Financials Aisino Co.Ltd.

Equities

600271

CNE000001FB1

Integrated Hardware & Software

End-of-day quote Shanghai S.E. Other stock markets 23:00:00 25/04/2024 BST			5-day change	1st Jan Change
9.23 ^CNY	+2.56%		+3.82%	-13.25%

04-15	Aisino Co.Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
02-22	Consortium With Aisino Inks HK$3.01 Billion Trade Single Window Project Deal With Hong Kong's Commerce Department	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	43,155	23,346	24,810	19,289	19,715	17,102	-
Enterprise Value (EV) ¹	36,947	15,795	17,854	12,165	19,715	17,102	17,102
P/E ratio	30.3 x	22.6 x	24.2 x	17.9 x	96.7 x	18.1 x	14.4 x
Yield	0.99%	1.33%	1.24%	1.68%	-	-	-
Capitalization / Revenue	1.27 x	1.07 x	1.06 x	1 x	1.57 x	0.84 x	0.75 x
EV / Revenue	1.27 x	1.07 x	1.06 x	1 x	1.57 x	0.84 x	0.75 x
EV / EBITDA	13.2 x	8.21 x	7.81 x	6.47 x	13.7 x	6.46 x	5.51 x
EV / FCF	48,049,839 x	10,934,109 x	-	-	-	-	-
FCF Yield	0%	0%	-	-	-	-	-
Price to Book	3.62 x	1.92 x	1.86 x	1.36 x	1.4 x	1.08 x	1.01 x
Nbr of stocks (in thousands)	1,862,518	1,852,849	1,852,885	1,852,885	1,852,885	1,852,885	-
Reference price ²	23.17	12.60	13.39	10.41	10.64	9.230	9.230
Announcement Date	25/04/20	30/03/21	30/03/22	30/03/23	15/04/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	33,904	21,813	23,516	19,314	12,575	20,293	22,869
EBITDA ¹	3,277	2,844	3,178	2,983	1,439	2,649	3,104
EBIT ¹	2,923	2,414	2,693	2,442	837.6	2,299	2,775
Operating Margin	8.62%	11.07%	11.45%	12.64%	6.66%	11.33%	12.13%
Earnings before Tax (EBT) ¹	2,984	2,393	2,705	2,423	774.7	2,294	2,764
Net income ¹	1,425	1,034	1,025	1,079	202.7	949.5	1,177
Net margin	4.2%	4.74%	4.36%	5.59%	1.61%	4.68%	5.15%
EPS ²	0.7651	0.5564	0.5530	0.5823	0.1100	0.5100	0.6400
Free Cash Flow	898.1	2,135	-	-	-	-	-
FCF margin	2.65%	9.79%	-	-	-	-	-
FCF Conversion (EBITDA)	27.41%	75.08%	-	-	-	-	-
FCF Conversion (Net income)	63.03%	206.57%	-	-	-	-	-
Dividend per Share	0.2300	0.1680	0.1660	0.1750	-	-	-
Announcement Date	25/04/20	30/03/21	30/03/22	30/03/23	15/04/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3
Net sales ¹	4,968	9,360	4,229	-	4,093
EBITDA	-	1,337	-	-	-
EBIT ¹	518.9	1,189	351.1	-	334.4
Operating Margin	10.44%	12.7%	8.3%	-	8.17%
Earnings before Tax (EBT) ¹	515.8	1,178	350.1	-	334.7
Net income ¹	168.6	494.7	60.17	231.5	68.62
Net margin	3.39%	5.29%	1.42%	-	1.68%
EPS ²	0.0900	0.2600	0.0325	0.1249	0.0300
Dividend per Share ²	-	0.1660	-	-	-
Announcement Date	29/10/21	30/03/22	29/04/22	19/08/22	28/10/22

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	6,208	7,551	6,957	7,124	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	898	2,135	-	-	-	-	-
ROE (net income / shareholders' equity)	12.7%	8.88%	7.96%	7.9%	1.45%	9.18%	10%
ROA (Net income/ Total Assets)	6.39%	4.37%	4.37%	4.64%	-	-	-
Assets ¹	22,297	23,653	23,473	23,243	-	-	-
Book Value Per Share ²	6.400	6.560	7.210	7.640	7.580	8.520	9.160
Cash Flow per Share ²	0.8100	1.680	1.010	1.010	0.4700	0.2900	2.280
Capex ¹	601	984	806	573	642	440	522
Capex / Sales	1.77%	4.51%	3.43%	2.97%	5.1%	2.17%	2.28%
Announcement Date	25/04/20	30/03/21	30/03/22	30/03/23	15/04/24	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Aisino Co.Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

9.23 CNY

Average target price

14.21 CNY

Spread / Average Target

+53.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Integrated Hardware & Software