HANWEI ELECTRONICS GROUP CORPORATION

Financials Hanwei Electronics Group Corporation

Equities

300007

CNE100000H02

Electrical Components & Equipment

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
15.08 ^CNY	-0.98%		+2.94%	-27.43%

Apr. 26	Hanwei Electronics Group Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 10	Hanwei Electronics Group Corporation Proposes Cash Dividend for 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	2,875	4,794	4,559	9,803	5,514	6,804
Enterprise Value (EV) ¹	2,494	4,594	4,239	9,057	5,063	6,450
P/E ratio	46.7 x	-46.7 x	22.2 x	34.7 x	19.9 x	52 x
Yield	0.15%	0.13%	0.39%	0.26%	0.71%	0.48%
Capitalization / Revenue	1.9 x	2.63 x	2.35 x	4.23 x	2.3 x	2.97 x
EV / Revenue	1.65 x	2.52 x	2.18 x	3.91 x	2.11 x	2.82 x
EV / EBITDA	11.3 x	20.5 x	12.9 x	20.6 x	19.9 x	27 x
EV / FCF	-62.4 x	-10.5 x	97.7 x	-36 x	-11.2 x	81.1 x
FCF Yield	-1.6%	-9.53%	1.02%	-2.78%	-8.95%	1.23%
Price to Book	1.97 x	3.56 x	2.92 x	4.04 x	2 x	2.39 x
Nbr of stocks (in thousands)	293,023	293,023	293,023	324,387	326,273	327,446
Reference price ²	9.810	16.36	15.56	30.22	16.90	20.78
Announcement Date	3/28/19	3/30/20	3/15/21	3/30/22	3/29/23	4/9/24

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	1,512	1,819	1,941	2,316	2,395	2,287
EBITDA ¹	221	224.6	328.5	439.8	253.9	238.9
EBIT ¹	117.9	105.2	192.1	268.9	63.06	76.63
Operating Margin	7.8%	5.78%	9.89%	11.61%	2.63%	3.35%
Earnings before Tax (EBT) ¹	152.3	-1.534	285.8	382.5	328.4	157.8
Net income ¹	61.66	-103.8	205.5	263.2	276.2	130.8
Net margin	4.08%	-5.7%	10.59%	11.36%	11.53%	5.72%
EPS ²	0.2100	-0.3500	0.7000	0.8700	0.8500	0.4000
Free Cash Flow ¹	-39.98	-437.6	43.38	-251.9	-453.2	79.55
FCF margin	-2.64%	-24.05%	2.23%	-10.88%	-18.92%	3.48%
FCF Conversion (EBITDA)	-	-	13.21%	-	-	33.3%
FCF Conversion (Net income)	-	-	21.11%	-	-	60.82%
Dividend per Share ²	0.0150	0.0220	0.0600	0.0800	0.1200	0.1000
Announcement Date	3/28/19	3/30/20	3/15/21	3/30/22	3/29/23	4/9/24

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	380	200	321	746	451	354
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-40	-438	43.4	-252	-453	79.6
ROE (net income / shareholders' equity)	5.5%	-3.27%	12.6%	12.8%	9.06%	4.22%
ROA (Net income/ Total Assets)	1.58%	1.33%	2.39%	3%	0.65%	0.78%
Assets ¹	3,910	-7,790	8,609	8,769	42,180	16,776
Book Value Per Share ²	4.970	4.590	5.320	7.470	8.450	8.710
Cash Flow per Share ²	4.960	4.150	4.600	4.360	3.910	3.640
Capex ¹	169	355	377	245	195	223
Capex / Sales	11.18%	19.49%	19.41%	10.56%	8.15%	9.74%
Announcement Date	3/28/19	3/30/20	3/15/21	3/30/22	3/29/23	4/9/24

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Electrical Measuring & Testing Instruments

	1st Jan change	Capi.
HANWEI ELECTRONICS GROUP CORPORATION	-27.43%	682M
NINGBO SANXING MEDICAL ELECTRIC CO.,LTD.	+64.39%	6.57B
ZHONGHANG ELECTRONIC MEASURING INSTRUMENTS CO.,LTD	-2.79%	3.44B
CHROMA ATE INC.	+21.60%	3.4B
HEFEI MEYER OPTOELECTRONIC TECHNOLOGY INC.	-8.76%	2.18B
LEM HOLDING SA	-23.86%	1.99B
JIANGSU LINYANG ENERGY CO., LTD.	+3.60%	1.87B
KELI SENSING TECHNOLOGY (NINGBO) CO.,LTD.	-16.78%	1.17B
HANGZHOU SUNRISE TECHNOLOGY CO.,LTD.	+6.22%	1.02B
CHANGCHUN UP OPTOTECH CO.,LTD.	-19.20%	902M

Electrical Measuring & Testing Instruments

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300007 Stock
Financials Hanwei Electronics Group Corporation

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