Financials Shanghai AoHua Photoelectricity Endoscope Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
55.4 ^CNY	-0.13%		+5.93%	-10.69%

Feb. 26	Shanghai Aohua Photoelectricity Endoscope Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Shanghai Aohua Photoelectricity Endoscope Co., Ltd. Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,036	8,732	8,309	7,425	-	-
Enterprise Value (EV) ¹	5,036	8,732	8,309	7,425	7,425	7,425
P/E ratio	68.7 x	409 x	144 x	72.9 x	42.8 x	27.1 x
Yield	0.5%	-	0.48%	0.18%	0.45%	0.37%
Capitalization / Revenue	14.5 x	19.6 x	12.3 x	7.43 x	5.18 x	3.66 x
EV / Revenue	14.5 x	19.6 x	12.3 x	7.43 x	5.18 x	3.66 x
EV / EBITDA	59.4 x	193 x	82.9 x	47.2 x	31.2 x	20.8 x
EV / FCF	-	-74.1 x	-71.9 x	-85.3 x	-51.6 x	-240 x
FCF Yield	-	-1.35%	-1.39%	-1.17%	-1.94%	-0.42%
Price to Book	4.03 x	6.89 x	6.02 x	5.1 x	4.6 x	3.93 x
Nbr of stocks (in thousands)	133,340	133,340	133,955	134,033	-	-
Reference price ²	37.77	65.49	62.03	55.40	55.40	55.40
Announcement Date	2/23/22	2/24/23	2/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	347.1	445.3	678.1	998.8	1,432	2,029
EBITDA ¹	-	84.82	45.26	100.3	157.3	238.3	357.1
EBIT ¹	-	57.77	11.37	54.31	106.2	185.6	297.5
Operating Margin	-	16.65%	2.55%	8.01%	10.63%	12.96%	14.67%
Earnings before Tax (EBT) ¹	-	57.71	16.98	53.88	108	187.2	297.3
Net income ¹	18.51	57.04	21.72	57.97	101.8	173.7	274.1
Net margin	-	16.43%	4.88%	8.55%	10.19%	12.13%	13.51%
EPS ²	0.1900	0.5500	0.1600	0.4300	0.7600	1.296	2.046
Free Cash Flow ¹	-	-	-117.8	-115.6	-87	-144	-31
FCF margin	-	-	-26.45%	-17.05%	-8.71%	-10.06%	-1.53%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	0.1900	-	0.3000	0.1000	0.2500	0.2033
Announcement Date	10/26/21	2/23/22	2/24/23	2/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-118	-116	-87	-144	-31
ROE (net income / shareholders' equity)	-	9.25%	1.73%	4.38%	6.84%	10.9%	14.7%
ROA (Net income/ Total Assets)	-	5.79%	1.55%	3.79%	5.38%	8.04%	9.96%
Assets ¹	-	985.1	1,405	1,528	1,890	2,162	2,751
Book Value Per Share ²	-	9.360	9.510	10.30	10.90	12.10	14.10
Cash Flow per Share ²	-	0.5000	-0.3100	0.2800	0.5400	0.5000	0.9200
Capex ¹	-	90.1	75.9	153	78.6	78	85.3
Capex / Sales	-	25.96%	17.04%	22.56%	7.87%	5.45%	4.2%
Announcement Date	10/26/21	2/23/22	2/24/23	2/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

55.4 CNY

Average target price

71.08 CNY

Spread / Average Target

+28.31%

	1st Jan change	Capi.
SHANGHAI AOHUA PHOTOELECTRICITY ENDOSCOPE CO., LTD.	-10.69%	1.02B
SARTORIUS AG	-12.91%	19.08B
QUIDELORTHO CORPORATION	-46.21%	2.65B
INNER MONGOLIA FURUI MEDICAL SCIENCE CO., LTD.	+18.15%	1.87B
SHANGHAI MICROPORT EP MEDTECH CO., LTD.	-3.12%	1.61B
BIOTAGE AB	+23.78%	1.21B
CONTEC MEDICAL SYSTEMS CO.,LTD	-20.89%	905M
VAREX IMAGING CORPORATION	-18.10%	682M
REVENIO GROUP OYJ	-7.14%	716M
PHC CO.,LTD.	-.--%	301M