Reported Earnings • Apr 28
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥0.29 (down from CN¥0.88 in FY 2024). Revenue: CN¥7.23b (down 1.5% from FY 2024). Net income: CN¥215.7m (down 67% from FY 2024). Profit margin: 3.0% (down from 9.0% in FY 2024). Revenue missed analyst estimates by 6.2%. Earnings per share (EPS) also missed analyst estimates by 69%. Revenue is forecast to grow 7.8% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Consumer Durables 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 2% per year. New Risk • Apr 28
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: 3.0% Last year net profit margin: 9.0% 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: 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 (3.0% net profit margin). Announcement • Apr 28
Guangdong Vanward New Electric Co., Ltd., Annual General Meeting, May 21, 2026 Guangdong Vanward New Electric Co., Ltd., Annual General Meeting, May 21, 2026, at 14:00 China Standard Time. Location: The Company's Meeting Room, Foshan, Guangdong China Announcement • Mar 31
Guangdong Vanward New Electric Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Guangdong Vanward New Electric Co., Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Announcement • Jan 20
Guangdong Vanward New Electric Co., Ltd. Appoints Huang Ping as Non-Independent Director, Effective January 16, 2026 Guangdong Vanward New Electric Co., Ltd. held its 1st Extraordinary General Meeting of 2026 on January 16, 2026, during which the proposal for the nomination of Huang Ping as a non-independent director was approved. Announcement • Dec 31
Guangdong Vanward New Electric Co., Ltd. to Report Fiscal Year 2025 Results on Apr 24, 2026 Guangdong Vanward New Electric Co., Ltd. announced that they will report fiscal year 2025 results on Apr 24, 2026 Reported Earnings • Oct 28
Third quarter 2025 earnings released: EPS: CN¥0.13 (vs CN¥0.13 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.13 (up from CN¥0.13 in 3Q 2024). Revenue: CN¥1.44b (up 1.3% from 3Q 2024). Net income: CN¥100.3m (up 1.6% from 3Q 2024). Profit margin: 7.0% (up from 6.9% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Consumer Durables industry in China. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Sep 30
Guangdong Vanward New Electric Co., Ltd. to Report Q3, 2025 Results on Oct 28, 2025 Guangdong Vanward New Electric Co., Ltd. announced that they will report Q3, 2025 results on Oct 28, 2025 Board Change • Sep 24
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Zhijian Chen was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥13.86, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 19x in the Consumer Durables industry in China. Total returns to shareholders of 73% over the past three years. Announcement • Jul 02
Guangdong Vanward New Electric Co., Ltd. to Report First Half, 2025 Results on Aug 27, 2025 Guangdong Vanward New Electric Co., Ltd. announced that they will report first half, 2025 results on Aug 27, 2025 Declared Dividend • Jun 09
Dividend of CN¥0.24 announced Shareholders will receive a dividend of CN¥0.24. Ex-date: 13th June 2025 Payment date: 13th June 2025 Dividend yield will be 3.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (dividend approximately 6x free cash flows). The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • May 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 97% Dividend per share is over 5x cash flows per share. High level of non-cash earnings (25% accrual ratio). Board Change • May 10
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Employee Supervisor Baojiang Zhou was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 27
First quarter 2025 earnings released: EPS: CN¥0.24 (vs CN¥0.22 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.24 (up from CN¥0.22 in 1Q 2024). Revenue: CN¥2.30b (up 16% from 1Q 2024). Net income: CN¥179.3m (up 8.0% from 1Q 2024). Profit margin: 7.8% (down from 8.4% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.5% p.a. on average during the next 2 years, compared to a 7.7% growth forecast for the Consumer Durables industry in China. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 18% per year. Announcement • Apr 26
Guangdong Vanward New Electric Co., Ltd., Annual General Meeting, May 21, 2025 Guangdong Vanward New Electric Co., Ltd., Annual General Meeting, May 21, 2025, at 14:00 China Standard Time. Location: The Company's Meeting Room, Foshan, Guangdong China Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥9.73, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 17x in the Consumer Durables industry in China. Total returns to shareholders of 67% over the past three years. New Risk • Apr 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 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (97% payout ratio). Share price has been volatile over the past 3 months (7.8% average weekly change). Large one-off items impacting financial results. Announcement • Mar 31
