Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CN¥34.27, the stock trades at a trailing P/E ratio of 34.4x. Average trailing P/E is 74x in the Electronic industry in China. Total returns to shareholders of 87% over the past three years. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥41.40, the stock trades at a trailing P/E ratio of 41.6x. Average trailing P/E is 77x in the Electronic industry in China. Total returns to shareholders of 127% over the past three years. Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: CN¥0.16 (vs CN¥0.28 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.16 (down from CN¥0.28 in 1Q 2025). Revenue: CN¥584.3m (down 6.0% from 1Q 2025). Net income: CN¥27.7m (down 44% from 1Q 2025). Profit margin: 4.7% (down from 8.0% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Aankondiging • Mar 31
TES Touch Embedded Solutions (Xiamen) Co., Ltd. to Report Q1, 2026 Results on Apr 29, 2026 TES Touch Embedded Solutions (Xiamen) Co., Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 Reported Earnings • Mar 19
Full year 2025 earnings released: EPS: CN¥1.13 (vs CN¥1.11 in FY 2024) Full year 2025 results: EPS: CN¥1.13 (up from CN¥1.11 in FY 2024). Revenue: CN¥2.52b (up 14% from FY 2024). Net income: CN¥194.2m (up 3.2% from FY 2024). Profit margin: 7.7% (down from 8.5% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Aankondiging • Mar 18
TES Touch Embedded Solutions (Xiamen) Co., Ltd. announced that it expects to receive CNY 925 million in funding TES Touch Embedded Solutions (Xiamen) Co., Ltd. announced a private placement to issue 53,033,440 A Shares for the proceeds of CNY 925,000,000 on March 17, 2026. Issue price shall not be less than 80% of the average price in the 20 trading days before the pricing reference date. Transaction involves participation of not more than 35 investors. The shares cannot be transferred within 6 months from the issuance closing date. Transaction is approved by board of directors at 16th Meeting of the Company’s 3rd Directorate and is still subject to approval of Company’s Shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission. Aankondiging • Mar 17
TES Touch Embedded Solutions (Xiamen) Co., Ltd., Annual General Meeting, Apr 07, 2026 TES Touch Embedded Solutions (Xiamen) Co., Ltd., Annual General Meeting, Apr 07, 2026, at 16:00 China Standard Time. Location: The Company's Meeting Room, Xiamen, Fujian China Aankondiging • Dec 31
TES Touch Embedded Solutions (Xiamen) Co., Ltd. to Report Fiscal Year 2025 Results on Mar 18, 2026 TES Touch Embedded Solutions (Xiamen) Co., Ltd. announced that they will report fiscal year 2025 results on Mar 18, 2026 Aankondiging • Oct 28
TES TEC Debuts At Embedded World North America 2025 with Robust Interactive Outdoor Display Solutions TES TEC will debut its pioneering intelligent interactive displays at Embedded World North America 2025. As global infrastructure increasingly relies on smart, connected technology, the demand for reliable, high-performance embedded solutions in challenging outdoor environments isaring. TES TEC's rugged displays are engineered to meet this demand, making them ideally suited for critical deployments in the rapidly expanding EV Charging Station, outdoor delivery locker, and Quick Service Restaurant (QSR) drive-thru markets, as well as other demanding outdoor applications. At Booth #5069 (a joint exhibit with GIGAIPC), TES TEC will feature its APM Series of semi-outdoor, open-frame touch monitors: APM-100 (10.1"): Features 1500 nits brightness for clear visibility, IP66 and IK09 ratings for superb reliability, and a wide operating temperature range of 20degC to 60degC. Includes a smart light sensor and multiple touch modes (glove/glass support). APM-15 (15.6") & APM-22 (21.5"): Offer 1000 nits brightness, AG/AF/Anti-UV protection, IP65 and IK08 ratings, and the same wide 20degC to 60deg C temperature range. Both models also feature hassle-free setup via an on-screen display. Reported Earnings • Oct 28
Third quarter 2025 earnings released: EPS: CN¥0.29 (vs CN¥0.20 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.29 (up from CN¥0.20 in 3Q 2024). Revenue: CN¥669.1m (up 20% from 3Q 2024). Net income: CN¥44.0m (up 35% from 3Q 2024). Profit margin: 6.6% (up from 5.9% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Aankondiging • Sep 30
