Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to CN¥33.70, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 20x in the Chemicals industry in China. Total returns to shareholders of 72% over the past three years. Board Change • May 20
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. 5 non-independent directors. Independent Director Pingjiao Yu was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Apr 16
Do-Fluoride New Materials Co., Ltd., Annual General Meeting, May 07, 2026 Do-Fluoride New Materials Co., Ltd., Annual General Meeting, May 07, 2026, at 14:30 China Standard Time. Location: The Company's Meeting Room, Jiaozuo, Henan China Aankondiging • Mar 31
Do-Fluoride New Materials Co., Ltd. to Report Q1, 2026 Results on Apr 24, 2026 Do-Fluoride New Materials Co., Ltd. announced that they will report Q1, 2026 results on Apr 24, 2026 Aankondiging • Dec 31
Do-Fluoride New Materials Co., Ltd. to Report Fiscal Year 2025 Results on Apr 16, 2026 Do-Fluoride New Materials Co., Ltd. announced that they will report fiscal year 2025 results on Apr 16, 2026 Aankondiging • Sep 30
Do-Fluoride New Materials Co., Ltd. to Report Q3, 2025 Results on Oct 23, 2025 Do-Fluoride New Materials Co., Ltd. announced that they will report Q3, 2025 results on Oct 23, 2025 Aankondiging • Jul 02
Do-Fluoride New Materials Co., Ltd. to Report First Half, 2025 Results on Aug 26, 2025 Do-Fluoride New Materials Co., Ltd. announced that they will report first half, 2025 results on Aug 26, 2025 Aankondiging • Apr 25
Do-Fluoride New Materials Co., Ltd. Proposes Final Cash Distribution for 2024 Do-Fluoride New Materials Co., Ltd. announced on 24 April 2025 the final profit distribution proposal for 2024 as follows: Cash dividend/10 shares (tax included): CNY 2.00000000. Aankondiging • Apr 24
Do-Fluoride New Materials Co., Ltd., Annual General Meeting, May 15, 2025 Do-Fluoride New Materials Co., Ltd., Annual General Meeting, May 15, 2025, at 14:30 China Standard Time. Location: The Company's Meeting Room, Jiaozuo, Henan China Aankondiging • Mar 31
Do-Fluoride New Materials Co., Ltd. to Report Q1, 2025 Results on Apr 24, 2025 Do-Fluoride New Materials Co., Ltd. announced that they will report Q1, 2025 results on Apr 24, 2025 Aankondiging • Jan 23
Do-Fluoride New Materials Co., Ltd. (SZSE:002407) agreed to acquire 54% stake in Henan Yifeng Electronic New Materials Co., Ltd. from DFD Group Co., Ltd. for CNY 28.5 million. Do-Fluoride New Materials Co., Ltd. (SZSE:002407) agreed to acquire 54% stake in Henan Yifeng Electronic New Materials Co., Ltd. from DFD Group Co., Ltd. for CNY 28.5 million on January 21, 2025. A cash consideration of CNY 28.46 million will be paid by Do-Fluoride New Materials Co., Ltd. As part of consideration, CNY 28.46 million is paid towards common equity of Henan Yifeng Electronic New Materials Co., Ltd. The transaction will be financed through equity investment of CNY 28.46 million. As of October 31, 2024 Henan Yifeng Electronic New Materials Co., Ltd. reported total assets of CNY 65 million and net assets of CNY 40 million. The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. Aankondiging • Dec 31
Do-Fluoride New Materials Co., Ltd. to Report Fiscal Year 2024 Results on Apr 24, 2025 Do-Fluoride New Materials Co., Ltd. announced that they will report fiscal year 2024 results on Apr 24, 2025 Reported Earnings • Nov 01
Third quarter 2024 earnings released: CN¥0.033 loss per share (vs CN¥0.14 profit in 3Q 2023) Third quarter 2024 results: CN¥0.033 loss per share (down from CN¥0.14 profit in 3Q 2023). Revenue: CN¥2.27b (down 36% from 3Q 2023). Net loss: CN¥45.4m (down 123% from profit in 3Q 2023). Revenue is forecast to grow 28% p.a. on average during the next 3 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 50% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥11.42, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Chemicals industry in China. Total loss to shareholders of 70% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥4.58 per share. Aankondiging • Sep 30
Do-Fluoride New Materials Co., Ltd. to Report Q3, 2024 Results on Oct 31, 2024 Do-Fluoride New Materials Co., Ltd. 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 20% After last week's 20% share price gain to CN¥11.38, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 16x in the Chemicals industry in China. Total loss to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥5.26 per share. Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: CN¥0.022 (vs CN¥0.15 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.022 (down from CN¥0.15 in 2Q 2023). Revenue: CN¥2.48b (down 11% from 2Q 2023). Net income: CN¥30.8m (down 81% from 2Q 2023). Profit margin: 1.2% (down from 5.7% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 30% 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 26% per year but the company’s share price has fallen by 35% per year, which means it is performing significantly worse than earnings. New Risk • Aug 30