Guangdong Vanward New Electric Co., Ltd. to Report Q1, 2025 Results on Apr 26, 2025 Guangdong Vanward New Electric Co., Ltd. announced that they will report Q1, 2025 results on Apr 26, 2025 Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥11.94, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 17x in the Consumer Durables industry in China. Total returns to shareholders of 87% over the past three years. Buy Or Sell Opportunity • Jan 17
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to CN¥11.94. The fair value is estimated to be CN¥9.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has grown by 5.9%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 64% in the next 2 years. Announcement • Dec 31
Guangdong Vanward New Electric Co., Ltd. to Report Fiscal Year 2024 Results on Apr 26, 2025 Guangdong Vanward New Electric Co., Ltd. announced that they will report fiscal year 2024 results on Apr 26, 2025 Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.13 (vs CN¥0.19 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.13 (down from CN¥0.19 in 3Q 2023). Revenue: CN¥1.42b (up 5.9% from 3Q 2023). Net income: CN¥98.8m (down 32% from 3Q 2023). Profit margin: 6.9% (down from 11% in 3Q 2023). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Consumer Durables industry in China. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 11% per year. Upcoming Dividend • Oct 04
Upcoming dividend of CN¥0.20 per share Eligible shareholders must have bought the stock before 11 October 2024. Payment date: 11 October 2024. Payout ratio is on the higher end at 88%, however this is supported by cash flows. Trailing yield: 3.8%. Within top quartile of Chinese dividend payers (2.2%). Higher than average of industry peers (3.4%). Announcement • Sep 30
Guangdong Vanward New Electric Co., Ltd. to Report Q3, 2024 Results on Oct 31, 2024 Guangdong Vanward New Electric Co., Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to CN¥10.49, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the Consumer Durables industry in China. Total returns to shareholders of 46% over the past three years. Announcement • Sep 28
Guangdong Vanward New Electric Co., Ltd. Announces Interim Cash Dividend of the Year 2024 of A Shares, Payable on 11 October 2024 Guangdong Vanward New Electric Co., Ltd. announced interim cash dividend/10 shares (tax included) of CNY 2.00000000 for year 2024 of A shares. Record date is 10 October 2024. Ex-date is 11 October 2024. Payment date is 11 October 2024. Buy Or Sell Opportunity • Sep 26
Now 24% overvalued Over the last 90 days, the stock has fallen 4.1% to CN¥9.55. The fair value is estimated to be CN¥7.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.1% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 45% in the next 2 years. Announcement • Sep 11
Guangdong Vanward New Electric Co., Ltd. Approves Interim Cash Dividend for the 2024 Guangdong Vanward New Electric Co., Ltd. at its EGM held on September 9, 2024 approved interim cash dividend of CNY 2.00000000 per 10 shares (tax included) for the 2024. Reported Earnings • Aug 24
Second quarter 2024 earnings released: EPS: CN¥0.26 (vs CN¥0.39 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.26 (down from CN¥0.39 in 2Q 2023). Revenue: CN¥1.83b (up 25% from 2Q 2023). Net income: CN¥189.2m (down 35% from 2Q 2023). Profit margin: 10% (down from 20% in 2Q 2023). Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Consumer Durables industry in China. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 1% per year. Announcement • Jun 29
Guangdong Vanward New Electric Co., Ltd. to Report First Half, 2024 Results on Aug 24, 2024 Guangdong Vanward New Electric Co., Ltd. announced that they will report first half, 2024 results on Aug 24, 2024 Announcement • Jun 13
Guangdong Vanward New Electric Co., Ltd. Implements Final Profit Distribution Plan of A Shares for 2023, Payable on June 18, 2024 Guangdong Vanward New Electric Co., Ltd. announced 2023 final profit distribution plan to be implemented (A shares): Cash dividend/10 shares (tax included): CNY 4.00000000. Record date: 17 June 2024, Ex-date: 18 June 2024, Payment date: 18 June 2024. Declared Dividend • Jun 12
