Declared Dividend • May 11
Dividend of CN¥1.80 announced Shareholders will receive a dividend of CN¥1.80. Ex-date: 18th May 2026 Payment date: 18th May 2026 Dividend yield will be 1.4%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 9.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 77% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 30
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: CN¥1.26 (up from CN¥1.14 in 1Q 2025). Revenue: CN¥3.43b (up 11% from 1Q 2025). Net income: CN¥355.2m (up 10% from 1Q 2025). Profit margin: 10% (in line with 1Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.1%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Mar 30
Changzhou Xingyu Automotive Lighting Systems Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Changzhou Xingyu Automotive Lighting Systems Co., Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Reported Earnings • Mar 22
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥5.71 (up from CN¥4.96 in FY 2024). Revenue: CN¥15.3b (up 15% from FY 2024). Net income: CN¥1.62b (up 15% from FY 2024). Profit margin: 11% (in line with FY 2024). Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) also missed analyst estimates by 2.9%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Board Change • Mar 21
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Xiang Li was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 19
Changzhou Xingyu Automotive Lighting Systems Co.,Ltd., Annual General Meeting, Apr 10, 2026 Changzhou Xingyu Automotive Lighting Systems Co.,Ltd., Annual General Meeting, Apr 10, 2026, at 14:00 China Standard Time. Location: The Company's Meeting Room, Changzhou, Jiangsu China Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥142, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 23x in the Auto Components industry in China. Total returns to shareholders of 2.0% over the past three years. Announcement • Dec 26
Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. to Report Fiscal Year 2025 Results on Mar 20, 2026 Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. announced that they will report fiscal year 2025 results on Mar 20, 2026 Announcement • Dec 11
Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. (SHSE:601799) announces an Equity Buyback for CNY 300 million worth of its shares. Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. (SHSE:601799) announces a share repurchase program. Under the program, the company will repurchase up to CNY 300 million worth of its own shares. The shares will be purchased at a price not exceeding CNY 180 per share. The repurchased shares will be used for the implementation of ESOP or equity incentive plan. The program will be valid for 12 months. Reported Earnings • Oct 30
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: CN¥1.53 (up from CN¥1.35 in 3Q 2024). Revenue: CN¥3.95b (up 13% from 3Q 2024). Net income: CN¥434.6m (up 14% from 3Q 2024). Profit margin: 11% (in line with 3Q 2024). Revenue missed analyst estimates by 6.9%. Earnings per share (EPS) also missed analyst estimates by 1.5%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Sep 30
Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. to Report Q3, 2025 Results on Oct 30, 2025 Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. announced that they will report Q3, 2025 results on Oct 30, 2025 Reported Earnings • Aug 29
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: CN¥1.35 (up from CN¥1.24 in 2Q 2024). Revenue: CN¥3.66b (up 11% from 2Q 2024). Net income: CN¥384.3m (up 9.3% from 2Q 2024). Profit margin: 11% (in line with 2Q 2024). Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Jun 30
Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. to Report First Half, 2025 Results on Aug 28, 2025 Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. announced that they will report first half, 2025 results on Aug 28, 2025 Declared Dividend • May 22
Dividend of CN¥1.30 announced Shareholders will receive a dividend of CN¥1.30. Ex-date: 28th May 2025 Payment date: 28th May 2025 Dividend yield will be 1.1%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (29% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 6.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 86% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Apr 30
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at CN¥133. The fair value is estimated to be CN¥109, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 49% in 2 years. Earnings are forecast to grow by 61% in the next 2 years. Reported Earnings • Apr 29
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: CN¥1.14 (up from CN¥0.86 in 1Q 2024). Revenue: CN¥3.09b (up 28% from 1Q 2024). Net income: CN¥322.1m (up 33% from 1Q 2024). Profit margin: 10% (in line with 1Q 2024). Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) also missed analyst estimates by 5.3%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Mar 28
Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 New Risk • Mar 21
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 185% Dividend yield: 1.1% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 20
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: CN¥4.96 (up from CN¥3.87 in FY 2023). Revenue: CN¥13.3b (up 29% from FY 2023). Net income: CN¥1.41b (up 28% from FY 2023). Profit margin: 11% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.3%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Mar 20
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.0% to CN¥136. The fair value is estimated to be CN¥114, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Announcement • Mar 20
