Financials Appotronics Corporation Limited

Equities

688007

CNE100003MQ0

Household Electronics

End-of-day quote Shanghai S.E. Other stock markets 23:00:00 25/04/2024 BST			5-day change	1st Jan Change
19.57 ^CNY	+2.46%		+3.44%	-24.38%

04-19	Appotronics Chairman Proposes Share Buyback of Up to 30 Million Yuan; Shares Down 4%	MT
04-17	Acceleration of Q1 GDP Boosts Chinese Stocks; CareRay Digital Medical Technology, Appotronics, Youon Technology Rise on Buyback Schemes	MT

Valuation

Fiscal Period: December	2019	2021	2022	2023	2024	2025
Capitalization ¹	12,508	15,552	11,350	11,939	9,036	-
Enterprise Value (EV) ¹	12,508	15,552	10,706	11,271	8,171	8,126
P/E ratio	61.6 x	67.4 x	95.6 x	118 x	51.2 x	28.8 x
Yield	-	0.31%	0.22%	0.27%	0.41%	0.87%
Capitalization / Revenue	6.32 x	6.23 x	4.47 x	5.39 x	3.56 x	2.35 x
EV / Revenue	6.32 x	6.23 x	4.21 x	5.09 x	3.22 x	2.11 x
EV / EBITDA	-	42.5 x	72.8 x	67.7 x	29.8 x	17.2 x
EV / FCF	-	-240 x	1,068 x	45.2 x	-430 x	106 x
FCF Yield	-	-0.42%	0.09%	2.21%	-0.23%	0.95%
Price to Book	-	6.38 x	4.29 x	4.24 x	3.16 x	2.79 x
Nbr of stocks (in thousands)	451,554	452,757	456,565	461,311	461,705	-
Reference price ²	27.70	34.35	24.86	25.88	19.57	19.57
Announcement Date	27/02/20	25/02/22	27/02/23	23/02/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2021	2022	2023	2024	2025
Net sales ¹	1,979	2,498	2,541	2,213	2,537	3,853
EBITDA ¹	-	365.6	147.1	166.5	274.1	471.3
EBIT ¹	-	237.7	13.39	35.63	138.5	358.5
Operating Margin	-	9.51%	0.53%	1.61%	5.46%	9.3%
Earnings before Tax (EBT) ¹	-	288.5	27.51	37.67	174.7	376.2
Net income ¹	176.9	233.4	119.4	103.2	164.8	312.7
Net margin	8.94%	9.34%	4.7%	4.66%	6.5%	8.12%
EPS ²	0.4500	0.5100	0.2600	0.2200	0.3825	0.6788
Free Cash Flow ¹	-	-64.68	10.02	249.4	-19	77
FCF margin	-	-2.59%	0.39%	11.27%	-0.75%	2%
FCF Conversion (EBITDA)	-	-	6.81%	149.73%	-	16.34%
FCF Conversion (Net income)	-	-	8.39%	241.67%	-	24.62%
Dividend per Share ²	-	0.1050	0.0540	0.0700	0.0800	0.1700
Announcement Date	27/02/20	25/02/22	27/02/23	23/02/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3
Net sales ¹	525.1	744.2	606.5	665.3	1,272	459	614.2	577.4	562.7	445	731.6	647.4
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	24.56	14.59	20.92	-46.69	-25.77	7.908	41.49	39.02	-52.78	54.6	86.37	60.91
Operating Margin	4.68%	1.96%	3.45%	-7.02%	-2.03%	1.72%	6.75%	6.76%	-9.38%	12.27%	11.81%	9.41%
Earnings before Tax (EBT)	-	-	-	-31.03	-10.3	-	-	-	-	-	-	-
Net income	-	-	-	28.08	73.47	-	-	-	-	-	-	-
Net margin	-	-	-	4.22%	5.78%	-	-	-	-	-	-	-
EPS ²	-	-	0.1000	0.0600	0.1600	0.0300	0.1300	0.1200	-0.0600	0.1000	0.2100	0.1700
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	21/06/22	19/08/22	28/10/22	27/02/23	27/02/23	27/04/23	17/08/23	26/10/23	23/02/24	27/04/24	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	-	-	645	667	864	910
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-	-64.7	10	249	-19	77
ROE (net income / shareholders' equity)	14.8%	10.3%	4.73%	3.81%	5.11%	10.3%
ROA (Net income/ Total Assets)	-	6.06%	2.83%	-	4.63%	5.65%
Assets ¹	-	3,850	4,215	-	3,557	5,535
Book Value Per Share ²	-	5.380	5.790	6.100	6.200	7.020
Cash Flow per Share ²	-	0.1300	0.3900	0.7900	1.050	0.3700
Capex ¹	-	120	167	115	126	122
Capex / Sales	-	4.79%	6.58%	5.18%	4.95%	3.16%
Announcement Date	27/02/20	25/02/22	27/02/23	23/02/24	-	-

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 Appotronics Corporation Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

19.57 CNY

Average target price

23 CNY

Spread / Average Target

+17.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Photographic Equipment

	1st Jan change	Capi.
APPOTRONICS CORPORATION LIMITED	-24.38%	1.25B
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NIKON CORPORATION	+15.15%	3.54B
GENIUS ELECTRONIC OPTICAL CO., LTD	+0.95%	1.47B
OPT MACHINE VISION TECH CO., LTD.	-34.88%	1.23B
NEXTVISION STABILIZED SYSTEMS, LTD.	+58.52%	999M
XIAMEN LEADING OPTICS CO., LTD.	-27.37%	987M
ABILITY OPTO-ELECTRONICS TECHNOLOGY CO.,LTD.	+16.47%	880M
TAMRON CO.,LTD.	+19.55%	833M
DONGGUAN YUTONG OPTICAL TECHNOLOGY CO.,LTD.	-14.87%	641M

Photographic Equipment