Financials Accelink Technologies Co,Ltd.

Equities

002281

CNE100000F87

Electronic Equipment & Parts

End-of-day quote Shenzhen S.E. Other stock markets 23:00:00 29/04/2024 BST			5-day change	1st Jan Change
37.63 ^CNY	-0.19%		+12.56%	+32.04%

04-26	Accelink Technologies Co,Ltd. Proposes Final Cash Dividend for 2023	CI
04-25	Accelink Technologies Co,Ltd. 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	20,162	20,266	16,289	10,975	22,635	29,886	-	-
Enterprise Value (EV) ¹	18,705	17,924	14,057	9,364	19,385	27,345	26,670	29,886
P/E ratio	55.1 x	39.8 x	27.4 x	18.1 x	36.1 x	37.4 x	31.6 x	21.6 x
Yield	0.57%	0.59%	0.73%	1.08%	0.84%	0.82%	0.77%	1.44%
Capitalization / Revenue	3.78 x	3.35 x	2.51 x	1.59 x	3.73 x	3.92 x	3.25 x	2.39 x
EV / Revenue	3.5 x	2.96 x	2.17 x	1.35 x	3.2 x	3.59 x	2.9 x	2.39 x
EV / EBITDA	34.8 x	24.9 x	15.8 x	9.71 x	20.2 x	24 x	21.3 x	15 x
EV / FCF	-384 x	26.2 x	43 x	44.2 x	51 x	133 x	33.3 x	-
FCF Yield	-0.26%	3.81%	2.33%	2.26%	1.96%	0.75%	3.01%	-
Price to Book	4.47 x	4.04 x	2.94 x	1.79 x	2.68 x	3.3 x	3.23 x	2.73 x
Nbr of stocks (in thousands)	677,032	697,852	699,409	698,175	794,202	794,202	-	-
Reference price ²	29.78	29.04	23.29	15.72	28.50	37.63	37.63	37.63
Announcement Date	14/04/20	13/04/21	14/04/22	25/04/23	25/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,338	6,046	6,486	6,912	6,061	7,622	9,201	12,484
EBITDA ¹	537.9	718.5	891.8	963.9	959.5	1,141	1,253	1,991
EBIT ¹	359.7	497.4	620.4	686	656.9	885	1,017	1,514
Operating Margin	6.74%	8.23%	9.56%	9.93%	10.84%	11.61%	11.05%	12.13%
Earnings before Tax (EBT) ¹	360	497.8	620	684.9	677.1	885	1,051	1,514
Net income ¹	357.7	487.4	567.3	608.4	619.3	798	942.5	1,386
Net margin	6.7%	8.06%	8.75%	8.8%	10.22%	10.47%	10.24%	11.1%
EPS ²	0.5400	0.7300	0.8500	0.8700	0.7900	1.005	1.189	1.740
Free Cash Flow ¹	-48.66	683.5	326.8	212.1	380.1	206	802	-
FCF margin	-0.91%	11.3%	5.04%	3.07%	6.27%	2.7%	8.72%	-
FCF Conversion (EBITDA)	-	95.13%	36.65%	22%	39.61%	18.05%	64.02%	-
FCF Conversion (Net income)	-	140.23%	57.61%	34.86%	61.37%	25.81%	85.1%	-
Dividend per Share ²	0.1700	0.1700	0.1700	0.1700	0.2400	0.3100	0.2913	0.5400
Announcement Date	14/04/20	13/04/21	14/04/22	25/04/23	25/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales	2,859	2,558	1,757	3,349	1,712	1,830	1,738	1,631	3,370	-	-	-	1,734	3,246	-	-	-	-
EBITDA	-	-	-	-	222.9	-	324.7	-	-	-	-	-	-	-	-	-	-	-
EBIT	213	-	147.1	311.2	149.2	177.9	198.8	160.1	359	-	-	-	231.9	425.1	-	-	-	-
Operating Margin	7.45%	-	8.37%	9.29%	8.71%	9.72%	11.44%	9.82%	10.65%	-	-	-	13.37%	13.1%	-	-	-	-
Earnings before Tax (EBT)	213.1	-	146.2	310.5	148.7	178	199.1	159	358.2	-	-	-	231.5	424	-	-	-	-
Net income	213.8	209.3	110.9	274.6	143.1	167.9	181.1	116.3	297.4	-	-	-	204.9	380.4	-	-	-	-
Net margin	7.48%	8.18%	6.31%	8.2%	8.36%	9.17%	10.42%	7.13%	8.83%	-	-	-	11.82%	11.72%	-	-	-	-
EPS ¹	0.3200	-	0.1700	0.4100	0.2100	0.2600	0.2700	0.1300	0.4000	0.1300	0.1900	0.2700	0.2000	0.4700	0.1000	0.2300	0.2200	0.3500
Dividend per Share	-	-	0.1700	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	14/04/20	25/08/20	14/04/22	14/04/22	21/04/22	25/08/22	27/10/22	25/04/23	25/04/23	25/04/23	25/08/23	27/10/23	25/04/24	25/04/24	25/04/24	-	-	-

¹CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,457	2,342	2,233	1,611	3,250	2,541	3,216	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-48.7	683	327	212	380	206	802	-
ROE (net income / shareholders' equity)	8.83%	10.2%	10.7%	10.4%	8%	9%	10.8%	12.7%
ROA (Net income/ Total Assets)	5.37%	6.13%	6.29%	6.14%	-	6.21%	6.87%	8.2%
Assets ¹	6,657	7,955	9,016	9,903	-	12,861	13,718	16,902
Book Value Per Share ²	6.660	7.200	7.920	8.760	10.60	11.40	11.60	13.80
Cash Flow per Share ²	0.3900	1.320	0.9600	0.9200	1.320	1.090	1.320	1.510
Capex ¹	315	236	346	427	670	579	377	288
Capex / Sales	5.9%	3.9%	5.34%	6.18%	11.06%	7.59%	4.09%	2.31%
Announcement Date	14/04/20	13/04/21	14/04/22	25/04/23	25/04/24	-	-	-

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 Accelink Technologies Co,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

37.63 CNY

Average target price

32.18 CNY

Spread / Average Target

-14.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electronic Component

	1st Jan change	Capi.
ACCELINK TECHNOLOGIES CO,LTD.	+32.04%	4.13B
AMPHENOL CORPORATION	+22.06%	71.63B
HON HAI PRECISION INDUSTRY CO., LTD.	+49.28%	66.41B
MURATA MANUFACTURING CO., LTD	-6.52%	34.47B
LUXSHARE PRECISION INDUSTRY CO., LTD.	-15.24%	28.95B
JABIL INC.	-9.53%	13.79B
AVIC JONHON OPTRONIC TECHNOLOGY CO.,LTD.	-11.85%	10.06B
LENS TECHNOLOGY CO., LTD.	+8.41%	9.77B
SUZHOU TFC OPTICAL COMMUNICATION CO., LTD.	+76.30%	8.8B
EOPTOLINK TECHNOLOGY INC., LTD.	+75.39%	8.48B

Electronic Component