Financials Suzhou Recodeal Interconnect System Co.,Ltd

Equities

688800

CNE100004P32

Electronic Equipment & Parts

End-of-day quote Shanghai S.E. 23:00:00 13/05/2024 BST 5-day change 1st Jan Change
29.8 CNY +1.12% Intraday chart for Suzhou Recodeal Interconnect System Co.,Ltd -7.31% -25.83%

Valuation

Fiscal Period: December 2021 2022 2023 2024 2025 2026
Capitalization 1 15,042 12,072 6,365 4,694 - -
Enterprise Value (EV) 1 15,042 12,072 5,779 4,263 4,085 3,941
P/E ratio 111 x 46.2 x 46.7 x 21.7 x 12.2 x 13.5 x
Yield 0.23% 0.49% 0.25% 0.79% 1.11% 0.47%
Capitalization / Revenue 16.7 x 7.43 x 4.09 x 2.13 x 1.64 x 1.38 x
EV / Revenue 16.7 x 7.43 x 3.72 x 1.94 x 1.43 x 1.16 x
EV / EBITDA 99.2 x 38.2 x 28.7 x 13.2 x 9.35 x 7.75 x
EV / FCF -746 x -101 x -18.2 x 1,066 x 40.9 x 14.7 x
FCF Yield -0.13% -0.99% -5.5% 0.09% 2.45% 6.8%
Price to Book 15.1 x 6.4 x 3.27 x 2.2 x 1.95 x 1.75 x
Nbr of stocks (in thousands) 151,200 158,420 158,420 157,515 - -
Reference price 2 99.49 76.20 40.18 29.80 29.80 29.80
Announcement Date 09/02/22 27/02/23 17/04/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net sales 1 - 900.7 1,625 1,555 2,200 2,854 3,393
EBITDA 1 - 151.6 316.3 201.3 324.1 436.8 508.7
EBIT 1 - 128.7 282.2 143.8 226 316.7 347.6
Operating Margin - 14.29% 17.37% 9.25% 10.27% 11.1% 10.25%
Earnings before Tax (EBT) 1 - 128.8 282.1 144.3 237.3 324 375.6
Net income 1 73.63 115.1 252.7 136.8 217.6 297.7 348.7
Net margin - 12.78% 15.55% 8.8% 9.89% 10.43% 10.28%
EPS 2 0.6500 0.8929 1.650 0.8600 1.374 2.434 2.204
Free Cash Flow 1 - -20.16 -119.9 -318.1 4 100 268
FCF margin - -2.24% -7.38% -20.46% 0.18% 3.5% 7.9%
FCF Conversion (EBITDA) - - - - 1.23% 22.89% 52.69%
FCF Conversion (Net income) - - - - 1.84% 33.59% 76.85%
Dividend per Share 2 - 0.2286 0.3714 0.1000 0.2358 0.3302 0.1400
Announcement Date 01/07/21 09/02/22 27/02/23 17/04/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales - - 460.8 890.8 514.4 906.8 - - - - - -
EBITDA - - - - - - - - - - - -
EBIT - - 58.03 139 39.79 72.79 - - - - - -
Operating Margin - - 12.59% 15.6% 7.73% 8.03% - - - - - -
Earnings before Tax (EBT) - - 57.95 138.9 40.59 73.38 - - - - - -
Net income 125.8 71.27 55.59 126.9 41 70.14 - - - - - -
Net margin - - 12.06% 14.24% 7.97% 7.74% - - - - - -
EPS 1 0.8357 0.4643 0.3500 0.8143 0.2600 0.3100 0.2600 0.1100 0.2200 0.3600 0.2700 0.1400
Dividend per Share - - - - - - - - - - - -
Announcement Date 18/08/22 23/10/22 27/02/23 27/02/23 17/04/24 17/04/24 24/04/24 - - - - -
1CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - -
Net Cash position 1 - - - 586 431 609 753
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow 1 - -20.2 -120 -318 4 100 268
ROE (net income / shareholders' equity) - 15.5% 19.9% 7.1% 10.4% 12.6% 13.4%
ROA (Net income/ Total Assets) - 9.22% - - 5.6% 7.76% 7.4%
Assets 1 - 1,249 - - 3,886 3,836 4,713
Book Value Per Share 2 - 6.600 11.90 12.30 13.50 15.30 17.00
Cash Flow per Share 2 - 0.2900 0.6800 1.040 1.440 2.060 1.710
Capex 1 - 58.7 228 482 169 148 179
Capex / Sales - 6.52% 14.02% 31.02% 7.68% 5.19% 5.27%
Announcement Date 01/07/21 09/02/22 27/02/23 17/04/24 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
29.8 CNY
Average target price
36.46 CNY
Spread / Average Target
+22.36%
Consensus
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