New Risk • May 12
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 157% Dividend yield: 0.4% 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. Major Estimate Revision • May 06
Consensus revenue estimates fall by 34% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from CN¥2.52b to CN¥1.67b. EPS estimate fell from CN¥1.58 to CN¥1.18 per share. Net income forecast to grow 123% next year vs 57% growth forecast for Chemicals industry in China. Consensus price target of CN¥51.02 unchanged from last update. Share price was steady at CN¥43.36 over the past week. Reported Earnings • Apr 30
Full year 2025 earnings released: EPS: CN¥0.63 (vs CN¥0.73 in FY 2024) Full year 2025 results: EPS: CN¥0.63 (down from CN¥0.73 in FY 2024). Revenue: CN¥1.30b (down 10% from FY 2024). Net income: CN¥227.8m (down 8.9% from FY 2024). Profit margin: 18% (in line with FY 2024). Revenue is forecast to grow 48% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Annuncio • Apr 30
Jiangsu Cnano Technology Co., Ltd., Annual General Meeting, May 20, 2026 Jiangsu Cnano Technology Co., Ltd., Annual General Meeting, May 20, 2026, at 09:00 China Standard Time. Location: No. 520, Changshun Road, Wujin District, Changzhou, Jiangsu China Annuncio • Mar 30
Jiangsu Cnano Technology Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Jiangsu Cnano Technology Co., Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Reported Earnings • Mar 05
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥0.66 (down from CN¥0.73 in FY 2024). Revenue: CN¥1.30b (down 10% from FY 2024). Net income: CN¥235.8m (down 5.7% from FY 2024). Profit margin: 18% (in line with FY 2024). Revenue missed analyst estimates by 23%. Earnings per share (EPS) also missed analyst estimates by 25%. Revenue is forecast to grow 48% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥41.00, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 28x in the Chemicals industry in China. Total loss to shareholders of 10% over the past three years. Annuncio • Dec 26
Jiangsu Cnano Technology Co., Ltd. to Report Fiscal Year 2025 Results on Apr 30, 2026 Jiangsu Cnano Technology Co., Ltd. announced that they will report fiscal year 2025 results on Apr 30, 2026 Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥48.62, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 23x in the Chemicals industry in China. Total loss to shareholders of 24% over the past three years. Major Estimate Revision • Nov 02
Consensus revenue estimates fall by 24% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥1.95b to CN¥1.47b. EPS estimate fell from CN¥1.06 to CN¥0.825 per share. Net income forecast to grow 90% next year vs 52% growth forecast for Chemicals industry in China. Consensus price target up from CN¥50.57 to CN¥54.85. Share price was steady at CN¥57.49 over the past week. Price Target Changed • Oct 31
Price target increased by 8.5% to CN¥54.85 Up from CN¥50.57, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of CN¥57.49. Stock is up 102% over the past year. The company is forecast to post earnings per share of CN¥0.82 for next year compared to CN¥0.73 last year. Reported Earnings • Oct 27
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: CN¥0.22 (up from CN¥0.19 in 3Q 2024). Revenue: CN¥347.3m (down 12% from 3Q 2024). Net income: CN¥79.4m (up 18% from 3Q 2024). Profit margin: 23% (up from 17% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 42%. Earnings per share (EPS) also missed analyst estimates by 51%. Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Annuncio • Sep 30
Jiangsu Cnano Technology Co., Ltd. to Report Q3, 2025 Results on Oct 27, 2025 Jiangsu Cnano Technology Co., Ltd. announced that they will report Q3, 2025 results on Oct 27, 2025 New Risk • Sep 29
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 7.5% 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. This is currently the only risk that has been identified for the company. Major Estimate Revision • Sep 05
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥2.12b to CN¥1.93b. EPS estimate also fell from CN¥1.19 per share to CN¥0.998 per share. Net income forecast to grow 84% next year vs 50% growth forecast for Chemicals industry in China. Consensus price target up from CN¥44.79 to CN¥50.57. Share price rose 7.3% to CN¥54.95 over the past week. Price Target Changed • Sep 02
Price target increased by 11% to CN¥49.54 Up from CN¥44.79, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of CN¥50.95. Stock is up 144% over the past year. The company is forecast to post earnings per share of CN¥1.17 for next year compared to CN¥0.73 last year. Reported Earnings • Aug 31
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: CN¥0.16 (down from CN¥0.18 in 2Q 2024). Revenue: CN¥318.9m (down 6.1% from 2Q 2024). Net income: CN¥58.6m (down 5.1% from 2Q 2024). Profit margin: 18% (in line with 2Q 2024). Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 46%. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 14% per year. Annuncio • Jun 30
Jiangsu Cnano Technology Co., Ltd. to Report First Half, 2025 Results on Aug 30, 2025 Jiangsu Cnano Technology Co., Ltd. announced that they will report first half, 2025 results on Aug 30, 2025 Declared Dividend • Jun 25
