Ningbo Wanhao Holdings Co Ltd reports 163% Net Income growth and 28.9% Revenue growth
23/03/2016 • About Ningbo Wanhao Holdings Co Ltd (
$8249) • By InTwits
Ningbo Wanhao Holdings Co Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- The company operates at negative EBITDA Margin: -4.6%
- Ningbo Wanhao Holdings Co Ltd spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for 2011-2015 is 0.0%. Average EBITDA Margin for the same period was -28.5%0
- Ningbo Wanhao Holdings Co Ltd has high CAPEX intensity: 5 year average CAPEX/Revenue was 12.3%. At the same time it's in pair with industry average of 13.7%.
- CAPEX is quite volatile: 0.027 in 2015, 1.2 in 2014, 3.6 in 2013, 1.4 in 2012, 3.1 in 2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Ningbo Wanhao Holdings Co Ltd ($8249) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 8.689 | 9.180 | 47.039 | 43.787 | 56.427 | 28.9% |
| Gross Profit | -11.238 | -5.643 | -1.268 | 2.643 | 1.950 | -26.2% |
| SG&A | | 10.275 | 11.782 | 10.379 | 5.353 | -48.4% |
| EBITDA | -17.800 | -12.111 | -11.966 | -2.501 | -2.604 | 4.1% |
| Net Income | -29.491 | -7.322 | 72.255 | -7.147 | 4.524 | -163.3% |
Balance Sheet
|
|---|
| Cash | 2.205 | 6.604 | 2.510 | 4.096 | 1.373 | -66.5% |
| Short Term Debt | 34.750 | 9.500 | 30.000 | 0.000 | 0.000 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 3.105 | 1.405 | 3.614 | 1.247 | 0.027 | -97.8% |
Ratios
|
|---|
| Revenue growth | -39.8% | 5.7% | 412.4% | -6.9% | 28.9% | |
| EBITDA growth | 57.6% | -32.0% | -1.2% | -79.1% | 4.1% | |
| Gross Margin | -129.3% | -61.5% | -2.7% | 6.0% | 3.5% | -2.6% |
| EBITDA Margin | -204.9% | -131.9% | -25.4% | -5.7% | -4.6% | 1.1% |
| Net Income Margin | -339.4% | -79.8% | 153.6% | -16.3% | 8.0% | 24.3% |
| SG&A, % of revenue | | 111.9% | 25.0% | 23.7% | 9.5% | -14.2% |
| CAPEX, % of revenue | 35.7% | 15.3% | 7.7% | 2.8% | 0.0% | -2.8% |
Revenue and profitability
The company's Revenue jumped on 28.9% in 2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 1.1 pp from -5.7% to -4.6% in 2015.
Gross Margin decreased on 2.6 pp from 6.0% to 3.5% in 2015. SG&A as a % of Revenue dropped on 14.2 pp from 23.7% to 9.5% in 2015.
Net Income marign jumped on 24.3 pp from -16.3% to 8.0% in 2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 0.048% in 2015. The company's CAPEX/Revenue dropped on 15.3 pp from 15.3% in 2012 to 0.048% in 2015. Average CAPEX/Revenue for the last three years was 3.5%.
Leverage (Debt)
The company has no debt. Cash dropped on 66.5% in 2015.
