Announcement • Apr 23
Chengdu Haoneng Technology Co., Ltd., Annual General Meeting, May 19, 2026 Chengdu Haoneng Technology Co., Ltd., Annual General Meeting, May 19, 2026, at 09:30 China Standard Time. Location: The Company's Meeting Room, Chengdu, Sichuan China Reported Earnings • Apr 06
Full year 2025 earnings released: EPS: CN¥0.33 (vs CN¥0.49 in FY 2024) Full year 2025 results: EPS: CN¥0.33 (down from CN¥0.49 in FY 2024). Revenue: CN¥2.69b (up 14% from FY 2024). Net income: CN¥282.5m (down 12% from FY 2024). Profit margin: 11% (down from 14% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 22% per year. Announcement • Mar 30
Chengdu Haoneng Technology Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Chengdu Haoneng Technology Co., Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥14.66, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 22x in the Auto Components industry in China. Total returns to shareholders of 174% over the past three years. Announcement • Dec 26
Chengdu Haoneng Technology Co., Ltd. to Report Fiscal Year 2025 Results on Apr 23, 2026 Chengdu Haoneng Technology Co., Ltd. announced that they will report fiscal year 2025 results on Apr 23, 2026 New Risk • Oct 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 22% 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: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.2% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Announcement • Sep 30
Chengdu Haoneng Technology Co., Ltd. to Report Q3, 2025 Results on Oct 31, 2025 Chengdu Haoneng Technology Co., Ltd. announced that they will report Q3, 2025 results on Oct 31, 2025 Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥17.44, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 25x in the Auto Components industry in China. Total returns to shareholders of 216% over the past three years. New Risk • Sep 13
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.9% average weekly change). Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥16.28, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 20x in the Auto Components industry in China. Total returns to shareholders of 139% over the past three years. Announcement • Jun 30
Chengdu Haoneng Technology Co., Ltd. to Report First Half, 2025 Results on Aug 30, 2025 Chengdu Haoneng Technology Co., Ltd. announced that they will report first half, 2025 results on Aug 30, 2025 Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥15.30, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 20x in the Auto Components industry in China. Total returns to shareholders of 133% over the past three years. New Risk • May 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 10% 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 Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Paying a dividend despite having no free cash flows. New Risk • May 14
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (10% average weekly change). Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥13.42, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 20x in the Auto Components industry in China. Total returns to shareholders of 136% over the past three years. Announcement • Mar 28
Chengdu Haoneng Technology Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Chengdu Haoneng Technology Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Announcement • Mar 24
Chengdu Haoneng Technology Co., Ltd., Annual General Meeting, Apr 11, 2025 Chengdu Haoneng Technology Co., Ltd., Annual General Meeting, Apr 11, 2025, at 14:30 China Standard Time. Location: The Company's Meeting Room, Chengdu, Sichuan China Reported Earnings • Mar 22
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: CN¥0.63 (up from CN¥0.32 in FY 2023). Revenue: CN¥2.36b (up 21% from FY 2023). Net income: CN¥321.8m (up 77% from FY 2023). Profit margin: 14% (up from 9.4% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.0%. Earnings per share (EPS) exceeded analyst estimates by 15%. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 13
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 10% 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 (10% average weekly change). Minor Risks High level of debt (73% net debt to equity). Dividend is not well covered by cash flows (107% cash payout ratio). Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥18.68, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 22x in the Auto Components industry in China. Total returns to shareholders of 129% over the past three years. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥17.59, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 21x in the Auto Components industry in China. Total returns to shareholders of 72% over the past three years. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥13.74, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 18x in the Auto Components industry in China. Total returns to shareholders of 44% over the past three years. Announcement • Dec 27
