Lens Technology (SZSE:300433) - Share price, News & Analysis

Q: What is the Fair Price of 300433 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

300433 (CN¥9.23) is trading below our estimate of [[fair value]] (CN¥20.68)

300433 fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	3/6
Past Performance	0/6
Financial Health	5/6
Dividends	1/6

300433 Stock Overview

Lens Technology Co., Ltd. researches, develops, manufactures, and sells window touch protective glass panels, touch modules, and window touch protection new materials.

Rewards

Trading at 55.4% below our estimate of its fair value

Earnings are forecast to grow 59.25% per year

Trading below our calculated fair Price-To-Sales ratio

Risk Analysis

Dividend of 1.08% is not well covered by earnings or cash flows

Lens Technology Competitors

Suzhou Dongshan Precision Manufacturing

SZSE:002384

CN¥39.6b

Shennan Circuit

SZSE:002916

CN¥38.8b

Guangzhou Shiyuan Electronic Technology

SZSE:002841

CN¥41.6b

China Zhenhua (Group) Science & Technology

SZSE:000733

CN¥60.1b

Price History & Performance

Summary of all time highs, changes and price drops for Lens Technology
Historical stock prices
Current Share Price	CN¥9.23
52 Week High	CN¥25.40
52 Week Low	CN¥8.87
Beta	1.29
1 Month Change	-16.32%
3 Month Change	-19.74%
1 Year Change	-55.88%
3 Year Change	-21.25%
5 Year Change	-51.44%
Change since IPO	50.53%

Shareholder Returns

	300433	CN Electronic	CN Market
7D	0.1%	-1.8%	-1.1%
1Y	-55.9%	-27.3%	-19.2%

Return vs Industry: 300433 underperformed the CN Electronic industry which returned -27.3% over the past year.

Return vs Market: 300433 underperformed the CN Market which returned -19.2% over the past year.

Price Volatility

Is 300433's price volatile compared to industry and market?
300433 volatility
300433 Average Weekly Movement	5.8%
Electronic Industry Average Movement	6.5%
Market Average Movement	5.8%
10% most volatile stocks in CN Market	9.2%
10% least volatile stocks in CN Market	3.8%

Stable Share Price: 300433 is not significantly more volatile than the rest of CN stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: 300433's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1993	156,880	Qun Zhou	https://www.hnlens.com

Lens Technology Co., Ltd. researches, develops, manufactures, and sells window touch protective glass panels, touch modules, and window touch protection new materials. It offers window protection glass, touch screen monomers, touch screen modules, camera modules, fingerprint modules, cameras, buttons, ceramics, metal accessories, etc. The company’s products are used in mobile phones, tablets, laptops, TVs, digital cameras, players, GPS navigators, car meters, smart homes, medical equipment, etc. Lens Technology Co., Ltd. was founded in 1993 and is based in Changsha, China.

Lens Technology Fundamentals Summary

How do Lens Technology's earnings and revenue compare to its market cap?
300433 fundamental statistics
Market Cap	CN¥45.51b
Earnings (TTM)	-CN¥542.66m
Revenue (TTM)	CN¥43.06b

1.1x

P/S Ratio

-83.9x

P/E Ratio

Is 300433 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
300433 income statement (TTM)
Revenue	CN¥43.06b
Cost of Revenue	CN¥36.85b
Gross Profit	CN¥6.21b
Other Expenses	CN¥6.75b
Earnings	-CN¥542.66m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	-0.11
Gross Margin	14.42%
Net Profit Margin	-1.26%
Debt/Equity Ratio	48.7%

How did 300433 perform over the long term?

See historical performance and comparison

Dividends

1.1%

Current Dividend Yield

-91%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is 300433 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales 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 300433?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for 300433. This is calculated by dividing 300433's market cap by their current preferred multiple.
What is 300433's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	CN¥45.51b

300433 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/Revenue	1.3x
Enterprise Value/EBITDA	20.6x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 300433's PS Ratio compare to its peers?

