Stock 300124 SHENZHEN INOVANCE TECHNOLOGY CO.,LTD
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Financials Shenzhen Inovance Technology Co.,Ltd

Equities

300124

CNE100000V46

Electrical Components & Equipment

End-of-day quote Shenzhen S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
59.29 CNY +3.24% Intraday chart for Shenzhen Inovance Technology Co.,Ltd -2.80% -6.10%
Apr. 24 Nomura Adjusts Shenzhen Inovance Technology’s Price Target to 70 Yuan From 76 Yuan, Keeps at Buy MT
Apr. 22 Shenzhen Inovance 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 2026
Capitalization 1 53,094 160,450 180,760 184,574 168,854 158,561 - -
Enterprise Value (EV) 1 53,088 159,246 178,654 182,035 164,593 151,361 148,986 145,595
P/E ratio 52.8 x 77.1 x 50.4 x 42.6 x 35.5 x 29.2 x 22.6 x 20.4 x
Yield 0.59% 0.39% 0.44% 0.52% 0.71% 0.84% 1.04% 1.3%
Capitalization / Revenue 7.18 x 13.9 x 10.1 x 8.02 x 5.55 x 4.22 x 3.42 x 2.91 x
EV / Revenue 7.18 x 13.8 x 9.96 x 7.91 x 5.41 x 4.03 x 3.22 x 2.67 x
EV / EBITDA 41.9 x 60.1 x 42.8 x 36.9 x 29.4 x 24.7 x 19.6 x 17.1 x
EV / FCF 47.7 x 143 x 180 x 118 x - 33.2 x 37.1 x 26.9 x
FCF Yield 2.1% 0.7% 0.56% 0.85% - 3.01% 2.69% 3.72%
Price to Book 6.16 x 15.1 x 11.4 x 9.33 x 6.9 x 5.58 x 4.59 x 3.96 x
Nbr of stocks (in thousands) 2,599,259 2,579,585 2,634,982 2,655,738 2,674,282 2,674,326 - -
Reference price 2 20.43 62.20 68.60 69.50 63.14 59.29 59.29 59.29
Announcement Date 2/28/20 2/26/21 2/28/22 3/1/23 4/3/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 7,390 11,511 17,943 23,008 30,420 37,554 46,309 54,466
EBITDA 1 1,266 2,648 4,170 4,931 5,601 6,132 7,608 8,521
EBIT 1 1,047 2,348 3,822 4,470 5,001 5,239 6,967 7,575
Operating Margin 14.17% 20.39% 21.3% 19.43% 16.44% 13.95% 15.05% 13.91%
Earnings before Tax (EBT) 1 1,056 2,344 3,819 4,477 5,000 5,719 7,440 8,241
Net income 1 951.9 2,100 3,573 4,320 4,742 5,423 7,002 7,791
Net margin 12.88% 18.24% 19.92% 18.77% 15.59% 14.44% 15.12% 14.31%
EPS 2 0.3867 0.8067 1.360 1.630 1.780 2.029 2.621 2.912
Free Cash Flow 1 1,112 1,110 993.2 1,543 - 4,556 4,014 5,412
FCF margin 15.05% 9.64% 5.54% 6.71% - 12.13% 8.67% 9.94%
FCF Conversion (EBITDA) 87.9% 41.92% 23.82% 31.29% - 74.29% 52.76% 63.51%
FCF Conversion (Net income) 116.85% 52.85% 27.79% 35.71% - 84.01% 57.32% 69.46%
Dividend per Share 2 0.1200 0.2400 0.3000 0.3600 0.4500 0.4999 0.6175 0.7729
Announcement Date 2/28/20 2/26/21 2/28/22 3/1/23 4/3/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 4,595 4,778 5,618 - 5,844 6,767 4,782 7,669 7,670 10,299 6,492 10,041 10,125 10,873 8,144 12,557
EBITDA 1 - - - - - - - - - - - 1,454 1,454 2,200 - -
EBIT 1 1,041 728.8 1,307 - 1,111 1,323 731.6 1,373 1,309 1,587 823.7 1,421 1,422 1,500 1,111 2,023
Operating Margin 22.66% 15.25% 23.27% - 19.01% 19.55% 15.3% 17.9% 17.06% 15.41% 12.69% 14.15% 14.05% 13.8% 13.64% 16.11%
Earnings before Tax (EBT) 1 1,040 729.9 1,307 - 1,112 - - 1,371 - 1,585 821.3 1,586 1,612 1,884 1,186 2,124
Net income 1 1,082 717.4 1,257 1,975 1,110 1,235 - 1,330 1,242 1,422 811.1 1,562 1,568 1,520 1,179 2,053
Net margin 23.53% 15.01% 22.38% - 18.99% 18.25% - 17.34% 16.2% 13.81% 12.49% 15.56% 15.48% 13.98% 14.48% 16.35%
EPS 2 0.4100 0.2600 0.4800 - 0.4200 0.4700 0.2800 0.5000 0.4600 0.5400 0.3000 0.5816 0.5816 0.5967 0.4400 0.7700
Dividend per Share 2 0.3000 - - - - 0.3600 - - - - - - - 0.5036 - -
Announcement Date 2/28/22 4/25/22 8/22/22 8/22/22 10/26/22 3/1/23 4/24/23 8/21/23 10/26/23 4/3/24 4/22/24 - - - - -
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 5.99 1,204 2,105 2,539 4,261 7,200 9,575 12,965
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1,112 1,110 993 1,543 - 4,556 4,014 5,412
ROE (net income / shareholders' equity) 13.8% 21.7% 27.4% 24.3% 21.7% 20.3% 21.6% 20.9%
ROA (Net income/ Total Assets) 7.55% 12.5% 15.4% - - 10.1% 11.2% 11.3%
Assets 1 12,608 16,766 23,171 - - 53,562 62,777 69,080
Book Value Per Share 2 3.320 4.120 6.030 7.450 9.150 10.60 12.90 15.00
Cash Flow per Share 2 0.5200 0.5700 0.6700 1.200 1.260 2.220 2.490 2.920
Capex 1 249 357 773 1,658 1,505 1,557 1,578 1,849
Capex / Sales 3.37% 3.11% 4.31% 7.21% 4.95% 4.15% 3.41% 3.39%
Announcement Date 2/28/20 2/26/21 2/28/22 3/1/23 4/3/24 - - -
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 Shenzhen Inovance Technology Co.,Ltd

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
27
Last Close Price
59.29 CNY
Average target price
74.31 CNY
Spread / Average Target
+25.33%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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