Dividend of CN¥0.40 announced Shareholders will receive a dividend of CN¥0.40. Ex-date: 18th June 2024 Payment date: 18th June 2024 Dividend yield will be 3.7%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 57% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • May 03
Price target increased by 37% to CN¥14.00 Up from CN¥10.22, the current price target is provided by 1 analyst. New target price is 27% above last closing price of CN¥11.06. Stock is up 31% over the past year. The company is forecast to post earnings per share of CN¥0.92 for next year compared to CN¥0.76 last year. Announcement • Apr 29
Guangdong Vanward New Electric Co., Ltd., Annual General Meeting, May 20, 2024 Guangdong Vanward New Electric Co., Ltd., Annual General Meeting, May 20, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Foshan, Guangdong China Reported Earnings • Apr 28
First quarter 2024 earnings released: EPS: CN¥0.22 (vs CN¥0.17 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.22 (up from CN¥0.17 in 1Q 2023). Revenue: CN¥1.98b (up 24% from 1Q 2023). Net income: CN¥166.0m (up 35% from 1Q 2023). Profit margin: 8.4% (up from 7.7% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 9.6% growth forecast for the Consumer Durables industry in China. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥11.42, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the Consumer Durables industry in China. Total returns to shareholders of 62% over the past three years. Announcement • Mar 30
Guangdong Vanward New Electric Co., Ltd. to Report Q1, 2024 Results on Apr 27, 2024 Guangdong Vanward New Electric Co., Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024 Announcement • Dec 30
Guangdong Vanward New Electric Co., Ltd. to Report Fiscal Year 2023 Results on Apr 27, 2024 Guangdong Vanward New Electric Co., Ltd. announced that they will report fiscal year 2023 results on Apr 27, 2024 Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: CN¥0.19 (vs CN¥0.16 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.19 (up from CN¥0.16 in 3Q 2022). Revenue: CN¥1.34b (up 7.7% from 3Q 2022). Net income: CN¥145.6m (up 20% from 3Q 2022). Profit margin: 11% (up from 9.7% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 26
Second quarter 2023 earnings released: EPS: CN¥0.39 (vs CN¥0.36 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.39 (up from CN¥0.36 in 2Q 2022). Revenue: CN¥1.47b (down 8.9% from 2Q 2022). Net income: CN¥290.4m (up 9.8% from 2Q 2022). Profit margin: 20% (up from 16% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 6% per year. Announcement • May 30
Guangdong Vanward New Electric Co., Ltd. Implements Final Profit Distribution Plan of A Shares for 2022, Payable on 05 June 2023 Guangdong Vanward New Electric Co., Ltd. announced 2022 final profit distribution plan to be implemented (A shares): Cash dividend/10 shares (tax included): CNY 4.00000000. Record date: 02 June 2023, Ex-date: 05 June 2023, Payment date: 05 June 2023. Reported Earnings • Apr 29
First quarter 2023 earnings released: EPS: CN¥0.17 (vs CN¥0.21 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.17 (down from CN¥0.21 in 1Q 2022). Revenue: CN¥1.60b (down 28% from 1Q 2022). Net income: CN¥123.2m (down 22% from 1Q 2022). Profit margin: 7.7% (up from 7.2% in 1Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Board Change • Nov 16
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 3 experienced directors. 3 highly experienced directors. Chairman of the Supervisory Board & Chief of Legal Affairs Huiguang Huang is the most experienced director on the board, commencing their role in 2003. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Buying Opportunity • Oct 30
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 3.3%. The fair value is estimated to be CN¥12.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has declined by 14%. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment deteriorated over the past week After last week's 20% share price decline to CN¥10.36, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 22x in the Consumer Durables industry in China. Total returns to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥10.56, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 26x in the Consumer Durables industry in China. Total returns to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improved over the past week After last week's 28% share price gain to CN¥12.47, the stock trades at a trailing P/E ratio of 27.9x. Average trailing P/E is 27x in the Consumer Durables industry in China. Total returns to shareholders of 48% over the past three years. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: CN¥0.36 (vs CN¥0.39 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.36 (down from CN¥0.39 in 2Q 2021). Revenue: CN¥1.61b (down 12% from 2Q 2021). Net income: CN¥264.5m (down 10% from 2Q 2021). Profit margin: 16% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥9.44, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 27x in the Consumer Durables industry in China. Total returns to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improved over the past week After last week's 22% share price gain to CN¥9.63, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 28x in the Consumer Durables industry in China. Total returns to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improved over the past week After last week's 21% share price gain to CN¥8.42, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 29x in the Consumer Durables industry in China. Total loss to shareholders of 4.9% over the past three years. Announcement • Jul 07
Guangdong Vanward New Electric Co., Ltd. Announces Board Appointments Guangdong Vanward New Electric Co., Ltd. announced the appointment of YU CONG LOUIE LU, Lu Yufan and Ye Wenbin as non-independent directors. Liao Mingwei, Xu Yansheng, Chen Zhijian as independent directors and Huang Ping and Wang Rucheng as non-employee supervisors. Announcement • Jun 09
Guangdong Vanward New Electric Co., Ltd. Announces Cash Dividend, Payable on 16 June 2022 Guangdong Vanward New Electric Co., Ltd. announced 2021 final profit distribution plan to be implemented (A shares) as Cash dividend/10 shares (tax included): CNY 3.30000000. Record date as 15 June 2022, ex-date as 16 June 2022 and payment date as 16 June 2022. Board Change • Jun 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. 6 experienced directors. 4 highly experienced directors. Independent Director Mingwei Liao was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 28
Guangdong Vanward New Electric Co., Ltd. Announces Cash Dividend for the Year 2021 Guangdong Vanward New Electric Co., Ltd. announced that the Company held its Annual General Meeting of 2021 on 24 May 2022, during which it approved Cash dividend/10 shares (tax included): CNY 3.30000000 for the year 2021. Announcement • May 08
Guangdong Vanward New Electric Co., Ltd. Proposes Final Cash Dividend for the Year 2021 Guangdong Vanward New Electric Co., Ltd. proposed a final cash dividend of CNY 3.30000000 for every 10 shares (tax included) for the year 2021. Announcement • May 07
Guangdong Vanward New Electric Co., Ltd., Annual General Meeting, May 24, 2022 Guangdong Vanward New Electric Co., Ltd., Annual General Meeting, May 24, 2022, at 14:45 China Standard Time. Agenda: To consider 2021 annual report and its summary; to consider 2021 work report of the board of directors; to consider 2021 work report of the supervisory committee; to consider 2021 annual accounts; to consider 2021 profit distribution plan; to consider 2022 estimated connected transactions; to consider 2022 launching foreign exchange hedging business; and to consider reappointment of 2022 audit firm. Board Change • May 02
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. 6 experienced directors. 4 highly experienced directors. Independent Director Mingwei Liao was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 27
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: CN¥0.70 (down from CN¥0.82 in FY 2020). Revenue: CN¥7.53b (up 20% from FY 2020). Net income: CN¥520.0m (down 15% from FY 2020). Profit margin: 6.9% (down from 9.8% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 3.9%. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥6.80, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 27x in the Consumer Durables industry in China. Total loss to shareholders of 14% over the past three years. Reported Earnings • Oct 27
Third quarter 2021 earnings released: EPS CN¥0.11 (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¥1.68b (up 5.0% from 3Q 2020). Net income: CN¥76.4m (down 48% from 3Q 2020). Profit margin: 4.5% (down from 9.1% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS CN¥0.39 (vs CN¥0.21 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥1.83b (up 22% from 2Q 2020). Net income: CN¥294.4m (up 88% from 2Q 2020). Profit margin: 16% (up from 11% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • May 25
Guangdong Vanward New Electric Co., Ltd. Approves Cash Dividend for the Year 2020 Guangdong Vanward New Electric Co., Ltd., at the AGM held on May 21, 2021 has approved cash dividend of CNY 3.30000000 per 10 Shares (tax included) for the year 2020. Reported Earnings • May 01
