Financials Shenzhen United Winners Laser Co., Ltd.

Equities

688518

CNE100003ZM1

Industrial Machinery & Equipment

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 09/05/2024 am IST			5-day change	1st Jan Change
14.59 ^CNY	+5.72%		+8.80%	-28.76%

28/04	Shenzhen United Winners Laser Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
13/04	Shenzhen United Winners Laser Co., Ltd. announced that it has received CNY 989.999994 million in funding	CI

Valuation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,563	14,742	8,789	6,942	4,947	-	-
Enterprise Value (EV) ¹	4,563	14,742	8,753	6,200	4,130	3,217	4,947
P/E ratio	58.7 x	159 x	33.2 x	23.5 x	11.8 x	9.65 x	8.54 x
Yield	-	0.24%	0.41%	0.73%	1.22%	1.5%	0.82%
Capitalization / Revenue	5.2 x	10.5 x	3.11 x	1.96 x	1.19 x	1.01 x	0.89 x
EV / Revenue	5.2 x	10.5 x	3.1 x	1.75 x	0.99 x	0.66 x	0.89 x
EV / EBITDA	50.8 x	129 x	28 x	20.4 x	7.42 x	4.73 x	6.99 x
EV / FCF	26.9 x	-70.9 x	-17.8 x	80.7 x	-14.6 x	3.12 x	-
FCF Yield	3.72%	-1.41%	-5.61%	1.24%	-6.85%	32.1%	-
Price to Book	3.17 x	9.71 x	4.94 x	2.3 x	1.47 x	1.26 x	1.17 x
Nbr of stocks (in thousands)	2,99,200	2,99,200	3,00,902	3,38,982	3,39,042	-	-
Reference price ²	15.25	49.27	29.21	20.48	14.59	14.59	14.59
Announcement Date	26/02/21	25/02/22	27/02/23	26/02/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	877.9	1,400	2,822	3,543	4,157	4,905	5,560
EBITDA ¹	89.81	114.2	312.7	303.5	556.6	679.8	707.2
EBIT ¹	77.15	96.45	305.1	322.8	445.2	565.4	617.5
Operating Margin	8.79%	6.89%	10.81%	9.11%	10.71%	11.53%	11.11%
Earnings before Tax (EBT) ¹	77.24	97.37	304.6	323.4	451.7	573	618.7
Net income ¹	66.97	92.01	266.9	290.6	401.5	511.7	579.5
Net margin	7.63%	6.57%	9.46%	8.2%	9.66%	10.43%	10.42%
EPS ²	0.2600	0.3100	0.8800	0.8700	1.235	1.512	1.708
Free Cash Flow ¹	169.8	-208	-491.1	76.87	-283	1,031	-
FCF margin	19.34%	-14.86%	-17.4%	2.17%	-6.81%	21.02%	-
FCF Conversion (EBITDA)	189.07%	-	-	25.32%	-	151.67%	-
FCF Conversion (Net income)	253.55%	-	-	26.46%	-	201.5%	-
Dividend per Share ²	-	0.1200	0.1200	0.1500	0.1786	0.2196	0.1200
Announcement Date	26/02/21	25/02/22	27/02/23	26/02/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	-	-	-	-	928.2	766.4	934.1	854.2	988.3	728
EBITDA	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	-	-	87.42	99.3	126.6	61.21	35.62	31.06
Operating Margin	-	-	-	-	9.42%	12.96%	13.56%	7.17%	3.6%	4.27%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	60.99	-	-
Net income	14.92	55.21	70.13	117.2	-	-	-	53.51	-	-
Net margin	-	-	-	-	-	-	-	6.26%	-	-
EPS ²	0.0500	-	-	0.4000	0.2500	0.2700	0.3300	0.1600	0.1100	0.0800
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	29/04/22	29/08/22	29/08/22	27/10/22	27/02/23	27/04/23	25/08/23	27/10/23	26/02/24	28/04/24

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-
Net Cash position ¹	-	-	36.7	743	817	1,730	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	170	-208	-491	76.9	-283	1,031	-
ROE (net income / shareholders' equity)	5.78%	6.25%	16.1%	10.3%	12.3%	14%	13.4%
ROA (Net income/ Total Assets)	-	2.81%	5.69%	-	4.2%	6%	5%
Assets ¹	-	3,276	4,688	-	9,559	8,528	11,590
Book Value Per Share ²	4.820	5.080	5.910	8.910	9.950	11.60	12.50
Cash Flow per Share ²	0.8600	-0.0300	-0.6600	0.7000	0.6400	1.660	1.840
Capex ¹	-	198	292	159	144	108	175
Capex / Sales	-	14.13%	10.35%	4.5%	3.46%	2.21%	3.15%
Announcement Date	26/02/21	25/02/22	27/02/23	26/02/24	-	-	-

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 Shenzhen United Winners Laser Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

14.59 CNY

Average target price

19.37 CNY

Spread / Average Target

+32.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Welding & Soldering Equipment

	1st Jan change	Capi.
SHENZHEN UNITED WINNERS LASER CO., LTD.	-28.76%	685M
LINCOLN ELECTRIC HOLDINGS, INC.	+6.30%	13.15B
ESAB CORPORATION	+25.89%	6.59B
HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO., LTD.	+2.99%	3.1B
WUXI AUTOWELL TECHNOLOGY CO.,LTD.	+3.08%	2.89B
ESAB INDIA LIMITED	-13.02%	928M
SBT ULTRASONIC TECHNOLOGY CO.,LTD.	-34.36%	861M
SHANGHAI HUGONG ELECTRIC GROUP CO.,LTD.	+6.71%	694M
PASLIN DIGITAL TECHNOLOGY CO., LTD.	+8.78%	582M
SHENZHEN JASIC TECHNOLOGY CO.,LTD.	+11.71%	572M

Welding & Soldering Equipment