Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CN¥13.11, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 26x in the Electrical industry in China. Total loss to shareholders of 17% over the past three years. New Risk • May 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 106% Paying a dividend despite having no free cash flows. High level of non-cash earnings (28% accrual ratio). Major Estimate Revision • May 01
Consensus revenue estimates increase by 12%, EPS downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from CN¥43.8b to CN¥49.0b. EPS estimate fell from CN¥0.931 to CN¥0.876. Net income forecast to grow 486% next year vs 59% growth forecast for Electrical industry in China. Consensus price target down from CN¥19.19 to CN¥18.77. Share price fell 2.2% to CN¥15.84 over the past week. Announcement • Apr 30
Ming Yang Smart Energy Group Limited Proposes Cash Dividend Distribution for the Year Ended December 31, 2025 Ming Yang Smart Energy Group Limited proposed to distribute a cash dividend of RMB 0.185 (tax inclusive) per share to all shareholders. As of April 27, 2026 (the deliberation date of this Board meeting), the Company's total share capital is 2,261,496,706 shares. After deducting the 101,329,984 shares in the Company's repurchase account, the number of shares eligible for this profit distribution is 2,160,166,722. Based on this, the total proposed cash dividend is RMB 399,630,843.57 (tax inclusive). The amount of share repurchases implemented this year through centralized bidding with cash consideration was RMB 0. The total amount of cash dividends and repurchases is RMB 399,630,843.57(tax inclusive), accounting for 60.56% of the net profit attributable to shareholders of the Listed Company for the year. Specifically, the amount of share repurchases for cancellation through centralized bidding with cash consideration (hereinafter referred to as "repurchase and cancellation") was RMB 111,341,812.18. The total amount of cash dividends, repurchase and cancellation is RMB 510,972,655.75 (tax inclusive), accounting for 77.43% of the net profit attributable to shareholders of the Listed Company for the year. This Profit Distribution Plan is still subject to deliberation at the 2025 Annual Shareholders' Meeting. Announcement • Apr 29
Ming Yang Smart Energy Group Limited, Annual General Meeting, May 20, 2026 Ming Yang Smart Energy Group Limited, Annual General Meeting, May 20, 2026, at 15:00 China Standard Time. Location: The Company's Meeting Room, Zhongshan, Guangdong China Announcement • Apr 02
Ming Yang Smart Energy Group Limited Stablishes Management Committee Ming Yang Smart Energy Group Limited held the first Meeting of Holders of the 2025 ESOP on March 31, 2026. The meeting deliberated on and approved the proposal on establishing the Management Committee for the 2025 ESOP. The Management Committee shall consist of 3 members, with 1 Chairperson of the Management Committee. The term of office for the members of the Management Committee for the 2025 ESOP shall be the duration of the 2025 ESOP. Qifa Zhou, Longquan Yan, and Xiaoru Jiang were elected as members of the Management Committee for the 2025 ESOP, with a term of office being the duration of the 2025 ESOP. The first meeting of the Management Committee for the 2025 ESOP was held on the same day, at which Qifa Zhou was elected as the Chairperson of the Management Committee, with a term of office being the duration of the 2025 ESOP. The Management Committee for the 2025 ESOP is authorized to handle matters related to this ESOP from the date of the resolution of the first Meeting of Holders of the Company's 2025 ESOP until the termination date of the Company's 2025 ESOP. Announcement • Mar 30
Ming Yang Smart Energy Group Limited to Report Q1, 2026 Results on Apr 29, 2026 Ming Yang Smart Energy Group Limited announced that they will report Q1, 2026 results on Apr 29, 2026 New Risk • Mar 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Chinese stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (9.9% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 232% Paying a dividend despite having no free cash flows. Minor Risk Large one-off items impacting financial results. Announcement • Jan 28
Ming Yang Smart Energy Group Limited Provides Earnings Guidance for the 1 January 2025 to 31 March 2025 Ming Yang Smart Energy Group Limited provided earnings guidance for the 1 January 2025 to 31 March 2025. For the year, the company expects the net profit attributable to shareholders for the period from January to December 2025 to be between RMB 800 million and RMB 1,000 million, representing an increase of RMB 453.8855 million to RMB 653.8855 million compared to the same period of the previous year, a year-on-year increase of 131.14% to 188.92%. New Risk • Jan 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 232% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Announcement • Jan 24
Ming Yang Smart Energy Group Limited (SHSE:601615) agreed to acquire Zhongshan Dehua Chip Technology Co., Ltd. from a group of shareholders. Ming Yang Smart Energy Group Limited (SHSE:601615) agreed to acquire Zhongshan Dehua Chip Technology Co., Ltd. from a group of shareholders on January 22, 2026. A cash consideration will be paid by Ming Yang Smart Energy Group Limited. The consideration consists of common equity of Ming Yang Smart Energy Group Limited to be issued for common equity of Zhongshan Dehua Chip Technology Co., Ltd. As part of consideration, an undisclosed value is paid towards common equity of Zhongshan Dehua Chip Technology Co., Ltd.