TES Touch Embedded Solutions (Xiamen) Co., Ltd. to Report Q3, 2025 Results on Oct 28, 2025 TES Touch Embedded Solutions (Xiamen) Co., Ltd. announced that they will report Q3, 2025 results on Oct 28, 2025 New Risk • Aug 25
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 7.1% 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 Dividend is not well covered by cash flows (110% cash payout ratio). Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to CN¥36.40, the stock trades at a trailing P/E ratio of 36.4x. Average trailing P/E is 57x in the Electronic industry in China. Total returns to shareholders of 72% over the past three years. Aankondiging • Jul 02
TES Touch Embedded Solutions (Xiamen) Co., Ltd. to Report First Half, 2025 Results on Aug 27, 2025 TES Touch Embedded Solutions (Xiamen) Co., Ltd. announced that they will report first half, 2025 results on Aug 27, 2025 New Risk • May 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (93% cash payout ratio). Large one-off items impacting financial results. Aankondiging • Apr 29
TES Touch Embedded Solutions (Xiamen) Co., Ltd., Annual General Meeting, May 27, 2025 TES Touch Embedded Solutions (Xiamen) Co., Ltd., Annual General Meeting, May 27, 2025, at 16:00 China Standard Time. New Risk • Apr 23
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 8.8% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.8% average weekly change). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥28.48, the stock trades at a trailing P/E ratio of 21.2x. Average forward P/E is 23x in the Electronic industry in China. Total returns to shareholders of 76% over the past three years. Aankondiging • Mar 31
TES Touch Embedded Solutions (Xiamen) Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 TES Touch Embedded Solutions (Xiamen) Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥37.30, the stock trades at a trailing P/E ratio of 27.8x. Average forward P/E is 30x in the Electronic industry in China. Total returns to shareholders of 123% over the past three years. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥29.85, the stock trades at a trailing P/E ratio of 22.3x. Average forward P/E is 30x in the Electronic industry in China. Total returns to shareholders of 51% over the past three years. Buy Or Sell Opportunity • Jan 14
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 2.5% to CN¥23.96. The fair value is estimated to be CN¥19.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 7.3%. Aankondiging • Dec 31
TES Touch Embedded Solutions (Xiamen) Co., Ltd. to Report Fiscal Year 2024 Results on Apr 29, 2025 TES Touch Embedded Solutions (Xiamen) Co., Ltd. announced that they will report fiscal year 2024 results on Apr 29, 2025 Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: CN¥0.20 (vs CN¥0.26 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.20 (down from CN¥0.26 in 3Q 2023). Revenue: CN¥556.8m (up 71% from 3Q 2023). Net income: CN¥32.7m (down 25% from 3Q 2023). Profit margin: 5.9% (down from 13% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 5% per year. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥26.79, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 43x in the Electronic industry in China. Total returns to shareholders of 54% over the past three years. Aankondiging • Sep 30
TES Touch Embedded Solutions (Xiamen) Co., Ltd. to Report Q3, 2024 Results on Oct 30, 2024 TES Touch Embedded Solutions (Xiamen) Co., Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 New Risk • Sep 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 6.6% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.6% average weekly change). New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥22.87, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 39x in the Electronic industry in China. Total returns to shareholders of 25% over the past three years. Aankondiging • Jun 29
TES Touch Embedded Solutions (Xiamen) Co., Ltd. to Report First Half, 2024 Results on Aug 29, 2024 TES Touch Embedded Solutions (Xiamen) Co., Ltd. announced that they will report first half, 2024 results on Aug 29, 2024 New Risk • Jun 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.5% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (3.5% increase in shares outstanding). Declared Dividend • Jun 05
