New Risk • Jun 11
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 11% 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 (11% average weekly change). Minor Risk Large one-off items impacting financial results. Declared Dividend • May 20
Dividend reduced to CN¥0.02 Dividend of CN¥0.02 is 60% lower than last year. Ex-date: 22nd May 2026 Payment date: 22nd May 2026 Dividend yield will be 0.1%, which is lower than the industry average of 3.3%. Payout Ratios Payout ratio: 33%. Cash payout ratio: 20%. Major Estimate Revision • May 01
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from CN¥5.62b to CN¥4.77b. EPS estimate fell from CN¥0.335 to CN¥0.182 per share. Net income forecast to grow 360% next year vs 35% growth forecast for Luxury industry in China. Consensus price target of CN¥11.67 unchanged from last update. Share price rose 6.0% to CN¥11.34 over the past week. New Risk • Apr 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 179% 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 Share price has been volatile over the past 3 months (8.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Reported Earnings • Apr 14
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥0.05 (down from CN¥0.10 in FY 2024). Revenue: CN¥3.60b (down 8.5% from FY 2024). Net income: CN¥41.5m (down 54% from FY 2024). Profit margin: 1.2% (down from 2.3% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 34%. Earnings per share (EPS) also missed analyst estimates by 72%. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Luxury industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Announcement • Apr 14
Tayho Advanced Materials Group Co., Ltd., Annual General Meeting, May 11, 2026 Tayho Advanced Materials Group Co., Ltd., Annual General Meeting, May 11, 2026, at 14:00 China Standard Time. Location: The Company's Meeting Room, Yantai, Shandong China Announcement • Mar 31
Tayho Advanced Materials Group Co., Ltd. to Report Q1, 2026 Results on Apr 25, 2026 Tayho Advanced Materials Group Co., Ltd. announced that they will report Q1, 2026 results on Apr 25, 2026 New Risk • Mar 03
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 7.6% 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: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Announcement • Dec 31
Tayho Advanced Materials Group Co., Ltd. to Report Fiscal Year 2025 Results on Apr 14, 2026 Tayho Advanced Materials Group Co., Ltd. announced that they will report fiscal year 2025 results on Apr 14, 2026 Reported Earnings • Oct 25
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: CN¥0.01 (down from CN¥0.039 in 3Q 2024). Revenue: CN¥829.1m (down 15% from 3Q 2024). Net income: CN¥10.7m (down 68% from 3Q 2024). Profit margin: 1.3% (down from 3.5% in 3Q 2024). Revenue missed analyst estimates by 33%. Earnings per share (EPS) also missed analyst estimates by 88%. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Luxury industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Announcement • Sep 30
Tayho Advanced Materials Group Co., Ltd. to Report Q3, 2025 Results on Oct 25, 2025 Tayho Advanced Materials Group Co., Ltd. announced that they will report Q3, 2025 results on Oct 25, 2025 Reported Earnings • Aug 31
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: CN¥0.025 (down from CN¥0.095 in 2Q 2024). Revenue: CN¥845.6m (down 14% from 2Q 2024). Net income: CN¥14.8m (down 84% from 2Q 2024). Profit margin: 1.7% (down from 9.4% in 2Q 2024). Revenue missed analyst estimates by 40%. Earnings per share (EPS) exceeded analyst estimates by 60%. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Luxury industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Aug 28
Consensus EPS estimates fall by 71% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from CN¥0.245 to CN¥0.07. Revenue forecast unchanged from CN¥4.40b at last update. Net income forecast to grow 86% next year vs 21% growth forecast for Luxury industry in China. Consensus price target down from CN¥12.00 to CN¥11.67. Share price fell 5.8% to CN¥10.39 over the past week. New Risk • Aug 13
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.9% net profit margin). Announcement • Jul 02