Appendix 1: Peers in Electronics
Below you can find Ningbo Wanhao Holdings Co Ltd benchmarking vs. other companies in Electronics industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Netcom Technology Holdings Ltd ($8071) | -22.0% | 11.6% | -23.0% | 104.1% | |
| Technovator International Ltd ($1206) | | 27.4% | 34.1% | 35.9% | 19.0% |
| Tongda Group Holdings Ltd ($698) | | 8.3% | 6.4% | 32.1% | 26.8% |
| Advanced Card Systems Holdings Ltd ($8210) | | 36.9% | 20.8% | 26.7% | -4.8% |
| Alltronics Holdings Ltd ($833) | 33.9% | -1.6% | -1.6% | 23.4% | |
| |
|---|
| Median (49 companies) | 6.9% | -1.6% | 3.1% | 6.2% | 0.4% |
|---|
| Ningbo Wanhao Holdings Co Ltd ($8249) | | 5.7% | 412.4% | -6.9% | 28.9% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Advanced Card Systems Holdings Ltd ($8210) | 51.4% | 54.0% | 58.1% | 49.5% | 49.6% |
| AAC Technologies Holdings Inc ($2018) | 44.0% | 44.2% | 42.7% | 41.4% | 41.5% |
| TeleEye Holdings Ltd ($8051) | 51.6% | 44.0% | 42.1% | 38.5% | 37.0% |
| Wasion Group Holdings Ltd ($3393) | 30.3% | 32.8% | 35.1% | 34.2% | 30.2% |
| Datronix Holdings Ltd ($889) | 41.3% | 32.9% | 32.0% | 34.1% | 34.6% |
| |
|---|
| Median (47 companies) | 13.6% | 14.6% | 13.8% | 14.0% | 17.5% |
|---|
| Ningbo Wanhao Holdings Co Ltd ($8249) | -129.3% | -61.5% | -2.7% | 6.0% | 3.5% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| AAC Technologies Holdings Inc ($2018) | 35.2% | 35.8% | 35.8% | 34.9% | 34.8% |
| Nanjing Sample Technology Co Ltd ($1708) | 31.5% | 26.8% | 21.1% | 22.3% | 15.7% |
| Wasion Group Holdings Ltd ($3393) | 18.9% | 18.8% | 21.2% | 22.0% | 19.3% |
| Technovator International Ltd ($1206) | 19.2% | 19.0% | 19.0% | 20.8% | 18.0% |
| Trigiant Group Ltd ($1300) | 17.0% | 17.6% | 18.2% | 18.5% | 16.2% |
| |
|---|
| Median (49 companies) | 9.3% | 7.2% | 7.6% | 5.3% | 8.6% |
|---|
| Ningbo Wanhao Holdings Co Ltd ($8249) | -204.9% | -131.9% | -25.4% | -5.7% | -4.6% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| AKM Industrial Co Ltd ($1639) | 7.4% | 5.0% | 17.4% | 25.2% | 18.0% |
| AAC Technologies Holdings Inc ($2018) | 25.9% | 18.7% | 8.7% | 19.6% | 18.4% |
| Irico Group Electronics Co Ltd ($438) | 92.0% | 39.9% | 30.4% | 17.4% | 25.8% |
| Tech Pro Technology Development Ltd ($3823) | 32.8% | 7.6% | 13.1% | 15.4% | |
| Nanjing Sample Technology Co Ltd ($1708) | 3.7% | 23.9% | 15.5% | 12.0% | 2.7% |
| |
|---|
| Median (49 companies) | 3.2% | 3.7% | 2.9% | 4.2% | 3.2% |
|---|
| Ningbo Wanhao Holdings Co Ltd ($8249) | 35.7% | 15.3% | 7.7% | 2.8% | 0.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| AAC Technologies Holdings Inc ($2018) | 22.3% | 29.1% | 30.0% | 26.0% | 27.8% |
| Cowell e Holdings Inc ($1415) | | 12.5% | 27.1% | 24.4% | 25.8% |
| Advanced Card Systems Holdings Ltd ($8210) | 15.5% | 26.7% | 24.7% | 20.2% | 9.7% |
| Alltronics Holdings Ltd ($833) | 19.3% | 13.1% | 15.2% | 19.8% | |
| Tongda Group Holdings Ltd ($698) | 14.3% | 15.2% | 13.5% | 16.5% | 16.3% |
| |
|---|
| Median (49 companies) | 5.7% | 4.3% | 3.5% | 3.0% | 3.4% |
|---|
| Ningbo Wanhao Holdings Co Ltd ($8249) | | | | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| National Electronic Hldgs ($213) | 43.0x | 16.3x | 30.2x | 84.8x | 19.9x |
| Sino-Tech International Holdings Ltd ($724) | | | 15.7x | 24.7x | |
| Eyang Holdings Group Co Ltd ($117) | 4.2x | 3.3x | 3.7x | 17.9x | |
| SAS Dragon Hldg Ltd ($1184) | 2.8x | 7.1x | 2.0x | 6.4x | |
| Willas-Array Electronics Holdings Ltd ($854) | 2.8x | 2.2x | 2.6x | 5.7x | 5.4x |
| |
|---|
| Median (36 companies) | 0.7x | 1.1x | 1.1x | 1.0x | 0.2x |
|---|