Dividend of CN¥0.45 announced Shareholders will receive a dividend of CN¥0.45. Ex-date: 11th June 2024 Payment date: 11th June 2024 Dividend yield will be 1.7%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 9.8% per year over the past 3 years. However, payments have been volatile during that time. Earnings per share has grown by 5.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • May 07
Now 21% undervalued Over the last 90 days, the stock has risen 76% to CN¥28.68. The fair value is estimated to be CN¥36.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last 3 years. Earnings per share has grown by 18%. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥29.00, the stock trades at a trailing P/E ratio of 22.6x. Average trailing P/E is 40x in the Electronic industry in China. Total returns to shareholders of 54% over the past three years. Aankondiging • Apr 30
TES Touch Embedded Solutions (Xiamen) Co., Ltd., Annual General Meeting, May 27, 2024 TES Touch Embedded Solutions (Xiamen) Co., Ltd., Annual General Meeting, May 27, 2024, at 16:00 China Standard Time. Location: The Company's Meeting Room, Xiamen, Fujian China Reported Earnings • Apr 29
First quarter 2024 earnings released: EPS: CN¥0.40 (vs CN¥0.24 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.40 (up from CN¥0.24 in 1Q 2023). Revenue: CN¥641.0m (up 76% from 1Q 2023). Net income: CN¥65.3m (up 73% from 1Q 2023). Profit margin: 10% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 30
TES Touch Embedded Solutions (Xiamen) Co., Ltd. to Report Q1, 2024 Results on Apr 29, 2024 TES Touch Embedded Solutions (Xiamen) Co., Ltd. announced that they will report Q1, 2024 results on Apr 29, 2024 Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥23.39, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 39x in the Electronic industry in China. Total returns to shareholders of 11% over the past three years. Aankondiging • Feb 23
TES Touch Embedded Solutions (Xiamen) Co., Ltd. (SZSE:003019) announces an Equity Buyback for CNY 161.57 million worth of its shares. TES Touch Embedded Solutions (Xiamen) Co., Ltd. (SZSE:003019) announces a share repurchase program. Under the program, the company will repurchase up to its A shares for a total of CNY 161.57 million. The shares will be purchased at a price not exceeding CNY 22 per share. The repurchased shares will be used for the implementation of ESOP or equity incentive plan. The program will be valid for 6 months from the commencement date. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥15.75, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 34x in the Electronic industry in China. Total loss to shareholders of 27% over the past three years. Aankondiging • Dec 29
TES Touch Embedded Solutions (Xiamen) Co., Ltd. to Report Fiscal Year 2023 Results on Apr 29, 2024 TES Touch Embedded Solutions (Xiamen) Co., Ltd. announced that they will report fiscal year 2023 results on Apr 29, 2024 Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: CN¥0.27 (vs CN¥0.53 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.27 (down from CN¥0.53 in 3Q 2022). Revenue: CN¥326.3m (down 31% from 3Q 2022). Net income: CN¥43.5m (down 49% from 3Q 2022). Profit margin: 13% (down from 18% in 3Q 2022). The decrease in margin was driven by lower revenue. Reported Earnings • Aug 29
Second quarter 2023 earnings released: EPS: CN¥0.26 (vs CN¥0.48 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.26 (down from CN¥0.48 in 2Q 2022). Revenue: CN¥313.4m (down 36% from 2Q 2022). Net income: CN¥43.5m (down 44% from 2Q 2022). Profit margin: 14% (down from 16% in 2Q 2022). The decrease in margin was driven by lower revenue. Aankondiging • Jun 08
TES Touch Embedded Solutions (Xiamen) Co., Ltd. Announces Final Cash Dividend on A Shares for the Year 2022, Payable on June 14, 2023 TES Touch Embedded Solutions (Xiamen) Co., Ltd. announced final cash dividend of CNY 8.00 per 10 shares on A shares for the year 2022. Record date is June 13, 2023, Ex-Date is June 14, 2023 and Payment Date is June 14, 2023. Aankondiging • May 24
TES Touch Embedded Solutions (Xiamen) Co., Ltd. Approves 2022 Profit Distribution Plan TES Touch Embedded Solutions (Xiamen) Co., Ltd. at its Annual General Meeting of 2022, held on 19 May 2023 approved 2022 profit distribution plan. Cash dividend/10 shares (tax included): CNY 8.00000000. Reported Earnings • Apr 29
