Reported Earnings • May 01
Full year 2025 earnings released: CN¥0.60 loss per share (vs CN¥0.06 profit in FY 2024) Full year 2025 results: CN¥0.60 loss per share (down from CN¥0.06 profit in FY 2024). Revenue: CN¥1.71b (down 29% from FY 2024). Net loss: CN¥273.6m (down CN¥301.5m from profit in FY 2024). Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Electronic industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Announcement • Apr 30
Appotronics Corporation Limited, Annual General Meeting, May 21, 2026 Appotronics Corporation Limited, Annual General Meeting, May 21, 2026, at 14:30 China Standard Time. Location: 32F, No. 8, Xiandong Road, Xili Subdistrict, Nanshan District, Shenzhen, Guangdong China Buy Or Sell Opportunity • Apr 17
Now 21% overvalued Over the last 90 days, the stock has fallen 21% to CN¥14.95. The fair value is estimated to be CN¥12.39, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.2% over the last 3 years. Meanwhile, the company became loss making. Announcement • Mar 30
Appotronics Corporation Limited to Report Q1, 2026 Results on Apr 30, 2026 Appotronics Corporation Limited announced that they will report Q1, 2026 results on Apr 30, 2026 Buy Or Sell Opportunity • Mar 05
Now 22% overvalued Over the last 90 days, the stock has fallen 10% to CN¥15.48. The fair value is estimated to be CN¥12.64, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.2% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 01
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: CN¥0.58 (up from CN¥0.06 in FY 2024). Revenue: CN¥1.71b (down 29% from FY 2024). Net income: CN¥264.5m (up CN¥236.5m from FY 2024). Profit margin: 16% (up from 1.2% in FY 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has fallen by 48% 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. Price Target Changed • Feb 06
Price target decreased by 23% to CN¥11.50 Down from CN¥14.90, the current price target is an average from 3 analysts. New target price is 32% below last closing price of CN¥16.98. Stock is up 6.3% over the past year. The company is forecast to post a net loss per share of CN¥0.57 compared to earnings per share of CN¥0.06 last year. Announcement • Jan 21
Appotronics Corporation Ltd. Unveils World's First Laser+LCOS Optical Engine Prototype for AR Glasses at SPIE Photonics West Appotronics Corporation Ltd. unveiled the world's first Laser+LCOS optical engine prototype for Augmented Reality (AR) glasses at the AR | VR | MR Exhibition of SPIE Photonics West 2026. This demonstration signifies the first successful convergence of laser display technology with the AR glasses form factor, establishing a critical milestone toward consumer-grade, all-day wearable AR devices. Held from January 20 to 22 in San Francisco, SPIE Photonics West is the premier global event for lasers, biomedical optics, optoelectronics, and vision technologies, attracting approximately 24,000 industry participants. This prototype reveal follows Appotronics' initial international presentation of the laser+LCOS concept two months prior at the Laser Illuminated Projector Association (LIPA) 2025 annual general meeting in New York. A Technological Leap: Harnessing Laser's Innate Advantages: Unlike LED-based systems, the laser+LCOS route capitalizes on the laser's natural polarization and exceptional collimation. This fundamental advantage eliminates the need for inefficient polarization conversion optics and enables a drastically compact optical engine architecture. This breakthrough paves the way for AR displays that are significantly brighter, more power-efficient, and compact enough for practical, all-day wearability. Collaborative Ecosystem and Competitive Edge: Chen stressed that realizing the full potential of laser AR requires broad industry collaboration, involving LCOS panel and MEMS developers. In this spirit, Appotronics has recently joined the Laser Display for AR Working Group, an industry consortium dedicated to fostering technical standards and accelerating the adoption of laser technology in AR. Performance Potential: Doubling Efficiency and Beyond: Compared to Appotronics' current Dragonfly series products (which were unveiled at CES 2026 just two weeks ago, are also on display here at Photonics West, and represent the company's latest commercially available optical engine solutions), the laser+LCOS engine prototype demonstrates profound potential across key metrics: Double the system optical efficiency. Superior brightness. A