Financials Ningbo Joyson Electronic Corp.

Equities

600699

CNE000000DJ1

Auto, Truck & Motorcycle Parts

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
17.37 ^CNY	+2.36%		+3.76%	-3.29%

Apr. 25	Ningbo Joyson Electronic Corp. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 08	Jefferies Adjusts Ningbo Joyson Electronic’s Price Target to 18.80 Yuan From 19.80 Yuan, Keeps at Hold	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	22,147	34,466	29,859	19,095	25,139	24,441	-	-
Enterprise Value (EV) ¹	36,309	46,537	42,494	33,295	39,731	36,700	36,642	35,475
P/E ratio	23.2 x	51.8 x	-8.02 x	48.4 x	23 x	17 x	13.2 x	11.7 x
Yield	0.39%	0.59%	-	0.71%	1.45%	2.01%	2.47%	2.67%
Capitalization / Revenue	0.36 x	0.72 x	0.65 x	0.38 x	0.45 x	0.41 x	0.37 x	0.34 x
EV / Revenue	0.59 x	0.97 x	0.93 x	0.67 x	0.71 x	0.61 x	0.55 x	0.49 x
EV / EBITDA	7.81 x	13.4 x	26 x	11.1 x	11.1 x	6.47 x	5.66 x	5.04 x
EV / FCF	-810 x	-442 x	-46.1 x	-32.2 x	50.3 x	14.4 x	10.4 x	6.73 x
FCF Yield	-0.12%	-0.23%	-2.17%	-3.1%	1.99%	6.93%	9.58%	14.9%
Price to Book	1.76 x	2.29 x	2.64 x	1.57 x	1.86 x	1.67 x	1.51 x	1.4 x
Nbr of stocks (in thousands)	1,237,263	1,359,085	1,359,085	1,359,085	1,399,702	1,407,056	-	-
Reference price ²	17.90	25.36	21.97	14.05	17.96	17.37	17.37	17.37
Announcement Date	4/21/20	3/30/21	4/25/22	3/30/23	3/13/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	61,699	47,890	45,670	49,793	55,728	60,001	66,780	71,980
EBITDA ¹	4,650	3,475	1,636	3,007	3,593	5,676	6,473	7,041
EBIT ¹	1,539	487.1	-3,878	291.6	1,771	1,985	3,057	3,523
Operating Margin	2.49%	1.02%	-8.49%	0.59%	3.18%	3.31%	4.58%	4.89%
Earnings before Tax (EBT) ¹	1,511	493.8	-3,889	479.8	1,762	2,233	2,860	3,342
Net income ¹	940.1	616.2	-3,753	394.2	1,083	1,399	1,829	2,073
Net margin	1.52%	1.29%	-8.22%	0.79%	1.94%	2.33%	2.74%	2.88%
EPS ²	0.7700	0.4900	-2.740	0.2900	0.7800	1.021	1.315	1.487
Free Cash Flow ¹	-44.8	-105.4	-922.2	-1,033	789.3	2,544	3,510	5,270
FCF margin	-0.07%	-0.22%	-2.02%	-2.07%	1.42%	4.24%	5.26%	7.32%
FCF Conversion (EBITDA)	-	-	-	-	21.97%	44.82%	54.22%	74.85%
FCF Conversion (Net income)	-	-	-	-	72.87%	181.88%	191.87%	254.29%
Dividend per Share ²	0.0700	0.1500	-	0.1000	0.2600	0.3496	0.4284	0.4632
Announcement Date	4/21/20	3/30/21	4/25/22	3/30/23	3/13/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	27,360	11,563	-	11,190	12,823	14,050	26,873	13,222	13,792	27,014	14,296	14,418	28,714	13,278	14,362	17,117	16,564	15,776	16,456
EBITDA ¹	-	-	-	-	711.7	688.1	-	-	-	-	-	-	-	-	-	1,071	1,300	1,243	-	-
EBIT	-	1,392	-3,667	-	94.52	382.3	81.69	464	233.7	473.9	-	463.9	-	-	516.8	-	-	-	-	-
Operating Margin	-	5.09%	-31.71%	-	0.84%	2.98%	0.58%	1.73%	1.77%	3.44%	-	3.25%	-	-	3.89%	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	1,401	-3,678	-	95.81	382.7	268.3	650.9	235.1	474.2	-	466.6	586.4	1,053	518	491.4	670.1	625.5	-	-
Net income ¹	-539.1	1,155	-3,771	-	52.48	236.5	263.2	-	200.2	275.3	475.5	303.2	304.5	607.7	306.5	304.3	415	387.3	-	-
Net margin	-	4.22%	-32.62%	-	0.47%	1.84%	1.87%	-	1.51%	2%	1.76%	2.12%	2.11%	2.12%	2.31%	2.12%	2.42%	2.34%	-	-
EPS ²	-	-	-2.750	-0.1200	0.0400	0.1800	0.1900	-	0.1500	0.2000	-	0.2100	0.2200	-	0.2200	0.2224	0.3033	0.2831	-	-
Dividend per Share ²	-	-	-	-	-	-	0.1000	-	-	-	-	-	-	-	-	-	-	0.3370	-	-
Announcement Date	8/28/20	3/30/21	4/25/22	4/25/22	8/23/22	10/24/22	3/30/23	3/30/23	4/25/23	8/21/23	8/21/23	10/23/23	3/13/24	3/13/24	4/25/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	14,162	12,071	12,635	14,200	14,593	12,259	12,201	11,034
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.046 x	3.474 x	7.725 x	4.722 x	4.062 x	2.16 x	1.885 x	1.567 x
Free Cash Flow ¹	-44.8	-105	-922	-1,033	789	2,544	3,510	5,271
ROE (net income / shareholders' equity)	7.52%	4.61%	-28%	3.35%	8.4%	9.92%	11.7%	12.3%
ROA (Net income/ Total Assets)	1.62%	1.09%	-6.98%	0.75%	-	2.38%	2.99%	3.3%
Assets ¹	58,136	56,582	53,795	52,720	-	58,846	61,161	62,777
Book Value Per Share ²	10.20	11.10	8.310	8.960	9.640	10.40	11.50	12.40
Cash Flow per Share ²	3.170	2.280	1.330	1.590	2.790	3.320	3.570	4.390
Capex ¹	3,964	3,226	2,744	3,202	3,140	3,300	3,193	3,187
Capex / Sales	6.43%	6.74%	6.01%	6.43%	5.63%	5.5%	4.78%	4.43%
Announcement Date	4/21/20	3/30/21	4/25/22	3/30/23	3/13/24	-	-	-

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 Ningbo Joyson Electronic Corp.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

17.37 CNY

Average target price

22.05 CNY

Spread / Average Target

+26.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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