Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: CN¥0.072 (vs CN¥0.059 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.072 (up from CN¥0.059 in 1Q 2025). Revenue: CN¥5.95b (up 80% from 1Q 2025). Net income: CN¥192.7m (up 23% from 1Q 2025). Profit margin: 3.2% (down from 4.7% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. New Risk • Apr 30
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Announcement • Apr 29
AVIC Chengdu Aircraft Company Limited, Annual General Meeting, May 22, 2026 AVIC Chengdu Aircraft Company Limited, Annual General Meeting, May 22, 2026, at 14:00 China Standard Time. Location: No. 39, Jingyi Road, Huangtianba, Qingyang District, Chengdu, Sichuan China Announcement • Mar 31
AVIC Chengdu Aircraft Company Limited to Report Q1, 2026 Results on Apr 29, 2026 AVIC Chengdu Aircraft Company Limited announced that they will report Q1, 2026 results on Apr 29, 2026 New Risk • Jan 06
New major risk - Revenue and earnings growth Earnings have declined by 7.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 7.7% per year over the past 5 years. Shareholders have been substantially diluted in the past year (356% increase in shares outstanding). Minor Risk Paying a dividend despite being loss-making. Announcement • Dec 31
AVIC Chengdu Aircraft Company Limited to Report Fiscal Year 2025 Results on Mar 31, 2026 AVIC Chengdu Aircraft Company Limited announced that they will report fiscal year 2025 results on Mar 31, 2026 Reported Earnings • Oct 29
Third quarter 2025 earnings released: EPS: CN¥0.47 (vs CN¥0.037 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.47 (up from CN¥0.037 in 3Q 2024). Revenue: CN¥27.6b (up CN¥27.2b from 3Q 2024). Net income: CN¥1.26b (up CN¥1.24b from 3Q 2024). Profit margin: 4.6% (down from 5.2% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 34% 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, earnings per share has increased by 14% per year but the company’s share price has increased by 102% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 30
AVIC Chengdu Aircraft Company Limited to Report Q3, 2025 Results on Oct 29, 2025 AVIC Chengdu Aircraft Company Limited announced that they will report Q3, 2025 results on Oct 29, 2025 New Risk • Sep 21
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 0.7% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (356% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (7.6% average weekly change). Reported Earnings • Aug 28
Second quarter 2025 earnings released: EPS: CN¥0.28 (vs CN¥0.10 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.28 (up from CN¥0.10 in 2Q 2024). Revenue: CN¥17.4b (up CN¥16.9b from 2Q 2024). Net income: CN¥756.3m (up CN¥692.5m from 2Q 2024). Profit margin: 4.3% (down from 13% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 41% 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 increased by 12% per year but the company’s share price has increased by 109% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 02
AVIC Chengdu Aircraft Company Limited to Report First Half, 2025 Results on Aug 28, 2025 AVIC Chengdu Aircraft Company Limited announced that they will report first half, 2025 results on Aug 28, 2025 Announcement • Jun 19
Avic Chengdu Aircraft Company Limited Declares First Quarter Dividend on A Share of Year 2025, Payable on 24 June 2025 AVIC Chengdu Aircraft Company Limited declared first quarter Cash dividend/10 shares (tax included) of CNY6.23000000 on A share of year 2025. Record date is 23 June 2025. Ex-date is 24 June 2025. Payment date is 24 June 2025. New Risk • May 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 356% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (356% increase in shares outstanding). Revenue is less than US$1m. Announcement • May 20
AVIC Chengdu Aircraft Company Limited Approves Profit Distribution Plan for 2024 AVIC Chengdu Aircraft Company Limited held its 2nd Extraordinary General Meeting of 2025 on 16 May 2025, were approved 2024 profit distribution plan as Cash dividend/10 shares (tax included): CNY 6.23000000. New Risk • May 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 8.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (8.8% average weekly change). New Risk • Apr 30
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Announcement • Apr 24
AVIC Chengdu Aircraft Company Limited Approves Cash Dividend for 2024 AVIC Chengdu Aircraft Company Limited at its Annual General Meeting held on 21 April 2025 approved cash dividend of CNY 0.14000000 per 10 shares (tax included) for 2024. Announcement • Mar 31
