Financials Shanghai Friendess Electronic Technology Corporation Limited

Equities

688188

CNE100003LY6

Industrial Machinery & Equipment

End-of-day quote Shanghai S.E. 06:00:00 2024-05-16 pm EDT 5-day change 1st Jan Change
210.4 CNY -1.82% Intraday chart for Shanghai Friendess Electronic Technology Corporation Limited -5.26% +16.40%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 15,722 26,362 38,675 31,688 37,039 43,238 - -
Enterprise Value (EV) 1 15,722 26,362 36,163 29,381 34,399 40,124 39,393 38,458
P/E ratio 53.1 x 71.2 x 70.6 x 65.8 x 51 x 44.3 x 33.6 x 26.9 x
Yield - 0.49% 0.48% 0.52% 0.99% 1.07% 1.27% 1.59%
Capitalization / Revenue 41.8 x 46.2 x 42.3 x 35.2 x 26.3 x 21.9 x 16.9 x 12.8 x
EV / Revenue 41.8 x 46.2 x 39.6 x 32.7 x 24.4 x 20.3 x 15.4 x 11.4 x
EV / EBITDA - 65.7 x 59.1 x 52 x 40.5 x 36.8 x 27.2 x 19.9 x
EV / FCF - 83 x 108 x 56.2 x 48.5 x 46.1 x 33.9 x 24.8 x
FCF Yield - 1.2% 0.93% 1.78% 2.06% 2.17% 2.95% 4.04%
Price to Book - 10.6 x 12.9 x 7.41 x 7.45 x 7.52 x 6.39 x 5.28 x
Nbr of stocks (in thousands) 196,000 196,000 196,657 204,365 204,868 205,453 - -
Reference price 2 80.21 134.5 196.7 155.1 180.8 210.4 210.4 210.4
Announcement Date 4/27/20 2/25/21 2/21/22 2/23/23 2/23/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 376.1 570.8 913.4 899.4 1,407 1,979 2,552 3,381
EBITDA 1 - 401.2 611.4 565 849.5 1,091 1,448 1,935
EBIT 1 - 395.4 604.5 539.3 827.3 1,072 1,459 1,931
Operating Margin - 69.27% 66.18% 59.96% 58.8% 54.17% 57.18% 57.1%
Earnings before Tax (EBT) 1 - 408.7 613.5 551.1 826.8 1,153 1,514 1,987
Net income 1 - 370.6 550.2 486.3 728.9 1,012 1,333 1,702
Net margin - 64.92% 60.23% 54.07% 51.8% 51.15% 52.24% 50.35%
EPS 2 1.510 1.888 2.786 2.357 3.543 4.752 6.265 7.816
Free Cash Flow 1 - 317.6 335.3 522.5 709.4 870 1,161 1,552
FCF margin - 55.64% 36.71% 58.1% 50.42% 43.97% 45.5% 45.91%
FCF Conversion (EBITDA) - 79.16% 54.84% 92.48% 83.51% 79.71% 80.17% 80.23%
FCF Conversion (Net income) - 85.7% 60.94% 107.46% 97.33% 85.97% 87.1% 91.19%
Dividend per Share 2 - 0.6582 0.9439 0.8071 1.793 2.259 2.677 3.347
Announcement Date 4/27/20 2/25/21 2/21/22 2/23/23 2/23/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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
Net sales 1 207.2 190.7 218.1 243.8 246.7 271.6 389.5 330.4 415.6 381.1 545.3 462.6 626.2
EBITDA - - - - - - - - - - - - -
EBIT 66.44 127.5 - 158.3 110 160.7 266.5 220.7 - 235.1 - - -
Operating Margin 32.06% 66.83% - 64.93% 44.6% 59.16% 68.41% 66.8% - 61.7% - - -
Earnings before Tax (EBT) - - - - - - - - - - - - -
Net income - - - - - - - - - - - - -
Net margin - - - - - - - - - - - - -
EPS 2 0.4439 0.5204 0.5143 0.6786 0.4357 0.6428 1.121 1.021 0.7571 0.9428 1.336 1.214 0.9678
Dividend per Share - - - - - - - - - - - - -
Announcement Date 2/21/22 4/28/22 8/8/22 10/27/22 2/23/23 4/26/23 8/15/23 10/10/23 2/23/24 4/23/24 - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 - - 2,512 2,308 2,639 3,114 3,844 4,779
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 - 318 335 523 709 870 1,161 1,553
ROE (net income / shareholders' equity) - 15.9% 20.3% 12.5% 15.8% 18.3% 20.6% 22.6%
ROA (Net income/ Total Assets) - 15.3% 19.7% 12.7% 14.8% 19.2% 19.4% 22.7%
Assets 1 - 2,416 2,789 3,821 4,920 5,271 6,871 7,500
Book Value Per Share 2 - 12.70 15.20 20.90 24.30 28.00 32.90 39.90
Cash Flow per Share 2 - 1.850 2.540 3.030 4.200 4.250 5.910 7.860
Capex 1 - 44.9 163 96.7 152 135 138 164
Capex / Sales - 7.86% 17.89% 10.76% 10.77% 6.83% 5.39% 4.85%
Announcement Date 4/27/20 2/25/21 2/21/22 2/23/23 2/23/24 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
9
Last Close Price
210.4 CNY
Average target price
235.8 CNY
Spread / Average Target
+12.04%
Consensus
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