Stock 002451 SHANGHAI MORN ELECTRIC EQUIPMENT CO., LTD.
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Financials Shanghai Morn Electric Equipment Co., Ltd.

Equities

002451

CNE100000RT9

Electrical Components & Equipment

End-of-day quote Shenzhen S.E.
Other stock markets
 23:00:00 06/05/2024 BST 		5-day change 1st Jan Change
5.9 CNY +0.34% Intraday chart for Shanghai Morn Electric Equipment Co., Ltd. +2.43% -15.47%
04-29 Shanghai Morn Electric Equipment Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
04-10 Wen Zehong agreed to acquire 49% stake in Morn New Energy Systems Co., Ltd. from Shanghai Morn Electric Equipment Co., Ltd for CNY 100 million. CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 5,345 4,247 3,114 3,167 2,534 3,066
Enterprise Value (EV) 1 5,630 4,470 3,338 3,454 2,979 3,487
P/E ratio 609 x 121 x 355 x 240 x 192 x 175 x
Yield - - - - - 0.14%
Capitalization / Revenue 9.14 x 11.6 x 6.85 x 2.77 x 2.35 x 2.82 x
EV / Revenue 9.62 x 12.2 x 7.35 x 3.02 x 2.76 x 3.2 x
EV / EBITDA 78.1 x 156 x 68.8 x 52.1 x 36.2 x 52.3 x
EV / FCF -26.4 x -45 x -74.8 x -15.2 x -17.5 x 40.1 x
FCF Yield -3.79% -2.22% -1.34% -6.57% -5.73% 2.49%
Price to Book 8.09 x 6.09 x 4.42 x 4.25 x 3.39 x 4.06 x
Nbr of stocks (in thousands) 439,200 439,200 439,200 439,200 439,200 439,200
Reference price 2 12.17 9.670 7.090 7.210 5.770 6.980
Announcement Date 28/04/19 21/04/20 19/04/21 25/04/22 27/03/23 25/03/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 585 367 454.3 1,142 1,078 1,089
EBITDA 1 72.11 28.61 48.53 66.28 82.33 66.68
EBIT 1 33.02 -7.785 7.218 28.08 45.12 28.84
Operating Margin 5.64% -2.12% 1.59% 2.46% 4.18% 2.65%
Earnings before Tax (EBT) 1 18.48 49.07 10.47 14.31 23.31 19.48
Net income 1 8.383 36.52 7.461 12.85 14.67 16.16
Net margin 1.43% 9.95% 1.64% 1.12% 1.36% 1.48%
EPS 2 0.0200 0.0800 0.0200 0.0300 0.0300 0.0400
Free Cash Flow 1 -213.4 -99.4 -44.59 -226.8 -170.6 86.92
FCF margin -36.47% -27.08% -9.82% -19.86% -15.82% 7.98%
FCF Conversion (EBITDA) - - - - - 130.36%
FCF Conversion (Net income) - - - - - 537.79%
Dividend per Share - - - - - 0.0100
Announcement Date 28/04/19 21/04/20 19/04/21 25/04/22 27/03/23 25/03/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 285 223 224 287 444 422
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 3.953 x 7.807 x 4.611 x 4.333 x 5.399 x 6.324 x
Free Cash Flow 1 -213 -99.4 -44.6 -227 -171 86.9
ROE (net income / shareholders' equity) 1.29% 5.37% 1.06% 1.99% 2.07% 2.12%
ROA (Net income/ Total Assets) 1.28% -0.35% 0.37% 1.33% 1.85% 1.09%
Assets 1 655 -10,508 2,012 965.7 794.4 1,480
Book Value Per Share 2 1.500 1.590 1.600 1.700 1.700 1.720
Cash Flow per Share 2 0.2300 0.2800 0.1600 0.1600 0.2200 0.3200
Capex 1 4.96 27.4 11.3 11.4 74.3 10.6
Capex / Sales 0.85% 7.47% 2.49% 1% 6.89% 0.98%
Announcement Date 28/04/19 21/04/20 19/04/21 25/04/22 27/03/23 25/03/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Wires & Cables

1st Jan change Capi.
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