AVIC Chengdu Aircraft Company Limited to Report Q1, 2025 Results on Apr 29, 2025 AVIC Chengdu Aircraft Company Limited announced that they will report Q1, 2025 results on Apr 29, 2025 Reported Earnings • Mar 28
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: CN¥0.19 (up from CN¥0.17 in FY 2023). Revenue: CN¥1.78b (up 6.1% from FY 2023). Net income: CN¥112.3m (up 14% from FY 2023). Profit margin: 6.3% (up from 5.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 11% 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 29% per year but the company’s share price has increased by 67% per year, which means it is well ahead of earnings. Announcement • Mar 28
AVIC Chengdu Aircraft Company Limited, Annual General Meeting, Apr 21, 2025 AVIC Chengdu Aircraft Company Limited, Annual General Meeting, Apr 21, 2025, at 14:00 China Standard Time. Location: No. 39, Jingyi Road, Huangtianba, Qingyang District, Chengdu, Sichuan China Announcement • Jan 24
Zhonghang Electronic Measuring Instruments Co.,Ltd Announces Board Changes Zhonghang Electronic Measuring Instruments Co.,Ltd held its 1st Extraordinary General Meeting of 2025 on 22 January 2025 were approved; Sui Shaochun, non-independent director, Jiang Min, non-independent director, Meng Jinqiang, non-independent director, Li Shimin, non-independent director, Xu Dongsheng, non-independent director, Sun Shaoshan, non-independent director, Tian Gang, non-independent director, Ye Zhongming, independent director, Li Bo, independent director, Guo Jianfeng, independent director Liu Zhewei, independent director, Nie Xiaoming, non-employee supervisor, Zhou Xunwen, non-employee supervisor. Announcement • Dec 31
Zhonghang Electronic Measuring Instruments Co.,Ltd to Report Fiscal Year 2024 Results on Mar 14, 2025 Zhonghang Electronic Measuring Instruments Co.,Ltd announced that they will report fiscal year 2024 results on Mar 14, 2025 Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: CN¥0.037 (vs CN¥0.003 loss in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.037 (up from CN¥0.003 loss in 3Q 2023). Revenue: CN¥370.4m (up 4.9% from 3Q 2023). Net income: CN¥19.2m (up CN¥20.8m from 3Q 2023). Profit margin: 5.2% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 73% per year, which means it is well ahead of earnings. 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 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 26% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Announcement • Sep 30
Zhonghang Electronic Measuring Instruments Co.,Ltd to Report Q3, 2024 Results on Oct 24, 2024 Zhonghang Electronic Measuring Instruments Co.,Ltd announced that they will report Q3, 2024 results on Oct 24, 2024 New Risk • Aug 31
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: Major Risk Earnings have declined by 26% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: CN¥0.10 (vs CN¥0.13 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.10 (down from CN¥0.13 in 2Q 2023). Revenue: CN¥492.4m (down 4.4% from 2Q 2023). Net income: CN¥63.8m (down 18% from 2Q 2023). Profit margin: 13% (down from 15% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Announcement • Jun 29
Zhonghang Electronic Measuring Instruments Co.,Ltd to Report First Half, 2024 Results on Aug 29, 2024 Zhonghang Electronic Measuring Instruments Co.,Ltd announced that they will report first half, 2024 results on Aug 29, 2024 Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: CN¥0.034 (vs CN¥0.039 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.034 (down from CN¥0.039 in 1Q 2023). Revenue: CN¥325.7m (down 9.0% from 1Q 2023). Net income: CN¥20.2m (down 12% from 1Q 2023). Profit margin: 6.2% (down from 6.4% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 48% per year, which means it is well ahead of earnings. Announcement • Mar 30
Zhonghang Electronic Measuring Instruments Co.,Ltd to Report Q1, 2024 Results on Apr 26, 2024 Zhonghang Electronic Measuring Instruments Co.,Ltd announced that they will report Q1, 2024 results on Apr 26, 2024 Announcement • Mar 16
