Financials Wuxi NCE Power Co.,Ltd.

Equities

605111

CNE1000042H7

Semiconductors

End-of-day quote Shanghai S.E. 23:00:00 23/06/2024 BST 5-day change 1st Jan Change
32.14 CNY +1.26% Intraday chart for Wuxi NCE Power Co.,Ltd. -0.80% +18.94%

Valuation

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 19,789 25,233 16,526 11,281 13,349 - -
Enterprise Value (EV) 1 19,789 25,233 13,961 8,613 10,215 9,892 9,489
P/E ratio 116 x 61.4 x 36.4 x 33.5 x 34.4 x 26.8 x 22 x
Yield 0.21% 0.32% 0.53% 0.57% 0.63% 0.87% 1%
Capitalization / Revenue 20.7 x 16.8 x 9.13 x 7.64 x 7.19 x 5.81 x 4.75 x
EV / Revenue 20.7 x 16.8 x 7.71 x 5.83 x 5.5 x 4.3 x 3.38 x
EV / EBITDA - 52 x 26.3 x 22.7 x 22.9 x 16.8 x 13.2 x
EV / FCF - - 74.6 x 30.3 x 53.8 x 20.8 x -
FCF Yield - - 1.34% 3.3% 1.86% 4.81% -
Price to Book 17.1 x 16.5 x 4.91 x 3.1 x 3.36 x 3.04 x 2.7 x
Nbr of stocks (in thousands) 388,770 388,770 417,516 417,469 415,333 - -
Reference price 2 50.90 64.91 39.58 27.02 32.14 32.14 32.14
Announcement Date 30/03/21 03/03/22 20/03/23 27/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net sales 1 955 1,498 1,811 1,477 1,857 2,299 2,809
EBITDA 1 - 485 531.2 379.6 446.9 587.8 720.7
EBIT 1 157.7 469.6 506.7 349.6 425.1 556.7 674.8
Operating Margin 16.51% 31.34% 27.98% 23.68% 22.89% 24.21% 24.02%
Earnings before Tax (EBT) 1 158 469.6 507.1 349.4 456.3 576 682
Net income 1 139.4 410.5 435.2 323.1 405.7 511.3 609.9
Net margin 14.59% 27.4% 24.03% 21.88% 21.84% 22.24% 21.71%
EPS 2 0.4399 1.057 1.087 0.8071 0.9333 1.198 1.460
Free Cash Flow 1 - - 187 284.4 190 476 -
FCF margin - - 10.33% 19.26% 10.23% 20.7% -
FCF Conversion (EBITDA) - - 35.21% 74.94% 42.51% 80.98% -
FCF Conversion (Net income) - - 42.98% 88.02% 46.83% 93.1% -
Dividend per Share 2 0.1080 0.2096 0.2087 0.1550 0.2020 0.2810 0.3215
Announcement Date 30/03/21 03/03/22 20/03/23 27/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q3 2022 Q4 2023 Q1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 398.8 - 483.8 373.7 345.8 372.3 371.7 501.9 602.3 501.9 504.5 630.6
EBITDA 1 - - - - - - - 112.3 132.8 112.3 110.9 135.8
EBIT 1 112.4 - 108.9 - 76.42 108.5 112.8 102.4 122.9 102.4 99.61 124.5
Operating Margin 28.17% - 22.52% - 22.1% 29.16% 30.34% 20.4% 20.4% 20.4% 19.74% 19.74%
Earnings before Tax (EBT) - - - - 75.47 108.9 - - - - - -
Net income 1 99.72 103.5 97.47 - 67.28 108.2 100.1 103.2 120.9 103.2 101.9 123.5
Net margin 25% - 20.15% - 19.46% 29.07% 26.92% 20.57% 20.07% 20.57% 20.21% 19.58%
EPS 2 0.2588 0.2551 0.2296 - 0.1571 0.2929 0.2500 0.1766 0.2068 0.1766 0.1744 0.2113
Dividend per Share 2 - - - - - 0.1550 - - - 0.1413 - -
Announcement Date 03/03/22 25/10/22 20/03/23 26/04/23 26/10/23 27/03/24 29/04/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - -
Net Cash position 1 - - 2,565 2,667 3,134 3,457 3,860
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow 1 - - 187 284 190 476 -
ROE (net income / shareholders' equity) 18.5% 30.6% 18.8% 9.25% 10.5% 12.5% 12%
ROA (Net income/ Total Assets) 12.6% 25% 14.8% 7.76% 9.26% 10.9% 11.6%
Assets 1 1,103 1,642 2,941 4,165 4,379 4,703 5,258
Book Value Per Share 2 2.980 3.940 8.050 8.730 9.570 10.60 11.90
Cash Flow per Share 2 0.2100 1.160 0.6500 1.140 0.6500 1.120 1.380
Capex 1 58.1 146 86.3 191 61.8 60.7 67.3
Capex / Sales 6.08% 9.74% 4.76% 12.94% 3.33% 2.64% 2.4%
Announcement Date 30/03/21 03/03/22 20/03/23 27/03/24 - - -
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
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
32.14 CNY
Average target price
29.31 CNY
Spread / Average Target
-8.79%
Consensus
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