The transaction is subject to approval by China Securities Regulatory Commission, Shanghai Stock Exchange, approval of offer by acquirer shareholders and approval of offer by acquirer board. The deal has been approved by the board. Price Target Changed • Jan 20
Price target increased by 7.8% to CN¥16.09 Up from CN¥14.92, the current price target is an average from 10 analysts. New target price is 18% below last closing price of CN¥19.68. Stock is up 83% over the past year. The company is forecast to post earnings per share of CN¥0.55 for next year compared to CN¥0.15 last year. Announcement • Dec 26
Ming Yang Smart Energy Group Limited to Report Fiscal Year 2025 Results on Apr 29, 2026 Ming Yang Smart Energy Group Limited announced that they will report fiscal year 2025 results on Apr 29, 2026 Price Target Changed • Nov 10
Price target increased by 11% to CN¥14.81 Up from CN¥13.31, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of CN¥15.23. Stock is up 14% over the past year. The company is forecast to post earnings per share of CN¥0.62 for next year compared to CN¥0.15 last year. New Risk • Nov 07
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 232% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Large one-off items impacting financial results. Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: CN¥0.07 (vs CN¥0.068 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.07 (up from CN¥0.068 in 3Q 2024). Revenue: CN¥9.16b (up 8.5% from 3Q 2024). Net income: CN¥155.8m (up 5.4% from 3Q 2024). Profit margin: 1.7% (in line with 3Q 2024). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electrical industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. New Risk • Oct 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 237% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Profit margins are more than 30% lower than last year (0.9% net profit margin). Announcement • Sep 30
Ming Yang Smart Energy Group Limited to Report Q3, 2025 Results on Oct 31, 2025 Ming Yang Smart Energy Group Limited announced that they will report Q3, 2025 results on Oct 31, 2025 Announcement • Sep 09
Ming Yang Smart Energy Group Limited Elects Lin Maoliang as Non-Independent Director Ming Yang Smart Energy Group Limited announced that at the AGM held on September 9, 2025, the shareholders elected Lin Maoliang as Non-Independent Director for the Third Session of the Board of Directors. Major Estimate Revision • Sep 03
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from CN¥0.902 to CN¥0.801 per share. Revenue forecast steady at CN¥40.8b. Net income forecast to grow 646% next year vs 50% growth forecast for Electrical industry in China. Consensus price target broadly unchanged at CN¥12.61. Share price fell 6.8% to CN¥11.84 over the past week. Reported Earnings • Aug 28
Second quarter 2025 earnings released: EPS: CN¥0.14 (vs CN¥0.16 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.14 (down from CN¥0.16 in 2Q 2024). Revenue: CN¥9.44b (up 40% from 2Q 2024). Net income: CN¥307.9m (down 14% from 2Q 2024). Profit margin: 3.3% (down from 5.3% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Electrical industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • Aug 16
Ming Yang Smart Energy Group Limited Announces Management Changes Ming Yang Smart Energy Group Limited (Company) has recently received resignation letters submitted by Mr. Wang Jinfa and Mr. Zhang Dawei, non-independent directors of the Company, and Mr. Liu Lianyu, a member of Senior Management, and at the 22nd meeting of the Third Session of the Board of Directors of the Company convened on 14 August 2025, the proposals, including the election of new directors, election of members of the Audit Committee and adjustment of senior management positions, were considered and approved. The specific details are as follows: Wang Jinfa: Director, member of the Remuneration and Appraisal Committee. Zhang Dawei: Director. Liu Lianyu: President of Energy Service Business Unit. Reason for resignation: Retirement age. Time of departure: August 13, 2025. Mr. Wang Jinfa, Mr. Zhang Dawei, and Mr. Liu Lianyu have completed the handover procedures in accordance with the relevant regulations of the Company. Their resignations will not affect the daily production and operation of the Company and the normal operation of the Board of Directors. Pursuant to the provisions of the Company Law, the Articles of Association and the Implementation Rules for the Audit Committee of the Board, upon nomination by Mr. Zhang Chuanwei, Chairman and Chief Executive Officer (General Manager) of the Company, and review by the Nomination Committee of the Board, at the 22nd meeting of the Third Session of the Board of Directors of the Company convened on 14 August 2025, the "Proposal on the Election of Members of the Audit Committee" was considered and approved, agreeing to elect Mr. Fan Yuanfeng as a member of the Audit Committee of the Company, with his term of office commencing from the date of approval at this Board meeting until the expiry of the term of this session of the Board. The resignation of Mr. Ge Changxin, Vice Chairman of the Company, took effect from the date of this Board resolution. Based on business optimization and organizational restructuring, at the 22nd meeting of the Third Session of the Board of Directors of the Company convened on 14 August 2025, the "Proposal on the Adjustment of Certain Senior Management Positions " was considered and approved, details of which are set forth below: The position of Mr. Zhang Qiying has been adjusted to Business President; The position of Mr. Zhang Rui has been adjusted to Vice President; The position of Mr. Wang Dongdong has been adjusted to Vice President; The positions of other senior management members remain unchanged, and the above position adjustments do not affect their tenure. Announcement • Jul 07
