Financials Zhejiang Lante Optics Co., Ltd.

Equities

688127

CNE1000042R6

Office Equipment

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-14 pm EDT			5-day change	1st Jan Change
18.07 ^CNY	-0.55%		-9.56%	-22.41%

Apr. 24	Zhejiang Lante Optics Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 23	Zhejiang Lante Optics 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	14,465	9,261	6,417	9,353	7,257	-	-
Enterprise Value (EV) ¹	14,465	9,261	6,439	9,353	7,257	7,257	7,257
P/E ratio	73.5 x	65.7 x	66.4 x	51.8 x	24.4 x	18.6 x	16 x
Yield	-	0.65%	-	0.86%	1.08%	1.33%	-
Capitalization / Revenue	33 x	22.3 x	16.9 x	12.4 x	5.98 x	4.64 x	4.03 x
EV / Revenue	33 x	22.3 x	16.9 x	12.4 x	5.98 x	4.64 x	4.03 x
EV / EBITDA	54.6 x	42.8 x	47 x	28.5 x	16.8 x	13.1 x	11 x
EV / FCF	-	-	-23.5 x	-	-793 x	45.1 x	22.3 x
FCF Yield	-	-	-4.26%	-	-0.13%	2.21%	4.49%
Price to Book	10.4 x	6.3 x	4.26 x	5.72 x	3.91 x	3.35 x	2.83 x
Nbr of stocks (in thousands)	401,580	402,845	402,845	401,580	401,580	-	-
Reference price ²	36.02	22.99	15.93	23.29	18.07	18.07	18.07
Announcement Date	2/25/21	2/27/22	2/27/23	2/23/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	438.9	415.5	380.4	754.5	1,214	1,565	1,803
EBITDA ¹	264.8	216.3	136.5	328.3	431.8	555.1	659.7
EBIT ¹	212.5	159.4	69.74	207.7	310	409	485.8
Operating Margin	48.4%	38.36%	18.34%	27.53%	25.55%	26.14%	26.95%
Earnings before Tax (EBT) ¹	212.4	159.1	68.31	206.4	309.5	408.3	484.7
Net income ¹	183	140	96.07	179.9	296.9	390.9	452.8
Net margin	41.69%	33.7%	25.26%	23.85%	24.47%	24.98%	25.12%
EPS ²	0.4900	0.3500	0.2400	0.4500	0.7400	0.9717	1.130
Free Cash Flow ¹	-	-	-273.6	-	-9.15	160.7	326.1
FCF margin	-	-	-71.94%	-	-0.75%	10.27%	18.09%
FCF Conversion (EBITDA)	-	-	-	-	-	28.96%	49.44%
FCF Conversion (Net income)	-	-	-	-	-	41.11%	72.02%
Dividend per Share ²	-	0.1500	-	0.2000	0.1950	0.2400	-
Announcement Date	2/25/21	2/27/22	2/27/23	2/23/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q4	2022 Q1	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 S1	2023 Q3	2023 Q4	2023 S2
Net sales ¹	207.2	100.1	89.68	-	-	84.9	178.8	85.54	-	-	264.3	553.5
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	33.23	-	-	-	-0.7486	18.37	3.236	-	83.76	101.7	185.4
Operating Margin	-	33.2%	-	-	-	-0.88%	10.27%	3.78%	-	-	38.48%	33.5%
Earnings before Tax (EBT) ¹	-	32.95	-	-	-	-2.129	16.99	3.241	-	-	101.6	184.4
Net income ¹	76.25	30.6	21.53	46.87	17.88	31.32	49.2	4.797	22.12	69.69	88.1	157.8
Net margin	36.8%	30.58%	24.01%	-	-	36.89%	27.51%	5.61%	-	-	33.34%	28.51%
EPS ²	-	0.0800	-	0.1200	0.0400	0.0800	0.1200	0.0119	0.0500	0.1800	0.2200	0.4000
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/26/21	2/27/22	4/21/22	8/29/22	10/27/22	2/27/23	2/27/23	4/18/23	8/29/23	10/26/23	2/23/24	2/23/24

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	21.4	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	0.1569 x	-	-	-	-
Free Cash Flow ¹	-	-	-274	-	-9.15	161	326
ROE (net income / shareholders' equity)	20.9%	9.84%	6.48%	11.3%	16.2%	18.3%	17.7%
ROA (Net income/ Total Assets)	-	8.75%	-	-	11.4%	13.4%	12.3%
Assets ¹	-	1,599	-	-	2,614	2,910	3,682
Book Value Per Share ²	3.450	3.650	3.740	4.070	4.620	5.390	6.390
Cash Flow per Share ²	0.5800	0.4400	0.1600	0.5600	0.9700	1.190	1.360
Capex ¹	71.1	106	340	404	215	187	190
Capex / Sales	16.19%	25.63%	89.34%	53.56%	17.72%	11.94%	10.53%
Announcement Date	2/25/21	2/27/22	2/27/23	2/23/24	-	-	-

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 Zhejiang Lante Optics Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

18.07 CNY

Average target price

26 CNY

Spread / Average Target

+43.88%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Office Equipment

	1st Jan change	Capi.
ZHEJIANG LANTE OPTICS CO., LTD.	-22.41%	1.01B
CANON INC.	+21.44%	27.62B
BROTHER INDUSTRIES, LTD.	+31.06%	4.78B
KONICA MINOLTA, INC.	+19.62%	1.72B
TOSHIBA TEC CORPORATION	+3.22%	1.05B
PITNEY BOWES INC.	+23.30%	1.02B
FOCUSLIGHT TECHNOLOGIES INC	-43.58%	797M
SATO HOLDINGS CORPORATION	-1.42%	437M
DATALOGIC S.P.A.	-14.20%	342M
XRF SCIENTIFIC LIMITED	+9.75%	112M

Other Office Equipment