Zhonghang Electronic Measuring Instruments Co.,Ltd, Annual General Meeting, Apr 11, 2024 Zhonghang Electronic Measuring Instruments Co.,Ltd, Annual General Meeting, Apr 11, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Xi'an, Shaanxi China Agenda: To consider 2023 work report of the board of directors; to consider 2023 work report of the supervisory committee; to consider 2023 audit report; to consider 2023 annual accounts report; to consider 2023 profit distribution plan; to consider 2023 annual report and its summary; to consider 2023 ESG Report; to consider reappointment of 2024 audit firm;to consider 2024 connected transactions; to consider 2024 investment plan and increase of projects; and to consider 2024 financial budget report. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: CN¥0.17 (vs CN¥0.33 in FY 2022) Full year 2023 results: EPS: CN¥0.17 (down from CN¥0.33 in FY 2022). Revenue: CN¥1.68b (down 12% from FY 2022). Net income: CN¥98.2m (down 49% from FY 2022). Profit margin: 5.9% (down from 10% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 49% per year, which means it is well ahead of earnings. Announcement • Dec 30
Zhonghang Electronic Measuring Instruments Co.,Ltd to Report Fiscal Year 2023 Results on Mar 15, 2024 Zhonghang Electronic Measuring Instruments Co.,Ltd announced that they will report fiscal year 2023 results on Mar 15, 2024 Reported Earnings • Oct 25
Third quarter 2023 earnings released: CN¥0.003 loss per share (vs CN¥0.12 profit in 3Q 2022) Third quarter 2023 results: CN¥0.003 loss per share (down from CN¥0.12 profit in 3Q 2022). Revenue: CN¥353.0m (down 31% from 3Q 2022). Net loss: CN¥1.59m (down 102% from profit in 3Q 2022). Revenue is forecast to grow 41% 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 20% per year but the company’s share price has increased by 41% per year, which means it is well ahead of earnings. New Risk • Oct 13
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 8.0% 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 (8.0% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (9.2% net profit margin). Reported Earnings • Aug 29
Second quarter 2023 earnings released: EPS: CN¥0.13 (vs CN¥0.17 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.13 (down from CN¥0.17 in 2Q 2022). Revenue: CN¥515.1m (down 3.3% from 2Q 2022). Net income: CN¥77.9m (down 22% from 2Q 2022). Profit margin: 15% (down from 19% in 2Q 2022). Revenue is forecast to grow 42% 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 10% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. New Risk • Jul 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 7.2% 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 (7.2% average weekly change). Profit margins are more than 30% lower than last year (10% net profit margin). Reported Earnings • Apr 26
First quarter 2023 earnings released: EPS: CN¥0.039 (vs CN¥0.043 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.039 (down from CN¥0.043 in 1Q 2022). Revenue: CN¥357.8m (down 13% from 1Q 2022). Net income: CN¥22.9m (down 9.6% from 1Q 2022). Profit margin: 6.4% (up from 6.2% in 1Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 66% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 149% After last week's 149% share price gain to CN¥26.34, the stock trades at a trailing P/E ratio of 65.9x. Average trailing P/E is 39x in the Electronic industry in China. Total returns to shareholders of 146% over the past three years. Announcement • Feb 04
Zhonghang Electronic Measuring Instruments Co.,Ltd (SZSE:300114) agreed to acquire Chengdu Aircraft Industrial (Group) Co. Ltd. from Aviation Industry Corporation of China,Ltd. Zhonghang Electronic Measuring Instruments Co.,Ltd (SZSE:300114) agreed to acquire Chengdu Aircraft Industrial (Group) Co. Ltd. from Aviation Industry Corporation of China,Ltd. on February 1, 2023. Transaction is approved by Zhonghang Electronic's board. Transaction is subject to approval from Zhonghang Electronic's shareholders, 4.The assessment reports obtaining the filing of the authorized state-owned assets supervision and administration commission (SASAC), State Administration of Science, Technology and Industry for National Defense, Shenzhen Stock Exchange’s Approval, CSRC’s Approval and other necessary approval. Board Change • Feb 02
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. Supervisor Changxun Yuan is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Nov 16
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. Supervisor Changxun Yuan is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 25
Third quarter 2022 earnings released: EPS: CN¥0.12 (vs CN¥0.13 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.12 (down from CN¥0.13 in 3Q 2021). Revenue: CN¥512.3m (flat on 3Q 2021). Net income: CN¥69.8m (down 12% from 3Q 2021). Profit margin: 14% (down from 16% in 3Q 2021). Revenue is forecast to grow 26% 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 increased by 9% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 31
