Financials Sieyuan Electric Co., Ltd.

Equities

002028

CNE000001KM8

Electrical Components & Equipment

End-of-day quote Shenzhen S.E. Other stock markets 03:30:00 09/05/2024 am IST			5-day change	1st Jan Change
70.41 ^CNY	+3.00%		+8.09%	+35.30%

28/04	Sieyuan Electric Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
19/04	Jiangsu Siyuan Special Transformer Co., Ltd. announced that it expects to receive CNY 250 million in funding from Sieyuan Electric Co., Ltd.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,468	15,306	37,681	29,409	40,240	54,501	-	-
Enterprise Value (EV) ¹	10,468	15,306	37,681	27,070	37,056	50,241	49,100	47,591
P/E ratio	18.9 x	16.3 x	31.3 x	24 x	25.8 x	26.9 x	21.5 x	17.7 x
Yield	0.73%	1%	0.41%	0.78%	0.77%	0.74%	0.93%	1.12%
Capitalization / Revenue	1.64 x	2.08 x	4.33 x	2.79 x	3.23 x	3.53 x	2.88 x	2.46 x
EV / Revenue	1.64 x	2.08 x	4.33 x	2.57 x	2.97 x	3.25 x	2.6 x	2.15 x
EV / EBITDA	14.7 x	12.8 x	25.1 x	18.5 x	18.8 x	20.9 x	16.2 x	12.9 x
EV / FCF	-	-	-	-	24 x	54.4 x	38.9 x	30.5 x
FCF Yield	-	-	-	-	4.17%	1.84%	2.57%	3.28%
Price to Book	2.08 x	2.35 x	4.5 x	3.21 x	3.88 x	4.48 x	3.81 x	3.24 x
Nbr of stocks (in thousands)	7,60,209	7,62,993	7,65,720	7,69,479	7,73,254	7,74,051	-	-
Reference price ²	13.77	20.06	49.21	38.22	52.04	70.41	70.41	70.41
Announcement Date	13/01/20	15/01/21	14/01/22	13/01/23	19/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,380	7,373	8,695	10,537	12,460	15,441	18,909	22,185
EBITDA ¹	713.5	1,200	1,499	1,466	1,968	2,399	3,029	3,698
EBIT ¹	627.8	1,115	1,407	1,342	1,778	2,282	2,857	3,448
Operating Margin	9.84%	15.13%	16.18%	12.74%	14.27%	14.78%	15.11%	15.54%
Earnings before Tax (EBT) ¹	631.7	1,115	1,404	1,331	1,771	2,296	2,873	3,479
Net income ¹	557.6	933.3	1,198	1,220	1,559	2,028	2,540	3,071
Net margin	8.74%	12.66%	13.77%	11.58%	12.51%	13.14%	13.43%	13.84%
EPS ²	0.7300	1.230	1.570	1.590	2.020	2.621	3.282	3.968
Free Cash Flow ¹	-	-	-	-	1,544	924	1,262	1,560
FCF margin	-	-	-	-	12.39%	5.98%	6.68%	7.03%
FCF Conversion (EBITDA)	-	-	-	-	78.45%	38.52%	41.68%	42.17%
FCF Conversion (Net income)	-	-	-	-	99.03%	45.56%	49.71%	50.78%
Dividend per Share ²	0.1000	0.2000	0.2000	0.3000	0.4000	0.5205	0.6578	0.7921
Announcement Date	13/01/20	15/01/21	14/01/22	13/01/23	19/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1	2023 Q3	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	2,172	-	3,850	4,030	4,782	-	-
EBITDA	-	-	-	-	-	-	-
EBIT ¹	211.3	-	705.7	676.7	503.2	-	-
Operating Margin	9.73%	-	18.33%	16.79%	10.52%	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income ¹	218.4	447.8	645.4	616.4	442.8	-	-
Net margin	10.06%	-	16.76%	15.29%	9.26%	-	-
EPS ²	-	-	0.8338	0.7964	0.5721	-	-
Dividend per Share ²	-	-	-	-	0.5305	-	-
Announcement Date	21/04/23	20/10/23	-	-	-	-	-

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	-	-	-	2,339	3,184	4,260	5,401	6,910
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	-	1,544	924	1,263	1,560
ROE (net income / shareholders' equity)	11.6%	16.2%	16.1%	13.9%	15.9%	17.6%	18.8%	19.3%
ROA (Net income/ Total Assets)	7.01%	9.37%	10.1%	8.24%	8.97%	9.86%	10.5%	11%
Assets ¹	7,950	9,960	11,868	14,812	17,388	20,579	24,193	27,903
Book Value Per Share ²	6.630	8.550	10.90	11.90	13.40	15.70	18.50	21.70
Cash Flow per Share ²	1.090	1.070	0.5000	1.370	2.940	2.100	3.040	3.920
Capex ¹	146	275	529	443	728	623	667	782
Capex / Sales	2.29%	3.73%	6.08%	4.21%	5.84%	4.04%	3.53%	3.52%
Announcement Date	13/01/20	15/01/21	14/01/22	13/01/23	19/04/24	-	-	-

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 Sieyuan Electric Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

70.41 CNY

Average target price

72.53 CNY

Spread / Average Target

+3.01%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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