Dividend reduced to CN¥0.15 Dividend of CN¥0.15 is 51% lower than last year. Ex-date: 30th June 2025 Payment date: 30th June 2025 Dividend yield will be 0.3%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (20% 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 8.6% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 160% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 30
Full year 2024 earnings released: EPS: CN¥0.73 (vs CN¥0.87 in FY 2023) Full year 2024 results: EPS: CN¥0.73 (down from CN¥0.87 in FY 2023). Revenue: CN¥1.45b (up 3.1% from FY 2023). Net income: CN¥250.2m (down 16% from FY 2023). Profit margin: 17% (down from 21% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 38% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Annuncio • Apr 30
Jiangsu Cnano Technology Co., Ltd., Annual General Meeting, May 28, 2025 Jiangsu Cnano Technology Co., Ltd., Annual General Meeting, May 28, 2025, at 09:00 China Standard Time. Location: No. 113, Qinglongshan Road, New District, Zhenjiang, Jiangsu China New Risk • Apr 07
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 8.7% 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: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.7% average weekly change). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥35.08, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 21x in the Chemicals industry in China. Total loss to shareholders of 58% over the past three years. Annuncio • Mar 28
Jiangsu Cnano Technology Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Jiangsu Cnano Technology Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Major Estimate Revision • Mar 10
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥2.79b to CN¥2.47b. EPS estimate fell from CN¥1.63 to CN¥1.24 per share. Net income forecast to grow 61% next year vs 51% growth forecast for Chemicals industry in China. Consensus price target up from CN¥29.63 to CN¥35.80. Share price fell 2.9% to CN¥47.62 over the past week. Reported Earnings • Mar 02
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: CN¥0.74 (down from CN¥0.87 in FY 2023). Revenue: CN¥1.45b (up 3.2% from FY 2023). Net income: CN¥253.3m (down 15% from FY 2023). Profit margin: 18% (down from 21% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 13%. Earnings per share (EPS) exceeded analyst estimates by 6.6%. Revenue is forecast to grow 38% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥48.29, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 21x in the Chemicals industry in China. Total loss to shareholders of 52% over the past three years. Annuncio • Jan 11
Jiangsu Cnano Technology Co., Ltd. (SHSE:688116) announces an Equity Buyback for CNY 100 million worth of its shares. Jiangsu Cnano Technology Co., Ltd. (SHSE:688116) announces a share repurchase program. Under the program, the company will repurchase up to CNY 100 million worth of class A shares. The shares will be repurchased at a price of not more than CNY 63.47 per share. The shares purchased will be used for the company's equity incentive plans and/or employee stock ownership plans. The program will be funded out of the company's own funds. The program will be valid till 12 months. Annuncio • Dec 27
Jiangsu Cnano Technology Co., Ltd. to Report Fiscal Year 2024 Results on Apr 30, 2025 Jiangsu Cnano Technology Co., Ltd. announced that they will report fiscal year 2024 results on Apr 30, 2025 New Risk • Nov 14
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 13% 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 Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to CN¥38.47, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 19x in the Chemicals industry in China. Total loss to shareholders of 62% over the past three years. Major Estimate Revision • Nov 01
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from CN¥0.85 to CN¥0.752 per share. Revenue forecast steady at CN¥1.58b. Net income forecast to grow 31% next year vs 57% growth forecast for Chemicals industry in China. Consensus price target up from CN¥25.18 to CN¥31.23. Share price fell 6.4% to CN¥28.45 over the past week. Price Target Changed • Oct 29
Price target increased by 19% to CN¥29.97 Up from CN¥25.18, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of CN¥28.80. Stock is down 1.4% over the past year. The company is forecast to post earnings per share of CN¥0.78 for next year compared to CN¥0.87 last year. Reported Earnings • Oct 26
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: CN¥0.19 (down from CN¥0.21 in 3Q 2023). Revenue: CN¥393.7m (down 5.6% from 3Q 2023). Net income: CN¥67.1m (down 6.3% from 3Q 2023). Profit margin: 17% (in line with 3Q 2023). Revenue missed analyst estimates by 22%. Earnings per share (EPS) also missed analyst estimates by 29%. Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals 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 35% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to CN¥25.10, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 16x in the Chemicals industry in China. Total loss to shareholders of 75% over the past three years. New Risk • Sep 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 7.7% 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: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.7% average weekly change). Annuncio • Sep 30