Chengdu Haoneng Technology Co., Ltd. to Report Fiscal Year 2024 Results on Mar 22, 2025 Chengdu Haoneng Technology Co., Ltd. announced that they will report fiscal year 2024 results on Mar 22, 2025 Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥12.91, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 18x in the Auto Components industry in China. Total returns to shareholders of 20% over the past three years. New Risk • Nov 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.4% 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 High level of debt (73% net debt to equity). Dividend is not well covered by cash flows (101% cash payout ratio). Shareholders have been diluted in the past year (4.4% increase in shares outstanding). Price Target Changed • Nov 09
Price target increased by 23% to CN¥12.76 Up from CN¥10.41, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of CN¥12.53. Stock is up 55% over the past year. The company is forecast to post earnings per share of CN¥0.56 for next year compared to CN¥0.31 last year. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to CN¥12.02, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 16x in the Auto Components industry in China. Total returns to shareholders of 29% over the past three years. Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: CN¥0.14 (vs CN¥0.10 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.14 (up from CN¥0.10 in 3Q 2023). Revenue: CN¥552.0m (up 8.4% from 3Q 2023). Net income: CN¥81.3m (up 35% from 3Q 2023). Profit margin: 15% (up from 12% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Sep 30
Chengdu Haoneng Technology Co., Ltd. to Report Q3, 2024 Results on Oct 25, 2024 Chengdu Haoneng Technology Co., Ltd. announced that they will report Q3, 2024 results on Oct 25, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥8.07, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Auto Components industry in China. Total returns to shareholders of 1.7% over the past three years. Reported Earnings • Aug 27
Second quarter 2024 earnings released: EPS: CN¥0.14 (vs CN¥0.08 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.14 (up from CN¥0.08 in 2Q 2023). Revenue: CN¥589.9m (up 32% from 2Q 2023). Net income: CN¥82.2m (up 79% from 2Q 2023). Profit margin: 14% (up from 10% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Jun 28
Chengdu Haoneng Technology Co., Ltd. to Report First Half, 2024 Results on Aug 27, 2024 Chengdu Haoneng Technology Co., Ltd. announced that they will report first half, 2024 results on Aug 27, 2024 Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to CN¥8.51, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the Auto Components industry in China. Total loss to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥3.88 per share. Major Estimate Revision • May 09
Consensus EPS estimates fall by 13%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CN¥2.31b to CN¥2.48b. EPS estimate fell from CN¥0.95 to CN¥0.825 per share. Net income forecast to grow 57% next year vs 33% growth forecast for Auto Components industry in China. Consensus price target of CN¥15.35 unchanged from last update. Share price rose 13% to CN¥13.72 over the past week. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥12.13, the stock trades at a trailing P/E ratio of 21.8x. Average forward P/E is 17x in the Auto Components industry in China. Total returns to shareholders of 23% over the past three years. Announcement • Apr 29
Chengdu Haoneng Technology Co., Ltd., Annual General Meeting, May 20, 2024 Chengdu Haoneng Technology Co., Ltd., Annual General Meeting, May 20, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Chengdu, Sichuan China Reported Earnings • Apr 28
First quarter 2024 earnings released: EPS: CN¥0.20 (vs CN¥0.11 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.20 (up from CN¥0.11 in 1Q 2023). Revenue: CN¥546.1m (up 44% from 1Q 2023). Net income: CN¥79.8m (up 84% from 1Q 2023). Profit margin: 15% (up from 11% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 1% per year. Announcement • Mar 30
Chengdu Haoneng Technology Co., Ltd. to Report Q1, 2024 Results on Apr 27, 2024 Chengdu Haoneng Technology Co., Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024 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¥8.20, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 16x in the Auto Components industry in China. Total loss to shareholders of 8.8% over the past three years. Announcement • Dec 30