Ming Yang Smart Energy Group Limited Announces Resignation of Ge Changxin as Vice Chairman and Audit Committee Member Ming Yang Smart Energy Group Limited has recently received a written application from Mr. Ge Changxin, the Vice Chairman of the Company, who applies to resign as the Vice Chairman and a member of the Audit Committee of the Company for personal reasons. Expiration date of original term is 25 September 2026. Announcement • Jun 30
Ming Yang Smart Energy Group Limited to Report First Half, 2025 Results on Aug 28, 2025 Ming Yang Smart Energy Group Limited announced that they will report first half, 2025 results on Aug 28, 2025 Declared Dividend • Jun 30
Dividend of CN¥0.30 announced Dividend of CN¥0.30 is the same as last year. Ex-date: 4th July 2025 Payment date: 4th July 2025 Dividend yield will be 2.6%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is not covered by earnings (204% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 32% per year over the past 6 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 126% to bring the payout ratio under control. EPS is expected to grow by 242% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Jun 25
Ming Yang Smart Energy Group Limited Announces Cash Dividend Per Share (A Share) for 2024, Payable on July 4, 2025 Ming Yang Smart Energy Group Limited announced cash dividend per share (A share) for 2024 of RMB 0.3041 per share. The dividend will be payable on July 4, 2025 with Equity record date of July 3, 2025 and Ex-dividend date of July 4, 2025. Price Target Changed • May 05
Price target decreased by 10% to CN¥13.10 Down from CN¥14.60, the current price target is an average from 10 analysts. New target price is 28% above last closing price of CN¥10.21. Stock is up 1.2% over the past year. The company is forecast to post earnings per share of CN¥0.55 for next year compared to CN¥0.16 last year. Reported Earnings • Apr 30
Third quarter 2024 earnings released: EPS: CN¥0.068 (vs CN¥0.26 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.068 (down from CN¥0.26 in 3Q 2023). Revenue: CN¥8.44b (down 19% from 3Q 2023). Net income: CN¥147.9m (down 75% from 3Q 2023). Profit margin: 1.8% (down from 5.6% in 3Q 2023). Revenue is forecast to grow 19% p.a. on average during the next 4 years, compared to a 16% growth forecast for the Electrical industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Announcement • Apr 26
Ming Yang Smart Energy Group Limited, Annual General Meeting, May 21, 2025 Ming Yang Smart Energy Group Limited, Annual General Meeting, May 21, 2025, at 15:00 China Standard Time. Location: The Company's Meeting Room, Zhongshan, Guangdong China Announcement • Mar 28
Ming Yang Smart Energy Group Limited to Report Q1, 2025 Results on Apr 26, 2025 Ming Yang Smart Energy Group Limited announced that they will report Q1, 2025 results on Apr 26, 2025 Announcement • Jan 24
Ming Yang Smart Energy Group Limited Announces Chief Financial Officer Changes Ming Yang Smart Energy Group Limited has recently received a written application from Mr. Liang Caifa, the Chief Financial Officer of the Company, for resignation from his position as the Chief Financial Officer of the Company due to business development needs, with effect from the date of the delivery of the written application to the Board. The Board of the Company would like to express its sincere gratitude to Mr. Liang Caifa for his contribution to the development of the Company during his tenure as Chief Financial Officer. In accordance with the provisions of the Company Law and the Articles of Association of the Company, upon the nomination of Mr. Zhang Chuanwei, Chairman and Chief Executive Officer (General Manager) of the Company, and following there view by the Nomination Committee and the Audit Committee of the Board, the Resolution on the Appointment of the Chief Financial Officer was considered and approved at the 16 Meeting of the Third Session of the Board held on 24 January 2025, i.e., it was agreed to appoint Mr. Fang Meng as the Chief Financial Officer of the Company,with a term starting from the date of approval at such Board Meeting and lasting until the expiry date of the term of office for the current session of the Board. Biographical details of Mr. Fang Meng are set out in the appendix. Mr. Fang Meng, born in 1979, is a Chinese national without permanent residency abroad and holds a bachelor's degree. From June 2003 to May 2010, he worked at Haier Group,where he successively served as Overseas Financial Manager of the Computer Division, Head of Financial Planning and Analysis, and Finance Director. From May 2010 to December 2014, he worked at Byvin Holdings Group Co.,Ltd, where he successively served as Finance Director of the Business Division and Deputy General Manager. From December 2014 to July 2017, he served as Deputy Finance Director of Beijing Electric Vehicle Co. Ltd. From September 2017 to December 2017, he served as Finance Director of the Business Division at Sany Group Co. Ltd. From January 2018 to February 2024, he worked at SANY Heavy Energy Co. Ltd. serving as Finance Director and Secretary to the Board of Directors. From February 2024 to August 2024, he continued his role as Finance Director at SANY Heavy Energy Co. Ltd. and from August 2024 to November 2024, he worked at SANY Group Co. Ltd. as Finance Director of the Business Division. He joined Ming Yang Smart Energy Group Limited in January 2025. Announcement • Dec 27