Jiangsu Cnano Technology Co., Ltd. to Report Q3, 2024 Results on Oct 26, 2024 Jiangsu Cnano Technology Co., Ltd. announced that they will report Q3, 2024 results on Oct 26, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to CN¥24.48, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 16x in the Chemicals industry in China. Total loss to shareholders of 75% over the past three years. Reported Earnings • Aug 31
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: CN¥0.18 (up from CN¥0.14 in 2Q 2023). Revenue: CN¥339.5m (down 6.3% from 2Q 2023). Net income: CN¥61.7m (up 23% from 2Q 2023). Profit margin: 18% (up from 14% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 24%. Earnings per share (EPS) also missed analyst estimates by 4.7%. Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 13
Consensus revenue estimates fall by 14% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥1.98b to CN¥1.71b. EPS estimate fell from CN¥1.12 to CN¥0.913 per share. Net income forecast to grow 14% next year vs 48% growth forecast for Chemicals industry in China. Consensus price target down from CN¥30.53 to CN¥28.03. Share price fell 3.3% to CN¥20.27 over the past week. Annuncio • Jun 28
Jiangsu Cnano Technology Co., Ltd. to Report First Half, 2024 Results on Aug 31, 2024 Jiangsu Cnano Technology Co., Ltd. announced that they will report first half, 2024 results on Aug 31, 2024 Major Estimate Revision • May 03
Consensus revenue estimates increase by 24%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CN¥1.71b to CN¥2.13b. EPS estimate fell from CN¥1.35 to CN¥1.20. Net income forecast to grow 49% next year vs 57% growth forecast for Chemicals industry in China. Consensus price target up from CN¥31.57 to CN¥32.40. Share price rose 8.3% to CN¥29.36 over the past week. Annuncio • Apr 29
Jiangsu Cnano Technology Co., Ltd., Annual General Meeting, May 17, 2024 Jiangsu Cnano Technology Co., Ltd., Annual General Meeting, May 17, 2024, at 09:00 China Standard Time. Location: The Company's Meeting Room, Zhenjiang, Jiangsu China Reported Earnings • Apr 27
Full year 2023 earnings: Revenues miss analyst expectations Full year 2023 results: Revenue: CN¥1.40b (down 24% from FY 2022). Net income: CN¥297.2m (down 30% from FY 2022). Profit margin: 21% (down from 23% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 23%. Revenue is forecast to grow 44% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥28.83, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 16x in the Chemicals industry in China. Total loss to shareholders of 26% over the past three years. Annuncio • Mar 29
Jiangsu Cnano Technology Co., Ltd. to Report Q1, 2024 Results on Apr 27, 2024 Jiangsu Cnano Technology Co., Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024 Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to CN¥15.75, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Chemicals industry in China. Total loss to shareholders of 66% over the past three years. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥22.20, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Chemicals industry in China. Total loss to shareholders of 54% over the past three years. New Risk • Jan 17
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 7.9% 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 Share price has been highly volatile over the past 3 months (7.9% average weekly change). High level of non-cash earnings (26% accrual ratio). Reported Earnings • Nov 01
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: CN¥0.21 (down from CN¥0.36 in 3Q 2022). Revenue: CN¥417.3m (down 17% from 3Q 2022). Net income: CN¥71.6m (down 42% from 3Q 2022). Profit margin: 17% (down from 25% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 45%. Earnings per share (EPS) also missed analyst estimates by 58%. Revenue is forecast to grow 46% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. 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 6.8% 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 High level of non-cash earnings (33% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.8% average weekly change). Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to CN¥29.44, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 15x in the Chemicals industry in China. Total loss to shareholders of 1.7% over the past three years. Price Target Changed • Sep 01
Price target decreased by 15% to CN¥32.88 Down from CN¥38.88, the current price target is an average from 4 analysts. New target price is 24% above last closing price of CN¥26.48. Stock is down 67% over the past year. The company is forecast to post earnings per share of CN¥1.10 for next year compared to CN¥1.24 last year. Reported Earnings • Aug 30
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: CN¥0.14 (down from CN¥0.30 in 2Q 2022). Revenue: CN¥362.3m (down 21% from 2Q 2022). Net income: CN¥50.1m (down 52% from 2Q 2022). Profit margin: 14% (down from 23% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 24%. Earnings per share (EPS) also missed analyst estimates by 75%. Revenue is forecast to grow 42% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Chemicals 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 fallen by 5% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 30