significantly wider color gamut. Reduced energy consumption and lower overall thermal load, longer battery life and comfort. Addressing Core Challenges: Speckle Reduction and Thermal Management Implementing lasers in AR necessitates overcoming hurdles like speckle noise and thermal management. Appotronics detailed its solutions in two technical papers presented at SPIE. The paper titled "System-level optimized high-efficiency compact RGB laser LCoS AR light engine" describes an ultra-compact (~1.4 cc) engine featuring a front-illumination, PBS-free design for miniaturization. A key innovation is a Laser Speckle Reducer module that successfully lowers speckle contrast from ~35% to ~13%, achieving 8 lm/W efficiency. The study also identifies the precise thermal management required to stabilize the wavelength of red laser diodes as a primary focus for ongoing development. Future Roadmap and Parallel Innovation Chen noted that mass production of the laser+LCOS engine could be achieved in approximately one year, contingent on further refinement of speckle reduction and clear market demand from clients. In parallel, Appotronics is advancing another technological pathway. A second paper, "High-resolution Lissajous scanning light engine with wide field of view for AR glasses," proposes a novel imaging method to overcome the resolution limitations of Lissajous-based Laser Beam Scanning (LBS). This research aims to enable high-definition displays with a field of view exceeding 60°, showcasing the company's broad expertise in next-generation AR display technologies. To sustain its competitive edge, Appotronics is actively seeking to recruit globally-minded, top-tier engineering and research talent during the SPIE Photonics West event week. Announcement • Dec 26
Appotronics Corporation Limited to Report Fiscal Year 2025 Results on Apr 30, 2026 Appotronics Corporation Limited announced that they will report fiscal year 2025 results on Apr 30, 2026 Price Target Changed • Dec 19
Price target decreased by 9.4% to CN¥15.13 Down from CN¥16.70, the current price target is an average from 3 analysts. New target price is 9.4% below last closing price of CN¥16.70. Stock is up 3.2% over the past year. The company is forecast to post a net loss per share of CN¥0.28 compared to earnings per share of CN¥0.06 last year. Announcement • Nov 24
Appotronics Touts Laser+LCoS as Key to Revolutionizing AR Glasses Experience at LIPA 2025 At the Laser Illuminated Projector Association (LIPA) 2025 annual general meeting, Appotronics detailed the compelling advantages of the laser+LCoS technological route for the future of augmented reality (AR) glasses. James Tian, Senior Business Development Director, delivered a keynote titled "Dare to be the first" before an audience of LIPA members--including industry leaders such as Texas Instruments, Barco, Epson, Panasonic, Nichia, and Christie--as well as academic experts, outlining how this approach addresses core challenges in brightness, efficiency, and form factor. Tian emphasized that as AR glasses evolve from simple information prompts to full-content displays--powered by AI for applications like real-time translation, navigation, and first-person preview--the demand for high-performance optics becomes critical. The laser+LCoS route, leveraging laser's natural polarization and exceptional collimation, eliminates the need for inefficient polarizers and enables a drastically smaller optical engine. This foundation paves the way for displays that are brighter, more efficient, and compact enough for all-day wearability. Following the presentation of this future technology roadmap, Tian introduced Appotronics' current optical engine solution for AR glasses, the Dragonfly G1. The Dragonfly G1 is an ultra-compact, dual-split LCoS optical engine designed for high efficiency and comfort, featuring a volume of just 0.35cc per eye and remarkably low system power consumption. Its unique architecture supports high-efficiency waveguide coupling, enables premium 3D display, allows for elegant and adjustable eyewear designs, and significantly boosts production yield to reduce costs. Reported Earnings • Oct 31
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: CN¥0.01 loss per share (down from CN¥0.094 profit in 3Q 2024). Revenue: CN¥391.7m (down 39% from 3Q 2024). Net loss: CN¥4.64m (down 115% from profit in 3Q 2024). Revenue missed analyst estimates by 38%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Electronic industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Announcement • Sep 30