Changzhou Xingyu Automotive Lighting Systems Co.,Ltd., Annual General Meeting, Apr 10, 2025 Changzhou Xingyu Automotive Lighting Systems Co.,Ltd., Annual General Meeting, Apr 10, 2025, at 14:00 China Standard Time. Location: The Company's Meeting Room, Changzhou, Jiangsu China Price Target Changed • Mar 07
Price target increased by 8.8% to CN¥176 Up from CN¥162, the current price target is an average from 8 analysts. New target price is 40% above last closing price of CN¥126. Stock is down 16% over the past year. The company is forecast to post earnings per share of CN¥5.05 for next year compared to CN¥3.87 last year. Announcement • Dec 27
Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. to Report Fiscal Year 2024 Results on Mar 20, 2025 Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. announced that they will report fiscal year 2024 results on Mar 20, 2025 Reported Earnings • Oct 26
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: CN¥1.35 (up from CN¥1.11 in 3Q 2023). Revenue: CN¥3.51b (up 25% from 3Q 2023). Net income: CN¥383.0m (up 22% from 3Q 2023). Profit margin: 11% (in line with 3Q 2023). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 8.1%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Sep 30
Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. to Report Q3, 2024 Results on Oct 26, 2024 Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. announced that they will report Q3, 2024 results on Oct 26, 2024 Buy Or Sell Opportunity • Aug 29
Now 21% overvalued Over the last 90 days, the stock has fallen 6.6% to CN¥115. The fair value is estimated to be CN¥94.58, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 52% in 2 years. Earnings are forecast to grow by 73% in the next 2 years. Reported Earnings • Aug 17
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: CN¥1.23 (up from CN¥0.93 in 2Q 2023). Revenue: CN¥3.30b (up 32% from 2Q 2023). Net income: CN¥351.5m (up 34% from 2Q 2023). Profit margin: 11% (in line with 2Q 2023). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) exceeded analyst estimates by 5.6%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Announcement • Jun 28
Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. to Report First Half, 2024 Results on Aug 16, 2024 Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. announced that they will report first half, 2024 results on Aug 16, 2024 Declared Dividend • Jun 01
Dividend of CN¥1.20 announced Shareholders will receive a dividend of CN¥1.20. Ex-date: 6th June 2024 Payment date: 6th June 2024 Dividend yield will be 1.0%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but 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 5.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 99% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 27
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: CN¥0.86 (up from CN¥0.71 in 1Q 2023). Revenue: CN¥2.41b (up 26% from 1Q 2023). Net income: CN¥242.8m (up 19% from 1Q 2023). Profit margin: 10% (in line with 1Q 2023). Revenue missed analyst estimates by 8.6%. Earnings per share (EPS) also missed analyst estimates by 19%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 13% per year. Major Estimate Revision • Apr 26
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from CN¥5.30 to CN¥4.72. Revenue forecast unchanged from CN¥12.8b at last update. Net income forecast to grow 22% next year vs 36% growth forecast for Auto Components industry in China. Consensus price target of CN¥161 unchanged from last update. Share price fell 3.0% to CN¥129 over the past week. Announcement • Mar 29
Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. to Report Q1, 2024 Results on Apr 26, 2024 Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. announced that they will report Q1, 2024 results on Apr 26, 2024 Announcement • Mar 28
Changzhou Xingyu Automotive Lighting Systems Co.,Ltd., Annual General Meeting, Apr 18, 2024 Changzhou Xingyu Automotive Lighting Systems Co.,Ltd., Annual General Meeting, Apr 18, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Changzhou, Jiangsu China Reported Earnings • Mar 28
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: CN¥3.87 (up from CN¥3.30 in FY 2022). Revenue: CN¥10.2b (up 24% from FY 2022). Net income: CN¥1.10b (up 17% from FY 2022). Profit margin: 11% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.6%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 9% per year. Price Target Changed • Mar 02
Price target increased by 7.0% to CN¥165 Up from CN¥154, the current price target is an average from 8 analysts. New target price is 17% above last closing price of CN¥141. Stock is down 0.8% over the past year. The company is forecast to post earnings per share of CN¥4.03 for next year compared to CN¥3.30 last year. Announcement • Dec 30
Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. to Report Fiscal Year 2023 Results on Mar 28, 2024 Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. announced that they will report fiscal year 2023 results on Mar 28, 2024 Reported Earnings • Oct 26
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: CN¥1.11 (up from CN¥1.04 in 3Q 2022). Revenue: CN¥2.81b (up 25% from 3Q 2022). Net income: CN¥314.9m (up 6.2% from 3Q 2022). Profit margin: 11% (down from 13% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Sep 30
Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. to Report Q3, 2023 Results on Oct 26, 2023 Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. announced that they will report Q3, 2023 results on Oct 26, 2023 Price Target Changed • Sep 19