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 Dividend is not well covered by earnings and cash flows. Payout ratio: 112% Paying a dividend despite having no free cash flows. High level of non-cash earnings (28% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (2.8% net profit margin). Shareholders have been diluted in the past year (11% increase in shares outstanding). Buy Or Sell Opportunity • Aug 27
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 29% to CN¥9.48. The fair value is estimated to be CN¥12.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has declined by 3.1%. Revenue is forecast to grow by 66% in 2 years. Earnings are forecast to grow by 217% in the next 2 years. Aankondiging • Jun 29
Do-Fluoride New Materials Co., Ltd. to Report First Half, 2024 Results on Aug 30, 2024 Do-Fluoride New Materials Co., Ltd. announced that they will report first half, 2024 results on Aug 30, 2024 Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥13.39, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 14x in the Chemicals industry in China. Total loss to shareholders of 7.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥6.60 per share. Aankondiging • Mar 30
Do-Fluoride New Materials Co., Ltd. to Report Q1, 2024 Results on Apr 26, 2024 Do-Fluoride New Materials Co., Ltd. announced that they will report Q1, 2024 results on Apr 26, 2024 Aankondiging • Mar 29
Do-Fluoride New Materials Co., Ltd., Annual General Meeting, Apr 18, 2024 Do-Fluoride New Materials Co., Ltd., Annual General Meeting, Apr 18, 2024, at 14:30 China Standard Time. Location: The Company's Meeting Room, Jiaozuo, Henan China Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: CN¥0.46 (vs CN¥1.81 in FY 2022) Full year 2023 results: EPS: CN¥0.46 (down from CN¥1.81 in FY 2022). Revenue: CN¥11.9b (down 3.4% from FY 2022). Net income: CN¥509.8m (down 74% from FY 2022). Profit margin: 4.3% (down from 16% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 25% 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 19% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: CN¥0.46 (vs CN¥1.81 in FY 2022) Full year 2023 results: EPS: CN¥0.46 (down from CN¥1.81 in FY 2022). Revenue: CN¥11.9b (down 3.4% from FY 2022). Net income: CN¥508.6m (down 74% from FY 2022). Profit margin: 4.3% (down from 16% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 25% p.a. on average during the next 2 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 19% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥10.50, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Chemicals industry in China. Total loss to shareholders of 33% over the past three years. Aankondiging • Dec 30
Do-Fluoride New Materials Co., Ltd. to Report Fiscal Year 2023 Results on Mar 29, 2024 Do-Fluoride New Materials Co., Ltd. announced that they will report fiscal year 2023 results on Mar 29, 2024 Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: CN¥0.14 (vs CN¥0.31 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.14 (down from CN¥0.31 in 3Q 2022). Revenue: CN¥3.52b (up 7.7% from 3Q 2022). Net income: CN¥194.4m (down 41% from 3Q 2022). Profit margin: 5.5% (down from 10.0% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% 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 48% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. New Risk • Aug 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (7.0% net profit margin). Shareholders have been diluted in the past year (11% increase in shares outstanding). Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: CN¥0.15 (vs CN¥0.63 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.15 (down from CN¥0.63 in 2Q 2022). Revenue: CN¥2.79b (down 17% from 2Q 2022). Net income: CN¥158.5m (down 76% from 2Q 2022). Profit margin: 5.7% (down from 20% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 32% 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 72% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 23
Full year 2022 earnings released: EPS: CN¥2.54 (vs CN¥1.73 in FY 2021) Full year 2022 results: EPS: CN¥2.54 (up from CN¥1.73 in FY 2021). Revenue: CN¥12.4b (up 58% from FY 2021). Net income: CN¥1.95b (up 55% from FY 2021). Profit margin: 16% (in line with FY 2021). Revenue is forecast to grow 22% 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 109% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. Independent Director Chunyan Li 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: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥38.22, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Chemicals industry in China. Total returns to shareholders of 230% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥50.93 per share. Reported Earnings • Oct 29
