TIANSHUI HUATIAN TECHNOLOGY CO., LTD. Financials Tianshui Huatian Technology Co., Ltd.
Equities
002185
CNE100000825
Semiconductor Equipment & Testing
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 8.17 CNY | +5.56% |
|
-3.20% | -4.11% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 20,468 | 37,319 | 40,729 | 26,565 | 27,302 | 24,803 | - | - |
| Enterprise Value (EV) 1 | 21,636 | 38,639 | 39,742 | 28,310 | 31,517 | 30,075 | 27,316 | 30,712 |
| P/E ratio | 65.9 x | 53.2 x | 25.3 x | 35.2 x | 121 x | 91.8 x | 34.9 x | 31 x |
| Yield | 0.2% | 0.16% | 0.35% | 0.31% | 0.26% | 0.32% | 0.52% | 0.72% |
| Capitalization / Revenue | 2.53 x | 4.45 x | 3.37 x | 2.23 x | 2.42 x | 1.86 x | 1.69 x | 1.46 x |
| EV / Revenue | 2.67 x | 4.61 x | 3.29 x | 2.38 x | 2.79 x | 2.26 x | 1.86 x | 1.81 x |
| EV / EBITDA | 13.8 x | 16.4 x | 10.6 x | 8.4 x | 11.8 x | 11.4 x | 8.51 x | 8.31 x |
| EV / FCF | -119 x | -40.1 x | -19.5 x | -13.3 x | -24.3 x | -13.1 x | -13.4 x | - |
| FCF Yield | -0.84% | -2.49% | -5.13% | -7.51% | -4.11% | -7.64% | -7.45% | - |
| Price to Book | 2.63 x | 4.39 x | 2.71 x | 1.68 x | 1.72 x | 1.59 x | 1.51 x | 1.48 x |
| Nbr of stocks (in thousands) | 2,740,004 | 2,740,004 | 3,204,485 | 3,204,485 | 3,204,485 | 3,204,485 | - | - |
| Reference price 2 | 7.470 | 13.62 | 12.71 | 8.290 | 8.520 | 8.170 | 8.170 | 8.170 |
| Announcement Date | 28/02/20 | 29/03/21 | 10/03/22 | 27/03/23 | 01/04/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 8,103 | 8,382 | 12,097 | 11,906 | 11,298 | 13,331 | 14,719 | 16,930 |
| EBITDA 1 | 1,572 | 2,351 | 3,733 | 3,371 | 2,667 | 2,646 | 3,210 | 3,695 |
| EBIT 1 | 356.4 | 909 | 1,905 | 1,077 | 232.7 | -125.4 | 268.9 | 434.3 |
| Operating Margin | 4.4% | 10.84% | 15.75% | 9.05% | 2.06% | -0.94% | 1.83% | 2.57% |
| Earnings before Tax (EBT) 1 | 359 | 907.8 | 1,894 | 1,069 | 230.6 | 532 | 879 | 1,009 |
| Net income 1 | 286.8 | 701.7 | 1,416 | 753.9 | 226.3 | 284.7 | 752.1 | 843.9 |
| Net margin | 3.54% | 8.37% | 11.7% | 6.33% | 2% | 2.14% | 5.11% | 4.98% |
| EPS 2 | 0.1134 | 0.2561 | 0.5025 | 0.2353 | 0.0706 | 0.0890 | 0.2342 | 0.2633 |
| Free Cash Flow 1 | -182.6 | -963.2 | -2,038 | -2,127 | -1,296 | -2,299 | -2,035 | - |
| FCF margin | -2.25% | -11.49% | -16.85% | -17.87% | -11.47% | -17.25% | -13.83% | - |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | - | - | - | - | - | - | - |
| Dividend per Share 2 | 0.0150 | 0.0220 | 0.0450 | 0.0260 | 0.0220 | 0.0264 | 0.0428 | 0.0585 |
| Announcement Date | 28/02/20 | 29/03/21 | 10/03/22 | 27/03/23 | 01/04/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,715 | 3,230 | 3,008 | 3,213 | 2,906 | 2,779 | 2,239 | 2,850 | 2,980 | 3,230 | 3,106 | 3,294 | 3,489 | 3,442 | 3,276 | 3,771 |