Ming Yang Smart Energy Group Limited to Report Fiscal Year 2024 Results on Apr 26, 2025 Ming Yang Smart Energy Group Limited announced that they will report fiscal year 2024 results on Apr 26, 2025 Price Target Changed • Dec 04
Price target increased by 10% to CN¥13.63 Up from CN¥12.38, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of CN¥14.20. Stock is up 10% over the past year. The company is forecast to post earnings per share of CN¥0.62 for next year compared to CN¥0.16 last year. Price Target Changed • Nov 18
Price target increased by 9.6% to CN¥12.38 Up from CN¥11.29, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of CN¥12.53. Stock is down 14% over the past year. The company is forecast to post earnings per share of CN¥0.63 for next year compared to CN¥0.16 last year. Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.068 (vs CN¥0.26 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.068 (down from CN¥0.26 in 3Q 2023). Revenue: CN¥8.44b (down 19% from 3Q 2023). Net income: CN¥147.9m (down 74% from 3Q 2023). Profit margin: 1.8% (down from 5.5% in 3Q 2023). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Electrical industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 38 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥12.07, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 19x in the Electrical industry in China. Total loss to shareholders of 57% over the past three years. Price Target Changed • Oct 08
Price target increased by 8.8% to CN¥11.29 Up from CN¥10.37, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of CN¥11.64. Stock is down 25% over the past year. The company is forecast to post earnings per share of CN¥0.83 for next year compared to CN¥0.16 last year. Announcement • Sep 30
Ming Yang Smart Energy Group Limited to Report Q3, 2024 Results on Oct 31, 2024 Ming Yang Smart Energy Group Limited announced that they will report Q3, 2024 results on Oct 31, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥9.82, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 16x in the Electrical industry in China. Total loss to shareholders of 58% over the past three years. Major Estimate Revision • Sep 06
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥37.3b to CN¥33.3b. EPS estimate fell from CN¥0.977 to CN¥0.885 per share. Net income forecast to grow 557% next year vs 45% growth forecast for Electrical industry in China. Consensus price target down from CN¥10.71 to CN¥10.37. Share price fell 6.9% to CN¥8.50 over the past week. Reported Earnings • Sep 03
Second quarter 2024 earnings released: EPS: CN¥0.16 (vs CN¥0.39 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.16 (down from CN¥0.39 in 2Q 2023). Revenue: CN¥6.72b (down 14% from 2Q 2023). Net income: CN¥356.5m (down 60% from 2Q 2023). Profit margin: 5.3% (down from 11% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Electrical industry in China. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 07
Consensus revenue estimates decrease by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from CN¥42.0b to CN¥37.3b. EPS estimate reaffirmed at CN¥0.977. Net income forecast to grow 165% next year vs 41% growth forecast for Electrical industry in China. Consensus price target down from CN¥15.26 to CN¥10.71. Share price was steady at CN¥9.76 over the past week. Price Target Changed • Aug 06
Price target decreased by 33% to CN¥10.71 Down from CN¥15.97, the current price target is an average from 6 analysts. New target price is 8.5% above last closing price of CN¥9.87. Stock is down 44% over the past year. The company is forecast to post earnings per share of CN¥0.98 for next year compared to CN¥0.16 last year. Price Target Changed • Jul 05
Price target decreased by 11% to CN¥15.26 Down from CN¥17.15, the current price target is an average from 6 analysts. New target price is 70% above last closing price of CN¥9.00. Stock is down 45% over the past year. The company is forecast to post earnings per share of CN¥0.98 for next year compared to CN¥0.16 last year. Announcement • Jun 28
Ming Yang Smart Energy Group Limited to Report First Half, 2024 Results on Aug 31, 2024 Ming Yang Smart Energy Group Limited announced that they will report first half, 2024 results on Aug 31, 2024 Announcement • Jun 27
Ming Yang Smart Energy Group Limited Announces Cash Dividend Per Share (A Share) for 2023, Payable on July 5, 2024 Ming Yang Smart Energy Group Limited announced cash dividend per share (A share) for 2023 of RMB 0.3041 per share. The dividend will be payable on July 5, 2024 with Equity record date of July 4, 2024 and Ex-dividend date of July 5, 2024. Announcement • Jun 06
