%	-31.60%

Jun. 11	Huang Weidong completed the acquisition of 4.88% stake in MeiG Smart Technology Co., Ltd (SZSE : 002881) from Wang Cheng.	CI
May. 11	Huang Weidong agreed to acquire 4.88% stake in MeiG Smart Technology Co., Ltd (SZSE : 002881) from Wang Cheng for CNY 250 million	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,658	7,817	6,345	7,014	4,776	-	-
Enterprise Value (EV) ¹	3,658	7,817	6,345	7,014	4,776	4,776	4,776
P/E ratio	131 x	66.6 x	49.8 x	109 x	28.3 x	21.2 x	21.3 x
Yield	-	0.32%	0.37%	0.37%	0.54%	0.89%	0.54%
Capitalization / Revenue	3.26 x	3.97 x	2.75 x	3.27 x	1.71 x	1.16 x	1.12 x
EV / Revenue	3.26 x	3.97 x	2.75 x	3.27 x	1.71 x	1.16 x	1.12 x
EV / EBITDA	121 x	58.8 x	36 x	67 x	23.6 x	19.1 x	15.9 x
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	6.29 x	11.5 x	7.82 x	4.78 x	3.04 x	2.82 x	2.46 x
Nbr of stocks (in thousands)	239,901	236,990	237,382	259,207	258,010	-	-
Reference price ²	15.25	32.98	26.73	27.06	18.51	18.51	18.51
Announcement Date	4/8/21	4/8/22	4/25/23	4/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,121	1,969	2,306	2,147	2,791	4,135	4,255
EBITDA ¹	30.35	133	176	104.7	202.2	249.8	300.2
EBIT ¹	16.55	113.6	149.8	63.64	134.2	245.3	229.8
Operating Margin	1.48%	5.77%	6.5%	2.96%	4.81%	5.93%	5.4%
Earnings before Tax (EBT) ¹	15.08	113.6	149.6	63.13	133.9	245.4	229.6
Net income ¹	27.44	118.1	127.8	64.51	171.2	231.7	227.2
Net margin	2.45%	6%	5.54%	3%	6.14%	5.6%	5.34%
EPS ²	0.1164	0.4953	0.5371	0.2479	0.6540	0.8740	0.8700
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	0.1046	0.1000	0.1000	0.1000	0.1650	0.1000
Announcement Date	4/8/21	4/8/22	4/25/23	4/24/24	-	-	-

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)	4.86%	19.1%	17%	4.8%	11.7%	13.6%	11.5%
ROA (Net income/ Total Assets)	-	9.76%	7.4%	3.33%	7.21%	7.86%	8.66%
Assets ¹	-	1,211	1,727	1,936	2,375	2,948	2,624
Book Value Per Share ²	2.430	2.870	3.420	5.660	6.080	6.570	7.520
Cash Flow per Share ²	0.2900	-0.8300	0.1300	-0.1200	0.4700	0.5500	1.070
Capex ¹	-	0.06	61.5	88.4	60.4	63	57.2
Capex / Sales	-	0%	2.67%	4.12%	2.17%	1.52%	1.35%
Announcement Date	4/8/21	4/8/22	4/25/23	4/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

18.51 CNY

Average target price

25.58 CNY

Spread / Average Target

+38.22%

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