Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥25.16, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 17x in the Chemicals industry in China. Total returns to shareholders of 53% over the past three years. Announcement • Jun 30
Ningbo Exciton Technology Co., Ltd. to Report First Half, 2026 Results on Aug 22, 2026 Ningbo Exciton Technology Co., Ltd. announced that they will report first half, 2026 results on Aug 22, 2026 New Risk • Jun 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.9% average weekly change). Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥36.95, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 21x in the Chemicals industry in China. Total returns to shareholders of 106% over the past three years. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to CN¥32.26, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 20x in the Chemicals industry in China. Total returns to shareholders of 82% over the past three years. Declared Dividend • Jun 08
Dividend of CN¥0.20 announced Shareholders will receive a dividend of CN¥0.20. Ex-date: 11th June 2026 Payment date: 11th June 2026 Dividend yield will be 0.7%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 13% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 100% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥23.09, the stock trades at a trailing P/E ratio of 29.7x. Average trailing P/E is 51x in the Chemicals industry in China. Total returns to shareholders of 29% over the past three years. Reported Earnings • Apr 30
Full year 2025 earnings released: EPS: CN¥0.78 (vs CN¥0.73 in FY 2024) Full year 2025 results: EPS: CN¥0.78 (up from CN¥0.73 in FY 2024). Revenue: CN¥2.13b (down 2.3% from FY 2024). Net income: CN¥203.7m (up 7.1% from FY 2024). Profit margin: 9.6% (in line with FY 2024). 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 3% per year, which means it is significantly lagging earnings growth. Announcement • Apr 29
Ningbo Exciton Technology Co., Ltd., Annual General Meeting, May 20, 2026 Ningbo Exciton Technology Co., Ltd., Annual General Meeting, May 20, 2026, at 14:00 China Standard Time. Location: The Company's Meeting Room, Ningbo, Zhejiang China Announcement • Mar 31
Ningbo Exciton Technology Co., Ltd. to Report Q1, 2026 Results on Apr 29, 2026 Ningbo Exciton Technology Co., Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 Announcement • Dec 31
Ningbo Exciton Technology Co., Ltd. to Report Fiscal Year 2025 Results on Apr 29, 2026 Ningbo Exciton Technology Co., Ltd. announced that they will report fiscal year 2025 results on Apr 29, 2026 Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: CN¥0.19 (vs CN¥0.17 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.19 (up from CN¥0.17 in 3Q 2024). Revenue: CN¥553.9m (up 6.5% from 3Q 2024). Net income: CN¥50.6m (up 13% from 3Q 2024). Profit margin: 9.1% (up from 8.6% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Sep 30
Ningbo Exciton Technology Co., Ltd. to Report Q3, 2025 Results on Oct 30, 2025 Ningbo Exciton Technology Co., Ltd. announced that they will report Q3, 2025 results on Oct 30, 2025 New Risk • Sep 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Aug 27
Second quarter 2025 earnings released: EPS: CN¥0.22 (vs CN¥0.28 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.22 (down from CN¥0.28 in 2Q 2024). Revenue: CN¥594.6m (up 2.4% from 2Q 2024). Net income: CN¥57.7m (down 24% from 2Q 2024). Profit margin: 9.7% (down from 13% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Jul 02
Ningbo Exciton Technology Co., Ltd. to Report First Half, 2025 Results on Aug 27, 2025 Ningbo Exciton Technology Co., Ltd. announced that they will report first half, 2025 results on Aug 27, 2025 Board Change • Jul 01
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. 5 non-independent directors. Independent Director Qun Yan was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 26
Ningbo Exciton Technology Co., Ltd. Approves Board Appointments, Effective 24 June 2025 Ningbo Exciton Technology Co., Ltd. at its Extraordinary General Meeting held on 24 June 2025, approved election of Zhang Yan, Tang Haijiang, Jiang Lin, Huang Chao and Leng Jiajia as non-independent directors and election of Luo Guofang, Ma Ji and Yan Qun as independent directors. Reported Earnings • Apr 23
First quarter 2025 earnings released: EPS: CN¥0.22 (vs CN¥0.19 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.22 (up from CN¥0.19 in 1Q 2024). Revenue: CN¥479.2m (down 11% from 1Q 2024). Net income: CN¥58.8m (up 20% from 1Q 2024). Profit margin: 12% (up from 9.1% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Chemicals industry in China. 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 7% per year, which means it is significantly lagging earnings growth. Announcement • Apr 23
