Financials Ecovacs Robotics Co., Ltd.

Equities

603486

CNE1000031N8

Appliances, Tools & Housewares

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
57.42 ^CNY	+10.00%		+15.88%	+38.56%

May. 06	Jefferies Adjusts Ecovacs Robotics' Price Target to 56 Yuan From 70 Yuan, Keeps at Hold	MT
Apr. 27	Ecovacs Robotics 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	11,453	49,941	86,347	41,831	23,889	32,916	-	-
Enterprise Value (EV) ¹	11,453	49,941	83,741	39,369	20,471	28,738	28,209	27,438
P/E ratio	92.2 x	77.6 x	42.8 x	24.6 x	38.7 x	25.9 x	20.3 x	16.1 x
Yield	-	0.57%	0.73%	1.23%	0.72%	1.35%	1.68%	2.17%
Capitalization / Revenue	2.16 x	6.9 x	6.6 x	2.73 x	1.54 x	1.86 x	1.62 x	1.47 x
EV / Revenue	2.16 x	6.9 x	6.4 x	2.57 x	1.32 x	1.63 x	1.39 x	1.22 x
EV / EBITDA	45.5 x	58.3 x	34.8 x	19.5 x	22.3 x	17.6 x	13.6 x	10.4 x
EV / FCF	-	-	60.6 x	37.4 x	107 x	29.4 x	25.8 x	15.9 x
FCF Yield	-	-	1.65%	2.67%	0.93%	3.41%	3.88%	6.29%
Price to Book	4.63 x	16.1 x	17.4 x	6.63 x	3.72 x	4.38 x	3.75 x	3.21 x
Nbr of stocks (in thousands)	564,478	564,366	572,024	573,500	576,463	573,251	-	-
Reference price ²	20.29	88.49	151.0	72.94	41.44	57.42	57.42	57.42
Announcement Date	4/28/20	4/23/21	4/22/22	4/28/23	4/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,312	7,234	13,086	15,325	15,502	17,672	20,275	22,428
EBITDA ¹	252	856.4	2,409	2,021	917.4	1,633	2,075	2,637
EBIT ¹	141	727.5	2,256	1,817	635.9	1,431	1,820	2,305
Operating Margin	2.65%	10.06%	17.24%	11.86%	4.1%	8.1%	8.98%	10.28%
Earnings before Tax (EBT) ¹	144.4	731.6	2,253	1,827	653	1,396	1,788	2,256
Net income ¹	120.7	641.2	2,010	1,698	612.1	1,273	1,629	2,044
Net margin	2.27%	8.86%	15.36%	11.08%	3.95%	7.2%	8.03%	9.11%
EPS ²	0.2200	1.140	3.530	2.960	1.070	2.213	2.835	3.555
Free Cash Flow ¹	-	-	1,382	1,051	191.1	979	1,094	1,726
FCF margin	-	-	10.56%	6.86%	1.23%	5.54%	5.4%	7.69%
FCF Conversion (EBITDA)	-	-	57.36%	52.02%	20.83%	59.93%	52.73%	65.43%
FCF Conversion (Net income)	-	-	68.73%	61.91%	31.22%	76.9%	67.18%	84.44%
Dividend per Share ²	-	0.5000	1.100	0.9000	0.3000	0.7750	0.9642	1.245
Announcement Date	4/28/20	4/23/21	4/22/22	4/28/23	4/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	4,842	3,201	3,621	3,302	5,200	8,502	3,236	3,908	7,144	3,387	4,971	3,474	3,898	4,150	6,436	-	-
EBITDA ¹	729.6	-	460	300.6	-	-	-	-	-	-	-	-	413.4	485.4	701.2	-	-
EBIT ¹	752.4	469.1	453.6	199	599.5	838.8	357.6	289.5	647.1	61.37	-	312.6	287.7	359.7	575.5	-	-
Operating Margin	15.54%	14.65%	12.53%	6.03%	11.53%	9.87%	11.05%	7.41%	9.06%	1.81%	-	9%	7.38%	8.67%	8.94%	-	-
Earnings before Tax (EBT) ¹	744.1	-	510.4	-	601.5	842.9	-	293.9	653.9	7.382	-8.315	-	310.5	388.2	621.1	-	-
Net income ¹	679.8	-	453.3	-	576.2	821.5	-	257.9	584.1	19.61	8.388	-	279.8	349.8	559.6	-	-
Net margin	14.04%	-	12.52%	-	11.08%	9.66%	-	6.6%	8.18%	0.58%	0.17%	-	7.18%	8.43%	8.69%	-	-
EPS ²	1.190	0.7400	0.7900	0.4300	1.000	-	0.5700	0.4500	1.020	0.0300	0.0200	0.5200	0.4377	0.5034	0.6704	-	-
Dividend per Share ²	1.100	-	-	-	0.9000	-	-	-	-	-	0.3000	-	-	-	1.092	-	-
Announcement Date	4/22/22	4/22/22	8/27/22	10/28/22	4/28/23	4/28/23	4/29/23	8/26/23	8/26/23	10/28/23	4/27/24	4/27/24	-	-	-	-	-

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	-	-	2,606	2,462	3,418	4,178	4,707	5,478
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	1,382	1,051	191	979	1,094	1,726
ROE (net income / shareholders' equity)	4.92%	22.9%	50.9%	30.5%	9.51%	17.4%	19.4%	21%
ROA (Net income/ Total Assets)	-	12.2%	23.8%	14.1%	-	8.44%	9.75%	11.6%
Assets ¹	-	5,247	8,441	12,015	-	15,079	16,715	17,632
Book Value Per Share ²	4.390	5.490	8.700	11.00	11.20	13.10	15.30	17.90
Cash Flow per Share ²	0.4600	2.120	3.070	3.010	1.890	2.410	3.210	3.950
Capex ¹	-	130	376	676	900	696	548	579
Capex / Sales	-	1.8%	2.87%	4.41%	5.81%	3.94%	2.7%	2.58%
Announcement Date	4/28/20	4/23/21	4/22/22	4/28/23	4/27/24	-	-	-

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 Ecovacs Robotics Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

57.42 CNY

Average target price

52.18 CNY

Spread / Average Target

-9.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Household Appliances

	1st Jan change	Capi.
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ARÇELIK ANONIM SIRKETI	+41.71%	3.43B
HANGZHOU ROBAM APPLIANCES CO., LTD.	+12.08%	3.19B
COWAY CO., LTD.	+4.37%	3.16B
SHANGHAI FLYCO ELECTRICAL APPLIANCE CO., LTD.	-8.95%	2.77B

Household Appliances