Ming Yang Smart Energy Group Limited Proposes to Distribute A Cash Dividend for the Year 2023 Ming Yang Smart Energy Group Limited announced Calculated on the basis of the total share capital of the Company of 2,271,594,206 shares as at 5 June 2024, deducting 121,119,984 shares in the special repurchase account, this profit distribution is proposed to distribute a cash dividend of RMB 3.0410 (tax inclusive) for every 10 shares to all shareholders, and on such basis, the total cash dividend proposed to be distributed was RMB 653,959,210.91 for the year 2023. The details are subject to the results of the implementation of the equity distribution. Announcement • May 18
Ming Yang Smart Energy Group Limited and Chongqing Chengfei New Material Co., Ltd. Provides Updates on Litigation Chongqing Machinery & Electric Co. Ltd. announced that pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong). Reference is made to the inside information announcement regarding litigation of the Company dated 19 May 2023, and the inside information announcement regarding updates on litigation dated 28 November 2023. As disclosed in the Announcement, due to disputes over processing contracts and product quality, Chongqing Chengfei New Material Co. Ltd. and its wholly-owned subsidiaries, and Ming Yang Smart Energy Group Ltd. ("Ming Yang Company") and its wholly-owned subsidiary had previously filed a series of litigations with the Tianjin Binhai New Area People's Court and the Zhongshan First People's Court of Guangdong Province respectively. Recently, Chengfei Company and Ming Yang Company (and their respective relevant subsidiaries) entered into a settlement agreement to settle the aforementioned series of litigations. The settlement is beneficial to the Company's subsidiaries to recover funds, reduce litigation costs and maintain corporate image, and provide opportunities for further cooperation between both parties in the future. The entering into of the settlement agreement has no material impact on the daily production and operation of the Company. Major Estimate Revision • May 10
Consensus EPS estimates increase by 15%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from CN¥48.5b to CN¥44.3b. EPS estimate rose from CN¥1.06 to CN¥1.21. Net income forecast to grow 259% next year vs 44% growth forecast for Electrical industry in China. Consensus price target down from CN¥17.15 to CN¥16.36. Share price rose 8.6% to CN¥10.65 over the past week. Major Estimate Revision • May 05
Consensus EPS estimates fall by 42% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from CN¥1.82 to CN¥1.06 per share. Revenue forecast steady at CN¥48.5b. Net income forecast to grow 228% next year vs 45% growth forecast for Electrical industry in China. Consensus price target broadly unchanged at CN¥17.15. Share price rose 6.2% to CN¥9.81 over the past week. Announcement • May 01
Ming Yang Smart Energy Group Limited (SHSE:601615) acquired Guangdong Mingyang Longyuan Power Electronics Co., Ltd. from Chongqing Qijiang Zhongshan Electric Appliance Co., Ltd. Ming Yang Smart Energy Group Limited (SHSE:601615) acquired Guangdong Mingyang Longyuan Power Electronics Co., Ltd. from Chongqing Qijiang Zhongshan Electric Appliance Co., Ltd. on January 12, 2024. The deal received the approved of the board of directors of Ming Yang Smart Energy Group Limited (SHSE:601615).Ming Yang Smart Energy Group Limited (SHSE:601615) completed the acquisition of Guangdong Mingyang Longyuan Power Electronics Co., Ltd. from Chongqing Qijiang Zhongshan Electric Appliance Co., Ltd. on January 12, 2024. Announcement • Apr 30
Ming Yang Smart Energy Group Limited, Annual General Meeting, May 22, 2024 Ming Yang Smart Energy Group Limited, Annual General Meeting, May 22, 2024, at 15:00 China Standard Time. Location: The Company's Meeting Room, Zhongshan, Guangdong Guangdong China Agenda: To consider 2023 annual work report of the board of directors; to consider 2023 annual work report of the board of supervisors; to consider 2023 annual work report of independent directors; to consider final account report for the year 2023; to consider 2023 annual report; to consider proposal on the preliminary profit distribution plan for 2023; to consider proposal on the remuneration of non-independent directors for 2023; to consider proposal on the remuneration of independent directors for 2023; to consider proposal on the remuneration of supervisors for 2023; to consider the amendments to the working rules for independent directors; and to consider other matters. Reported Earnings • Apr 29
First quarter 2024 earnings released: EPS: CN¥0.13 (vs CN¥0.10 loss in 1Q 2023) First quarter 2024 results: EPS: CN¥0.13 (up from CN¥0.10 loss in 1Q 2023). Revenue: CN¥5.08b (up 87% from 1Q 2023). Net income: CN¥304.2m (up CN¥530.4m from 1Q 2023). Profit margin: 6.0% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electrical industry in China. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Announcement • Apr 13
Ming Yang Smart Energy Group Limited Provides Earnings Guidance for the 1 January 2024 to 31 March 2024 Ming Yang Smart Energy Group Limited provided earnings guidance for the 1 January 2024 to 31 March 2024. For the period, the company expects to achieve a net profit attributable to the shareholders of the Listed Company of RMB 250 million to RMB 350 million from January to March 2024, representing an increase of RMB 476.2647 million to RMB 576.2647 million as compared with the corresponding period of the previous year, turning losses into profits. The Company expects to achieve a net profit attributable to the shareholders of the Listed Company after deducting extraordinary profit or loss of RMB 220 million to RMB 320 million from January to March 2024, representing an increase of RMB 509.5613 million to RMB 609.5613 million as compared with the corresponding period of the previous year, turning losses into profits. New Risk • Apr 12