Tayho Advanced Materials Group Co., Ltd. to Report First Half, 2025 Results on Aug 26, 2025 Tayho Advanced Materials Group Co., Ltd. announced that they will report first half, 2025 results on Aug 26, 2025 Major Estimate Revision • May 08
Consensus EPS estimates fall by 42% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥4.82b to CN¥4.67b. EPS estimate also fell from CN¥0.419 per share to CN¥0.245 per share. Net income forecast to grow 249% next year vs 23% growth forecast for Luxury industry in China. Consensus price target up from CN¥11.17 to CN¥12.00. Share price rose 3.2% to CN¥10.53 over the past week. Reported Earnings • Apr 23
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥0.10 (down from CN¥0.39 in FY 2023). Revenue: CN¥3.93b (flat on FY 2023). Net income: CN¥89.5m (down 73% from FY 2023). Profit margin: 2.3% (down from 8.5% in FY 2023). Revenue missed analyst estimates by 9.6%. Earnings per share (EPS) also missed analyst estimates by 64%. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Apr 22
Consensus revenue estimates fall by 20% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥5.47b to CN¥4.40b. EPS estimate fell from CN¥0.479 to CN¥0.24 per share. Net income forecast to grow 7.8% next year vs 21% growth forecast for Luxury industry in China. Consensus price target up from CN¥9.83 to CN¥11.17. Share price rose 3.2% to CN¥11.33 over the past week. Announcement • Apr 22
Tayho Advanced Materials Group Co., Ltd. Proposes Final Cash Dividend for 2024 Tayho Advanced Materials Group Co., Ltd. proposed final cash dividend of CNY 0.50000000 per 10 shares (tax included) for the year 2024. Announcement • Apr 20
Tayho Advanced Materials Group Co., Ltd., Annual General Meeting, May 12, 2025 Tayho Advanced Materials Group Co., Ltd., Annual General Meeting, May 12, 2025, at 14:30 China Standard Time. Location: No.10, Heilongjiang Road, Yantai Economic and Technological Development Zone, Shandong China Announcement • Mar 31
Tayho Advanced Materials Group Co., Ltd. to Report Q1, 2025 Results on Apr 26, 2025 Tayho Advanced Materials Group Co., Ltd. announced that they will report Q1, 2025 results on Apr 26, 2025 Announcement • Dec 31
Tayho Advanced Materials Group Co., Ltd. to Report Fiscal Year 2024 Results on Apr 19, 2025 Tayho Advanced Materials Group Co., Ltd. announced that they will report fiscal year 2024 results on Apr 19, 2025 New Risk • Oct 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 70% 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 132% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.2% net profit margin). Reported Earnings • Oct 29
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: CN¥0.039 (down from CN¥0.079 in 3Q 2023). Revenue: CN¥970.8m (flat on 3Q 2023). Net income: CN¥33.6m (down 47% from 3Q 2023). Profit margin: 3.5% (down from 6.5% in 3Q 2023). Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 68%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Luxury industry in China. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • Sep 30
Tayho Advanced Materials Group Co., Ltd. to Report Q3, 2024 Results on Oct 29, 2024 Tayho Advanced Materials Group Co., Ltd. announced that they will report Q3, 2024 results on Oct 29, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to CN¥10.06, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 12x in the Luxury industry in China. Total loss to shareholders of 44% over the past three years. Major Estimate Revision • Aug 23
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥5.00b to CN¥4.24b. EPS estimate fell from CN¥0.435 to CN¥0.325 per share. Net income forecast to grow 41% next year vs 30% growth forecast for Luxury industry in China. Consensus price target down from CN¥14.00 to CN¥9.00. Share price fell 3.2% to CN¥7.82 over the past week. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: CN¥0.095 (vs CN¥0.098 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.095. Revenue: CN¥985.3m (up 6.1% from 2Q 2023). Net income: CN¥92.3m (up 16% from 2Q 2023). Profit margin: 9.4% (up from 8.6% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Luxury industry in China. Announcement • Jun 29
Tayho Advanced Materials Group Co., Ltd. to Report First Half, 2024 Results on Aug 17, 2024 Tayho Advanced Materials Group Co., Ltd. announced that they will report first half, 2024 results on Aug 17, 2024 Announcement • May 31