Appotronics Corporation Limited to Report Q3, 2025 Results on Oct 31, 2025 Appotronics Corporation Limited announced that they will report Q3, 2025 results on Oct 31, 2025 New Risk • Sep 16
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 6.9% 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. This is currently the only risk that has been identified for the company. Announcement • Jun 30
Appotronics Corporation Limited to Report First Half, 2025 Results on Aug 30, 2025 Appotronics Corporation Limited announced that they will report first half, 2025 results on Aug 30, 2025 Reported Earnings • Apr 30
Full year 2024 earnings released: EPS: CN¥0.06 (vs CN¥0.23 in FY 2023) Full year 2024 results: EPS: CN¥0.06 (down from CN¥0.23 in FY 2023). Revenue: CN¥2.42b (up 9.3% from FY 2023). Net income: CN¥28.0m (down 73% from FY 2023). Profit margin: 1.2% (down from 4.7% in FY 2023). Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Apr 30
Appotronics Corporation Limited, Annual General Meeting, May 20, 2025 Appotronics Corporation Limited, Annual General Meeting, May 20, 2025, at 14:30 China Standard Time. Location: 32F, No. 8, Xiandong Road, Xili Community, Xili Subdistrict, Nanshan District, Shenzhen, Guangdong China Announcement • Apr 28
Appotronics Corporation Limited Debuts Full-Vehicle Optical System At Shanghai Auto Show At Auto Shanghai 2025, Appotronics unveiled its groundbreaking Lingjing Intelligent Automotive Optical System – a comprehensive solution enabling dynamic projections on any vehicle surface, both interior and exterior, including windshields, dashboards, seats, and windows. The system delivers high-luminance lighting and interactive displays, transforming vehicles into responsive 'digital emotional spaces' that adapt to occupants' needs in real time. The system spans seven key application scenarios, redefining in-vehicle functionality and user experience: Artistic ambient lighting, Rear-seat entertainment with privacy-preserving large-screen projection, Dynamic pathway lighting that conveys mood and context, Boundary-free interactive displays on smart surfaces, Side window interfaces for human-vehicle interaction, ALL-in-ONE laser smart headlights combining illumination and display capabilities. Announcement • Apr 17
Appotronics Corporation Limited (SHSE:688007) announces an Equity Buyback for CNY 20 million worth of its shares. Appotronics Corporation Limited (SHSE:688007) announces a share repurchase program. Under the program, the company will repurchase not more than CNY 20 million worth of its A shares. The shares will be repurchased at a price of not more than CNY 18.50 per share. The repurchased shares will be used for Equity incentive or ESOP. The plan will be valid for 6 months. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 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: Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (1.2% net profit margin). Announcement • Mar 28
Appotronics Corporation Limited to Report Q1, 2025 Results on Apr 30, 2025 Appotronics Corporation Limited announced that they will report Q1, 2025 results on Apr 30, 2025 Reported Earnings • Mar 03
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥0.06 (down from CN¥0.23 in FY 2023). Revenue: CN¥2.42b (up 9.3% from FY 2023). Net income: CN¥29.0m (down 72% from FY 2023). Profit margin: 1.2% (down from 4.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 60%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has fallen by 46% 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. Buy Or Sell Opportunity • Jan 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to CN¥14.20. The fair value is estimated to be CN¥17.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.0% over the last 3 years. Earnings per share has declined by 44%. Revenue is forecast to grow by 54% in 2 years. Earnings are forecast to grow by 1,427% in the next 2 years. Major Estimate Revision • Jan 24
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from CN¥0.203 to CN¥0.227. Revenue forecast steady at CN¥2.42b. Net income forecast to grow 982% next year vs 49% growth forecast for Electronic industry in China. Consensus price target down from CN¥18.17 to CN¥17.50. Share price was steady at CN¥14.46 over the past week. Buy Or Sell Opportunity • Jan 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to CN¥14.26. The fair value is estimated to be CN¥17.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.0% over the last 3 years. Earnings per share has declined by 44%. Revenue is forecast to grow by 53% in 2 years. Earnings are forecast to grow by 1,464% in the next 2 years. Announcement • Dec 27
Appotronics Corporation Limited to Report Fiscal Year 2024 Results on Apr 30, 2025 Appotronics Corporation Limited announced that they will report fiscal year 2024 results on Apr 30, 2025 Major Estimate Revision • Oct 25
Consensus EPS estimates fall by 23% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from CN¥0.264 to CN¥0.203 per share. Revenue forecast steady at CN¥2.41b. Net income forecast to grow 963% next year vs 52% growth forecast for Electronic industry in China. Consensus price target of CN¥18.17 unchanged from last update. Share price was steady at CN¥16.46 over the past week. New Risk • Sep 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 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.8% net profit margin). Announcement • Sep 30
Appotronics Corporation Limited to Report Q3, 2024 Results on Oct 19, 2024 Appotronics Corporation Limited announced that they will report Q3, 2024 results on Oct 19, 2024 Reported Earnings • Sep 05
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: CN¥0.052 loss per share (down from CN¥0.13 profit in 2Q 2023). Revenue: CN¥636.4m (up 3.6% from 2Q 2023). Net loss: CN¥33.6m (down 155% from profit in 2Q 2023). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Price Target Changed • Sep 03
Price target decreased by 15% to CN¥20.10 Down from CN¥23.77, the current price target is an average from 3 analysts. New target price is 47% above last closing price of CN¥13.66. Stock is down 41% over the past year. The company is forecast to post earnings per share of CN¥0.29 for next year compared to CN¥0.23 last year. Major Estimate Revision • Sep 03
Consensus EPS estimates fall by 27% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥2.65b to CN¥2.56b. EPS estimate also fell from CN¥0.402 per share to CN¥0.295 per share. Net income forecast to grow 49% next year vs 53% growth forecast for Electronic industry in China. Consensus price target down from CN¥23.77 to CN¥22.87. Share price fell 3.5% to CN¥13.66 over the past week. Announcement • Jun 29
Appotronics Corporation Limited to Report First Half, 2024 Results on Aug 17, 2024 Appotronics Corporation Limited announced that they will report first half, 2024 results on Aug 17, 2024 Announcement • May 15
Appotronics Corporation Limited, Annual General Meeting, Jun 03, 2024 Appotronics Corporation Limited, Annual General Meeting, Jun 03, 2024, at 14:30 China Standard Time. Location: The Company's Meeting Room, Shenzhen, Guangdong China Major Estimate Revision • May 08
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥2.75b to CN¥2.62b. EPS estimate also fell from CN¥0.474 per share to CN¥0.38 per share. Net income forecast to grow 56% next year vs 58% growth forecast for Electronic industry in China. Consensus price target down from CN¥23.00 to CN¥19.90. Share price fell 3.5% to CN¥18.90 over the past week. Price Target Changed • May 06
Price target decreased by 19% to CN¥19.90 Down from CN¥24.50, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of CN¥19.64. Stock is down 8.6% over the past year. The company is forecast to post earnings per share of CN¥0.39 for next year compared to CN¥0.23 last year. Reported Earnings • Apr 30
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: CN¥0.10 (up from CN¥0.03 in 1Q 2023). Revenue: CN¥445.0m (down 3.0% from 1Q 2023). Net income: CN¥44.5m (up 226% from 1Q 2023). Profit margin: 10.0% (up from 3.0% in 1Q 2023). Revenue missed analyst estimates by 14%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 33% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Mar 29
Appotronics Corporation Limited to Report Q1, 2024 Results on Apr 27, 2024 Appotronics Corporation Limited announced that they will report Q1, 2024 results on Apr 27, 2024 Buy Or Sell Opportunity • Mar 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 29% to CN¥17.88. The fair value is estimated to be CN¥22.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has declined by 18%. Revenue is forecast to grow by 79% in 2 years. Earnings are forecast to grow by 228% in the next 2 years. Reported Earnings • Feb 24
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.22 (down from CN¥0.26 in FY 2022). Revenue: CN¥2.22b (down 13% from FY 2022). Net income: CN¥102.0m (down 15% from FY 2022). Profit margin: 4.6% (down from 4.7% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) also missed analyst estimates by 37%. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Electronic 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 only fallen by 6% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥16.40, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 17x in the Electronic industry in China. Total loss to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥9.44 per share. Announcement • Feb 01
Appotronics Corporation Limited (SHSE:688007) announces an Equity Buyback for CNY 60 million worth of its shares. Appotronics Corporation Limited (SHSE:688007) announces a share repurchase program. Under the program, the company will repurchase up to CNY 60 million worth of its shares. The program will be valid for 6 months. Announcement • Dec 30
Appotronics Corporation Limited to Report Fiscal Year 2023 Results on Apr 27, 2024 Appotronics Corporation Limited announced that they will report fiscal year 2023 results on Apr 27, 2024 Major Estimate Revision • Nov 02
Consensus revenue estimates decrease by 15% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from CN¥2.76b to CN¥2.35b. EPS estimate unchanged from CN¥0.35 per share at last update. Electronic industry in China expected to see average net income growth of 73% next year. Consensus price target up from CN¥22.50 to CN¥25.50. Share price fell 7.7% to CN¥27.13 over the past week. Price Target Changed • Oct 31
Price target increased by 13% to CN¥25.50 Up from CN¥22.50, the current price target is an average from 2 analysts. New target price is 10% below last closing price of CN¥28.38. Stock is up 19% over the past year. The company is forecast to post earnings per share of CN¥0.35 for next year compared to CN¥0.26 last year. Reported Earnings • Oct 27
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: CN¥0.12 (up from CN¥0.10 in 3Q 2022). Revenue: CN¥577.4m (down 4.8% from 3Q 2022). Net income: CN¥53.6m (up 18% from 3Q 2022). Profit margin: 9.3% (up from 7.5% in 3Q 2022). Revenue missed analyst estimates by 8.5%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Sep 30
Appotronics Corporation Limited to Report Q3, 2023 Results on Oct 27, 2023 Appotronics Corporation Limited announced that they will report Q3, 2023 results on Oct 27, 2023 Major Estimate Revision • Aug 24
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥3.08b to CN¥2.76b. EPS estimate fell from CN¥0.397 to CN¥0.362 per share. Net income forecast to grow 50% next year vs 59% growth forecast for Electronic industry in China. Consensus price target down from CN¥24.00 to CN¥22.50. Share price rose 5.6% to CN¥21.49 over the past week. Reported Earnings • Aug 19
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: CN¥0.13 (up from CN¥0.059 in 2Q 2022). Revenue: CN¥614.2m (down 18% from 2Q 2022). Net income: CN¥61.3m (up 118% from 2Q 2022). Profit margin: 10.0% (up from 3.8% in 2Q 2022). Revenue missed analyst estimates by 30%. Earnings per share (EPS) also missed analyst estimates by 41%. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 4% per year. Announcement • Jun 28
Appotronics Corporation Limited to Report First Half, 2023 Results on Aug 18, 2023 Appotronics Corporation Limited announced that they will report first half, 2023 results on Aug 18, 2023 Price Target Changed • Jun 14
Price target decreased by 12% to CN¥24.00 Down from CN¥27.15, the current price target is an average from 3 analysts. New target price is 16% above last closing price of CN¥20.63. Stock is down 11% over the past year. The company is forecast to post earnings per share of CN¥0.40 for next year compared to CN¥0.26 last year. Major Estimate Revision • May 11
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from CN¥0.35 to CN¥0.392. Revenue forecast steady at CN¥3.08b. Net income forecast to grow 77% next year vs 49% growth forecast for Electronic industry in China. Consensus price target down from CN¥31.75 to CN¥30.21. Share price was steady at CN¥21.45 over the past week. Reported Earnings • Apr 29
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: CN¥0.03 (down from CN¥0.04 in 1Q 2022). Revenue: CN¥459.0m (down 13% from 1Q 2022). Net income: CN¥13.7m (down 24% from 1Q 2022). Profit margin: 3.0% (down from 3.4% in 1Q 2022). Revenue missed analyst estimates by 21%. Earnings per share (EPS) also missed analyst estimates by 73%. Revenue is forecast to grow 35% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 1% per year. Price Target Changed • Apr 21
Price target increased by 13% to CN¥30.96 Up from CN¥27.49, the current price target is an average from 3 analysts. New target price is 26% above last closing price of CN¥24.48. Stock is up 42% over the past year. The company is forecast to post earnings per share of CN¥0.54 for next year compared to CN¥0.26 last year. Reported Earnings • Mar 02
Full year 2022 earnings released: EPS: CN¥0.26 (vs CN¥0.52 in FY 2021) Full year 2022 results: EPS: CN¥0.26 (down from CN¥0.52 in FY 2021). Revenue: CN¥2.55b (up 2.1% from FY 2021). Net income: CN¥120.1m (down 49% from FY 2021). Profit margin: 4.7% (down from 9.3% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 4% per year. Announcement • Jan 13
Appotronics Corporation Ltd. Unveils World's First Multi-Window Immersive Display Technology At CES Appotronics Corporation Ltd. showcased its immersive multi-window laser-powered display solution in one global car maker's vision car. The vision car is the world's first car with immersive display capabilities on all four side windows, offering flexibility to display laser-generated content as four transparent screens, making the vehicle more interactive for drivers and passengers. Users have the option to display content on both sides of the windows with ALPD® display devices hidden inside the cabin. The company currently offers three main product lines for smart cars, including onboard display, head-up display (HUD) and laser headlights. Appotronics' laser technology works to combine the lighting and visual display on the interior and exterior of the vehicle, setting the stage for a variety of groundbreaking mobility solutions in the near future. Leveraging its proprietary laser display technology, Appotronics collaborates with experts across industries to create increasingly sophisticated automotive display solutions that will define the future of mobility. 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. 4 non-independent directors. Independent Director YC Chen was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Nov 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from CN¥3.24b to CN¥3.30b. EPS estimate fell from CN¥0.51 to CN¥0.41 per share. Net income forecast to grow 193% next year vs 55% growth forecast for Electronic industry in China. Consensus price target of CN¥27.00 unchanged from last update. Share price rose 14% to CN¥24.44 over the past week. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: CN¥0.10 (vs CN¥0.14 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.10 (down from CN¥0.14 in 3Q 2021). Revenue: CN¥606.5m (up 9.1% from 3Q 2021). Net income: CN¥45.4m (down 24% from 3Q 2021). Profit margin: 7.5% (down from 11% in 3Q 2021). Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Price Target Changed • Aug 27
Price target increased to CN¥29.00 Up from CN¥22.50, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of CN¥27.89. Stock is down 6.3% over the past year. The company is forecast to post earnings per share of CN¥0.51 for next year compared to CN¥0.52 last year. Major Estimate Revision • Aug 26
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥3.41b to CN¥3.25b. EPS estimate also fell from CN¥0.60 per share to CN¥0.51 per share. Net income forecast to grow 147% next year vs 44% growth forecast for Electronic industry in China. Consensus price target up from CN¥22.50 to CN¥23.00. Share price was steady at CN¥27.89 over the past week. Reported Earnings • Aug 24
Second quarter 2022 earnings released: EPS: CN¥0.059 (vs CN¥0.21 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.059 (down from CN¥0.21 in 2Q 2021). Revenue: CN¥744.2m (up 28% from 2Q 2021). Net income: CN¥28.1m (down 71% from 2Q 2021). Profit margin: 3.8% (down from 17% in 2Q 2021). Over the next year, revenue is forecast to grow 50%, compared to a 25% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improved over the past week After last week's 23% share price gain to CN¥27.60, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 22x in the Electronic industry in China. Total loss to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improved over the past week After last week's 25% share price gain to CN¥23.56, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 21x in the Electronic industry in China. Total loss to shareholders of 36% over the past year. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥19.48, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 20x in the Electronic industry in China. Total loss to shareholders of 44% over the past year. Reported Earnings • Apr 28
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: CN¥0.04 (down from CN¥0.12 in 1Q 2021). Revenue: CN¥525.1m (flat on 1Q 2021). Net income: CN¥17.9m (down 67% from 1Q 2021). Profit margin: 3.4% (down from 10% in 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.4%. Over the next year, revenue is forecast to grow 68%, compared to a 24% growth forecast for the industry in China. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 1 highly experienced director. 2 independent directors (4 non-independent directors). Independent Director Xiangdong Ning was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 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¥24.25, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 24x in the Electronic industry in China. Negligible returns to shareholders over past year. Reported Earnings • Feb 27
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: CN¥0.49 (up from CN¥0.25 in FY 2020). Revenue: CN¥2.51b (up 29% from FY 2020). Net income: CN¥222.0m (up 95% from FY 2020). Profit margin: 8.9% (up from 5.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10%. Over the next year, revenue is forecast to grow 46%, compared to a 26% growth forecast for the industry in China. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS CN¥0.14 (vs CN¥0.07 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥555.9m (up 6.4% from 3Q 2020). Net income: CN¥59.9m (up 101% from 3Q 2020). Profit margin: 11% (up from 5.7% in 3Q 2020). Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 19% share price gain to CN¥32.89, the stock trades at a forward P/E ratio of 55x. Average forward P/E is 28x in the Electronic industry in China. Total returns to shareholders of 48% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CN¥44.31 per share. Reported Earnings • Aug 25
Second quarter 2021 earnings released: EPS CN¥0.21 (vs CN¥0.002 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥579.7m (up 42% from 2Q 2020). Net income: CN¥97.0m (up CN¥96.0m from 2Q 2020). Profit margin: 17% (up from 0.2% in 2Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Apr 25
First quarter 2021 earnings released: EPS CN¥0.12 (vs CN¥0.03 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥525.0m (up 71% from 1Q 2020). Net income: CN¥54.4m (up 308% from 1Q 2020). Profit margin: 10% (up from 4.3% in 1Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Mar 04
Full year 2020 earnings released: EPS CN¥0.25 (vs CN¥0.45 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥1.95b (down 1.5% from FY 2019). Net income: CN¥112.8m (down 40% from FY 2019). Profit margin: 5.8% (down from 9.4% in FY 2019). The decrease in margin was primarily driven by higher expenses. Is New 90 Day High Low • Feb 18
New 90-day high: CN¥23.70 The company is up 9.0% from its price of CN¥21.75 on 20 November 2020. The Chinese market is also up 9.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Electronic industry, which is flat over the same period. Is New 90 Day High Low • Jan 11
New 90-day low: CN¥17.31 The company is down 25% from its price of CN¥23.05 on 13 October 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 2.0% over the same period. Is New 90 Day High Low • Dec 23
New 90-day low: CN¥20.26 The company is down 12% from its price of CN¥22.95 on 24 September 2020. The Chinese market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 2.0% over the same period. Reported Earnings • Nov 04
Third quarter 2020 earnings released: EPS CN¥0.07 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: CN¥522.4m (up 4.8% from 3Q 2019). Net income: CN¥29.8m (down 48% from 3Q 2019). Profit margin: 5.7% (down from 12% in 3Q 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Oct 23
New 90-day low: CN¥21.80 The company is down 8.0% from its price of CN¥23.76 on 24 July 2020. The Chinese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 5.0% over the same period. Is New 90 Day High Low • Sep 28
New 90-day low: CN¥21.92 The company is down 14% from its price of CN¥25.46 on 30 June 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 6.0% over the same period. Announcement • Jul 10
Appotronics Corporation Limited to Report First Half, 2020 Results on Aug 27, 2020 Appotronics Corporation Limited announced that they will report first half, 2020 results on Aug 27, 2020