Ningbo Exciton Technology Co., Ltd. Proposes Final Cash Dividend Distribution for 2024 Ningbo Exciton Technology Co., Ltd. announced on 22 April 2025 the profit distribution proposal of CNY 2.00000000 final Cash dividend per ten shares (tax included) for 2024. Announcement • Apr 22
Ningbo Exciton Technology Co., Ltd., Annual General Meeting, May 13, 2025 Ningbo Exciton Technology Co., Ltd., Annual General Meeting, May 13, 2025, at 14:00 China Standard Time. Location: The Company's Meeting Room, Ningbo, Zhejiang China New Risk • Apr 07
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 9.9% 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 (9.9% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to CN¥15.73, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 21x in the Chemicals industry in China. Total loss to shareholders of 11% over the past three years. Announcement • Mar 31
Ningbo Exciton Technology Co., Ltd. to Report Q1, 2025 Results on Apr 22, 2025 Ningbo Exciton Technology Co., Ltd. announced that they will report Q1, 2025 results on Apr 22, 2025 New Risk • Feb 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.3% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥23.33, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 19x in the Chemicals industry in China. Total returns to shareholders of 2.8% over the past three years. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CN¥16.83, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 18x in the Chemicals industry in China. Total loss to shareholders of 35% over the past three years. Announcement • Dec 31
Ningbo Exciton Technology Co., Ltd. to Report Fiscal Year 2024 Results on Apr 22, 2025 Ningbo Exciton Technology Co., Ltd. announced that they will report fiscal year 2024 results on Apr 22, 2025 Price Target Changed • Oct 31
Price target increased by 33% to CN¥24.00 Up from CN¥18.00, the current price target is provided by 1 analyst. New target price is 33% above last closing price of CN¥18.04. Stock is up 5.9% over the past year. The company is forecast to post earnings per share of CN¥0.94 for next year compared to CN¥0.55 last year. New Risk • Oct 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.9% average weekly change). Large one-off items impacting financial results. Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: CN¥0.17 (vs CN¥0.15 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.17 (up from CN¥0.15 in 3Q 2023). Revenue: CN¥520.2m (down 22% from 3Q 2023). Net income: CN¥44.8m (up 16% from 3Q 2023). Profit margin: 8.6% (up from 5.8% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Sep 30
Ningbo Exciton Technology Co., Ltd. to Report Q3, 2024 Results on Oct 25, 2024 Ningbo Exciton Technology Co., Ltd. announced that they will report Q3, 2024 results on Oct 25, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥15.36, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 16x in the Chemicals industry in China. Total loss to shareholders of 31% over the past three years. New Risk • Sep 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.7% average weekly change). Large one-off items impacting financial results. Reported Earnings • Aug 23
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: CN¥0.28 (up from CN¥0.081 in 2Q 2023). Revenue: CN¥580.7m (up 3.3% from 2Q 2023). Net income: CN¥75.4m (up 246% from 2Q 2023). Profit margin: 13% (up from 3.9% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 15%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals 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 21% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Aug 22
Now 21% undervalued Over the last 90 days, the stock has risen 1.3% to CN¥14.69. The fair value is estimated to be CN¥18.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has declined by 15%. Revenue is forecast to grow by 30% in 2 years. Earnings are forecast to grow by 68% in the next 2 years. Buy Or Sell Opportunity • Aug 01
Now 20% undervalued Over the last 90 days, the stock has risen 1.5% to CN¥14.69. The fair value is estimated to be CN¥18.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has declined by 15%. Revenue is forecast to grow by 30% in 2 years. Earnings are forecast to grow by 68% in the next 2 years. Buy Or Sell Opportunity • Jul 08
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.1% to CN¥12.74. The fair value is estimated to be CN¥16.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has declined by 15%. Revenue is forecast to grow by 30% in 2 years. Earnings are forecast to grow by 68% in the next 2 years. Announcement • Jun 29