Tayho Advanced Materials Group Co., Ltd. Announces 2023 Final Profit Distribution on A Shares, Payable on June 6, 2024 Tayho Advanced Materials Group Co., Ltd. announced final profit distribution plan to be implemented on A shares cash dividend/10 shares (tax included) of CNY 3.00000000 for the year 2023. Record date: 05 June 2024. Ex-date: 06 June 2024. Payment date: 06 June 2024. Major Estimate Revision • May 05
Consensus EPS estimates fall by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥5.85b to CN¥5.66b. EPS estimate also fell from CN¥0.748 per share to CN¥0.53 per share. Net income forecast to grow 212% next year vs 27% growth forecast for Luxury industry in China. Consensus price target down from CN¥20.50 to CN¥17.00. Share price fell 5.0% to CN¥10.60 over the past week. New Risk • May 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.7% Last year net profit margin: 11% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 115% Paying a dividend despite having no free cash flows. High level of non-cash earnings (26% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (5.7% net profit margin). Announcement • Apr 30
Tayho Advanced Materials Group Co., Ltd., Annual General Meeting, May 21, 2024 Tayho Advanced Materials Group Co., Ltd., Annual General Meeting, May 21, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Yantai, Shandong China Reported Earnings • Apr 29
First quarter 2024 earnings released: EPS: CN¥0.03 (vs CN¥0.16 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.03 (down from CN¥0.16 in 1Q 2023). Revenue: CN¥966.4m (down 4.5% from 1Q 2023). Net income: CN¥25.2m (down 81% from 1Q 2023). Profit margin: 2.6% (down from 13% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 45% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Luxury industry in China. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥12.75, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Luxury industry in China. Total loss to shareholders of 15% over the past three years. Announcement • Mar 30
Tayho Advanced Materials Group Co., Ltd. to Report Q1, 2024 Results on Apr 29, 2024 Tayho Advanced Materials Group Co., Ltd. announced that they will report Q1, 2024 results on Apr 29, 2024 Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥10.11, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Luxury industry in China. Total loss to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥4.12 per share. Announcement • Dec 30
Tayho Advanced Materials Group Co., Ltd. to Report Fiscal Year 2023 Results on Apr 13, 2024 Tayho Advanced Materials Group Co., Ltd. announced that they will report fiscal year 2023 results on Apr 13, 2024 Announcement • Dec 12
Tayho Advanced Materials Group Co., Ltd. (SZSE:002254) announces an Equity Buyback for CNY 100 million worth of its shares. Tayho Advanced Materials Group Co., Ltd. (SZSE:002254) announces a share repurchase program. Under the program, the company will repurchase up to CNY 100 million worth of its A shares. The shares will be repurchased at a price not more than CNY 23.83 per share. The repurchased share will be used for employee stock ownership plan and equity incentives. The program will be valid for a period of 12 months. Price Target Changed • Oct 31
Price target decreased by 25% to CN¥18.00 Down from CN¥24.00, the current price target is provided by 1 analyst. New target price is 16% above last closing price of CN¥15.52. Stock is down 13% over the past year. The company is forecast to post earnings per share of CN¥0.77 for next year compared to CN¥0.64 last year. Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: CN¥0.079 (vs CN¥0.02 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.079 (up from CN¥0.02 in 3Q 2022). Revenue: CN¥968.9m (up 14% from 3Q 2022). Net income: CN¥63.4m (up 373% from 3Q 2022). Profit margin: 6.5% (up from 1.6% in 3Q 2022). Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Luxury industry in China. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 2% per year. Announcement • Sep 30
Tayho Advanced Materials Group Co., Ltd. to Report Q3, 2023 Results on Oct 28, 2023 Tayho Advanced Materials Group Co., Ltd. announced that they will report Q3, 2023 results on Oct 28, 2023 Reported Earnings • Jul 29
