New Risk • Apr 25
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% 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 Risk High level of non-cash earnings (26% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (7.9% net profit margin). Reported Earnings • Apr 24
Full year 2025 earnings released: EPS: CN¥0.90 (vs CN¥0.94 in FY 2024) Full year 2025 results: EPS: CN¥0.90 (down from CN¥0.94 in FY 2024). Revenue: CN¥910.3m (up 10% from FY 2024). Net income: CN¥91.0m (down 4.6% from FY 2024). Profit margin: 10.0% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Apr 24
Jiangsu Smartwin Electronics Technology Co.,Ltd., Annual General Meeting, May 15, 2026 Jiangsu Smartwin Electronics Technology Co.,Ltd., Annual General Meeting, May 15, 2026, at 15:00 China Standard Time. Location: The Company's Meeting Room, Jurong, Jiangsu China Aankondiging • Mar 31
Jiangsu Smartwin Electronics Technology Co.,Ltd. to Report Q1, 2026 Results on Apr 24, 2026 Jiangsu Smartwin Electronics Technology Co.,Ltd. announced that they will report Q1, 2026 results on Apr 24, 2026 Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥27.60, the stock trades at a trailing P/E ratio of 29.3x. Average trailing P/E is 58x in the Electronic industry in China. Total returns to shareholders of 22% over the past three years. Aankondiging • Dec 31
Jiangsu Smartwin Electronics Technology Co.,Ltd. to Report Fiscal Year 2025 Results on Apr 24, 2026 Jiangsu Smartwin Electronics Technology Co.,Ltd. announced that they will report fiscal year 2025 results on Apr 24, 2026 Reported Earnings • Oct 27
Third quarter 2025 earnings released: EPS: CN¥0.24 (vs CN¥0.24 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.24 (up from CN¥0.24 in 3Q 2024). Revenue: CN¥225.0m (up 15% from 3Q 2024). Net income: CN¥24.6m (up 1.3% from 3Q 2024). Profit margin: 11% (down from 12% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 35% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Sep 30
Jiangsu Smartwin Electronics Technology Co.,Ltd. to Report Q3, 2025 Results on Oct 27, 2025 Jiangsu Smartwin Electronics Technology Co.,Ltd. announced that they will report Q3, 2025 results on Oct 27, 2025 Reported Earnings • Aug 29
Second quarter 2025 earnings released: EPS: CN¥0.29 (vs CN¥0.32 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.29 (down from CN¥0.32 in 2Q 2024). Revenue: CN¥266.8m (up 9.2% from 2Q 2024). Net income: CN¥29.3m (down 9.1% from 2Q 2024). Profit margin: 11% (down from 13% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 33% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Jul 02
Jiangsu Smartwin Electronics Technology Co.,Ltd. to Report First Half, 2025 Results on Aug 26, 2025 Jiangsu Smartwin Electronics Technology Co.,Ltd. announced that they will report first half, 2025 results on Aug 26, 2025 Declared Dividend • May 25
Dividend of CN¥0.40 announced Shareholders will receive a dividend of CN¥0.40. Ex-date: 29th May 2025 Payment date: 29th May 2025 Dividend yield will be 1.4%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (73% cash payout ratio). The dividend has increased by an average of 23% per year over the past 3 years. However, payments have been volatile during that time. EPS is expected to grow by 43% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 19
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥0.94 (up from CN¥0.70 in FY 2023). Revenue: CN¥825.1m (up 45% from FY 2023). Net income: CN¥95.5m (up 35% from FY 2023). Profit margin: 12% (in line with FY 2023). Revenue missed analyst estimates by 8.8%. Earnings per share (EPS) also missed analyst estimates by 25%. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Aankondiging • Apr 19
Jiangsu Smartwin Electronics Technology Co.,Ltd. Proposes Final Cash Dividend for 2024 Jiangsu Smartwin Electronics Technology Co.,Ltd. proposed final cash dividend of CNY 4.00000000 per 10 shares (tax included) for 2024. Aankondiging • Apr 18
Jiangsu Smartwin Electronics Technology Co.,Ltd., Annual General Meeting, May 12, 2025 Jiangsu Smartwin Electronics Technology Co.,Ltd., Annual General Meeting, May 12, 2025, at 15:00 China Standard Time. Location: The Company's Meeting Room, Jurong, Jiangsu China Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CN¥23.46, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 27x in the Electronic industry in China. Total returns to shareholders of 13% over the past three years. Aankondiging • Mar 31
