Financials Avary Holding(Shenzhen)Co., Limited

Equities

002938

CNE100003GF5

Semiconductors

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
26.98 ^CNY	-1.89%		+11.76%	+20.88%

May. 07	Avary Holding's Operating Income Jumps 52% in April	MT
Apr. 25	Avary Holding Shenzhen's Q1 Profit Jumps 19% Despite Operating Income Staying Nearly Flat	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	103,783	114,809	98,500	63,425	51,635	62,350	-	-
Enterprise Value (EV) ¹	103,783	114,809	99,011	58,381	44,873	52,360	50,454	48,552
P/E ratio	35.6 x	40.4 x	29.7 x	12.7 x	15.7 x	16 x	13.4 x	12.5 x
Yield	1.11%	1.01%	1.18%	2.55%	2.24%	2.19%	2.54%	3.07%
Capitalization / Revenue	3.9 x	3.85 x	2.96 x	1.75 x	1.61 x	1.73 x	1.53 x	1.43 x
EV / Revenue	3.9 x	3.85 x	2.97 x	1.61 x	1.4 x	1.45 x	1.24 x	1.11 x
EV / EBITDA	20.2 x	22.2 x	16 x	6.8 x	6.89 x	7.28 x	6.62 x	5.76 x
EV / FCF	-	-527 x	-	8.81 x	9.99 x	20.9 x	12.7 x	10.2 x
FCF Yield	-	-0.19%	-	11.4%	10%	4.79%	7.85%	9.76%
Price to Book	5.23 x	5.33 x	4.12 x	2.28 x	1.75 x	1.91 x	1.73 x	1.61 x
Nbr of stocks (in thousands)	2,311,431	2,311,431	2,321,476	2,311,396	2,313,386	2,310,968	-	-
Reference price ²	44.90	49.67	42.43	27.44	22.32	26.98	26.98	26.98
Announcement Date	2/27/20	2/5/21	3/16/22	3/13/23	3/12/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	26,632	29,851	33,315	36,211	32,066	35,994	40,680	43,600
EBITDA ¹	5,149	5,164	6,201	8,583	6,509	7,190	7,626	8,435
EBIT ¹	3,436	3,288	3,812	5,620	3,566	4,355	5,171	5,422
Operating Margin	12.9%	11.01%	11.44%	15.52%	11.12%	12.1%	12.71%	12.44%
Earnings before Tax (EBT) ¹	3,437	3,288	3,817	5,620	3,571	4,380	5,243	5,539
Net income ¹	2,920	2,841	3,317	5,012	3,287	3,910	4,683	5,003
Net margin	10.96%	9.52%	9.96%	13.84%	10.25%	10.86%	11.51%	11.48%
EPS ²	1.260	1.230	1.430	2.160	1.420	1.685	2.019	2.157
Free Cash Flow ¹	-	-217.8	-	6,629	4,491	2,506	3,962	4,737
FCF margin	-	-0.73%	-	18.31%	14.01%	6.96%	9.74%	10.86%
FCF Conversion (EBITDA)	-	-	-	77.23%	68.99%	34.85%	51.95%	56.16%
FCF Conversion (Net income)	-	-	-	132.28%	136.64%	64.09%	84.6%	94.68%
Dividend per Share ²	0.5000	0.5000	0.5000	0.7000	0.5000	0.5918	0.6846	0.8286
Announcement Date	2/27/20	2/5/21	3/16/22	3/13/23	3/12/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	19,737	-	12,301	21,350	7,076	7,114	10,601	11,419	6,667	4,868	8,920	11,610	20,531	6,403	10,442	13,536	-	-
EBITDA ¹	-	-	-	2,243	-	1,332	1,247	2,597	-	-	-	-	-	-	1,245	2,114	3,391	-	-
EBIT ¹	-	2,396	-	1,864	3,064	684.3	878.6	2,107	1,950	467.9	319.5	1,148	1,630	2,778	393.9	1,574	2,309	-	-
Operating Margin	-	12.14%	-	15.16%	14.35%	9.67%	12.35%	19.88%	17.07%	7.02%	6.56%	12.87%	14.04%	13.53%	6.15%	15.08%	17.05%	-	-
Earnings before Tax (EBT) ¹	-	2,396	-	-	3,064	-	-	-	-	469.5	320.7	1,145	1,636	2,781	434.8	1,613	2,346	-	-
Net income ¹	791.6	2,050	633.3	1,639	2,684	593.2	833.2	-	1,747	418.5	393.3	1,032	1,443	2,475	391.3	1,452	2,111	-	-
Net margin	-	10.39%	-	13.33%	12.57%	8.38%	11.71%	-	15.3%	6.28%	8.08%	11.57%	12.43%	12.06%	6.11%	13.9%	15.6%	-	-
EPS ²	0.3400	0.8900	0.2700	0.7100	1.160	0.2600	0.3500	0.8000	0.7500	0.1800	0.1700	0.4500	0.6200	1.070	0.1686	0.6257	0.9099	-	-
Dividend per Share ²	-	-	-	0.5000	-	-	-	-	0.7000	-	-	-	0.5000	-	-	-	0.7674	-	-
Announcement Date	8/12/20	2/5/21	8/30/21	3/16/22	3/16/22	4/28/22	8/9/22	10/26/22	3/13/23	4/28/23	8/9/23	10/30/23	3/12/24	3/12/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	511	-	-	-	-	-
Net Cash position ¹	-	-	-	5,044	6,761	9,990	11,896	13,798
Leverage (Debt/EBITDA)	-	-	0.0824 x	-	-	-	-	-
Free Cash Flow ¹	-	-218	-	6,629	4,491	2,506	3,962	4,737
ROE (net income / shareholders' equity)	15.7%	13.9%	14.6%	19.4%	11.4%	12.2%	13.1%	13%
ROA (Net income/ Total Assets)	10.4%	9.17%	9.67%	13.1%	8.11%	8.9%	9.17%	9.55%
Assets ¹	28,057	30,980	34,322	38,142	40,541	43,935	51,087	52,390
Book Value Per Share ²	8.580	9.330	10.30	12.00	12.80	14.10	15.60	16.70
Cash Flow per Share ²	1.800	2.240	1.850	4.720	3.430	2.020	2.800	2.620
Capex ¹	3,716	5,402	6,950	4,328	3,477	3,430	3,697	3,635
Capex / Sales	13.95%	18.1%	20.86%	11.95%	10.84%	9.53%	9.09%	8.34%
Announcement Date	2/27/20	2/5/21	3/16/22	3/13/23	3/12/24	-	-	-

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 Avary Holding(Shenzhen)Co., Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

26.98 CNY

Average target price

26.28 CNY

Spread / Average Target

-2.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Integrated Circuits