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: CN¥2.8m (US$385k) This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (CN¥2.8m revenue, or US$385k). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.3% net profit margin). Announcement • Mar 30
Ming Yang Smart Energy Group Limited to Report Q1, 2024 Results on Apr 29, 2024 Ming Yang Smart Energy Group Limited announced that they will report Q1, 2024 results on Apr 29, 2024 Major Estimate Revision • Mar 27
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥42.4b to CN¥40.5b. EPS estimate also fell from CN¥1.30 per share to CN¥1.12 per share. Net income forecast to grow 201% next year vs 47% growth forecast for Electrical industry in China. Consensus price target down from CN¥18.59 to CN¥17.19. Share price fell 9.8% to CN¥9.35 over the past week. Price Target Changed • Mar 26
Price target decreased by 11% to CN¥17.19 Down from CN¥19.21, the current price target is an average from 7 analysts. New target price is 76% above last closing price of CN¥9.77. Stock is down 56% over the past year. The company is forecast to post earnings per share of CN¥1.30 for next year compared to CN¥1.59 last year. Announcement • Feb 21
Ming Yang Smart Energy Group Limited (SHSE:601615) announces an Equity Buyback for CNY 600 million worth of its shares. Ming Yang Smart Energy Group Limited (SHSE:601615) announces a share repurchase program. Under the program, the company will repurchase up to CNY 600 million worth of its shares. The shares will be repurchased at a price of not more than CNY 15 per share. The purpose of the program is to maintain the company's value and interest of the shareholders. The program will be funded out of the company's self-owned funds. The program will be valid till 3 months. Major Estimate Revision • Feb 06
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥43.2b to CN¥42.4b. EPS estimate also fell from CN¥1.57 per share to CN¥1.30 per share. Net income forecast to grow 256% next year vs 51% growth forecast for Electrical industry in China. Consensus price target down from CN¥19.21 to CN¥18.59. Share price fell 16% to CN¥8.45 over the past week. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥9.07, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 14x in the Electrical industry in China. Total loss to shareholders of 56% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥4.66 per share. Announcement • Jan 31
Ming Yang Smart Energy Group Limited Provides Earnings Guidance for the Year Ended December 2023 Ming Yang Smart Energy Group Limited provided earnings guidance for the year ended December 2023. For the year, the company expects its net profit attributable to shareholders of the listed company to range from RMB 354,000,000 to RMB 530,000,000 from January to December 2023, representing a decrease of RMB 2,924,607,500 to RMB 3,100,607,500 compared to the same period of the previous year, and a year-on-year decrease of 84.66% to 89.75%. The Company expects to realize net profit attributable to shareholders of listed company after deducting extraordinary profit and losses from January to December 2023 to be RMB 154,000,000 to RMB 230,000,000, representing a decrease of RMB 2,880,356,700 to RMB 2,956,356,700 compared to the same period of the previous year, and a year-on-year decrease of 92.61% to 95.05%. Announcement • Dec 29
Ming Yang Smart Energy Group Limited to Report Fiscal Year 2023 Results on Apr 29, 2024 Ming Yang Smart Energy Group Limited announced that they will report fiscal year 2023 results on Apr 29, 2024 Announcement • Dec 14
Ming Yang Smart Energy Group Limited Approves Appointment of Pan Yongle as the Secretary of the Board of Directors Ming Yang Smart Energy Group Limited announced that the proposal on appointment of secretary of the board was considered and approved at the third meeting of the third session of the board of directors convened on December 14, 2023. According to the provisions of the company Law and the Articles of Association, upon nomination by Mr. Zhang Chuanwei, Chairman of the Company, and reviewed by the Nomination committee of the board of directors, the board of directors agreed to appoint Mr. Pan Yongle as the secretary of the board of directors of the company, with the term of office commencing from the date of review and approval by the board of directors until the expiry of the term of office of the current board of directors. Mr. Pan Yongle has obtained the Training Certificate for Secretary of the Board issued by the Shanghai Stock Exchange, and his qualification has been reviewed and approved by the Shanghai Stock Exchange without any objection. Mr. Pan Yongle possesses the professional knowledge in law, finance and management and work experience necessary for performing the duties of the secretary of the Board of Directors, has good professional ethics and personal morality, and is not prohibited from holding office as stipulated in the relevant laws and regulations, which satisfies the qualifications required by the Rules Governing the Listing of Stocks on Shanghai Stock Exchange and the Guidelines No. 1 of the Shanghai Stock Exchange on Self-regulation by Listed Companies - Standardized Operations and other relevant laws and regulations to serve as a secretary of the Board of Directors. Reported Earnings • Oct 28