Second quarter 2023 earnings released: EPS: CN¥0.098 (vs CN¥0.22 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.098 (down from CN¥0.22 in 2Q 2022). Revenue: CN¥928.7m (up 3.6% from 2Q 2022). Net income: CN¥79.5m (down 45% from 2Q 2022). Profit margin: 8.6% (down from 16% in 2Q 2022). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Luxury industry in China. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Jul 19
Now 21% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be CN¥29.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 108% in 2 years. Earnings is forecast to grow by 178% in the next 2 years. Buying Opportunity • Jul 03
Now 21% undervalued Over the last 90 days, the stock is up 3.9%. The fair value is estimated to be CN¥30.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 108% in 2 years. Earnings is forecast to grow by 178% in the next 2 years. Board Change • Jul 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. 7 experienced directors. 2 highly experienced directors. Vice Chairman Lixin Xu 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. Announcement • Jul 01
Tayho Advanced Materials Group Co., Ltd. to Report First Half, 2023 Results on Jul 29, 2023 Tayho Advanced Materials Group Co., Ltd. announced that they will report first half, 2023 results on Jul 29, 2023 Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥24.47, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 16x in the Luxury industry in China. Total returns to shareholders of 97% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥28.87 per share. Reported Earnings • Apr 29
First quarter 2023 earnings released: EPS: CN¥0.16 (vs CN¥0.21 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.16 (down from CN¥0.21 in 1Q 2022). Revenue: CN¥1.01b (down 4.1% from 1Q 2022). Net income: CN¥135.6m (down 7.1% from 1Q 2022). Profit margin: 13% (in line with 1Q 2022). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Luxury industry in China. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 20% per year. Buying Opportunity • Apr 10
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be CN¥28.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 35%. For the next 3 years, revenue is forecast to grow by 25% per annum. Earnings is also forecast to grow by 34% per annum over the same time period. Buying Opportunity • Mar 23
Now 20% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be CN¥27.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 35%. For the next 3 years, revenue is forecast to grow by 25% per annum. Earnings is also forecast to grow by 34% per annum over the same time period. Buying Opportunity • Mar 03
Now 20% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be CN¥33.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 111% in 2 years. Earnings is forecast to grow by 185% in the next 2 years. Reported Earnings • Mar 02
Full year 2022 earnings released: EPS: CN¥0.67 (vs CN¥1.41 in FY 2021) Full year 2022 results: EPS: CN¥0.67 (down from CN¥1.41 in FY 2021). Revenue: CN¥3.75b (down 15% from FY 2021). Net income: CN¥455.2m (down 53% from FY 2021). Profit margin: 12% (down from 22% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Luxury industry in China. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥22.99, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Luxury industry in China. Total returns to shareholders of 134% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥44.39 per share. Price Target Changed • Nov 16
Price target decreased to CN¥19.50 Down from CN¥24.20, the current price target is an average from 2 analysts. New target price is 9.1% below last closing price of CN¥21.45. Stock is up 4.3% over the past year. The company is forecast to post earnings per share of CN¥0.96 for next year compared to CN¥1.41 last year. Reported Earnings • Oct 31
Third quarter 2022 earnings released: EPS: CN¥0.02 (vs CN¥0.43 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.02 (down from CN¥0.43 in 3Q 2021). Revenue: CN¥850.8m (down 26% from 3Q 2021). Net income: CN¥13.4m (down 95% from 3Q 2021). Profit margin: 1.6% (down from 25% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Luxury industry in China. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Sep 28
