Financials BYD Electronic (International) Company Limited

Equities

285

HK0285041858

Electronic Equipment & Parts

Market Closed - Hong Kong S.E. 04:08:20 2024-04-26 am EDT 5-day change 1st Jan Change
25.05 HKD +3.09% Intraday chart for BYD Electronic (International) Company Limited +6.14% -31.56%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 30,164 76,995 52,416 49,949 74,955 52,247 - -
Enterprise Value (EV) 1 28,513 75,537 50,101 46,614 74,955 67,020 65,481 63,028
P/E ratio 18.9 x 14.2 x 22.6 x 27 x 18.6 x 10 x 7.93 x 6.8 x
Yield 0.53% 0.71% 0.44% 0.74% - 2.68% 3.48% 4.36%
Capitalization / Revenue 0.57 x 1.05 x 0.59 x 0.47 x 0.58 x 0.31 x 0.28 x 0.26 x
EV / Revenue 0.54 x 1.03 x 0.56 x 0.43 x 0.58 x 0.4 x 0.35 x 0.31 x
EV / EBITDA 8.74 x 9.38 x 10.5 x 9.49 x 10.9 x 6.49 x 5.47 x 4.55 x
EV / FCF -12.1 x 187 x 20.8 x 26.1 x - -17.9 x 9.5 x 10.7 x
FCF Yield -8.3% 0.54% 4.8% 3.83% - -5.6% 10.5% 9.32%
Price to Book 1.78 x 3.46 x 2.18 x 1.95 x - 1.58 x 1.36 x 1.17 x
Nbr of stocks (in thousands) 2,253,205 2,253,205 2,253,205 2,253,205 2,253,205 2,253,204 - -
Reference price 2 13.39 34.17 23.26 22.17 33.27 23.19 23.19 23.19
Announcement Date 3/31/20 3/29/21 3/29/22 3/28/23 3/26/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 53,028 73,121 89,057 107,186 129,957 167,104 186,436 203,278
EBITDA 1 3,262 8,051 4,773 4,914 6,865 10,321 11,965 13,846
EBIT 1 1,765 6,291 2,514 610.9 3,705 5,867 7,243 8,908
Operating Margin 3.33% 8.6% 2.82% 0.57% 2.85% 3.51% 3.88% 4.38%
Earnings before Tax (EBT) 1 1,696 6,221 2,465 1,939 4,681 5,801 7,235 8,551
Net income 1 1,598 5,441 2,310 1,858 4,041 5,204 6,559 7,681
Net margin 3.01% 7.44% 2.59% 1.73% 3.11% 3.11% 3.52% 3.78%
EPS 2 0.7100 2.410 1.030 0.8200 1.790 2.308 2.924 3.409
Free Cash Flow 1 -2,366 405 2,406 1,787 - -3,753 6,894 5,874
FCF margin -4.46% 0.55% 2.7% 1.67% - -2.25% 3.7% 2.89%
FCF Conversion (EBITDA) - 5.03% 50.41% 36.36% - - 57.61% 42.43%
FCF Conversion (Net income) - 7.44% 104.17% 96.18% - - 105.11% 76.48%
Dividend per Share 2 0.0710 0.2410 0.1030 0.1650 - 0.6216 0.8081 1.011
Announcement Date 3/31/20 3/29/21 3/29/22 3/28/23 3/26/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q4 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2 2026 S1
Net sales 1 29,748 31,386 41,735 44,531 21,404 23,122 44,526 20,933 22,761 43,694 36,030 63,493 56,180 73,777 72,024 98,908 83,477 110,704 88,846
EBITDA - - - - - - - - - - - - - - - - - - -
EBIT 1,118 2,924 3,367 1,775 - - 739.2 - - 42.42 - 568.5 1,029 2,676 1,942 4,028 2,860 5,054 4,311
Operating Margin 3.76% 9.32% 8.07% 3.99% - - 1.66% - - 0.1% - 0.9% 1.83% 3.63% 2.7% 4.07% 3.43% 4.57% 4.85%
Earnings before Tax (EBT) 1,077 2,831 3,390 1,746 - - 719.1 - - 688.9 - 1,250 1,670 3,011 1,948 3,626 - - -
Net income 1,022 2,473 2,969 1,643 513.7 153.1 666.8 - - 633.8 - 1,224 1,516 2,526 1,960 3,318 3,009 3,610 3,710
Net margin 3.44% 7.88% 7.11% 3.69% 2.4% 0.66% 1.5% - - 1.45% - 1.93% 2.7% 3.42% 2.72% 3.35% 3.6% 3.26% 4.18%
EPS 0.4500 1.100 1.310 0.3700 0.5900 0.0700 0.3000 0.0800 - 0.2800 - 0.5400 0.6700 1.120 0.8733 1.430 1.340 1.600 1.650
Dividend per Share - - - - - - - - - - - - - - - - - - -
Announcement Date 3/31/20 8/28/20 3/29/21 8/27/21 10/28/21 3/29/22 3/29/22 4/27/22 8/29/22 8/29/22 3/28/23 3/28/23 8/28/23 3/26/24 - - - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - 14,773 13,233 10,781
Net Cash position 1 1,651 1,457 2,315 3,335 - - - -
Leverage (Debt/EBITDA) - - - - - 1.431 x 1.106 x 0.7786 x
Free Cash Flow 1 -2,366 405 2,406 1,787 - -3,753 6,894 5,875
ROE (net income / shareholders' equity) 9.74% 27.7% 9.98% 7.48% - 16.5% 17.9% 18.4%
ROA (Net income/ Total Assets) 5.91% 16.5% 5.84% 3.78% - 5.93% 6.58% 6.99%
Assets 1 27,039 33,002 39,576 49,085 - 87,693 99,676 109,900
Book Value Per Share 2 7.540 9.880 10.70 11.40 - 14.70 17.10 19.80
Cash Flow per Share 2 0.1700 1.420 2.810 2.650 - 4.020 4.450 6.380
Capex 1 2,745 2,804 3,929 4,175 - 4,464 4,474 5,387
Capex / Sales 5.18% 3.83% 4.41% 3.89% - 2.67% 2.4% 2.65%
Announcement Date 3/31/20 3/29/21 3/29/22 3/28/23 3/26/24 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
20
Last Close Price
23.19 CNY
Average target price
38.69 CNY
Spread / Average Target
+66.86%
Consensus
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