Financials Hangzhou Shunwang Technology Co,Ltd

Equities

300113

CNE100000SZ4

Internet Services

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
11.65 ^CNY	-0.85%		+13.11%	-16.79%

Apr. 26	Hangzhou Shunwang Technology Co,Ltd commences an Equity Buyback Plan for CNY 100 million worth of its shares, under the authorization approved on February 21, 2024.	CI
Apr. 25	Hangzhou Shunwang Technology Co,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	17,365	11,593	10,980	6,972	9,502	7,907	-
Enterprise Value (EV) ¹	15,722	10,721	9,706	5,751	8,128	6,651	6,627
P/E ratio	198 x	132 x	181 x	-17.4 x	56 x	46.6 x	41 x
Yield	0.74%	0.47%	0.43%	0.67%	0.57%	0.69%	1.24%
Capitalization / Revenue	11 x	11.1 x	9.61 x	6.2 x	6.63 x	4.63 x	4.01 x
EV / Revenue	10 x	10.3 x	8.5 x	5.12 x	5.67 x	3.9 x	3.36 x
EV / EBITDA	85.7 x	51.9 x	62.5 x	-17.4 x	31.7 x	30.5 x	21.2 x
EV / FCF	67,503,134 x	-	-	-	-	-	-
FCF Yield	0%	-	-	-	-	-	-
Price to Book	6.97 x	4.88 x	4.65 x	3.82 x	4.82 x	3.78 x	3.75 x
Nbr of stocks (in thousands)	675,955	675,955	673,209	669,786	678,715	678,715	-
Reference price ²	25.69	17.15	16.31	10.41	14.00	11.65	11.65
Announcement Date	2/27/20	4/25/21	4/27/22	4/21/23	4/22/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,572	1,044	1,142	1,124	1,433	1,707	1,974
EBITDA ¹	183.4	206.6	155.3	-330.3	256	218	312.5
EBIT ¹	156.2	170.2	117.3	-372.3	217	218	296.7
Operating Margin	9.93%	16.3%	10.28%	-33.13%	15.14%	12.77%	15.03%
Earnings before Tax (EBT) ¹	176.4	159.7	116.6	-372.2	216.4	218	239
Net income ¹	85.25	90.89	61.17	-405.9	169.5	171	184
Net margin	5.42%	8.71%	5.36%	-36.12%	11.83%	10.02%	9.32%
EPS ²	0.1300	0.1300	0.0900	-0.6000	0.2500	0.2500	0.2843
Free Cash Flow	232.9	-	-	-	-	-	-
FCF margin	14.81%	-	-	-	-	-	-
FCF Conversion (EBITDA)	126.96%	-	-	-	-	-	-
FCF Conversion (Net income)	273.2%	-	-	-	-	-	-
Dividend per Share ²	0.1900	0.0800	0.0700	0.0700	0.0800	0.0800	0.1445
Announcement Date	2/27/20	4/25/21	4/27/22	4/21/23	4/22/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1	2022 Q2	2022 S1	2023 Q1	2023 Q2	2023 Q3	2023 Q4
Net sales ¹	268.7	244.7	513.4	364.4	316.8	427.3	324.4
EBITDA	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income	31.33	15.44	46.78	40.99	20.95	95.33	-
Net margin	11.66%	6.31%	9.11%	11.25%	6.61%	22.31%	-
EPS	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	4/27/22	8/26/22	8/26/22	4/27/23	8/27/23	10/25/23	4/22/24

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-
Net Cash position ¹	1,644	872	1,274	1,221	1,374	1,256	1,280
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	233	-	-	-	-	-	-
ROE (net income / shareholders' equity)	3.25%	3.63%	2.51%	-18.8%	8.72%	8.2%	9.34%
ROA (Net income/ Total Assets)	2.33%	2.85%	2.07%	-15.4%	-	6.7%	6.7%
Assets ¹	3,667	3,193	2,960	2,640	-	2,552	2,746
Book Value Per Share ²	3.680	3.510	3.510	2.730	2.910	3.080	3.100
Cash Flow per Share ²	0.4000	-0.0400	0.3900	0.1200	0.4200	0.3700	0.3500
Capex ¹	43.9	59.2	43.8	79.1	73.8	55	76.5
Capex / Sales	2.79%	5.67%	3.83%	7.04%	5.15%	3.22%	3.88%
Announcement Date	2/27/20	4/25/21	4/27/22	4/21/23	4/22/24	-	-

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

Ratings for Hangzhou Shunwang Technology Co,Ltd

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

11.65 CNY

Average target price

9.85 CNY

Spread / Average Target

-15.45%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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