Chengdu Haoneng Technology Co., Ltd. to Report Fiscal Year 2023 Results on Apr 27, 2024 Chengdu Haoneng Technology Co., Ltd. announced that they will report fiscal year 2023 results on Apr 27, 2024 Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: CN¥0.15 (vs CN¥0.13 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.15 (up from CN¥0.13 in 3Q 2022). Revenue: CN¥509.4m (up 42% from 3Q 2022). Net income: CN¥60.5m (up 26% from 3Q 2022). Profit margin: 12% (down from 13% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 3% per year. Reported Earnings • Aug 01
Second quarter 2023 earnings released: EPS: CN¥0.12 (vs CN¥0.093 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.12 (up from CN¥0.093 in 2Q 2022). Revenue: CN¥445.7m (up 47% from 2Q 2022). Net income: CN¥45.9m (up 28% from 2Q 2022). Profit margin: 10% (down from 12% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Jun 27
Chengdu Haoneng Technology Co., Ltd. to Report First Half, 2023 Results on Aug 01, 2023 Chengdu Haoneng Technology Co., Ltd. announced that they will report first half, 2023 results on Aug 01, 2023 Price Target Changed • May 17
Price target decreased by 10% to CN¥13.85 Down from CN¥15.40, the current price target is an average from 2 analysts. New target price is 45% above last closing price of CN¥9.53. Stock is down 25% over the past year. The company is forecast to post earnings per share of CN¥0.69 for next year compared to CN¥0.55 last year. Reported Earnings • Apr 22
First quarter 2023 earnings released: EPS: CN¥0.11 (vs CN¥0.21 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.11 (down from CN¥0.21 in 1Q 2022). Revenue: CN¥378.7m (down 7.4% from 1Q 2022). Net income: CN¥43.3m (down 47% from 1Q 2022). Profit margin: 11% (down from 20% in 1Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Nov 07
Price target decreased to CN¥15.40 Down from CN¥18.46, the current price target is provided by 1 analyst. New target price is 17% above last closing price of CN¥13.18. Stock is down 9.1% over the past year. The company is forecast to post earnings per share of CN¥0.64 for next year compared to CN¥0.52 last year. Reported Earnings • Oct 17
Third quarter 2022 earnings released: EPS: CN¥0.13 (vs CN¥0.12 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.13 (up from CN¥0.12 in 3Q 2021). Revenue: CN¥360.0m (up 7.5% from 3Q 2021). Net income: CN¥48.2m (up 4.0% from 3Q 2021). Profit margin: 13% (in line with 3Q 2021). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Auto Components industry in China. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥11.70, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 24x in the Auto Components industry in China. Total returns to shareholders of 127% over the past three years. Reported Earnings • Aug 31
Second quarter 2022 earnings released: EPS: CN¥0.093 (vs CN¥0.16 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.093 (down from CN¥0.16 in 2Q 2021). Revenue: CN¥303.1m (down 17% from 2Q 2021). Net income: CN¥35.8m (down 43% from 2Q 2021). Profit margin: 12% (down from 17% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 36%, compared to a 38% growth forecast for the Auto Components 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 increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 17
Chongqing Xingfuji Industry Co., Ltd. completed the acquisition of Chongqing Haoneng Xingfu Synchronizer Co., Ltd from Chengdu Haoneng Technology Co., Ltd. (SHSE:603809). Chongqing Xingfuji Industry Co., Ltd. agreed to acquire 49% stake in Chongqing Haoneng Xingfu Synchronizer Co., Ltd from Chengdu Haoneng Technology Co., Ltd. (SHSE:603809) for CNY 90.75 million on July 25, 2022. The consideration for this transaction shall be paid in cash. As of June 30, 2022 Chongqing Haoneng Xingfu Synchronizer Co., Ltd total asset is CNY 498.03 million and net asset is CNY 321.26million. The transaction is subject approval of merger agreement by Chongqing Haoneng Xingfu Synchronizer Co., Ltd. board. As of July 25, 2022 board of directors of Chengdu Haoneng Technology Co., Ltd. approved the dea.
Chongqing Xingfuji Industry Co., Ltd. completed the acquisition of Chongqing Haoneng Xingfu Synchronizer Co., Ltd from Chengdu Haoneng Technology Co., Ltd. (SHSE:603809) on August 16, 2022. Announcement • Jul 28
Chongqing Xingfuji Industry Co., Ltd. agreed to acquire 49% stake in Chongqing Haoneng Xingfu Synchronizer Co., Ltd for CNY 90.75 million. Chongqing Xingfuji Industry Co., Ltd. agreed to acquire 49% stake in Chongqing Haoneng Xingfu Synchronizer Co., Ltd for CNY 90.75 million on July 25, 2022. The consideration for this transaction shall be paid in cash. As of June 30, 2022 Chongqing Haoneng Xingfu Synchronizer Co., Ltd total asset is CNY 498.03 million and net asset is CNY 321.26million. Valuation Update With 7 Day Price Move • May 24