Jiangsu Smartwin Electronics Technology Co.,Ltd. to Report Q1, 2025 Results on Apr 25, 2025 Jiangsu Smartwin Electronics Technology Co.,Ltd. announced that they will report Q1, 2025 results on Apr 25, 2025 New Risk • Jan 12
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. Aankondiging • Dec 31
Jiangsu Smartwin Electronics Technology Co.,Ltd. to Report Fiscal Year 2024 Results on Apr 18, 2025 Jiangsu Smartwin Electronics Technology Co.,Ltd. announced that they will report fiscal year 2024 results on Apr 18, 2025 Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: CN¥0.16 (vs CN¥0.18 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.16. Revenue: CN¥195.8m (up 33% from 3Q 2023). Net income: CN¥24.3m (up 30% from 3Q 2023). Profit margin: 12% (in line with 3Q 2023). Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in China. Aankondiging • Sep 30
Jiangsu Smartwin Electronics Technology Co.,Ltd. to Report Q3, 2024 Results on Oct 25, 2024 Jiangsu Smartwin Electronics Technology Co.,Ltd. announced that they will report Q3, 2024 results on Oct 25, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to CN¥33.85, the stock trades at a trailing P/E ratio of 40.2x. Average trailing P/E is 38x in the Electronic industry in China. Total returns to shareholders of 12% over the past year. Aankondiging • Jun 29
Jiangsu Smartwin Electronics Technology Co.,Ltd. to Report First Half, 2024 Results on Aug 29, 2024 Jiangsu Smartwin Electronics Technology Co.,Ltd. announced that they will report first half, 2024 results on Aug 29, 2024 Valuation Update With 7 Day Price Move • May 23
Investor sentiment deteriorates as stock falls 29% After last week's 29% share price decline to CN¥25.11, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 42x in the Electronic industry in China. Total loss to shareholders of 25% over the past year. Declared Dividend • May 22
Dividend reduced to CN¥0.40 Dividend of CN¥0.40 is 33% lower than last year. Ex-date: 24th May 2024 Payment date: 24th May 2024 Dividend yield will be 1.1%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (36% 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 15% per year over the past 2 years. However, payments have been volatile during that time. Earnings per share has grown by 5.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 11
Full year 2023 earnings released: EPS: CN¥0.98 (vs CN¥1.28 in FY 2022) Full year 2023 results: EPS: CN¥0.98 (down from CN¥1.28 in FY 2022). Revenue: CN¥570.1m (down 9.9% from FY 2022). Net income: CN¥70.9m (down 22% from FY 2022). Profit margin: 12% (down from 14% in FY 2022). The decrease in margin was driven by lower revenue. Aankondiging • Apr 10
Jiangsu Smartwin Electronics Technology Co.,Ltd., Annual General Meeting, May 07, 2024 Jiangsu Smartwin Electronics Technology Co.,Ltd., Annual General Meeting, May 07, 2024, at 15:00 China Standard Time. Location: The Company's Meeting Room, Jurong, Jiangsu China Aankondiging • Mar 30
Jiangsu Smartwin Electronics Technology Co.,Ltd. to Report Q1, 2024 Results on Apr 25, 2024 Jiangsu Smartwin Electronics Technology Co.,Ltd. announced that they will report Q1, 2024 results on Apr 25, 2024 Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥32.88, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 20x in the Electronic industry in China. Total returns to shareholders of 2.8% over the past year. New Risk • Feb 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 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.4% average weekly change). 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¥44.31, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 19x in the Electronic industry in China. Total returns to shareholders of 49% over the past year. Aankondiging • Dec 29
Jiangsu Smartwin Electronics Technology Co.,Ltd. to Report Fiscal Year 2023 Results on Apr 10, 2024 Jiangsu Smartwin Electronics Technology Co.,Ltd. announced that they will report fiscal year 2023 results on Apr 10, 2024 Reported Earnings • Oct 25