Ningbo Exciton Technology Co., Ltd. to Report First Half, 2024 Results on Aug 23, 2024 Ningbo Exciton Technology Co., Ltd. announced that they will report first half, 2024 results on Aug 23, 2024 New Risk • May 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (124% cash payout ratio). Large one-off items impacting financial results. Announcement • Apr 21
Ningbo Exciton Technology Co., Ltd., Annual General Meeting, May 10, 2024 Ningbo Exciton Technology Co., Ltd., Annual General Meeting, May 10, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Ningbo, Zhejiang China Reported Earnings • Apr 20
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: CN¥0.19 (up from CN¥0.11 in 1Q 2023). Revenue: CN¥538.1m (up 30% from 1Q 2023). Net income: CN¥49.2m (up 75% from 1Q 2023). Profit margin: 9.1% (up from 6.8% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 21%. Earnings per share (EPS) exceeded analyst estimates by 90%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥11.45, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 15x in the Chemicals industry in China. Total loss to shareholders of 58% over the past three years. Buy Or Sell Opportunity • Apr 15
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to CN¥12.50. The fair value is estimated to be CN¥15.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 30%. Revenue is forecast to grow by 43% in 2 years. Earnings are forecast to grow by 69% in the next 2 years. Announcement • Mar 30
Ningbo Exciton Technology Co., Ltd. to Report Q1, 2024 Results on Apr 20, 2024 Ningbo Exciton Technology Co., Ltd. announced that they will report Q1, 2024 results on Apr 20, 2024 Announcement • Feb 08
Ningbo Exciton Technology Co., Ltd. (SZSE:300566) announces an Equity Buyback for CNY 60 million worth of its shares. Ningbo Exciton Technology Co., Ltd. (SZSE:300566) announces a share repurchase program. Under the program, the company will repurchase not more than CNY 60 million worth of its shares. The repurchases will made at maximum price of CNY 18 per share. The repurchased shares will be used for equity incentives or employee stock ownership plans. The repurchase period will be not more than 12 months. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥12.48, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 13x in the Chemicals industry in China. Total loss to shareholders of 47% over the past three years. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥18.68, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 16x in the Chemicals industry in China. Total loss to shareholders of 17% over the past three years. Announcement • Dec 29
Ningbo Exciton Technology Co., Ltd. to Report Fiscal Year 2023 Results on Apr 20, 2024 Ningbo Exciton Technology Co., Ltd. announced that they will report fiscal year 2023 results on Apr 20, 2024 Reported Earnings • Oct 25
Third quarter 2023 earnings released: EPS: CN¥0.15 (vs CN¥0.016 loss in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.15 (up from CN¥0.016 loss in 3Q 2022). Revenue: CN¥666.1m (up 33% from 3Q 2022). Net income: CN¥38.5m (up CN¥42.8m from 3Q 2022). Profit margin: 5.8% (up from net loss in 3Q 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Sep 30
Ningbo Exciton Technology Co., Ltd. to Report Q3, 2023 Results on Oct 25, 2023 Ningbo Exciton Technology Co., Ltd. announced that they will report Q3, 2023 results on Oct 25, 2023 Reported Earnings • Aug 23
Second quarter 2023 earnings released: EPS: CN¥0.081 (vs CN¥0.003 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.081 (up from CN¥0.003 in 2Q 2022). Revenue: CN¥562.0m (up 9.2% from 2Q 2022). Net income: CN¥21.8m (up CN¥21.1m from 2Q 2022). Profit margin: 3.9% (up from 0.1% in 2Q 2022). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Jul 01
Ningbo Exciton Technology Co., Ltd. to Report First Half, 2023 Results on Aug 23, 2023 Ningbo Exciton Technology Co., Ltd. announced that they will report first half, 2023 results on Aug 23, 2023 Announcement • Jun 10
Ningbo Exciton Technology Co., Ltd. Announces Final Cash Dividend on A Shares for the Year 2022, Payable on June 16, 2023 Ningbo Exciton Technology Co., Ltd. announced final cash dividend of CNY 0.50 per 10 shares on A shares for the year 2022. Record date is June 15, 2023, Ex-Date is June 16, 2023 and Payment Date is June 16, 2023. Price Target Changed • May 30
Price target decreased by 15% to CN¥21.30 Down from CN¥25.10, the current price target is provided by 1 analyst. New target price is 17% above last closing price of CN¥18.25. Stock is up 11% over the past year. The company is forecast to post earnings per share of CN¥0.51 for next year compared to CN¥0.22 last year. Announcement • May 19