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¥3.27b (up 36% from 3Q 2021). Net income: CN¥326.6m (down 24% from 3Q 2021). Profit margin: 10.0% (down from 18% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.8% 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 116% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: CN¥0.88 (vs CN¥0.29 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.88 (up from CN¥0.29 in 2Q 2021). Revenue: CN¥3.37b (up 102% from 2Q 2021). Net income: CN¥670.6m (up 212% from 2Q 2021). Profit margin: 20% (up from 13% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 33%, compared to a 41% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 21% share price gain to CN¥47.51, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 18x in the Chemicals industry in China. Total returns to shareholders of 247% over the past three years. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥39.15, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 16x in the Chemicals industry in China. Total returns to shareholders of 242% over the past three years. Buying Opportunity • Apr 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be CN¥38.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 108%. Revenue is forecast to grow by 63% in 2 years. Earnings is forecast to grow by 3.5% in the next 2 years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥42.16, 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 176% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥38.76 per share. Reported Earnings • Mar 11
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: CN¥1.73 (up from CN¥0.07 in FY 2020). Revenue: CN¥7.81b (up 84% from FY 2020). Net income: CN¥1.26b (up CN¥1.21b from FY 2020). Profit margin: 16% (up from 1.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 14%. Over the next year, revenue is forecast to grow 30%, compared to a 47% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 16
Third quarter 2021 earnings released: EPS CN¥0.57 (vs CN¥0.003 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥2.40b (up 111% from 3Q 2020). Net income: CN¥429.4m (up CN¥431.5m from 3Q 2020). Profit margin: 18% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 27
Second quarter 2021 earnings released: EPS CN¥0.29 (vs CN¥0.021 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥1.67b (up 81% from 2Q 2020). Net income: CN¥214.7m (up CN¥200.2m from 2Q 2020). Profit margin: 13% (up from 1.6% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 63% per year, which means it is well ahead of earnings. Reported Earnings • Apr 26
Full year 2020 earnings released: EPS CN¥0.071 (vs CN¥0.61 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥4.25b (up 9.2% from FY 2019). Net income: CN¥48.6m (up CN¥464.9m from FY 2019). Profit margin: 1.1% (up from net loss in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 116 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 08
Full year 2020 earnings released: EPS CN¥0.07 (vs CN¥0.61 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥4.25b (up 9.2% from FY 2019). Net income: CN¥48.6m (up CN¥464.9m from FY 2019). Profit margin: 1.1% (up from net loss in FY 2019). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Jan 18
New 90-day high: CN¥21.23 The company is up 33% from its price of CN¥15.95 on 21 October 2020. The Chinese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 13% over the same period. Is New 90 Day High Low • Dec 25
New 90-day high: CN¥20.31 The company is up 66% from its price of CN¥12.24 on 25 September 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: CN¥17.26 The company is up 57% from its price of CN¥10.98 on 10 September 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 10.0% over the same period. Is New 90 Day High Low • Nov 10
New 90-day high: CN¥16.90 The company is up 49% from its price of CN¥11.37 on 12 August 2020. The Chinese market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥1.89 per share. Reported Earnings • Oct 26
Third quarter earnings released Over the last 12 months the company has reported total losses of CN¥504.7m, with losses widening by CN¥499.6m from the prior year. Total revenue was CN¥3.74b over the last 12 months, down 13% from the prior year. Is New 90 Day High Low • Oct 10
New 90-day high: CN¥13.80 The company is up 16% from its price of CN¥11.92 on 10 July 2020. The Chinese market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥3.44 per share. Is New 90 Day High Low • Sep 18
New 90-day high: CN¥13.32 The company is up 21% from its price of CN¥11.00 on 19 June 2020. The Chinese market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥3.34 per share.