Financials Micro-Tech (Nanjing) Co.,Ltd

Equities

End-of-day quote Shanghai S.E. Other stock markets 23:00:00 09/05/2024 BST			5-day change	1st Jan Change
73.83 ^CNY	-1.66%		+1.61%	-23.73%

04-25	Micro-Tech Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-02	Tranche Update on Micro-Tech Co.,Ltd's Equity Buyback Plan announced on February 5, 2024.	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	21,414	24,536	28,444	15,379	18,184	13,869	-	-
Enterprise Value (EV) ¹	21,414	24,536	28,444	15,379	18,184	13,869	13,869	13,869
P/E ratio	60.1 x	94.1 x	88.5 x	46.9 x	37.3 x	22.6 x	18 x	14.4 x
Yield	-	0.33%	0.35%	0.67%	1.03%	1.39%	1.73%	1.56%
Capitalization / Revenue	16.4 x	18.5 x	14.6 x	7.77 x	7.53 x	4.77 x	3.84 x	3.19 x
EV / Revenue	16.4 x	18.5 x	14.6 x	7.77 x	7.53 x	4.77 x	3.84 x	3.19 x
EV / EBITDA	62 x	77.7 x	65.2 x	37.4 x	29 x	19.3 x	15.2 x	11.3 x
EV / FCF	-	-	-	396 x	62.2 x	16 x	235 x	61.9 x
FCF Yield	-	-	-	0.25%	1.61%	6.25%	0.43%	1.62%
Price to Book	8.65 x	9.4 x	9.66 x	4.78 x	5.03 x	3.43 x	2.96 x	2.61 x
Nbr of stocks (in thousands)	186,676	186,676	187,246	187,246	187,847	187,847	-	-
Reference price ²	114.7	131.4	151.9	82.13	96.80	73.83	73.83	73.83
Announcement Date	28/02/20	27/02/21	25/02/22	27/02/23	22/02/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,307	1,326	1,947	1,980	2,416	2,906	3,614	4,346
EBITDA ¹	345.3	315.8	436.6	411.1	627.8	719.2	912.3	1,225
EBIT ¹	351.4	282.2	367.2	364.2	560.6	708.4	884.6	1,118
Operating Margin	26.87%	21.28%	18.86%	18.39%	23.2%	24.38%	24.47%	25.72%
Earnings before Tax (EBT) ¹	358.8	301	377.3	367.9	571.2	717.4	893.4	1,128
Net income ¹	303.6	260.8	324.8	330.6	487	614.2	770.6	960
Net margin	23.22%	19.66%	16.68%	16.7%	20.16%	21.14%	21.32%	22.09%
EPS ²	1.907	1.397	1.716	1.750	2.592	3.272	4.102	5.113
Free Cash Flow ¹	-	-	-	38.85	292.6	867	59	224
FCF margin	-	-	-	1.96%	12.11%	29.84%	1.63%	5.15%
FCF Conversion (EBITDA)	-	-	-	9.45%	46.6%	120.56%	6.47%	18.29%
FCF Conversion (Net income)	-	-	-	11.75%	60.08%	141.17%	7.66%	23.33%
Dividend per Share ²	-	0.4286	0.5357	0.5500	1.000	1.025	1.280	1.150
Announcement Date	28/02/20	27/02/21	25/02/22	27/02/23	22/02/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	38.9	293	867	59	224
ROE (net income / shareholders' equity)	21.8%	10.4%	11.8%	10.8%	14.3%	15.4%	16.6%	18.1%
ROA (Net income/ Total Assets)	14.4%	8.72%	9.8%	8.73%	11.8%	13.4%	14.5%	-
Assets ¹	2,109	2,990	3,312	3,785	4,139	4,583	5,315	-
Book Value Per Share ²	13.30	14.00	15.70	17.20	19.20	21.50	24.90	28.30
Cash Flow per Share ²	1.350	1.240	0.9200	1.330	2.900	3.360	3.830	4.720
Capex ¹	53.5	161	163	211	253	246	284	411
Capex / Sales	4.09%	12.13%	8.39%	10.67%	10.47%	8.45%	7.86%	9.45%
Announcement Date	28/02/20	27/02/21	25/02/22	27/02/23	22/02/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

73.83 CNY

Average target price

100.8 CNY

Spread / Average Target

+36.48%

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