Ningbo Exciton Technology Co., Ltd. Approves Final Cash Dividend for the Year 2022 Ningbo Exciton Technology Co., Ltd. at its AGM held on May 16, 2023, approved final cash dividend of CNY 0.50000000 per 10 shares (tax included) for the year 2022. Reported Earnings • Apr 28
First quarter 2023 earnings released: EPS: CN¥0.11 (vs CN¥0.14 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.11 (down from CN¥0.14 in 1Q 2022). Revenue: CN¥414.9m (down 20% from 1Q 2022). Net income: CN¥28.2m (down 25% from 1Q 2022). Profit margin: 6.8% (down from 7.3% in 1Q 2022). Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Major Estimate Revision • Feb 02
Consensus EPS estimates fall by 33% The consensus outlook for earnings per share (EPS) in fiscal year 2022 has deteriorated. 2022 revenue forecast decreased from CN¥2.15b to CN¥2.09b. EPS estimate also fell from CN¥0.30 per share to CN¥0.20 per share. Net income forecast to grow 127% next year vs 42% growth forecast for Chemicals industry in China. Consensus price target of CN¥23.60 unchanged from last update. Share price rose 4.9% to CN¥26.94 over the past week. Board Change • Nov 16
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. 6 non-independent directors. Independent Director Qingqing Yu was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 27
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: CN¥0.016 loss per share (down from CN¥0.17 profit in 3Q 2021). Revenue: CN¥499.5m (up 2.6% from 3Q 2021). Net loss: CN¥4.36m (down 111% from profit in 3Q 2021). Revenue missed analyst estimates by 14%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 14% per year. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improved over the past week After last week's 19% share price gain to CN¥25.43, the stock trades at a forward P/E ratio of 71x. Average forward P/E is 15x in the Chemicals industry in China. Total returns to shareholders of 55% over the past three years. Board Change • Sep 06
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. 6 non-independent directors. Independent Director Qingqing Yu was the last independent director to join the board, commencing their role in 2019. 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 31
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥21.67, the stock trades at a trailing P/E ratio of 60.4x. Average trailing P/E is 29x in the Chemicals industry in China. Total returns to shareholders of 78% over the past three years. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: CN¥0.003 (vs CN¥0.13 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.003 (down from CN¥0.13 in 2Q 2021). Revenue: CN¥514.8m (up 11% from 2Q 2021). Net income: CN¥708.4k (down 98% from 2Q 2021). Profit margin: 0.1% (down from 6.7% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥20.90, the stock trades at a trailing P/E ratio of 44.1x. Average trailing P/E is 30x in the Chemicals industry in China. Total returns to shareholders of 48% over the past three years. Board Change • Jul 31
High number of new directors Non-Independent Director Jiajia Leng was the last director to join the board, commencing their role in 2021. Announcement • Jun 03
Ningbo Exciton Technology Co., Ltd. Announces 2021 Final Profit Distribution Plan to Be Implemented (A Shares), Payable on June 10, 2022 Ningbo Exciton Technology Co., Ltd. announced 2021 final profit distribution plan to be implemented (A shares), Payable on June 10, 2022. The company announced Cash dividend/10 shares (tax included) of CNY 1.00242800. The record date is June 9, 2022 and ex-date is June 10, 2022. Announcement • May 18
Ningbo Exciton Technology Co., Ltd Approves Cash Dividend for 2021 Ningbo Exciton Technology Co., Ltd. at its AGM held on 13 May 2022 approved cash dividend of CNY 1.00000000 per 10 shares for 2021. Announcement • May 10
Ningbo Exciton Technology Co., Ltd. (SZSE:300566) announces an Equity Buyback for CNY 50 million worth of its shares. Ningbo Exciton Technology Co., Ltd. (SZSE:300566) announces a share repurchase program. Under the program, the company will repurchase not more than CNY 50 million worth of its shares. The repurchased shares will be used for equity incentives or employee stock ownership plans. The shares will be repurchased out of own funds of the company or self-raised funds. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Independent Director Jiajia Leng was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 24