Investor sentiment deteriorated over the past week After last week's 23% share price decline to CN¥12.42, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 24x in the Auto Components industry in China. Total returns to shareholders of 63% over the past three years. Price Target Changed • Apr 27
Price target decreased to CN¥22.00 Down from CN¥24.00, the current price target is an average from 2 analysts. New target price is 48% above last closing price of CN¥14.90. Stock is up 8.6% over the past year. The company is forecast to post earnings per share of CN¥0.99 for next year compared to CN¥0.68 last year. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . 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 • Mar 30
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥0.68 (up from CN¥0.60 in FY 2020). Revenue: CN¥1.44b (up 23% from FY 2020). Net income: CN¥199.6m (up 13% from FY 2020). Profit margin: 14% (down from 15% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) also missed analyst estimates by 24%. Over the next year, revenue is forecast to grow 34%, compared to a 32% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 20% per year. Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS CN¥0.15 (vs CN¥0.20 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CN¥334.8m (up 8.8% from 3Q 2020). Net income: CN¥46.3m (down 19% from 3Q 2020). Profit margin: 14% (down from 19% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥18.96, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 22x in the Auto Components industry in China. Total returns to shareholders of 127% over the past three years. Announcement • Aug 24
Chengdu Haoneng Technology Co., Ltd. (SHSE:603809) signed an Equity Transfer agreement to acquire a 31.125% stake in Chengdu Haoyiqiang Aviation Equipment Manufacturing Co., Ltd. from Zhong Weihua for approximately CNY 130 million. Chengdu Haoneng Technology Co., Ltd. (SHSE:603809) signed an Equity Transfer agreement to acquire a 31.125% stake in Chengdu Haoyiqiang Aviation Equipment Manufacturing Co., Ltd. from Zhong Weihua for approximately CNY 130 million on August 23, 2021. Within 10 working days from the date of completion of the industrial and commercial registration change procedures for the subject equity, the buyer shall pay the balance of the first equity transfer amount of CNY 53.535 million or 40% of the consideration to the seller after withholding and paying relevant taxes and fees. The remaining 60% of the consideration shall be paid as follows: (i) 20% of the total price of the transaction, or CNY 26.7675 million shall be paid on 2022 within 10 working days after the buyer's 2021 Annual General Meeting of Shareholders is held if the target company's audited net profit after tax in 2021 will reach CNY 45 million; (ii) 20% of the total price of the transaction, or CNY 26.7675 million shall be paid on 2023 within 10 working days after the buyer's 2022 Annual General Meeting of Shareholders is held if the target company's audited cumulative after-tax net profit in 2021 and 2022 will reach CNY 95 million; and (iii) 20% of the total price of the transaction, or CNY 26.7675 million shall be paid on 2024 within 10 working days after the buyer's 2023 Annual General Meeting of Shareholders is held if the target company's audited cumulative after-tax net profit in 2021, 2022 and 2023 will reach CNY 155 million. The buyer will use its own funds to pay for the consideration.
As of December 31, 2020, Chengdu Haoyiqiang Aviation Equipment Manufacturing reported total assets of CNY 1.39 trillion, net worth of CNY 730 billion, operating income of CNY 790 billion and net profit of CNY 386 billion.
The transaction has been reviewed and unanimously approved at the fourth meeting of the company's fifth board of directors, and there is no need to submit it to the company's shareholders meeting for deliberation. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥19.10, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 20x in the Auto Components industry in China. Total returns to shareholders of 130% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS CN¥0.21 (vs CN¥0.14 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥364.1m (up 35% from 2Q 2020). Net income: CN¥62.9m (up 52% from 2Q 2020). Profit margin: 17% (up from 15% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥14.58, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 20x in the Auto Components industry in China. Total returns to shareholders of 49% over the past three years. Reported Earnings • Apr 27