| EBITDA 1 | - | 1,032 | 657.5 | 821.8 | 555.8 | - | - | - | - | - | - | 620.1 | 717.7 | 684.2 | 692.6 | 857.6 |
| EBIT 1 | - | 489.3 | 283.7 | 499.4 | 260.5 | 33.25 | -139.8 | 198.4 | 16.16 | 157.9 | 65.33 | -51.95 | -32.72 | -8.718 | 52.86 | 62.93 |
| Operating Margin | - | 15.15% | 9.43% | 15.54% | 8.96% | 1.2% | -6.24% | 6.96% | 0.54% | 4.89% | 2.1% | -1.58% | -0.94% | -0.25% | 1.61% | 1.67% |
| Earnings before Tax (EBT) 1 | - | 475.3 | 283.6 | 498.6 | 260.8 | 26.53 | -139.4 | 198.4 | 16.34 | 155.2 | 66.82 | 70.51 | 112.1 | 96.63 | 144.3 | 242.8 |
| Net income 1 | 267 | 387.7 | 206.8 | 307.2 | 190.3 | 49.6 | -106.4 | 169.2 | 19.99 | 143.5 | 57.03 | 60.46 | 98.84 | 84.2 | 116 | 204.7 |
| Net margin | 7.19% | 12% | 6.88% | 9.56% | 6.55% | 1.78% | -4.75% | 5.94% | 0.67% | 4.44% | 1.84% | 1.84% | 2.83% | 2.45% | 3.54% | 5.43% |
| EPS 2 | - | 0.1200 | 0.0645 | 0.1000 | 0.0600 | 0.0200 | -0.0332 | 0.0528 | 0.0100 | 0.0400 | 0.0178 | 0.0180 | 0.0297 | 0.0258 | 0.0362 | 0.0639 |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | 0.0220 | - | 0.0220 | - | - | - | 0.0767 |
| Announcement Date | 25/08/20 | 10/03/22 | 28/04/22 | 24/08/22 | 27/10/22 | 27/03/23 | 27/04/23 | 28/08/23 | 27/10/23 | 01/04/24 | 28/04/24 | - | - | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,168 | 1,321 | - | 1,745 | 4,215 | 5,273 | 2,513 | 5,909 |
| Net Cash position 1 | - | - | 987 | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.7431 x | 0.5617 x | - | 0.5175 x | 1.58 x | 1.993 x | 0.7829 x | 1.599 x |
| Free Cash Flow 1 | -183 | -963 | -2,038 | -2,127 | -1,296 | -2,299 | -2,035 | - |
| ROE (net income / shareholders' equity) | 4.3% | 8.7% | 14% | 4.89% | 1.43% | 2.35% | 3.58% | 4.93% |
| ROA (Net income/ Total Assets) | 2.01% | 3.97% | 5.65% | 2.47% | 0.7% | 0.1% | 2.7% | - |
| Assets 1 | 14,247 | 17,675 | 25,046 | 30,473 | 32,360 | 284,682 | 27,856 | - |
| Book Value Per Share 2 | 2.840 | 3.100 | 4.700 | 4.930 | 4.950 | 5.140 | 5.410 | 5.510 |
| Cash Flow per Share 2 | 0.6400 | 0.7500 | 1.070 | 0.9000 | 0.7500 | 1.180 | 1.330 | - |
| Capex 1 | 1,948 | 3,021 | 5,483 | 5,004 | 3,707 | 4,175 | 3,254 | 4,135 |
| Capex / Sales | 24.03% | 36.04% | 45.32% | 42.03% | 32.81% | 31.32% | 22.11% | 24.42% |
| Announcement Date | 28/02/20 | 29/03/21 | 10/03/22 | 27/03/23 | 01/04/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
D
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
5
Last Close Price
8.17
CNY
Average target price
9.5
CNY
Spread / Average Target
+16.28%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -4.11% | 3.42B | |
| +38.51% | 110B | |
| +34.23% | 23.04B | |
| -3.82% | 19.91B | |
| -2.42% | 4.58B | |
| +38.99% | 4.42B | |
| -24.56% | 2.44B | |
| +170.33% | 1.23B | |
| +20.25% | 1.12B | |
| +0.54% | 1.11B |
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