First quarter 2021 earnings released: EPS CN¥0.21 (vs CN¥0.17 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: CN¥2.11b (up 48% from 1Q 2020). Net income: CN¥154.4m (up 21% from 1Q 2020). Profit margin: 7.3% (down from 8.9% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Apr 30
Guangdong Vanward New Electric Co., Ltd. Proposes Final Dividend for the Year 2020 Guangdong Vanward New Electric Co., Ltd. proposed final cash dividend of CNY 3.30000000 per 10 shares (tax included) for the year 2020. Reported Earnings • Mar 04
Full year 2020 earnings released: EPS CN¥0.85 (vs CN¥0.80 in FY 2019) The company reported a solid full year result with improved earnings, although revenues and profit margins were flat. Full year 2020 results: Revenue: CN¥6.27b (flat on FY 2019). Net income: CN¥630.5m (up 5.4% from FY 2019). Profit margin: 10% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 28
New 90-day low: CN¥7.56 The company is down 10.0% from its price of CN¥8.37 on 30 October 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 16% over the same period. Is New 90 Day High Low • Jan 07
New 90-day low: CN¥7.83 The company is down 4.0% from its price of CN¥8.19 on 09 October 2020. The Chinese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 22% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: CN¥9.52 The company is up 3.0% from its price of CN¥9.22 on 21 August 2020. The Chinese market is down 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Durables industry, which is up 16% over the same period. Reported Earnings • Oct 28
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥583.2m, up 3.0% from the prior year. Total revenue was CN¥5.95b over the last 12 months, down 7.2% from the prior year. Announcement • Oct 20
Guangdong Vanward New Electric Co., Ltd. to Report Q3, 2020 Results on Oct 27, 2020 Guangdong Vanward New Electric Co., Ltd. announced that they will report Q3, 2020 results on Oct 27, 2020 Announcement • Sep 26
Guangdong Vanward New Electric Co., Ltd. (SZSE:002543) completed the acquisition of the remaining 50% stake in Guangdong Vanbo Electric Co., Ltd. from Robert Bosch Investment Nederland B.V. and Bosch (China) Investment Ltd. Guangdong Vanward New Electric Co., Ltd. (SZSE:002543) signed an equity purchase agreement to acquire the remaining 50% stake in Guangdong Vanbo Electric Co., Ltd. from Robert Bosch Investment Nederland B.V. and Bosch (China) Investment Ltd. for CNY 210 million on July 3, 2020. Robert Bosch Investment Nederland B.V. will transfer 40% stake and Bosch (China) Investment Ltd. will transfer 10% stake. After the transfer, Guangdong Vanward New Electric will hold 100% stake in Guangdong Vanbo Electric. Guangdong Vanbo Electric had total assets of CNY 493.96 million, net assets of CNY 347.26 million, revenues of CNY 775.95 million. operating profit of CNY 30.04 million and net profit of CNY 24.18 million in year 2019. The transaction does not need the shareholders’ approval. The transaction has been approved in the 10th meeting of Guangdong Vanward New Electric’s 4th Directorate held on July 3, 2020. As of September 15, 2020, Guangdong Vanward New Electric made the full payment of consideration.
Guangdong Vanward New Electric Co., Ltd. (SZSE:002543) completed the acquisition of the remaining 50% stake in Guangdong Vanbo Electric Co., Ltd. from Robert Bosch Investment Nederland B.V. and Bosch (China) Investment Ltd. on September 18, 2020. Announcement • Sep 25
Guangdong Vanward New Electric Co., Ltd. (SZSE:002543) signed an equity purchase agreement to acquire the remaining 50% stake in Guangdong Vanbo Electric Co., Ltd. from Robert Bosch Investment Nederland B.V. and Bosch (China) Investment Ltd. for CNY 210 million. Guangdong Vanward New Electric Co., Ltd. (SZSE:002543) signed an equity purchase agreement to acquire the remaining 50% stake in Guangdong Vanbo Electric Co., Ltd. from Robert Bosch Investment Nederland B.V. and Bosch (China) Investment Ltd. for CNY 210 million on July 3, 2020. Robert Bosch Investment Nederland B.V. will transfer 40% stake and Bosch (China) Investment Ltd. will transfer 10% stake. After the transfer, Guangdong Vanward New Electric will hold 100% stake in Guangdong Vanbo Electric. Guangdong Vanbo Electric had total assets of CNY 493.96 million, net assets of CNY 347.26 million, revenues of CNY 775.95 million. operating profit of CNY 30.04 million and net profit of CNY 24.18 million in year 2019. The transaction does not need the shareholders’ approval. The transaction has been approved in the 10th meeting of Guangdong Vanward New Electric’s 4th Directorate held on July 3, 2020. As of September 15, 2020, Guangdong Vanward New Electric made the full payment of consideration. 
