Financials Wuxi NCE Power Co.,Ltd.

Equities

605111

CNE1000042H7

Semiconductors

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
39.58 ^CNY	-2.80%		+4.24%	+4.63%

Apr. 29	Wuxi NCE Power Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 27	Wuxi NCE Power Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	19,789	25,233	16,526	11,281	11,802	-	-
Enterprise Value (EV) ¹	19,789	25,233	13,961	8,613	8,728	8,406	8,066
P/E ratio	116 x	61.4 x	36.4 x	33.5 x	29.6 x	21.3 x	19.7 x
Yield	0.21%	0.32%	0.53%	0.57%	0.81%	1.03%	1.15%
Capitalization / Revenue	20.7 x	16.8 x	9.13 x	7.64 x	6.25 x	5.14 x	4.2 x
EV / Revenue	20.7 x	16.8 x	7.71 x	5.83 x	4.62 x	3.66 x	2.87 x
EV / EBITDA	-	52 x	26.3 x	22.7 x	18.9 x	14.3 x	11.2 x
EV / FCF	-	-	74.6 x	30.3 x	45.9 x	17.7 x	-
FCF Yield	-	-	1.34%	3.3%	2.18%	5.66%	-
Price to Book	17.1 x	16.5 x	4.91 x	3.1 x	2.82 x	2.54 x	2.27 x
Nbr of stocks (in thousands)	277,693	277,693	298,226	298,192	298,168	-	-
Reference price ²	71.26	90.87	55.41	37.83	39.58	39.58	39.58
Announcement Date	3/30/21	3/3/22	3/20/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	955	1,498	1,811	1,477	1,889	2,295	2,809
EBITDA ¹	-	485	531.2	379.6	463	587.8	720.7
EBIT ¹	157.7	469.6	506.7	349.6	444.5	549	658.5
Operating Margin	16.51%	31.34%	27.98%	23.68%	23.53%	23.93%	23.44%
Earnings before Tax (EBT) ¹	158	469.6	507.1	349.4	452.6	569.6	653
Net income ¹	139.4	410.5	435.2	323.1	399.2	555.4	599.2
Net margin	14.59%	27.4%	24.03%	21.88%	21.13%	24.2%	21.33%
EPS ²	0.6159	1.480	1.521	1.130	1.339	1.863	2.008
Free Cash Flow ¹	-	-	187	284.4	190	476	-
FCF margin	-	-	10.33%	19.26%	10.06%	20.74%	-
FCF Conversion (EBITDA)	-	-	35.21%	74.94%	41.04%	80.98%	-
FCF Conversion (Net income)	-	-	42.98%	88.02%	47.6%	85.7%	-
Dividend per Share ²	0.1512	0.2934	0.2921	0.2170	0.3193	0.4074	0.4544
Announcement Date	3/30/21	3/3/22	3/20/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q3	2022 Q4	2023 Q1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	398.8	-	483.8	373.7	345.8	372.3	371.7	501.9	602.3	501.9	504.5	630.6
EBITDA ¹	-	-	-	-	-	-	-	112.3	132.8	112.3	110.9	135.8
EBIT ¹	112.4	-	108.9	-	76.42	108.5	112.8	102.4	122.9	102.4	99.61	124.5
Operating Margin	28.17%	-	22.52%	-	22.1%	29.16%	30.34%	20.4%	20.4%	20.4%	19.74%	19.74%
Earnings before Tax (EBT)	-	-	-	-	75.47	108.9	-	-	-	-	-	-
Net income ¹	99.72	103.5	97.47	-	67.28	108.2	100.1	102.7	120.4	102.7	101.4	123
Net margin	25%	-	20.15%	-	19.46%	29.07%	26.92%	20.46%	19.99%	20.46%	20.1%	19.5%
EPS ²	0.3622	0.3571	0.3214	-	0.2200	0.4100	0.3500	0.3444	0.4037	0.3444	0.3400	0.4123
Dividend per Share ²	-	-	-	-	-	0.2170	-	-	-	0.2755	-	-
Announcement Date	3/3/22	10/25/22	3/20/23	4/26/23	10/26/23	3/27/24	4/29/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-
Net Cash position ¹	-	-	2,565	2,667	3,074	3,395	3,735
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	187	284	190	476	-
ROE (net income / shareholders' equity)	18.5%	30.6%	18.8%	9.25%	10.7%	13.1%	11.8%
ROA (Net income/ Total Assets)	12.6%	25%	14.8%	7.76%	9.53%	11.1%	11.7%
Assets ¹	1,103	1,642	2,941	4,165	4,190	5,001	5,121
Book Value Per Share ²	4.180	5.510	11.30	12.20	14.10	15.60	17.40
Cash Flow per Share ²	0.2900	1.620	0.9200	1.590	1.870	1.640	2.060
Capex ¹	58.1	146	86.3	191	65.8	63.4	73.1
Capex / Sales	6.08%	9.74%	4.76%	12.94%	3.48%	2.76%	2.6%
Announcement Date	3/30/21	3/3/22	3/20/23	3/27/24	-	-	-

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 Wuxi NCE Power Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

39.58 CNY

Average target price

41.05 CNY

Spread / Average Target

+3.71%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Semiconductors

	1st Jan change	Capi.
WUXI NCE POWER CO.,LTD.	+4.63%	1.63B
NVIDIA CORPORATION	+81.49%	2,212B
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED	+35.24%	641B
AMD (ADVANCED MICRO DEVICES)	+3.06%	246B
QUALCOMM, INC.	+25.89%	203B
TEXAS INSTRUMENTS INCORPORATED	+9.73%	170B
MICRON TECHNOLOGY, INC.	+42.07%	134B
INTEL CORPORATION	-40.60%	127B
ARM HOLDINGS PLC	+44.84%	112B
ANALOG DEVICES, INC.	+4.35%	103B

Other Semiconductors