300433 PS Ratio vs Peers

The above table shows the PS ratio for 300433 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	3.7x
002384 Suzhou Dongshan Precision Manufacturing	1.2x	13.2%	CN¥39.6b
002916 Shennan Circuit	2.6x	16.0%	CN¥38.8b
002841 Guangzhou Shiyuan Electronic Technology	1.9x	14.7%	CN¥41.6b
000733 China Zhenhua (Group) Science & Technology	9x	24.1%	CN¥60.1b
300433 Lens Technology	1.1x	16.2%	CN¥45.5b

Price-To-Sales vs Peers: 300433 is good value based on its Price-To-Sales Ratio (1.1x) compared to the peer average (3.7x).

Price to Earnings Ratio vs Industry

How does 300433's PE Ratio compare vs other companies in the CN Electronic Industry?

Price-To-Sales vs Industry: 300433 is good value based on its Price-To-Sales Ratio (1.1x) compared to the CN Electronic industry average (3.4x)

Price to Sales Ratio vs Fair Ratio

What is 300433's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

300433 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.1x
Fair PS Ratio	2x

Price-To-Sales vs Fair Ratio: 300433 is good value based on its Price-To-Sales Ratio (1.1x) compared to the estimated Fair Price-To-Sales Ratio (2x).

Share Price vs Fair Value

What is the Fair Price of 300433 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 300433 (CN¥9.23) is trading below our estimate of fair value (CN¥20.68)

Significantly Below Fair Value: 300433 is trading below fair value by more than 20%.

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, but analysts are not within a statistically confident range of agreement.

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Future Growth

How is Lens Technology forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

59.3%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 300433 is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (3.2%).

Earnings vs Market: 300433 is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: 300433 is expected to become profitable in the next 3 years.

Revenue vs Market: 300433's revenue (16.2% per year) is forecast to grow slower than the CN market (18.1% per year).

High Growth Revenue: 300433's revenue (16.2% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 300433's Return on Equity is forecast to be low in 3 years time (8.8%).

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Past Performance

How has Lens Technology performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

14.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 300433 is currently unprofitable.

Growing Profit Margin: 300433 is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: 300433 is unprofitable, but has reduced losses over the past 5 years at a rate of 14.9% per year.

Accelerating Growth: Unable to compare 300433's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: 300433 is unprofitable, making it difficult to compare its past year earnings growth to the Electronic industry (2.6%).

Return on Equity

High ROE: 300433 has a negative Return on Equity (-1.13%), as it is currently unprofitable.

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Financial Health

How is Lens Technology's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: 300433's short term assets (CN¥25.4B) exceed its short term liabilities (CN¥18.1B).

Long Term Liabilities: 300433's short term assets (CN¥25.4B) exceed its long term liabilities (CN¥14.7B).

Debt to Equity History and Analysis

Debt Level: 300433's net debt to equity ratio (23.9%) is considered satisfactory.

Reducing Debt: 300433's debt to equity ratio has reduced from 54.7% to 48.7% over the past 5 years.

Debt Coverage: 300433's debt is well covered by operating cash flow (30.4%).

Interest Coverage: Insufficient data to determine if 300433's interest payments on its debt are well covered by EBIT.

Balance Sheet

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Dividend

What is Lens Technology current dividend yield, its reliability and sustainability?

Dividend Score

1/6

Dividend Score 1/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

1.08%

Current Dividend Yield

Dividend Yield vs Market

Lens Technology Dividend Yield vs Market

How does Lens Technology dividend yield compare to the market?
Segment	Dividend Yield
Company (Lens Technology)	1.1%
Market Bottom 25% (CN)	0.5%
Market Top 25% (CN)	2.2%
Industry Average (Electronic)	1.7%
Analyst forecast in 3 Years (Lens Technology)	1.4%

Notable Dividend: 300433's dividend (1.08%) is higher than the bottom 25% of dividend payers in the CN market (0.55%).

High Dividend: 300433's dividend (1.08%) is low compared to the top 25% of dividend payers in the CN market (2.16%).

Stability and Growth of Payments

Stable Dividend: 300433 has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: 300433 has only been paying a dividend for 7 years, and since then payments have fallen.

Earnings Payout to Shareholders

Earnings Coverage: 300433 is paying a dividend but the company is unprofitable.

Cash Payout to Shareholders

Cash Flow Coverage: 300433 is paying a dividend but the company has no free cash flows.