Consensus revenue estimates fall by 21% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥2.44b to CN¥1.91b. EPS estimate fell from CN¥1.35 to CN¥1.04 per share. Net income forecast to grow 21% next year vs 63% growth forecast for Chemicals industry in China. Consensus price target down from CN¥38.88 to CN¥37.63. Share price rose 2.1% to CN¥26.88 over the past week. Price Target Changed • Jul 29
Price target increased by 7.6% to CN¥38.88 Up from CN¥36.12, the current price target is an average from 4 analysts. New target price is 37% above last closing price of CN¥28.29. Stock is down 72% over the past year. The company is forecast to post earnings per share of CN¥1.35 for next year compared to CN¥1.24 last year. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorates as stock falls 30% After last week's 30% share price decline to CN¥30.05, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Chemicals industry in China. Total loss to shareholders of 54% over the past three years. Annuncio • Jun 28
Jiangsu Cnano Technology Co., Ltd. to Report First Half, 2023 Results on Aug 30, 2023 Jiangsu Cnano Technology Co., Ltd. announced that they will report first half, 2023 results on Aug 30, 2023 New Risk • Jun 10
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 6.7% 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 High level of non-cash earnings (31% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.7% average weekly change). Major Estimate Revision • Jun 08
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥2.55b to CN¥2.44b. EPS estimate also fell from CN¥2.26 per share to CN¥2.00 per share. Net income forecast to grow 44% next year vs 48% growth forecast for Chemicals industry in China. Consensus price target down from CN¥69.96 to CN¥57.46. Share price fell 7.5% to CN¥42.82 over the past week. Major Estimate Revision • Apr 28
Consensus revenue estimates decrease by 19% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from CN¥3.40b to CN¥2.77b. EPS estimate unchanged from CN¥3.26 per share at last update. Chemicals industry in China expected to see average net income growth of 46% next year. Consensus price target of CN¥97.28 unchanged from last update. Share price was steady at CN¥53.88 over the past week. Reported Earnings • Apr 21
First quarter 2023 earnings released: EPS: CN¥0.17 (vs CN¥0.43 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.17 (down from CN¥0.43 in 1Q 2022). Revenue: CN¥278.7m (down 42% from 1Q 2022). Net income: CN¥39.7m (down 60% from 1Q 2022). Profit margin: 14% (down from 21% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 56% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥56.79, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Chemicals industry in China. Total returns to shareholders of 47% over the past three years. Major Estimate Revision • Apr 04
Consensus revenue estimates increase by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from CN¥2.86b to CN¥3.18b. EPS estimate unchanged from CN¥3.41 at last update. Chemicals industry in China expected to see average net income growth of 38% next year. Consensus price target of CN¥97.28 unchanged from last update. Share price fell 5.3% to CN¥64.70 over the past week. Reported Earnings • Feb 25
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥1.77 (up from CN¥1.28 in FY 2021). Revenue: CN¥1.84b (up 39% from FY 2021). Net income: CN¥411.0m (up 39% from FY 2021). Profit margin: 22% (in line with FY 2021). Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 22%. Revenue is forecast to grow 48% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Chemicals 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 13% per year, which means it is significantly lagging earnings growth. Annuncio • Dec 28
Jiangsu Cnano Technology Co., Ltd. announced that it expects to receive CNY 2 billion in funding Jiangsu Cnano Technology Co., Ltd. announced a private placement of not exceeding 69,756,317 shares at an issue price for a gross proceeds of not exceeding CNY 2,000,000,000 on December 27, 2022. The issue price of issuance shall not be lower than 80% of the average trading price of the company's stock in the 20 trading days prior to the pricing base date. The transaction will include participation from not more than 35 specific investors. The transaction has been approved at the second board of directors of the company. The transaction is still subject to the company's general meeting of shareholders, Shanghai Stock Exchange and China Securities Regulatory Commission. Annuncio • Dec 15
Jiangsu Cnano Technology Co., Ltd. (SHSE:688116) announces an Equity Buyback for CNY 200 million worth of its shares. Jiangsu Cnano Technology Co., Ltd. (SHSE:688116) announces a share repurchase program. Under the program, the company will repurchase up to CNY 200 million worth of class A shares. The shares will be repurchased at a price of not more than CNY 140 per share. The shares purchased will be used for the company's equity incentive plans and/or employee stock ownership plans. The program will be funded out of the company's own funds. The program will be valid till 12 months. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CN¥83.82, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 16x in the Chemicals industry in China. Total returns to shareholders of 185% over the past three years. Price Target Changed • Nov 16