Price target increased by 13% to CN¥154 Up from CN¥137, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of CN¥155. Stock is down 3.7% over the past year. The company is forecast to post earnings per share of CN¥4.19 for next year compared to CN¥3.30 last year. Reported Earnings • Aug 28
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: CN¥0.93 (up from CN¥0.66 in 2Q 2022). Revenue: CN¥2.50b (up 58% from 2Q 2022). Net income: CN¥263.0m (up 40% from 2Q 2022). Profit margin: 11% (down from 12% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 1.3%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 5% per year. Price Target Changed • Jun 22
Price target decreased by 7.6% to CN¥135 Down from CN¥146, the current price target is an average from 8 analysts. New target price is 16% above last closing price of CN¥116. Stock is down 30% over the past year. The company is forecast to post earnings per share of CN¥4.24 for next year compared to CN¥3.30 last year. Price Target Changed • Apr 06
Price target decreased by 7.4% to CN¥146 Down from CN¥157, the current price target is an average from 9 analysts. New target price is 24% above last closing price of CN¥117. Stock is down 4.4% over the past year. The company is forecast to post earnings per share of CN¥4.48 for next year compared to CN¥3.30 last year. Major Estimate Revision • Apr 06
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥10.9b to CN¥9.92b. EPS estimate also fell from CN¥5.57 per share to CN¥4.52 per share. Net income forecast to grow 38% next year vs 51% growth forecast for Auto Components industry in China. Consensus price target down from CN¥157 to CN¥148. Share price was steady at CN¥117 over the past week. Reported Earnings • Mar 30
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥3.30 (down from CN¥3.41 in FY 2021). Revenue: CN¥8.25b (up 4.3% from FY 2021). Net income: CN¥941.4m (flat on FY 2021). Profit margin: 11% (in line with FY 2021). Revenue missed analyst estimates by 9.3%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 16
Price target decreased to CN¥159 Down from CN¥178, the current price target is an average from 8 analysts. New target price is 22% above last closing price of CN¥131. Stock is down 39% over the past year. The company is forecast to post earnings per share of CN¥4.18 for next year compared to CN¥3.41 last year. Board Change • Nov 16
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. 7 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Liang Hua Chen was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Nov 03
Price target decreased to CN¥162 Down from CN¥178, the current price target is an average from 8 analysts. New target price is 16% above last closing price of CN¥140. Stock is down 39% over the past year. The company is forecast to post earnings per share of CN¥4.30 for next year compared to CN¥3.41 last year. Reported Earnings • Oct 28
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: CN¥1.04 (up from CN¥0.60 in 3Q 2021). Revenue: CN¥2.25b (up 32% from 3Q 2021). Net income: CN¥296.4m (up 76% from 3Q 2021). Profit margin: 13% (up from 9.9% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) also missed analyst estimates by 2.5%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥134, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 26x in the Auto Components industry in China. Total returns to shareholders of 67% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥80.41 per share. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: CN¥0.66 (vs CN¥1.03 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.66 (down from CN¥1.03 in 2Q 2021). Revenue: CN¥1.59b (down 22% from 2Q 2021). Net income: CN¥187.9m (down 34% from 2Q 2021). Profit margin: 12% (down from 14% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 40%, compared to a 36% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥128, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 21x in the Auto Components industry in China. Total returns to shareholders of 91% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥59.83 per share. Upcoming Dividend • May 02
Upcoming dividend of CN¥1.10 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 09 May 2022. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Chinese dividend payers (2.3%). Lower than average of industry peers (2.2%). Reported Earnings • Apr 28
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: CN¥0.94 (down from CN¥1.03 in 1Q 2021). Revenue: CN¥2.13b (up 12% from 1Q 2021). Net income: CN¥269.6m (down 5.6% from 1Q 2021). Profit margin: 13% (down from 15% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 17%. Over the next year, revenue is forecast to grow 30%, compared to a 31% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 18% per year. 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. 7 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Deputy General Manager and Director Zhi Ming Yu was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥131, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 21x in the Auto Components industry in China. Total returns to shareholders of 83% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥59.06 per share. Price Target Changed • Mar 28