Ningbo Exciton Technology Co., Ltd., Annual General Meeting, May 13, 2022 Ningbo Exciton Technology Co., Ltd., Annual General Meeting, May 13, 2022, at 14:00 China Standard Time. Agenda: To consider the 2021 work report of the board of directors; to consider the 2021 work report of the supervisory committee; to consider the 2021 annual report and its summary; to consider the 2021 annual accounts; to consider the 2021 profit distribution plan; to consider the amendments to the articles of associations of the Company; to consider the reappointment of 2022 audit firm; to consider the 2022 application for comprehensive credit line to banks and provision of guarantee; to consider the Connected transaction regarding controlling shareholders' provision of guarantee for the bank credit line applied for by the Company; to consider the 2022 estimated continuing connected transactions; and to consider the other resolutions. Announcement • Apr 23
Ningbo Exciton Technology Co., Ltd. Announces the Profit Distribution Proposal for 2021 Ningbo Exciton Technology Co., Ltd. announced on 22 April 2022 the profit distribution proposal of CNY1.00000000 per 10 shares (tax included) for 2021. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥19.42, the stock trades at a trailing P/E ratio of 34.3x. Average trailing P/E is 29x in the Chemicals industry in China. Total returns to shareholders of 85% over the past three years. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥30.28, the stock trades at a trailing P/E ratio of 47.8x. Average trailing P/E is 35x in the Chemicals industry in China. Total returns to shareholders of 247% over the past three years. Reported Earnings • Nov 01
Third quarter 2021 earnings released: EPS CN¥0.17 (vs CN¥0.22 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¥487.1m (up 12% from 3Q 2020). Net income: CN¥38.8m (down 25% from 3Q 2020). Profit margin: 8.0% (down from 12% 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 51% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥21.85, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 20x in the Chemicals industry in China. Total returns to shareholders of 112% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS CN¥0.13 (vs CN¥0.086 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: CN¥464.8m (up 56% from 2Q 2020). Net income: CN¥31.2m (up 47% from 2Q 2020). Profit margin: 6.7% (down from 7.2% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥29.90, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 20x in the Chemicals industry in China. Total returns to shareholders of 161% over the past three years. Announcement • May 29
Ningbo Exciton Technology Co., Ltd. Announces Cash Dividend for 2020, Payable on 04 June 2021 Ningbo Exciton Technology Co., Ltd. announced 2020 final profit distribution plan to be implemented of Cash dividend/10 shares (tax included) of CNY 1.00000000. Record date: 03 June 2021, Ex-date: 04 June 2021 and Payment date: 04 June 2021. Announcement • Apr 27
Ningbo Exciton Technology Co., Ltd. Announces Final Profit Distribution Proposal for 2020 Ningbo Exciton Technology Co., Ltd. announced final profit distribution proposal of CNY 1.00000000 per 10 shares (tax included) for 2020. Reported Earnings • Apr 25
First quarter 2021 earnings released: EPS CN¥0.21 (vs CN¥0.12 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥381.1m (up 53% from 1Q 2020). Net income: CN¥32.5m (up 81% from 1Q 2020). Profit margin: 8.5% (up from 7.2% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥47.47, the stock trades at a trailing P/E ratio of 53.9x, up from the previous P/E ratio of 45.6x. Average P/E is 35x in the Chemicals industry in China. Total returns to shareholders over the past three years are 125%. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 20% share price gain to CN¥45.66, the stock is trading at a trailing P/E ratio of 66.2x, up from the previous P/E ratio of 55.1x. This compares to an average P/E of 37x in the Chemicals industry in China. Total returns to shareholders over the past three years are 110%. Is New 90 Day High Low • Feb 20
New 90-day high: CN¥40.00 The company is up 23% from its price of CN¥32.50 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 Chemicals industry, which is up 20% over the same period. Is New 90 Day High Low • Jan 29
New 90-day high: CN¥37.18 The company is up 11% from its price of CN¥33.50 on 30 October 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 22% over the same period. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥34.42, the stock is trading at a trailing P/E ratio of 49.9x, up from the previous P/E ratio of 42.8x. This compares to an average P/E of 37x in the Chemicals industry in China. Total returns to shareholders over the past three years are 8.5%.