Third quarter 2023 earnings released: EPS: CN¥0.26 (vs CN¥0.43 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.26 (down from CN¥0.43 in 3Q 2022). Revenue: CN¥10.4b (up 40% from 3Q 2022). Net income: CN¥573.7m (down 49% from 3Q 2022). Profit margin: 5.5% (down from 15% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Electrical industry in China. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 4% per year. Announcement • Sep 30
Ming Yang Smart Energy Group Limited to Report Q3, 2023 Results on Oct 31, 2023 Ming Yang Smart Energy Group Limited announced that they will report Q3, 2023 results on Oct 31, 2023 Announcement • Sep 27
Ming Yang Smart Energy Group Limited Approves Board Elections Ming Yang Smart Energy Group Limited announced at third extraordinary general meeting in 2023 held on September 26, 2023, the shareholders approved election of Ge Changxin, Fan Yuanfeng and Zhang Dawei as Non-independent Directors; Zhu Tao, Liu Ying, Wang Rongchang and Shi Shaobin as Independent Directors; Wang Limin as Shareholder Representative Supervisors of the company. Price Target Changed • Sep 13
Price target decreased by 11% to CN¥23.91 Down from CN¥26.79, the current price target is an average from 8 analysts. New target price is 55% above last closing price of CN¥15.46. Stock is down 42% over the past year. The company is forecast to post earnings per share of CN¥1.84 for next year compared to CN¥1.59 last year. Price Target Changed • Sep 06
Price target decreased by 7.9% to CN¥25.56 Down from CN¥27.75, the current price target is an average from 8 analysts. New target price is 60% above last closing price of CN¥15.97. Stock is down 43% over the past year. The company is forecast to post earnings per share of CN¥1.87 for next year compared to CN¥1.59 last year. Announcement • Aug 31
Ming Yang Smart Energy Group Limited Elects Cheng Yongfeng as Employee Representative Supervisor Ming Yang Smart Energy Group Limited convened an employees' representative meeting on 29 August 2023, it is unanimously agreed to elect Mr. Cheng Yongfeng as an employee representative supervisor of the third session of the Supervisory Committee of the Company, who shall exercise the supervisors' rights and fulfill supervisors' obligations. The employee representative supervisor elected in this election will form the third session of the Supervisory Committee of the Company together with the shareholder representative supervisors elected at the third extraordinary general meeting of the Company in 2023, and their term of office will be the same as the term of office of the third session of the Supervisory Committee. Mr. Cheng Yongfeng, born in April 1984, has Chinese nationality and does not have the right of residence abroad. He obtained a master's degree. From July 2007 to March 2019, Mr. Cheng Yongfeng served as the Director of Party Building of China Yangtze Power Co. Ltd.; from April 2019 to September 2021, he was self-employed. Since October 2021, he has served successively as the Director of the President Office of the Company, the Deputy Secretary General of the CEO Office, and the Director of the Party and the Masses Work Department. Reported Earnings • Aug 31
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: CN¥0.39 (down from CN¥0.50 in 2Q 2022). Revenue: CN¥7.84b (up 10% from 2Q 2022). Net income: CN¥880.4m (down 15% from 2Q 2022). Profit margin: 11% (down from 15% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 8.1%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Electrical industry in China. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Jun 08
Ming Yang Smart Energy Group Limited Announces Cash Dividend, Payment on June 14, 2023 Ming Yang Smart Energy Group Limited announced a cash dividend of RMB 0.3041 per A share for the year 2022. Ex date is on June 14, 2023. Cash dividend payment date is on June 14, 2023. The profit distribution was based on the total share capital of 2,271,983,706 shares of the Company before the implementation of the plan, with a cash dividend of RMB 0.3041 (tax inclusive) per share and a total cash dividend of RMB 690,910,245.00. Announcement • May 26
Ming Yang Smart Energy Group Limited, Annual General Meeting, May 25, 2023 Ming Yang Smart Energy Group Limited, Annual General Meeting, May 25, 2023. Announcement • May 06
Ming Yang Smart Energy Group Limited (SHSE:601615) announces an Equity Buyback for CNY 1,000 million worth of its shares. Ming Yang Smart Energy Group Limited (SHSE:601615) announces a share repurchase program. Under the program, the company will repurchase up to CNY 1,000 million worth of class A shares. The shares will be repurchased at a price of not more than CNY 20 per share. The shares purchased will be used for the company's equity incentive plan. The program will be funded out of the company's self-owned funds. The program will be valid till 12 months. Price Target Changed • May 05