First quarter 2021 earnings released: EPS CN¥0.31 (vs CN¥0.19 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: CN¥365.9m (up 70% from 1Q 2020). Net income: CN¥66.3m (up 66% from 1Q 2020). Profit margin: 18% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 3% per year. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 20% share price gain to CN¥21.09, the stock is trading at a trailing P/E ratio of 25.3x, up from the previous P/E ratio of 21x. This compares to an average P/E of 33x in the Auto Components industry in China. Total returns to shareholders over the past three years are 49%. Is New 90 Day High Low • Feb 04
New 90-day low: CN¥17.99 The company is down 28% from its price of CN¥24.90 on 06 November 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is down 3.0% over the same period. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CN¥18.43, the stock is trading at a trailing P/E ratio of 22.1x, down from the previous P/E ratio of 26.1x. This compares to an average P/E of 33x in the Auto Components industry in China. Total returns to shareholders over the past three years are 1.4%. Is New 90 Day High Low • Jan 11
New 90-day low: CN¥19.67 The company is down 25% from its price of CN¥26.36 on 13 October 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 3.0% over the same period. Is New 90 Day High Low • Dec 24
New 90-day low: CN¥20.16 The company is down 16% from its price of CN¥24.02 on 25 September 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 5.0% over the same period. Is New 90 Day High Low • Nov 25
New 90-day low: CN¥22.71 The company is down 16% from its price of CN¥27.13 on 28 August 2020. The Chinese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 13% over the same period. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥174.4m, up 36% from the prior year. Total revenue was CN¥1.07b over the last 12 months, up 20% from the prior year. Announcement • Oct 30
Chengdu Haoneng Technology Co., Ltd. to Report Q3, 2020 Results on Oct 30, 2020 Chengdu Haoneng Technology Co., Ltd. announced that they will report Q3, 2020 results on Oct 30, 2020 Announcement • Aug 25
Chengdu Haoneng Technology Co., Ltd. (SHSE:603809) completed the acquisition of 68.9% stake in Chengdu Haoyiqiang Aviation Equipment Manufacturing Co., Ltd. from Zhong Weihua, Wang Chunmei, Wu Jianguo, Zhou Yafeng and Liu Xiao. Chengdu Haoneng Technology Co., Ltd. (SHSE:603809) signed a share transfer agreement to acquire 68.9% stake in Chengdu Haoyiqiang Aviation Equipment Manufacturing Co., Ltd. from Zhong Weihua, Wang Chunmei, Wu Jianguo, Zhou Yafeng and Liu Xiao for approximately CNY 270 million on July 31, 2020. The sellers will sell 10.4%, 31%, 10%, 10% and 7.5% stake respectively. Post completion, Zhong Weihua will continue holding 31.1% stake while rest of the sellers will exit. For the year ended December 31, 2019, Chengdu Haoyiqiang Aviation Equipment Manufacturing Co., Ltd. reported total assets of CNY 86.3 million, net assets of CNY 27.4 million, revenues of CNY 42.6 million, operating profit of CNY 18.5 million and net profit of CNY 15.2 million. The Board of Directors of Chengdu Haoneng Technology Co., Ltd. approved the deal. The transaction does not require shareholders’ approval.
Chengdu Haoneng Technology Co., Ltd. (SHSE:603809) completed the acquisition of 68.9% stake in Chengdu Haoyiqiang Aviation Equipment Manufacturing Co., Ltd. from Zhong Weihua, Wang Chunmei, Wu Jianguo, Zhou Yafeng and Liu Xiao on August 21, 2020. Announcement • Aug 06
Chengdu Haoneng Technology Co., Ltd. (SHSE:603809) signed a share transfer agreement to acquire Chengdu Haoyiqiang Aviation Equipment Manufacturing Co., Ltd. from Zhong Weihua, Wang Chunmei, Wu Jianguo, Zhou Yafeng and Liu Xiao for approximately CNY 270 million. Chengdu Haoneng Technology Co., Ltd. (SHSE:603809) signed a share transfer agreement to acquire Chengdu Haoyiqiang Aviation Equipment Manufacturing Co., Ltd. from Zhong Weihua, Wang Chunmei, Wu Jianguo, Zhou Yafeng and Liu Xiao for approximately CNY 270 million on July 31, 2020. The sellers will sell 10.4%, 31%, 10%, 10% and 7.5% stake respectively. Post completion, Zhong Weihua will continue holding 31.1% stake while rest of the sellers will exit. For the year ended December 31, 2019, Chengdu Haoyiqiang Aviation Equipment Manufacturing Co., Ltd. reported total assets of CNY 86.3 million, net assets of CNY 27.4 million, revenues of CNY 42.6 million, operating profit of CNY 18.5 million and net profit of CNY 15.2 million. The Board of Directors of Chengdu Haoneng Technology Co., Ltd. approved the deal. The transaction does not require shareholders’ approval. Announcement • Jul 08
Chengdu Haoneng Technology Co., Ltd. to Report First Half, 2020 Results on Aug 18, 2020 Chengdu Haoneng Technology Co., Ltd. announced that they will report first half, 2020 results on Aug 18, 2020