Second quarter 2022 earnings released: EPS: CN¥0.17 (vs CN¥0.25 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.17 (down from CN¥0.25 in 2Q 2021). Revenue: CN¥532.4m (down 14% from 2Q 2021). Net income: CN¥99.5m (down 33% from 2Q 2021). Profit margin: 19% (down from 24% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 38%, compared to a 27% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Jun 08
Zhonghang Electronic Measuring Instruments Co.,Ltd. Announces Cash Dividend for 2021, Payable on 14 June 2022 Zhonghang Electronic Measuring Instruments Co.,Ltd. announced Cash dividend per 10 shares (tax included): CNY 0.50000000 for 2021. Record date is 13 June 2022, Ex-date is 14 June 2022 and Payment date is 14 June 2022. Reported Earnings • Apr 28
First quarter 2022 earnings released: EPS: CN¥0.043 (vs CN¥0.068 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.043 (down from CN¥0.068 in 1Q 2021). Revenue: CN¥409.3m (down 1.6% from 1Q 2021). Net income: CN¥25.3m (down 37% from 1Q 2021). Profit margin: 6.2% (down from 9.7% in 1Q 2021). The decrease in margin was primarily driven by higher expenses. Over the next year, revenue is forecast to grow 25%, compared to a 24% growth forecast for the 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 remained flat, which means it is significantly lagging earnings. Board Change • Apr 27
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. Supervisor Changxun Yuan is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Apr 23
Zhonghang Electronic Measuring Instruments Co.,Ltd Approves Final Cash Dividend for 2021 Zhonghang Electronic Measuring Instruments Co.,Ltd approved final cash dividend of CNY 0.50000000 per 10 shares (tax included) for 2021, at its AGM held on April 21, 2022. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: CN¥0.52 (vs CN¥0.45 in FY 2020) Full year 2021 results: EPS: CN¥0.52 (up from CN¥0.45 in FY 2020). Revenue: CN¥1.94b (up 10% from FY 2020). Net income: CN¥307.0m (up 17% from FY 2020). Profit margin: 16% (in line with FY 2020). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Apr 02
Zhonghang Electronic Measuring Instruments Co.,Ltd, Annual General Meeting, Apr 21, 2022 Zhonghang Electronic Measuring Instruments Co.,Ltd, Annual General Meeting, Apr 21, 2022, at 14:00 China Standard Time. Agenda: To consider 2021 work report of the board of directors; to 2021 work report of the supervisory committee; to 2021 audit report; to 2021 annual accounts; to Reappointment of 2022 audit firm; to Amendments to the articles of associations of the Company; to By-election of Wei Fuyuan as a non-independent director; and to Formulation of the reporting system for the board of directors to the general meeting of shareholders. Announcement • Apr 01
Zhonghang Electronic Measuring Instruments Co.,Ltd Proposes Final Cash Dividend for 2021 Zhonghang Electronic Measuring Instruments Co.,Ltd proposed final cash dividend of CNY 0.50000000 per 10 shares (tax included) for 2021. Reported Earnings • Oct 27
Third quarter 2021 earnings released: EPS CN¥0.13 (vs CN¥0.13 in 3Q 2020) The company reported a solid third quarter result with improved earnings, although revenues and profit margins were flat. Third quarter 2021 results: Revenue: CN¥509.7m (flat on 3Q 2020). Net income: CN¥79.5m (up 2.2% from 3Q 2020). Profit margin: 16% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 27
Second quarter 2021 earnings released: EPS CN¥0.25 (vs CN¥0.18 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥618.9m (up 24% from 2Q 2020). Net income: CN¥147.5m (up 35% from 2Q 2020). Profit margin: 24% (up from 22% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 25% per year. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 19% share price gain to CN¥17.61, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 31x in the Electronic industry in China. Total returns to shareholders of 93% over the past three years. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥16.97, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 29x in the Electronic industry in China. Total returns to shareholders of 75% over the past three years. Announcement • May 29
