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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 222.5x - 246.0x | 234.3x |
| Selected Fwd P/E Multiple | 38.1x - 42.1x | 40.1x |
| Fair Value | ¥23.37 - ¥25.83 | ¥24.60 |
| Upside | -1.2% - 9.2% | 4.0% |
| Benchmarks | - | Full Ticker |
| New East New Materials Co., Ltd | 60,311,000.0% | SHSE:603110 |
| Fujian Green Pine Co., Ltd. | 30,013,200.0% | SZSE:300132 |
| Changzhou Tronly New Electronic Materials Co., Ltd. | 30,042,900.0% | SZSE:300429 |
| Shandong Tongda Island New Materials Co.,Ltd. | 30,032,100.0% | SZSE:300321 |
| Jiangsu Feymer Technology Co., Ltd. | 68,835,000.0% | SHSE:688350 |
| Shanghai Titan Scientific Co., Ltd. | 68,813,300.0% | SHSE:688133 |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| 603110 | 300132 | 300429 | 300321 | 688350 | 688133 | |||
| SHSE:603110 | SZSE:300132 | SZSE:300429 | SZSE:300321 | SHSE:688350 | SHSE:688133 | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 9.7% | NM- | NM- | NM- | NM- | -29.5% | ||
| 3Y CAGR | 1.5% | NM- | NM- | NM- | NM- | -55.2% | ||
| Latest Twelve Months | 157.6% | 118.3% | 65.5% | 2021.8% | -117.1% | -82.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 10.6% | -7.0% | 2.0% | 2.7% | 5.5% | 4.8% | ||
| Prior Fiscal Year | 4.9% | -25.4% | -10.4% | 2.5% | 1.7% | 2.6% | ||
| Latest Fiscal Year | 13.2% | -3.5% | -5.8% | -2.4% | -0.3% | 0.4% | ||
| Latest Twelve Months | 12.4% | 1.4% | -5.7% | 1.5% | -0.3% | 0.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 97.4x | 19.8x | 95.7x | 91.7x | 14.1x | 104.2x | ||
| Price / LTM Sales | 7.2x | 1.3x | 6.6x | 7.2x | 1.0x | 1.3x | ||
| LTM P/E Ratio | 58.2x | 91.2x | -117.1x | 476.5x | -325.1x | 300.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -325.1x | 58.2x | 476.5x | |||||
| Historical LTM P/E Ratio | 54.6x | 120.4x | 300.0x | |||||
| Selected P/E Multiple | 222.5x | 234.3x | 246.0x | |||||
| (x) LTM Net Income | 13 | 13 | 13 | |||||
| (=) Equity Value | 2,877 | 3,029 | 3,180 | |||||
| (/) Shares Outstanding | 164.4 | 164.4 | 164.4 | |||||
| Implied Value Range | 17.50 | 18.42 | 19.34 | |||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 17.50 | 18.42 | 19.34 | 23.66 | ||||
| Upside / (Downside) | -26.0% | -22.1% | -18.3% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 603110 | 300132 | 300429 | 300321 | 688350 | 688133 | |
| Value of Common Equity | 2,892 | 2,473 | 6,118 | 2,646 | 1,521 | 3,891 | |
| (/) Shares Outstanding | 201.2 | 498.6 | 531.5 | 88.8 | 117.8 | 164.4 | |
| Implied Stock Price | 14.37 | 4.96 | 11.51 | 29.80 | 12.91 | 23.66 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 14.37 | 4.96 | 11.51 | 29.80 | 12.91 | 23.66 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |