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3004

Chaozhou Three-Circle (Group)Ltd SZSE:300408 Stock Report

Last Price

CN¥24.61

Market Cap

CN¥47.2b

7D

-5.4%

1Y

-33.4%

Updated

26 Sep, 2022

Data

Company Financials +
300408 fundamental analysis
Snowflake Score
Valuation4/6
Future Growth5/6
Past Performance1/6
Financial Health6/6
Dividends2/6

300408 Stock Overview

Chaozhou Three-Circle (Group) Co., Ltd. engages in the research and development, manufacture, and sale of electronic basic materials, electronic components, and communication devices in China and internationally.

Chaozhou Three-Circle (Group)Ltd Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Chaozhou Three-Circle (Group)Ltd
Historical stock prices
Current Share PriceCN¥24.61
52 Week HighCN¥47.39
52 Week LowCN¥23.69
Beta0.74
1 Month Change-14.64%
3 Month Change-17.17%
1 Year Change-33.42%
3 Year Change23.05%
5 Year Change0.081%
Change since IPO132.61%

Recent News & Updates

Shareholder Returns

300408CN ElectronicCN Market
7D-5.4%-3.3%-1.9%
1Y-33.4%-25.7%-18.6%

Return vs Industry: 300408 underperformed the CN Electronic industry which returned -25.7% over the past year.

Return vs Market: 300408 underperformed the CN Market which returned -18.6% over the past year.

Price Volatility

Is 300408's price volatile compared to industry and market?
300408 volatility
300408 Average Weekly Movement4.3%
Electronic Industry Average Movement6.6%
Market Average Movement5.8%
10% most volatile stocks in CN Market9.3%
10% least volatile stocks in CN Market3.7%

Stable Share Price: 300408 is less volatile than 75% of CN stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: 300408's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
197016,145n/ahttps://www.cctc.cc

Chaozhou Three-Circle (Group) Co., Ltd. engages in the research and development, manufacture, and sale of electronic basic materials, electronic components, and communication devices in China and internationally. It offers ceramic exterior parts for mobiles, ceramic covers for fingerprint modules, and ceramic parts for smart wearable devices; lead resistors and multilayer ceramic chip capacitors; ceramic ferrules, ceramic sleeves, optical fiber quick connectors, and MT ferrules and ceramic guide pin; and glass and metal encapsulation, ceramic packaging bases, ceramic wedges, capillary, and other products. The company also provides piezo micro dispensing valve systems; and alumina substrates, aluminum nitride substrates, electronic pastes, solder paste, nano-zirconia powder, metallized ceramics, ceramic structural parts, ceramic rods and substrates, and other products.

Chaozhou Three-Circle (Group)Ltd Fundamentals Summary

How do Chaozhou Three-Circle (Group)Ltd's earnings and revenue compare to its market cap?
300408 fundamental statistics
Market CapCN¥47.17b
Earnings (TTM)CN¥1.87b
Revenue (TTM)CN¥6.24b

25.2x

P/E Ratio

7.6x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
300408 income statement (TTM)
RevenueCN¥6.24b
Cost of RevenueCN¥3.41b
Gross ProfitCN¥2.82b
Other ExpensesCN¥950.09m
EarningsCN¥1.87b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.98
Gross Margin45.24%
Net Profit Margin30.01%
Debt/Equity Ratio0.3%

How did 300408 perform over the long term?

See historical performance and comparison

Dividends

1.3%

Current Dividend Yield

32%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is 300408 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 300408?

Other financial metrics that can be useful for relative valuation.

300408 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue6.4x
Enterprise Value/EBITDA18.9x
PEG Ratio0.9x

Price to Earnings Ratio vs Peers

How does 300408's PE Ratio compare to its peers?

300408 PE Ratio vs Peers
The above table shows the PE ratio for 300408 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average28.7x
600563 Xiamen Faratronic
42.5x20.3%CN¥38.3b
002056 Hengdian Group DMEGC Magnetics Ltd
25.1xn/aCN¥34.4b
300782 Maxscend Microelectronics
26.3x22.8%CN¥49.2b
002384 Suzhou Dongshan Precision Manufacturing
20.9x19.0%CN¥42.9b
300408 Chaozhou Three-Circle (Group)Ltd
25.2x28.5%CN¥47.2b

Price-To-Earnings vs Peers: 300408 is good value based on its Price-To-Earnings Ratio (25.2x) compared to the peer average (28.7x).


Price to Earnings Ratio vs Industry

How does 300408's PE Ratio compare vs other companies in the CN Electronic Industry?

Price-To-Earnings vs Industry: 300408 is good value based on its Price-To-Earnings Ratio (25.2x) compared to the CN Electronic industry average (31.6x)


Price to Earnings Ratio vs Fair Ratio

What is 300408's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

300408 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio25.2x
Fair PE Ratio36.7x

Price-To-Earnings vs Fair Ratio: 300408 is good value based on its Price-To-Earnings Ratio (25.2x) compared to the estimated Fair Price-To-Earnings Ratio (36.7x).


Share Price vs Fair Value

What is the Fair Price of 300408 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 300408 (CN¥24.61) is trading above our estimate of fair value (CN¥5.23)

Significantly Below Fair Value: 300408 is trading above our estimate of fair value.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

How is Chaozhou Three-Circle (Group)Ltd forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


28.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 300408's forecast earnings growth (28.5% per year) is above the savings rate (3.2%).

Earnings vs Market: 300408's earnings (28.5% per year) are forecast to grow faster than the CN market (25.9% per year).

High Growth Earnings: 300408's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: 300408's revenue (25.3% per year) is forecast to grow faster than the CN market (18.2% per year).

High Growth Revenue: 300408's revenue (25.3% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 300408's Return on Equity is forecast to be low in 3 years time (14.7%).


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Past Performance

How has Chaozhou Three-Circle (Group)Ltd performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


14.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 300408 has a high level of non-cash earnings.

Growing Profit Margin: 300408's current net profit margins (30%) are lower than last year (37.6%).


Past Earnings Growth Analysis

Earnings Trend: 300408's earnings have grown by 14.8% per year over the past 5 years.

Accelerating Growth: 300408's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 300408 had negative earnings growth (-4.7%) over the past year, making it difficult to compare to the Electronic industry average (2.2%).


Return on Equity

High ROE: 300408's Return on Equity (11.3%) is considered low.


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Financial Health

How is Chaozhou Three-Circle (Group)Ltd's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: 300408's short term assets (CN¥12.4B) exceed its short term liabilities (CN¥1.2B).

Long Term Liabilities: 300408's short term assets (CN¥12.4B) exceed its long term liabilities (CN¥963.5M).


Debt to Equity History and Analysis

Debt Level: 300408 has more cash than its total debt.

Reducing Debt: 300408's debt to equity ratio has reduced from 6.2% to 0.3% over the past 5 years.

Debt Coverage: 300408's debt is well covered by operating cash flow (2031.3%).

Interest Coverage: 300408 earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet


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Dividend

What is Chaozhou Three-Circle (Group)Ltd current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


1.30%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 300408's dividend (1.3%) is higher than the bottom 25% of dividend payers in the CN market (0.52%).

High Dividend: 300408's dividend (1.3%) is low compared to the top 25% of dividend payers in the CN market (2.1%).


Stability and Growth of Payments

Stable Dividend: 300408 has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: 300408's dividend payments have increased, but the company has only paid a dividend for 7 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (32%), 300408's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: 300408 is paying a dividend but the company has no free cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

5.3yrs

Average board tenure


CEO

Chaozhou Three-Circle (Group)Ltd has no CEO, or we have no data on them.


Board Members

Experienced Board: 300408's board of directors are considered experienced (5.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

What is the ownership structure of 300408?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders90,322,0394.7%
Institutions366,717,63219.1%
Private Companies645,357,85633.7%
General Public814,099,84442.5%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 5.5%.


Top Shareholders

Top 25 shareholders own 54.03% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
33.67%
Chaozhou Sanjiang Investment Co. Ltd.
645,357,856CN¥15.9b0%no data
2.8%
Wan Zhang
53,592,000CN¥1.3b0%no data
2.02%
National Council for Social Security Fund
38,770,464CN¥954.1m1.38%0.18%
1.44%
China Securities Finance Corp, Asset Management Arm
27,502,680CN¥676.8m0%0.13%
1.17%
Hua An Fund Management Co., Ltd.
22,355,315CN¥550.2m0%0.42%
1.1%
GF Fund Management Co., Ltd.
21,000,000CN¥516.8m0%0.2%
1.03%
Rui Xu
19,676,480CN¥484.2m0%no data
1.02%
Fullgoal Fund Management Co., Ltd.
19,461,869CN¥479.0m0%0.21%
0.97%
Perseverance Asset Management L.L.P.
18,509,721CN¥455.5m0%0.55%
0.91%
E Fund Management Co., Ltd.
17,403,608CN¥428.3m0%0.1%
0.89%
Can Xie
17,053,559CN¥419.7m-14.79%no data
0.89%
Bank of Communications Schroder Asset Management Co., Ltd
16,982,628CN¥417.9m0%6.33%
0.76%
China Southern Asset Management Co., Ltd.
14,475,191CN¥356.2m0%0.18%
0.7%
Shanghai Guotai Junan Securities Assets Management Limited
13,442,798CN¥330.8m0%2.71%
0.67%
Bank of Communications Schroder Fund Management Co., Ltd.
12,905,369CN¥317.6m0%0.32%
0.66%
Norges Bank Investment Management
12,663,445CN¥311.6m0%0.01%
0.61%
HFT Investment Management Co., Ltd.
11,745,503CN¥289.1m0%0.81%
0.49%
ICBC Credit Suisse Asset Management Co., Ltd.
9,312,177CN¥229.2m0%0.15%
0.48%
China Asset Management Co., Ltd.
9,245,321CN¥227.5m0%0.07%
0.36%
Caitong Securities Asset Management Co.,Ltd
6,969,277CN¥171.5m0%1.67%
0.32%
Bosera Asset Management Co., Ltd.
6,156,180CN¥151.5m0%0.13%
0.32%
Lombarda China Fund Management Co., Ltd.
6,140,674CN¥151.1m0%0.08%
0.27%
The Vanguard Group, Inc.
5,121,763CN¥126.0m1.65%no data
0.25%
BlackRock, Inc.
4,868,922CN¥119.8m0.72%no data
0.25%
CITIC-Prudential Fund Management Company Ltd
4,789,625CN¥117.9m0%0.44%

Company Information

Chaozhou Three-Circle (Group) Co.,Ltd.'s employee growth, exchange listings and data sources


Key Information

  • Name: Chaozhou Three-Circle (Group) Co.,Ltd.
  • Ticker: 300408
  • Exchange: SZSE
  • Founded: 1970
  • Industry: Electronic Components
  • Sector: Tech
  • Implied Market Cap: CN¥47.165b
  • Shares outstanding: 1.92b
  • Website: https://www.cctc.cc

Number of Employees


Location

  • Chaozhou Three-Circle (Group) Co.,Ltd.
  • Sanhuan Industrial District
  • Fengtang
  • Chaozhou
  • Guangdong Province
  • China


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
300408SZSE (Shenzhen Stock Exchange)YesDomestic SharesCNCNYDec 2014
300408XSEC (Shenzhen Stock Exchange - Shenzhen-Hong Kong Stock Connect)YesDomestic SharesCNCNYDec 2014

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/26 00:00
End of Day Share Price2022/09/26 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.