Zhonghang Electronic Measuring Instruments Co., Ltd Announces 2020 Final Distribution Plan, Payable on 4 June 2021 Zhonghang Electronic Measuring Instruments Co. Ltd. announced 2020 final distribution plan to be implemented (A shares) of cash dividend CNY 0.50400200 per 10 shares (tax included). The dividend is payable on 4 June 2021 with the record date of 3 June 2021. Ex-date is 4 June 2021. Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS CN¥0.068 (vs CN¥0.057 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: CN¥416.1m (up 29% from 1Q 2020). Net income: CN¥40.3m (up 20% from 1Q 2020). Profit margin: 9.7% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Mar 23
Consensus EPS estimates increase to CN¥0.62 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from CN¥1.96b to CN¥2.07b. EPS estimate increased from CN¥0.53 to CN¥0.62 per share. Net income forecast to grow 40% next year vs 40% growth forecast for Electronic industry in China. Consensus price target of CN¥18.46 unchanged from last update. Share price rose 6.2% to CN¥13.24 over the past week. Announcement • Mar 19
Zhonghang Electronic Measuring Instruments Co., Ltd Proposes 2020 Final Dividend Zhonghang Electronic Measuring Instruments Co. Ltd. proposed 2020 final distribution. For the period the company proposed cash dividend per 10 shares (tax included) of CNY 0.49538000. Announcement • Mar 18
Zhonghang Electronic Measuring Instruments Co., Ltd, Annual General Meeting, Apr 09, 2021 Zhonghang Electronic Measuring Instruments Co., Ltd, Annual General Meeting, Apr 09, 2021, at 14:00 China Standard Time. Agenda: To consider 2020 work report of the board of directors; to 2020 work report of the supervisory committee; to 2020 audit report; to 2020 annual accounts; to 2020 profit distribution plan; to 2020 annual report and its summary; to appointment of 2021 audit firm; to 2021 connected transactions; to purchase of liability insurance for directors, supervisors and senior management; to amendments to the remuneration and allowance management system for directors, supervisors and senior management; to election of non-independent directors; to election of independent directors; and to election of non-employee supervisors. Reported Earnings • Mar 17
Full year 2020 earnings released: EPS CN¥0.45 (vs CN¥0.36 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥1.76b (up 14% from FY 2019). Net income: CN¥262.5m (up 24% from FY 2019). Profit margin: 15% (up from 14% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Feb 18
Zhonghang Electronic Measuring Instruments Co., Ltd to Report Fiscal Year 2020 Results on Mar 17, 2021 Zhonghang Electronic Measuring Instruments Co., Ltd announced that they will report fiscal year 2020 results on Mar 17, 2021 Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥13.20, the stock is trading at a trailing P/E ratio of 32.1x, down from the previous P/E ratio of 38.8x. This compares to an average P/E of 40x in the Electronic industry in China. Total returns to shareholders over the past three years are 49%. Is New 90 Day High Low • Jan 26
New 90-day low: CN¥13.38 The company is down 20% from its price of CN¥16.75 on 28 October 2020. The Chinese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥0.59 per share. Is New 90 Day High Low • Dec 10
New 90-day low: CN¥13.93 The company is down 6.0% from its price of CN¥14.81 on 11 September 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 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥0.59 per share. Reported Earnings • Oct 28
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥247.3m, up 18% from the prior year. Total revenue was CN¥1.72b over the last 12 months, up 13% from the prior year. Announcement • Oct 20
Zhonghang Electronic Measuring Instruments Co., Ltd to Report Q3, 2020 Results on Oct 28, 2020 Zhonghang Electronic Measuring Instruments Co., Ltd announced that they will report Q3, 2020 results on Oct 28, 2020 Is New 90 Day High Low • Oct 12
New 90-day high: CN¥17.73 The company is up 30% from its price of CN¥13.65 on 14 July 2020. The Chinese market is down 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥0.98 per share. Is New 90 Day High Low • Sep 21
New 90-day high: CN¥16.47 The company is up 46% from its price of CN¥11.28 on 23 June 2020. The Chinese market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥0.98 per share. Announcement • Aug 13
Zhonghang Electronic Measuring Instruments Co., Ltd to Report First Half, 2020 Results on Aug 28, 2020 Zhonghang Electronic Measuring Instruments Co., Ltd announced that they will report first half, 2020 results on Aug 28, 2020 