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from CN¥1.19 to CN¥1.07. Revenue forecast unchanged from CN¥4.53b at last update. Net income forecast to grow 7.0% next year vs 34% growth forecast for Luxury industry in China. Consensus price target of CN¥19.50 unchanged from last update. Share price fell 2.4% to CN¥17.45 over the past week. Price Target Changed • Apr 27
Price target decreased to CN¥18.00 Down from CN¥24.20, the current price target is an average from 5 analysts. New target price is 43% above last closing price of CN¥12.60. Stock is down 23% over the past year. The company is forecast to post earnings per share of CN¥1.48 for next year compared to CN¥1.41 last year. Major Estimate Revision • Apr 17
Consensus revenue estimates fall by 12% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥5.50b to CN¥4.86b. EPS estimate fell from CN¥1.53 to CN¥1.48 per share. Net income forecast to grow 4.8% next year vs 22% growth forecast for Luxury industry in China. Consensus price target down from CN¥24.20 to CN¥18.00. Share price fell 7.9% to CN¥14.99 over the past week. Price Target Changed • Apr 15
Price target decreased to CN¥18.00 Down from CN¥24.20, the current price target is an average from 5 analysts. New target price is 18% above last closing price of CN¥15.27. Stock is down 6.1% over the past year. The company is forecast to post earnings per share of CN¥1.48 for next year compared to CN¥1.41 last year. Announcement • Apr 13
Yantai Tayho Advanced Materials Co., Ltd., Annual General Meeting, May 05, 2022 Yantai Tayho Advanced Materials Co., Ltd., Annual General Meeting, May 05, 2022, at 14:00 China Standard Time. Agenda: To consider and approve 2021 work report of the board of directors; 2021 work report of the supervisory committee; 2021 annual accounts and 2022 financial budget report; 2021 profit distribution plan; 2021 annual report and its summary; Reappointment of audit firm; and to discuss other matters. Announcement • Apr 12
Yantai Tayho Advanced Materials Co., Ltd. Proposes Final Dividend for 2021 Yantai Tayho Advanced Materials Co., Ltd. proposed on 11 April 2022 the profit distribution proposal for 2021 as Cash dividend of CNY 5.00000000 per 10 shares (tax included). Reported Earnings • Apr 11
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: CN¥1.41 (up from CN¥0.41 in FY 2020). Revenue: CN¥4.40b (up 80% from FY 2020). Net income: CN¥965.7m (up 270% from FY 2020). Profit margin: 22% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 25%, compared to a 25% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Board Change • Mar 29
High number of new directors Vice Chairman Lixin Xu was the last director to join the board, commencing their role in 2020. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥16.42, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Luxury industry in China. Total returns to shareholders of 50% over the past three years. Reported Earnings • Feb 27
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: CN¥1.43 (up from CN¥0.41 in FY 2020). Revenue: CN¥4.41b (up 81% from FY 2020). Net income: CN¥975.3m (up 274% from FY 2020). Profit margin: 22% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 25%, compared to a 46% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Price Target Changed • Dec 07
Price target increased to CN¥25.22 Up from CN¥23.08, the current price target is an average from 6 analysts. New target price is 23% above last closing price of CN¥20.54. Stock is up 28% over the past year. The company is forecast to post earnings per share of CN¥1.30 for next year compared to CN¥0.41 last year. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS CN¥0.43 (vs CN¥0.09 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥1.16b (up 94% from 3Q 2020). Net income: CN¥290.9m (up 399% from 3Q 2020). Profit margin: 25% (up from 9.8% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 03
Consensus EPS estimates increase to CN¥1.09 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from CN¥3.76b to CN¥3.88b. EPS estimate increased from CN¥0.96 to CN¥1.09 per share. Net income forecast to grow 38% next year vs 23% growth forecast for Luxury industry in China. Consensus price target of CN¥22.52 unchanged from last update. Share price was steady at CN¥21.00 over the past week. Reported Earnings • Jul 28
