Financials Guoguang Electric Company Limited

Equities

002045

CNE000001LW5

Household Electronics

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-13 pm EDT			5-day change	1st Jan Change
13.14 ^CNY	-0.98%		-0.30%	-21.08%

Apr. 26	Guoguang Electric Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 26	Guoguang Electric Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,998	6,759	5,583	7,522	7,247	-	-
Enterprise Value (EV) ¹	3,998	6,759	5,583	7,522	7,247	7,247	7,247
P/E ratio	21.8 x	167 x	31 x	21.3 x	23.3 x	19.9 x	14.8 x
Yield	-	-	-	-	-	-	-
Capitalization / Revenue	0.94 x	-	0.93 x	1.27 x	0.98 x	0.81 x	0.66 x
EV / Revenue	0.94 x	-	0.93 x	1.27 x	0.98 x	0.81 x	0.66 x
EV / EBITDA	12.7 x	-	18.9 x	15.1 x	14.3 x	12.3 x	9.38 x
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	2 x	-	2.69 x	2.4 x	1.58 x	1.34 x	1.43 x
Nbr of stocks (in thousands)	458,480	450,630	450,630	451,783	551,502	-	-
Reference price ²	8.720	15.00	12.39	16.65	13.14	13.14	13.14
Announcement Date	3/16/21	4/27/22	4/11/23	2/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,254	-	5,994	5,933	7,427	8,980	10,926
EBITDA ¹	315.9	-	295.4	497.5	505.5	589.9	772.2
EBIT ¹	188.6	-	157.2	345.7	347.7	406.6	531.5
Operating Margin	4.43%	-	2.62%	5.83%	4.68%	4.53%	4.86%
Earnings before Tax (EBT) ¹	199.4	-	162.7	350.2	350.3	409.5	536.1
Net income ¹	186.7	40.14	178.5	360.7	318.6	374.1	503.6
Net margin	4.39%	-	2.98%	6.08%	4.29%	4.17%	4.61%
EPS ²	0.4000	0.0900	0.4000	0.7800	0.5633	0.6600	0.8850
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	3/16/21	4/27/22	4/11/23	2/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 S1	2023 Q3	2023 Q4
Net sales ¹	-	-	1,609
EBITDA	-	-	-
EBIT	-	-	-
Operating Margin	-	-	-
Earnings before Tax (EBT)	-	-	-
Net income ¹	62.17	247.8	48.55
Net margin	-	-	3.02%
EPS	0.1400	0.5500	-
Dividend per Share	-	-	-
Announcement Date	8/26/22	10/27/23	2/27/24

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	9.48%	-	8.61%	14.3%	7.19%	7.38%	9.61%
ROA (Net income/ Total Assets)	-	-	3.55%	-	3.96%	4.06%	5.72%
Assets ¹	-	-	5,027	-	8,046	9,213	8,805
Book Value Per Share ²	4.350	-	4.610	6.950	8.340	9.800	9.220
Cash Flow per Share ²	1.140	-	0.1100	1.450	0.5700	0.5800	0.8200
Capex ¹	-	-	141	204	132	152	163
Capex / Sales	-	-	2.35%	3.44%	1.77%	1.69%	1.49%
Announcement Date	3/16/21	4/27/22	4/11/23	2/27/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Guoguang Electric Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

13.14 CNY

Average target price

17.9 CNY

Spread / Average Target

+36.23%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Home Audio

	1st Jan change	Capi.
GUOGUANG ELECTRIC COMPANY LIMITED	-21.08%	1.01B
SONOS, INC.	+1.05%	2.12B
EDIFIER TECHNOLOGY CO., LTD.	-17.49%	1.73B
SHENZHEN FENDA TECHNOLOGY CO., LTD.	-12.12%	1.04B
EASTECH HOLDING LIMITED	+91.35%	258M
B&C SPEAKERS S.P.A.	-8.99%	199M
YA HORNG ELECTRONIC CO., LTD.	+13.00%	172M
TOP UNION ELECTRONICS CORP.	+6.13%	149M
ANAM ELECTRONICS CO.,LTD.	-13.49%	106M
MEILOON INDUSTRIAL CO., LTD.	-6.10%	106M

Home Audio