First quarter 2023 earnings released: EPS: CN¥0.26 (vs CN¥0.40 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.26 (down from CN¥0.40 in 1Q 2022). Revenue: CN¥364.3m (down 28% from 1Q 2022). Net income: CN¥37.8m (down 36% from 1Q 2022). Profit margin: 10% (down from 12% in 1Q 2022). The decrease in margin was driven by lower revenue. Buying Opportunity • Apr 25
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 1.9%. The fair value is estimated to be CN¥29.71, however this is not to be taken as a buy 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 11%. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Director Guo Lili was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Jun 23
TES Touch Embedded Solutions (Xiamen) Co., Ltd. Announces 2021 Final Profit Distribution Plan to Be Implemented (A Shares), Payable on 28 June 2022 TES Touch Embedded Solutions (Xiamen) Co., Ltd. announced 2021 final profit distribution plan to be implemented (A shares): Cash dividend/10 shares (tax included): CNY 4.50000000. Record date: 27 June 2022. Ex-date: 28 June 2022. Payment date: 28 June 2022. Aankondiging • May 31
TES Touch Embedded Solutions (Xiamen) Co., Ltd. Approves Final Cash Dividend for the Year 2021 TES Touch Embedded Solutions (Xiamen) Co., Ltd. approved final cash dividend of CNY 4.50000000 per 10 shares (tax included) for the year 2021, at its Annual General Meeting of 2021 on 27 May 2022. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 22% share price gain to CN¥26.40, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 18x in the Electronic industry in China. Total returns to shareholders of 2.7% over the past year. Aankondiging • Apr 16
TES Touch Embedded Solutions (Xiamen) Co., Ltd., Annual General Meeting, May 27, 2022 TES Touch Embedded Solutions (Xiamen) Co., Ltd., Annual General Meeting, May 27, 2022, at 15:00 China Standard Time. Agenda: To consider and approve the 2021 annual report and its summary; 2021 work report of the board of directors; 2021 work report of the supervisory committee; 2021 annual accounts; 2021 profit distribution plan; and to discuss other matters. Reported Earnings • Apr 16
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: CN¥1.18 (up from CN¥1.13 in FY 2020). Revenue: CN¥1.59b (up 33% from FY 2020). Net income: CN¥150.9m (up 36% from FY 2020). Profit margin: 9.5% (in line with FY 2020). Revenue exceeded analyst estimates by 6.2%. Earnings per share (EPS) missed analyst estimates by 5.6%. Over the next year, revenue is forecast to grow 13%, compared to a 23% growth forecast for the industry in China. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improved over the past week After last week's 21% share price gain to CN¥35.54, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 30x in the Electronic industry in China. Total loss to shareholders of 9.4% over the past year. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment improved over the past week After last week's 29% share price gain to CN¥32.21, the stock trades at a trailing P/E ratio of 32.5x. Average trailing P/E is 37x in the Electronic industry in China. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS CN¥0.37 (vs CN¥0.24 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥437.0m (up 63% from 3Q 2020). Net income: CN¥47.6m (up 106% from 3Q 2020). Profit margin: 11% (up from 8.6% in 3Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Aug 30
Second quarter 2021 earnings released: EPS CN¥0.29 (vs CN¥0.24 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥386.9m (up 44% from 2Q 2020). Net income: CN¥37.0m (up 60% from 2Q 2020). Profit margin: 9.6% (up from 8.6% in 2Q 2020). The increase in margin was driven by higher revenue. Aankondiging • Feb 24
TES Touch Embedded Solutions (Xiamen) Co., Ltd. to Report Fiscal Year 2020 Results on Apr 13, 2021 TES Touch Embedded Solutions (Xiamen) Co., Ltd. announced that they will report fiscal year 2020 results on Apr 13, 2021 Valuation Update With 7 Day Price Move • Nov 27
Market pulls back on stock over the past week After last week's 16% share price decline to CN¥37.92, the stock is trading at a trailing P/E ratio of 24.6x, down from the previous P/E ratio of 29.4x. This compares to an average P/E of 45x in the Electronic industry in China.