Financials Shanghai Liangxin Electrical Co.,LTD.

Equities

002706

CNE100001R74

Electrical Components & Equipment

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
7.77 ^CNY	-0.89%		-0.38%	-12.00%

May. 08	Shanghai Liangxin Electrical Co.,Ltd. Implements Cash Dividend on A Shares for 2023, Payable on 14 May 2024	CI
Apr. 26	Shanghai Liangxin Electrical Co.,LTD. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,594	24,044	18,161	16,403	9,760	8,727	-	-
Enterprise Value (EV) ¹	6,594	24,044	18,070	15,898	9,760	7,855	7,760	7,655
P/E ratio	24 x	62.5 x	43.5 x	37.6 x	19.6 x	14.1 x	11.7 x	10.4 x
Yield	2.98%	0.98%	-	1.37%	2.83%	3.66%	4.27%	4.88%
Capitalization / Revenue	3.23 x	7.97 x	4.51 x	3.95 x	2.13 x	1.53 x	1.32 x	1.17 x
EV / Revenue	3.23 x	7.97 x	4.49 x	3.82 x	2.13 x	1.38 x	1.17 x	1.03 x
EV / EBITDA	18.5 x	47.6 x	34.4 x	29.8 x	14.4 x	9.81 x	8.11 x	6.83 x
EV / FCF	-	-	-87 x	-813 x	39.2 x	17.9 x	11.9 x	14.6 x
FCF Yield	-	-	-1.15%	-0.12%	2.55%	5.6%	8.4%	6.85%
Price to Book	3.65 x	11.8 x	8.23 x	4.4 x	2.4 x	1.84 x	1.73 x	1.63 x
Nbr of stocks (in thousands)	1,020,522	1,020,159	1,019,124	1,119,625	1,105,325	1,123,125	-	-
Reference price ²	6.462	23.57	17.82	14.65	8.830	7.770	7.770	7.770
Announcement Date	2/28/20	3/25/21	4/28/22	3/30/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,039	3,017	4,027	4,157	4,585	5,697	6,636	7,428
EBITDA ¹	356.8	505.3	525.4	534.3	676.7	801	957	1,121
EBIT ¹	286.7	419.9	424.6	421.2	536.1	655	802.2	872.2
Operating Margin	14.06%	13.92%	10.54%	10.13%	11.69%	11.5%	12.09%	11.74%
Earnings before Tax (EBT) ¹	314.5	437.2	447.2	461.3	573.6	699	834.4	901
Net income ¹	273.1	375.5	418.5	421.8	511	622	737	827.6
Net margin	13.4%	12.45%	10.39%	10.15%	11.14%	10.92%	11.11%	11.14%
EPS ²	0.2692	0.3769	0.4100	0.3900	0.4500	0.5500	0.6633	0.7447
Free Cash Flow ¹	-	-	-207.7	-19.55	248.8	440	652	524
FCF margin	-	-	-5.16%	-0.47%	5.43%	7.72%	9.83%	7.05%
FCF Conversion (EBITDA)	-	-	-	-	36.76%	54.93%	68.13%	46.76%
FCF Conversion (Net income)	-	-	-	-	48.68%	70.74%	88.46%	63.31%
Dividend per Share ²	0.1923	0.2308	-	0.2000	0.2500	0.2847	0.3318	0.3794
Announcement Date	2/28/20	3/25/21	4/28/22	3/30/23	3/29/24	-	-	-

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 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	142.5	214.6	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS ¹	0.0700	-	0.1400	-	0.1313	0.0500	0.0800	0.1700	0.1300	0.0700	0.0800	0.1813	0.1462	0.1114	-	-
Dividend per Share ¹	-	-	-	-	-	0.2000	-	-	-	-	-	-	-	0.2987	-	-
Announcement Date	4/28/22	5/29/22	8/29/22	8/29/22	10/26/22	3/30/23	4/26/23	8/11/23	10/27/23	3/29/24	4/26/24	-	-	-	-	-

¹CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	-	90.8	505	-	872	967	1,072
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-208	-19.5	249	440	652	524
ROE (net income / shareholders' equity)	15.7%	19.9%	20.3%	14.1%	13%	14%	15%	15.2%
ROA (Net income/ Total Assets)	12.1%	13.4%	10.9%	8.33%	-	9.9%	9.58%	9.99%
Assets ¹	2,248	2,795	3,840	5,062	-	6,283	7,697	8,289
Book Value Per Share ²	1.770	2.000	2.160	3.330	3.680	4.230	4.490	4.770
Cash Flow per Share ²	0.3200	0.6200	0.3700	0.4100	0.5600	0.7200	0.8200	0.9100
Capex ¹	319	389	590	481	379	108	322	399
Capex / Sales	15.65%	12.89%	14.64%	11.56%	8.27%	1.9%	4.85%	5.37%
Announcement Date	2/28/20	3/25/21	4/28/22	3/30/23	3/29/24	-	-	-

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 Shanghai Liangxin Electrical Co.,LTD.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.77 CNY

Average target price

9.863 CNY

Spread / Average Target

+26.94%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Switchgear

	1st Jan change	Capi.
SHANGHAI LIANGXIN ELECTRICAL CO.,LTD.	-12.00%	1.21B
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XI'AN SINOFUSE ELECTRIC CO., LTD.	-31.00%	828M
SHANGHAI ZHEZHONG GROUP CO.,LTD	-14.98%	572M
GUANGZHOU BAIYUN ELECTRIC EQUIPMENT CO., LTD.	-9.00%	536M
ULUSOY ELEKTRIK IMALAT TAAHHÜT VE TICARET	+39.98%	457M
WUXI NEW HONGTAI ELECTRICAL TECHNOLOGY CO.,LTD	-18.70%	370M
HOLLYLAND (CHINA) ELECTRONICS TECHNOLOGY CORPORATION LIMITED	-45.52%	314M
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