Price target decreased by 8.6% to CN¥31.39 Down from CN¥34.33, the current price target is an average from 8 analysts. New target price is 76% above last closing price of CN¥17.81. Stock is down 19% over the past year. The company is forecast to post earnings per share of CN¥1.91 for next year compared to CN¥1.59 last year. Major Estimate Revision • May 05
Consensus EPS estimates fall by 12%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from CN¥38.0b to CN¥39.4b. EPS estimate fell from CN¥2.13 to CN¥1.88 per share. Net income forecast to grow 178% next year vs 59% growth forecast for Electrical industry in China. Consensus price target down from CN¥34.33 to CN¥32.39. Share price fell 14% to CN¥17.81 over the past week. Announcement • Jan 13
Ming Yang Smart Energy Group Limited Announces Resignation of Han Yu as a Director The board of directors of Ming Yang Smart Energy Group Limited received the written resignation letter from Mr. Han Yu, a non-independent director of the Company on January 12, 2023. Mr. Han Yu resigned as a director of the second session of the board of directors of the Company due to personal reasons. Mr. Han Yu's resignation shall take effect on the date of the delivery of the resignation letter to the board of directors of the Company and Mr. Han Yu will no longer hold any position in the Company after his resignation. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Naikang Gu was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: CN¥0.43 (vs CN¥0.57 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.43 (down from CN¥0.57 in 3Q 2021). Revenue: CN¥7.43b (up 1.9% from 3Q 2021). Net income: CN¥1.12b (flat on 3Q 2021). Profit margin: 15% (in line with 3Q 2021). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Electrical industry in China. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥27.64, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 20x in the Electrical industry in China. Total returns to shareholders of 134% over the past three years. Reported Earnings • Sep 06
Second quarter 2022 earnings released: EPS: CN¥0.50 (vs CN¥0.43 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.50 (up from CN¥0.43 in 2Q 2021). Revenue: CN¥7.11b (up 4.1% from 2Q 2021). Net income: CN¥1.04b (up 29% from 2Q 2021). Profit margin: 15% (up from 12% in 2Q 2021). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Electrical industry in China. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Sep 01
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from CN¥30.5b to CN¥27.7b. EPS estimate rose from CN¥1.72 to CN¥1.97. Net income forecast to shrink 13% next year vs 49% growth forecast for Electrical industry in China . Consensus price target broadly unchanged at CN¥36.75. Share price was steady at CN¥27.51 over the past week. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥29.70, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 28x in the Electrical industry in China. Total returns to shareholders of 200% over the past three years. Announcement • Jul 14
Ming Yang Smart Energy Group Limited has completed a Follow-on Equity Offering in the amount of $706.8705 million. Ming Yang Smart Energy Group Limited has completed a Follow-on Equity Offering in the amount of $706.8705 million.
Security Name: Global Depository Receipts
Security Type: Common Stock
Securities Offered: 33,660,500
Price\Range: $21
Transaction Features: Subsequent Direct Listing Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥30.40, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 24x in the Electrical industry in China. Total returns to shareholders of 185% over the past three years. Board Change • May 26
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Naikang Gu was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 30
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: CN¥0.68 (up from CN¥0.14 in 1Q 2021). Revenue: CN¥7.13b (up 64% from 1Q 2021). Net income: CN¥1.41b (up 450% from 1Q 2021). Profit margin: 20% (up from 5.9% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 13%. Over the next year, revenue is forecast to grow 4.4%, compared to a 57% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. No highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director Naikang Gu was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 16
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: CN¥1.60 (up from CN¥0.95 in FY 2020). Revenue: CN¥27.2b (up 21% from FY 2020). Net income: CN¥3.10b (up 126% from FY 2020). Profit margin: 11% (up from 6.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 13%. Over the next year, revenue is forecast to grow 12%, compared to a 68% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 03
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: CN¥1.73 (up from CN¥0.95 in FY 2020). Revenue: CN¥27.3b (up 21% from FY 2020). Net income: CN¥3.32b (up 142% from FY 2020). Profit margin: 12% (up from 6.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 22%. Over the next year, revenue is forecast to grow 11%, compared to a 63% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 01
Price target increased to CN¥28.60 Up from CN¥24.83, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of CN¥29.94. Stock is up 81% over the past year. The company is forecast to post earnings per share of CN¥1.35 for next year compared to CN¥0.95 last year. 
