Financials Ningbo Deye Technology Group Co., Ltd.

Equities

605117

CNE1000052S3

Electrical Components & Equipment

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
92.68 ^CNY	-3.15%		-0.86%	+10.46%

Apr. 24	Ningbo Deye Technology Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 24	Ningbo Deye Technology Group Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	46,727	79,135	36,084	39,860	-	-
Enterprise Value (EV) ¹	46,727	79,135	36,084	39,860	39,860	39,860
P/E ratio	74 x	52.2 x	20.1 x	18.3 x	14.4 x	11.2 x
Yield	0.44%	0.68%	2.5%	2.6%	2.8%	3.4%
Capitalization / Revenue	11.2 x	13.3 x	4.82 x	3.85 x	3.03 x	2.41 x
EV / Revenue	11.2 x	13.3 x	4.82 x	3.85 x	3.03 x	2.41 x
EV / EBITDA	66 x	43.4 x	16.2 x	14.1 x	11 x	8.76 x
EV / FCF	-	-	27.1 x	46.7 x	28.3 x	-
FCF Yield	-	-	3.69%	2.14%	3.53%	-
Price to Book	17.7 x	19.5 x	6.9 x	6.06 x	4.6 x	3.56 x
Nbr of stocks (in thousands)	430,081	430,081	430,081	430,081	-	-
Reference price ²	108.6	184.0	83.90	92.68	92.68	92.68
Announcement Date	3/7/22	3/8/23	4/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	4,168	5,956	7,480	10,354	13,158	16,569
EBITDA ¹	-	708	1,823	2,232	2,824	3,629	4,549
EBIT ¹	-	656.5	1,756	2,098	2,705	3,384	4,400
Operating Margin	-	15.75%	29.49%	28.04%	26.12%	25.72%	26.56%
Earnings before Tax (EBT) ¹	-	657.5	1,754	2,096	2,704	3,383	4,399
Net income ¹	382.4	578.6	1,517	1,791	2,326	2,904	3,782
Net margin	-	13.88%	25.48%	23.94%	22.46%	22.07%	22.83%
EPS ²	1.187	1.468	3.522	4.170	5.072	6.415	8.278
Free Cash Flow ¹	-	-	-	1,333	854	1,407	-
FCF margin	-	-	-	17.82%	8.25%	10.69%	-
FCF Conversion (EBITDA)	-	-	-	59.71%	30.24%	38.77%	-
FCF Conversion (Net income)	-	-	-	74.43%	36.72%	48.45%	-
Dividend per Share ²	-	0.4762	1.256	2.100	2.410	2.595	3.150
Announcement Date	3/29/21	3/7/22	3/8/23	4/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	1,139	-	1,532	2,373	1,700	1,882	2,085	1,432	1,154	1,884	2,917	3,238	3,584
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	177.9	132.1	318.4	450.5	476.8	-	-	-	-	-	-	-	-
Net margin	15.62%	-	20.78%	18.98%	28.04%	-	-	-	-	-	-	-	-
EPS	-	0.3056	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/7/22	4/28/22	8/17/22	8/17/22	10/28/22	3/8/23	4/27/23	10/27/23	4/24/24	4/24/24	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	1,333	854	1,407	-
ROE (net income / shareholders' equity)	-	29.3%	45.5%	38.6%	35.1%	34.5%	33.1%
ROA (Net income/ Total Assets)	-	21.1%	24.4%	-	18.7%	19.4%	20.3%
Assets ¹	-	2,745	6,216	-	12,431	14,970	18,674
Book Value Per Share ²	-	6.140	9.450	12.20	15.30	20.20	26.00
Cash Flow per Share ²	-	1.850	5.120	4.840	6.660	7.340	9.570
Capex ¹	-	602	804	748	745	624	753
Capex / Sales	-	14.43%	13.51%	10%	7.19%	4.75%	4.54%
Announcement Date	3/29/21	3/7/22	3/8/23	4/24/24	-	-	-

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 Ningbo Deye Technology Group Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

92.68 CNY

Average target price

106 CNY

Spread / Average Target

+14.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Heating, Ventilation & Air Conditioning Systems

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Heating, Ventilation & Air Conditioning Systems