Third quarter 2023 earnings released: EPS: CN¥0.26 (vs CN¥0.40 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.26 (down from CN¥0.40 in 3Q 2022). Revenue: CN¥146.9m (down 10% from 3Q 2022). Net income: CN¥18.8m (down 35% from 3Q 2022). Profit margin: 13% (down from 18% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electronic industry in China. Aankondiging • Sep 30
Jiangsu Smartwin Electronics Technology Co.,Ltd. to Report Q3, 2023 Results on Oct 25, 2023 Jiangsu Smartwin Electronics Technology Co.,Ltd. announced that they will report Q3, 2023 results on Oct 25, 2023 New Risk • Aug 31
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% 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 Risk High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.8% average weekly change). New Risk • Aug 09
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 6.2% 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 (dividend per share is over 5x cash flows per share). Share price has been volatile over the past 3 months (6.2% average weekly change). Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to CN¥44.70, the stock trades at a trailing P/E ratio of 40x. Average trailing P/E is 48x in the Electronic industry in China. Total returns to shareholders of 39% over the past year. Aankondiging • May 10
Jiangsu Smartwin Electronics Technology Co.,Ltd. Announces 2022 Final Cash Profit Distribution Plan on A Shares, Payable on 16 May 2023 Jiangsu Smartwin Electronics Technology Co.,Ltd. announced 2022 final profit distribution plan to be implemented (A shares) of cash of CNY 6.00000000 per 10 shares (tax included). The dividend is payable on 16 May 2023 with record date of 15 May 2023 and ex-date of 16 May 2023. Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: CN¥1.28 (vs CN¥1.44 in FY 2021) Full year 2022 results: EPS: CN¥1.28. Revenue: CN¥632.7m (up 12% from FY 2021). Net income: CN¥90.8m (up 16% from FY 2021). Profit margin: 14% (in line with FY 2021). Reported Earnings • Oct 26
Third quarter 2022 earnings released: EPS: CN¥0.40 (vs CN¥0.40 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.40 (in line with 3Q 2021). Revenue: CN¥163.7m (up 7.7% from 3Q 2021). Net income: CN¥28.8m (up 33% from 3Q 2021). Profit margin: 18% (up from 14% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electronic industry in China. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: CN¥0.28 (vs CN¥0.38 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.28 (down from CN¥0.38 in 2Q 2021). Revenue: CN¥166.5m (up 14% from 2Q 2021). Net income: CN¥20.5m (flat on 2Q 2021). Profit margin: 12% (down from 14% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 36%, compared to a 25% growth forecast for the Electronic industry in China. Aankondiging • Apr 28
Jiangsu Smartwin Electronics Technology Co.,Ltd. Announces 2021 Final Profit Distribution Plan to Be Implemented (A Shares), Payable on 09 May 2022 Jiangsu Smartwin Electronics Technology Co.,Ltd. announced 2021 final profit distribution plan to be implemented (A shares): Cash dividend/10 shares (tax included): CNY 3.00000000. Record date: 06 May 2022. Ex-date: 09 May 2022. Payment date: 09 May 2022. Reported Earnings • Apr 27
First quarter 2022 earnings released: EPS: CN¥0.32 (vs CN¥0.37 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.32. Revenue: CN¥144.4m (up 12% from 1Q 2021). Net income: CN¥21.3m (up 7.0% from 1Q 2021). Profit margin: 15% (in line with 1Q 2021). Aankondiging • Apr 22
Jiangsu Smartwin Electronics Technology Co.,Ltd. Approves Cash Dividend for 2021 Jiangsu Smartwin Electronics Technology Co.,Ltd. approved cash dividend (tax included) of CNY 3.00000000 per ten shares for 2021, at its Annual General Meeting of 2021 on 20 April 2022. Aankondiging • Mar 30
Jiangsu Smartwin Electronics Technology Co.,Ltd. Proposes Final Cash Dividend for 2021 Jiangsu Smartwin Electronics Technology Co.,Ltd. proposed final cash dividend (tax included) of CNY 3.00000000 per ten shares for 2021. Reported Earnings • Mar 29
Full year 2021 earnings released: EPS: CN¥1.44 (vs CN¥1.18 in FY 2020) Full year 2021 results: EPS: CN¥1.44 (up from CN¥1.18 in FY 2020). Revenue: CN¥564.8m (up 25% from FY 2020). Net income: CN¥78.6m (up 22% from FY 2020). Profit margin: 14% (in line with FY 2020). Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CN¥35.83, the stock trades at a trailing P/E ratio of 33.7x. Average trailing P/E is 36x in the Electronic industry in China.