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Management

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

1.3yrs

Average board tenure

CEO

Qun Zhou (52 yo)

no data

Tenure

CN¥5,000,000

Compensation

Ms. Qun Fei Zhou is the Co-Owner of Changsha Qunxin Investment Consulting Co., Ltd. Ms. Zhou has been Chairman and General Manager of Hunan Sanwei Glass Technology Co., Ltd. since December 2010.Ms. Zhou s...

Board Members

Experienced Board: 300433's board of directors are not considered experienced ( 1.3 years average tenure), which suggests a new board.

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 300433?
Owner Type	Number of Shares	Ownership Percentage
Individual Insiders	11,158,654	0.2%
Institutions	672,383,264	13.6%
General Public	1,139,151,484	23.1%
Private Companies	3,108,258,703	63.0%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 73.1% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
56.88%	Lens Technology (Hong Kong) Co., Ltd.	2,804,509,821	CN¥25.9b	0%	no data
5.84%	Changsha Qunxin Investment Consulting Co., Ltd.	288,025,612	CN¥2.7b	0%	no data
3.99%	Hunan Shengzhong Private Equity Fund Management Co., Ltd.	196,540,880	CN¥1.8b	0%	no data
0.91%	Nuode Asset Management Co., Ltd.	44,811,320	CN¥413.6m	0%	4.62%
0.8%	Rosefinch Fund Management Co., Ltd.	39,308,176	CN¥362.8m	0%	2.15%
0.64%	Hunan Chasing Fund Management Co., Ltd	31,446,540	CN¥290.3m	0%	14.83%
0.48%	China Asset Management Co., Ltd.	23,675,960	CN¥218.5m	0%	0.07%
0.41%	Norges Bank Investment Management	20,349,860	CN¥187.8m	0%	no data
0.4%	China Merchants Securities Asset Management Co., Ltd.	19,788,847	CN¥182.7m	0%	7.52%
0.39%	GIC Private Limited	18,985,770	CN¥175.2m	-26.79%	0.04%
0.38%	Chengtong Fund Management Co., Ltd.	18,630,667	CN¥172.0m	0%	0.62%
0.38%	E Fund Management Co., Ltd.	18,521,342	CN¥171.0m	0%	0.04%
0.22%	BlackRock, Inc.	10,782,575	CN¥99.5m	0.44%	no data
0.21%	CPP Investments	10,491,970	CN¥96.8m	0%	0.02%
0.19%	Tianhong Asset Management Co., Ltd.	9,330,703	CN¥86.1m	0%	0.12%
0.18%	Ping An Fund Management Co., Ltd.	9,033,407	CN¥83.4m	0%	0.3%
0.14%	Hua An Fund Management Co., Ltd.	6,727,956	CN¥62.1m	0%	0.05%
0.1%	Huatai-PineBridge Fund Management Company Limited	5,151,806	CN¥47.6m	0%	0.05%
0.097%	China Southern Asset Management Co., Ltd.	4,790,205	CN¥44.2m	0%	0.02%
0.095%	Principal Global Investors, LLC	4,675,119	CN¥43.2m	0%	no data
0.092%	Baring Asset Management Limited	4,557,501	CN¥42.1m	0%	0.08%
0.085%	Harvest Fund Management Co., Ltd.	4,183,700	CN¥38.6m	-0.05%	0.02%
0.083%	Yinhua Fund Management Co. Ltd.	4,111,841	CN¥38.0m	0%	0.03%
0.068%	Jun Long Zheng	3,347,879	CN¥30.9m	0%	no data
0.06%	Fullgoal Fund Management Co., Ltd.	2,977,633	CN¥27.5m	0%	0.01%

Ticker	Exchange	Primary Security	Security Type	Country	Currency	Listed on
300433	SZSE (Shenzhen Stock Exchange)	Yes	Domestic Shares	CN	CNY	Mar 2015
300433	XSEC (Shenzhen Stock Exchange - Shenzhen-Hong Kong Stock Connect)	Yes	Domestic Shares	CN	CNY	Mar 2015

Data	Last Updated (UTC time)
Company Analysis	2022/10/06 00:00
End of Day Share Price	2022/09/30 00:00
Earnings	2022/06/30
Annual Earnings	2021/12/31