Price target decreased to CN¥137 Down from CN¥155, the current price target is an average from 2 analysts. New target price is 39% above last closing price of CN¥98.65. Stock is down 36% over the past year. The company is forecast to post earnings per share of CN¥2.19 for next year compared to CN¥1.28 last year. Board Change • Nov 16
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. 6 non-independent directors. Independent Director Xinxin Wang 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. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥110, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 14x in the Chemicals industry in China. Total returns to shareholders of 295% over the past three years. Price Target Changed • Oct 28
Price target decreased to CN¥137 Down from CN¥155, the current price target is an average from 2 analysts. New target price is 47% above last closing price of CN¥93.30. Stock is down 42% over the past year. The company is forecast to post earnings per share of CN¥2.19 for next year compared to CN¥1.28 last year. Reported Earnings • Oct 25
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: CN¥0.53 (up from CN¥0.36 in 3Q 2021). Revenue: CN¥501.1m (up 29% from 3Q 2021). Net income: CN¥123.7m (up 49% from 3Q 2021). Profit margin: 25% (up from 21% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 21%. Earnings per share (EPS) also missed analyst estimates by 39%. Revenue is forecast to grow 49% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 50% per year whereas the company’s share price has increased by 49% per year. Major Estimate Revision • Aug 31
Consensus revenue estimates fall by 14% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥2.93b to CN¥2.51b. EPS estimate fell from CN¥2.68 to CN¥2.25 per share. Net income forecast to grow 126% next year vs 39% growth forecast for Chemicals industry in China. Consensus price target of CN¥162 unchanged from last update. Share price fell 13% to CN¥121 over the past week. Reported Earnings • Aug 26
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: CN¥0.45 (up from CN¥0.29 in 2Q 2021). Revenue: CN¥460.8m (up 52% from 2Q 2021). Net income: CN¥104.2m (up 55% from 2Q 2021). Profit margin: 23% (in line with 2Q 2021). Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) also missed analyst estimates by 15%. Over the next year, revenue is forecast to grow 85%, compared to a 42% growth forecast for the Chemicals industry in China. Reported Earnings • Apr 30
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: CN¥0.43 (up from CN¥0.23 in 1Q 2021). Revenue: CN¥480.5m (up 120% from 1Q 2021). Net income: CN¥100.0m (up 88% from 1Q 2021). Profit margin: 21% (down from 24% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 19%. Over the next year, revenue is forecast to grow 87%, compared to a 43% growth forecast for the industry in China. Price Target Changed • Apr 27
Price target increased to CN¥170 Up from CN¥89.90, the current price target is an average from 3 analysts. New target price is 47% above last closing price of CN¥115. Stock is up 75% over the past year. The company is forecast to post earnings per share of CN¥2.66 for next year compared to CN¥1.28 last year. Board Change • Apr 27
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. No independent directors (8 non-independent directors). Director Ge Yan was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Apr 20
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: CN¥1.28 (up from CN¥0.46 in FY 2020). Revenue: CN¥1.32b (up 180% from FY 2020). Net income: CN¥295.9m (up 176% from FY 2020). Profit margin: 22% (in line with FY 2020). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 102%, compared to a 48% growth forecast for the industry in China. Reported Earnings • Feb 28
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: CN¥1.29 (up from CN¥0.46 in FY 2020). Revenue: CN¥1.36b (up 189% from FY 2020). Net income: CN¥298.8m (up 179% from FY 2020). Profit margin: 22% (in line with FY 2020). Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 91%, compared to a 47% growth forecast for the industry in China. Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS CN¥0.29 (vs CN¥0.078 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥304.0m (up 202% from 2Q 2020). Net income: CN¥67.2m (up 237% from 2Q 2020). Profit margin: 22% (up from 20% in 2Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Apr 30
First quarter 2021 earnings released: EPS CN¥0.23 (vs CN¥0.06 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥218.6m (up 262% from 1Q 2020). Net income: CN¥53.3m (up 315% from 1Q 2020). Profit margin: 24% (up from 21% in 1Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS CN¥0.46 (vs CN¥0.58 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: CN¥471.9m (up 22% from FY 2019). Net income: CN¥107.3m (down 2.6% from FY 2019). Profit margin: 23% (down from 28% in FY 2019). The decrease in margin was driven by higher expenses. Price Target Changed • Jan 26
Price target raised to CN¥73.75 Up from CN¥56.91, the current price target is an average from 2 analysts. The new target price is close to the current share price of CN¥70.69. As of last close, the stock is up 65% over the past year.