Price target decreased to CN¥207 Down from CN¥224, the current price target is an average from 11 analysts. New target price is 58% above last closing price of CN¥131. Stock is down 34% over the past year. The company is forecast to post earnings per share of CN¥4.63 for next year compared to CN¥3.41 last year. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CN¥132, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 22x in the Auto Components industry in China. Total returns to shareholders of 142% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥98.54 per share. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improved over the past week After last week's 19% share price gain to CN¥216, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 20x in the Auto Components industry in China. Total returns to shareholders of 432% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥98.19 per share. Reported Earnings • Aug 29
Second quarter 2021 earnings released: EPS CN¥1.03 (vs CN¥0.84 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: CN¥2.04b (up 26% from 2Q 2020). Net income: CN¥284.0m (up 23% from 2Q 2020). Profit margin: 14% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CN¥185, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 21x in the Auto Components industry in China. Total returns to shareholders of 279% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥91.15 per share. Price Target Changed • May 04
Price target increased to CN¥210 Up from CN¥194, the current price target is an average from 9 analysts. New target price is 8.2% above last closing price of CN¥194. Stock is up 96% over the past year. Reported Earnings • May 03
First quarter 2021 earnings released: EPS CN¥1.03 (vs CN¥0.58 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥1.91b (up 52% from 1Q 2020). Net income: CN¥285.6m (up 79% from 1Q 2020). Profit margin: 15% (up from 13% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Apr 28
Consensus revenue estimates increase to CN¥9.70b The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from CN¥8.75b to CN¥9.70b. EPS estimate increased from CN¥4.98 to CN¥5.07 per share. Net income forecast to grow 20% next year vs 37% growth forecast for Auto Components industry in China. Consensus price target of CN¥198 unchanged from last update. Share price was steady at CN¥203 over the past week. Major Estimate Revision • Mar 16
Analysts increase EPS estimates to CN¥5.44 The 2021 consensus revenue estimate increased from CN¥8.70b to CN¥9.07b. The earnings per share estimate also received an upgrade from CN¥4.81 to CN¥5.44 for the same period. Net income is expected to grow by 30% next year compared to 38% growth forecast for the Auto Components industry in China. The consensus price target increased from CN¥194 to CN¥195. Share price is up 13% to CN¥187 over the past week. Reported Earnings • Mar 10
Full year 2020 earnings released: EPS CN¥4.19 (vs CN¥2.86 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥7.25b (up 19% from FY 2019). Net income: CN¥1.16b (up 46% from FY 2019). Profit margin: 16% (up from 13% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Mar 10
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is forecast to grow 20%, compared to a 24% growth forecast for the Auto Components industry in China. Is New 90 Day High Low • Mar 08
New 90-day low: CN¥172 The company is down 7.0% from its price of CN¥186 on 08 December 2020. The Chinese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥95.72 per share. Is New 90 Day High Low • Jan 22
New 90-day high: CN¥215 The company is up 43% from its price of CN¥150 on 23 October 2020. The Chinese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥93.56 per share. Is New 90 Day High Low • Jan 05
New 90-day high: CN¥201 The company is up 34% from its price of CN¥150 on 30 September 2020. The Chinese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥95.14 per share. Is New 90 Day High Low • Nov 24
New 90-day high: CN¥201 The company is up 22% from its price of CN¥165 on 26 August 2020. The Chinese market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥81.97 per share. Valuation Update With 7 Day Price Move • Nov 06
Market bids up stock over the past week After last week's 18% share price gain to CN¥191, the stock is trading at a trailing P/E ratio of 54.7x, up from the previous P/E ratio of 46.4x. This compares to an average P/E of 41x in the Auto Components industry in China. Total returns to shareholders over the past three years are 265%. Is New 90 Day High Low • Nov 03
New 90-day high: CN¥179 The company is up 22% from its price of CN¥146 on 05 August 2020. The Chinese market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥83.50 per share. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥965.6m, up 37% from the prior year. Total revenue was CN¥6.74b over the last 12 months, up 23% from the prior year. Analyst Estimate Surprise Post Earnings • Nov 01
Third-quarter earnings released: Earnings beat expectations, revenue disappoints Third-quarter revenue missed analyst estimates by 6.6% at CN¥1.87b. Earnings per share (EPS) exceeded analyst estimates by 69% at CN¥1.14. Revenue is forecast to grow 21% over the next year, compared to a 21% growth forecast for the Auto Components industry in China. Announcement • Oct 30
Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. to Report Q3, 2020 Results on Oct 31, 2020 Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. announced that they will report Q3, 2020 results on Oct 31, 2020 Announcement • Jul 08
Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. to Report First Half, 2020 Results on Aug 18, 2020 Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. announced that they will report first half, 2020 results on Aug 18, 2020