Financials Ecovacs Robotics Co., Ltd.

Equities

603486

CNE1000031N8

Appliances, Tools & Housewares

End-of-day quote Shanghai S.E. Other stock markets 23:00:00 29/04/2024 BST			5-day change	1st Jan Change
49.55 ^CNY	+8.47%		+16.86%	+19.57%

04-27	Ecovacs Robotics Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
2023	ECOVACS Group Inaugurates A New Office in Singapore	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	28,564	-	-
Enterprise Value (EV) ¹	11,453	49,941	83,741	39,369	20,471	24,390	24,124	23,031
P/E ratio	92.2 x	77.6 x	42.8 x	24.6 x	38.7 x	22.1 x	17 x	12.5 x
Yield	-	0.57%	0.73%	1.23%	0.72%	1.68%	1.94%	2.95%
Capitalization / Revenue	2.16 x	6.9 x	6.6 x	2.73 x	1.54 x	1.59 x	1.37 x	1.22 x
EV / Revenue	2.16 x	6.9 x	6.4 x	2.57 x	1.32 x	1.36 x	1.16 x	0.98 x
EV / EBITDA	45.5 x	58.3 x	34.8 x	19.5 x	22.3 x	14.7 x	11.8 x	8.09 x
EV / FCF	-	-	60.6 x	37.4 x	107 x	37.7 x	16.8 x	11.7 x
FCF Yield	-	-	1.65%	2.67%	0.93%	2.65%	5.95%	8.55%
Price to Book	4.63 x	16.1 x	17.4 x	6.63 x	3.72 x	3.77 x	3.22 x	2.77 x
Nbr of stocks (in thousands)	564,478	564,366	572,024	573,500	576,463	576,463	-	-
Reference price ²	20.29	88.49	151.0	72.94	41.44	49.55	49.55	49.55
Announcement Date	28/04/20	23/04/21	22/04/22	28/04/23	27/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,312	7,234	13,086	15,325	15,502	17,916	20,853	23,483
EBITDA ¹	252	856.4	2,409	2,021	917.4	1,658	2,042	2,847
EBIT ¹	141	727.5	2,256	1,817	635.9	1,392	1,817	2,450
Operating Margin	2.65%	10.06%	17.24%	11.86%	4.1%	7.77%	8.71%	10.43%
Earnings before Tax (EBT) ¹	144.4	731.6	2,253	1,827	653	1,419	1,833	2,521
Net income ¹	120.7	641.2	2,010	1,698	612.1	1,310	1,664	2,271
Net margin	2.27%	8.86%	15.36%	11.08%	3.95%	7.31%	7.98%	9.67%
EPS ²	0.2200	1.140	3.530	2.960	1.070	2.242	2.906	3.959
Free Cash Flow ¹	-	-	1,382	1,051	191.1	647	1,435	1,968
FCF margin	-	-	10.56%	6.86%	1.23%	3.61%	6.88%	8.38%
FCF Conversion (EBITDA)	-	-	57.36%	52.02%	20.83%	39.02%	70.29%	69.12%
FCF Conversion (Net income)	-	-	68.73%	61.91%	31.22%	49.39%	86.23%	86.66%
Dividend per Share ²	-	0.5000	1.100	0.9000	0.3000	0.8348	0.9611	1.463
Announcement Date	28/04/20	23/04/21	22/04/22	28/04/23	27/04/24	-	-	-

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	3,518	4,398	7,037	-	-
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%	8.18%	8.18%	8.18%	-	-
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%	-	7.95%	7.95%	7.95%	-	-
EPS ²	1.190	0.7400	0.7900	0.4300	1.000	-	0.5700	0.4500	1.020	0.0300	0.0200	0.5200	0.4851	0.3389	0.5754	-	-
Dividend per Share ²	1.100	-	-	-	0.9000	-	-	-	-	-	0.3000	-	-	-	1.092	-	-
Announcement Date	22/04/22	22/04/22	27/08/22	28/10/22	28/04/23	28/04/23	29/04/23	26/08/23	26/08/23	28/10/23	27/04/24	27/04/24	-	-	-	-	-

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	4,173	4,440	5,533
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	1,382	1,051	191	647	1,435	1,968
ROE (net income / shareholders' equity)	4.92%	22.9%	50.9%	30.5%	9.51%	18.5%	20%	22.9%
ROA (Net income/ Total Assets)	-	12.2%	23.8%	14.1%	-	8.88%	10%	12.4%
Assets ¹	-	5,247	8,441	12,015	-	14,752	16,632	18,305
Book Value Per Share ²	4.390	5.490	8.700	11.00	11.20	13.10	15.40	17.90
Cash Flow per Share ²	0.4600	2.120	3.070	3.010	1.890	2.490	3.680	3.550
Capex ¹	-	130	376	676	900	658	548	658
Capex / Sales	-	1.8%	2.87%	4.41%	5.81%	3.67%	2.63%	2.8%
Announcement Date	28/04/20	23/04/21	22/04/22	28/04/23	27/04/24	-	-	-

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 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

49.55 CNY

Average target price

51.81 CNY

Spread / Average Target

+4.57%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Household Appliances

	1st Jan change	Capi.
ECOVACS ROBOTICS CO., LTD.	+19.57%	3.95B
GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI	+30.93%	32.13B
BEIJING ROBOROCK TECHNOLOGY CO., LTD.	+50.21%	7.71B
HISENSE HOME APPLIANCES GROUP CO., LTD.	+89.61%	6.75B
WHIRLPOOL CORPORATION	-21.52%	5.16B
ARÇELIK ANONIM SIRKETI	+35.02%	3.31B
RINNAI CORPORATION	+3.43%	3.15B
HANGZHOU ROBAM APPLIANCES CO., LTD.	+8.77%	3.09B
COWAY CO., LTD.	+0.35%	3.02B
SHANGHAI FLYCO ELECTRICAL APPLIANCE CO., LTD.	-8.16%	2.79B

Household Appliances