Second quarter 2021 earnings released: EPS CN¥0.38 (vs CN¥0.11 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥1.17b (up 95% from 2Q 2020). Net income: CN¥263.4m (up 273% from 2Q 2020). Profit margin: 23% (up from 12% 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 38% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jul 08
Consensus EPS estimates increase to CN¥1.01 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from CN¥3.56b to CN¥3.91b. EPS estimate increased from CN¥0.89 to CN¥1.01 per share. Net income forecast to grow 72% next year vs 23% growth forecast for Luxury industry in China. Consensus price target of CN¥21.39 unchanged from last update. Share price rose 11% to CN¥21.93 over the past week. Announcement • May 15
Yantai Tayho Advanced Materials Co., Ltd. Announces 2020 Final Profit Distribution Plan to Be Implemented (A Shares), Payable on 21 May 2021 Yantai Tayho Advanced Materials Co., Ltd. announced 2020 final profit distribution plan to be implemented (A shares): Cash dividend of CNY 7.00000000 10 shares (tax included). Net cash dividend per 10 shares after tax: CNY 6.30000000. For the dividend record date is 20 May 2021, ex-date is 21 May 2021 and payment date is 21 May 2021. Reported Earnings • Apr 20
Full year 2020 earnings released: EPS CN¥0.41 (vs CN¥0.35 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: CN¥2.44b (down 4.0% from FY 2019). Net income: CN¥260.7m (up 21% from FY 2019). Profit margin: 11% (up from 8.5% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥17.10, the stock is trading at a trailing P/E ratio of 40.7x, down from the previous P/E ratio of 49.1x. This compares to an average P/E of 28x in the Luxury industry in China. Total returns to shareholders over the past three years are 41%. Announcement • Mar 09
Yantai Tayho Advanced Materials Co., Ltd. to Report Fiscal Year 2020 Results on Apr 20, 2021 Yantai Tayho Advanced Materials Co., Ltd. announced that they will report fiscal year 2020 results on Apr 20, 2021 Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 21% share price gain to CN¥22.40, the stock is trading at a trailing P/E ratio of 58.9x, up from the previous P/E ratio of 48.6x. This compares to an average P/E of 27x in the Luxury industry in China. Total returns to shareholders over the past three years are 89%. Is New 90 Day High Low • Feb 18
New 90-day high: CN¥20.33 The company is up 28% from its price of CN¥15.85 on 20 November 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is down 14% over the same period. Is New 90 Day High Low • Jan 27
New 90-day high: CN¥17.63 The company is up 19% from its price of CN¥14.87 on 29 October 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is down 12% over the same period. Is New 90 Day High Low • Jan 12
New 90-day high: CN¥17.31 The company is up 5.0% from its price of CN¥16.46 on 14 October 2020. The Chinese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is down 13% over the same period. Is New 90 Day High Low • Nov 16
New 90-day high: CN¥16.93 The company is up 3.0% from its price of CN¥16.45 on 18 August 2020. The Chinese market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥1.22 per share. Analyst Estimate Surprise Post Earnings • Oct 27
Third-quarter earnings released: Revenue and earnings miss expectations Third-quarter revenue missed analyst estimates by 11% at CN¥595.8m. Earnings per share (EPS) also missed analyst estimates by 31% at CN¥0.09. Revenue is forecast to grow 16% over the next year, compared to a 19% growth forecast for the Luxury industry in China. Reported Earnings • Oct 26
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥247.6m, up 49% from the prior year. Total revenue was CN¥2.36b over the last 12 months, down 4.8% from the prior year. Announcement • Oct 19
Yantai Tayho Advanced Materials Co., Ltd. to Report Q3, 2020 Results on Oct 26, 2020 Yantai Tayho Advanced Materials Co., Ltd. announced that they will report Q3, 2020 results on Oct 26, 2020 Announcement • Jul 18
Yantai Tayho Advanced Materials Co., Ltd. to Report First Half, 2020 Results on Jul 31, 2020 Yantai Tayho Advanced Materials Co., Ltd. announced that they will report first half, 2020 results on Jul 31, 2020 
