China Automation Group Ltd revenue decline accelerated from 14.5% in FY2015 to 27.2% in FY2016
23/03/2017 • About China Automation Group Ltd (
$569) • By InTwits
China Automation Group Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- China Automation Group Ltd is a company in decline: FY2016 revenue growth was -27.2%, 5 years revenue CAGR was -9.6%
- EBITDA Margin is declining: in FY2016 vs. -9.7% in FY2015 vs. 16.6% in FY2012
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
China Automation Group Ltd ($569) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 2,211 | 2,309 | 1,919 | 1,641 | 1,195 | -27.2% |
| Gross Profit | 865 | 828 | 621 | 498 | | -100.0% |
| SG&A | 474 | 487 | 364 | 367 | | -100.0% |
| EBITDA | 367 | 323 | 256 | -159 | | |
| Net Income | 85 | 74 | 35 | -105 | -391 | |
Balance Sheet
|
|---|
| Cash | 495 | 457 | 395 | 601 | | -100.0% |
| Short Term Debt | 400 | 397 | 347 | 708 | | -100.0% |
| Long Term Debt | 1,183 | 1,147 | 1,161 | 351 | | -100.0% |
Cash flow
|
|---|
| Capex | 81 | 83 | 81 | 170 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 11.6% | 4.4% | -16.9% | -14.5% | -27.2% | |
| EBITDA growth | -15.6% | -11.9% | -20.7% | -161.9% | | |
| Gross Margin | 39.1% | 35.9% | 32.4% | 30.3% | | -30.3% |
| EBITDA Margin | 16.6% | 14.0% | 13.4% | -9.7% | 0.0% | 9.7% |
| Net Income Margin | 3.8% | 3.2% | 1.8% | -6.4% | -32.7% | -26.3% |
| SG&A, % of revenue | 21.4% | 21.1% | 19.0% | 22.4% | | -22.4% |
| CAPEX, % of revenue | 3.7% | 3.6% | 4.2% | 10.4% | | -10.4% |
| ROIC | 8.4% | 6.5% | 4.6% | -6.5% | | 6.5% |
| ROE | 4.9% | 4.1% | 1.9% | -5.8% | | 5.8% |
| Net Debt/EBITDA | 3.0x | 3.4x | 4.3x | | | 0.0x |
Revenue and profitability
China Automation Group Ltd's Revenue dropped on 27.2%.
Net Income marign dropped on 26.3 pp from -6.4% to -32.7% in FY2016.
Appendix 1: Peers in Electronics
Below you can find China Automation Group 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| GCL New Energy Holdings Ltd ($451) | 14.7% | -6.8% | 10.9% | 53.9% | |
| Tech Pro Technology Development Ltd ($3823) | 7.4% | -44.9% | -13.7% | 52.4% | |
| Nanjing Sample Technology Co Ltd ($1708) | 36.1% | 8.0% | 15.4% | 34.8% | |
| AAC Technologies Holdings Inc ($2018) | | 28.9% | 9.7% | 32.2% | 32.1% |
| Ningbo Wanhao Holdings Co Ltd ($8249) | 5.7% | 412.4% | -6.9% | 28.9% | |
| |
|---|
| Median (50 companies) | -1.6% | 3.6% | 7.2% | 0.4% | -0.1% |
|---|
| China Automation Group Ltd ($569) | | 4.4% | -16.9% | -14.5% | -27.2% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Advanced Card Systems Holdings Ltd ($8210) | 54.0% | 58.1% | 49.5% | 49.6% | |
| AAC Technologies Holdings Inc ($2018) | 44.2% | 42.7% | 41.4% | 41.5% | 41.5% |
| TeleEye Holdings Ltd ($8051) | 44.0% | 42.1% | 38.5% | 37.0% | 40.9% |
| Hi Sun Technology China Ltd ($818) | 28.1% | 37.4% | 33.3% | 34.7% | 30.8% |
| Datronix Holdings Ltd ($889) | 32.9% | 32.0% | 34.1% | 34.6% | |
| |
|---|
| Median (48 companies) | 13.6% | 13.8% | 13.9% | 14.0% | 14.7% |
|---|
| China Automation Group Ltd ($569) | 39.1% | 35.9% | 32.4% | 30.3% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| AAC Technologies Holdings Inc ($2018) | 35.8% | 35.8% | 34.9% | 34.8% | 36.1% |
| GCL New Energy Holdings Ltd ($451) | 10.8% | 11.1% | 12.6% | 33.0% | |
| Daiwa Associate Holdings ($1037) | 2.4% | 3.8% | 2.8% | 25.6% | -53.6% |
| Wasion Group Holdings Ltd ($3393) | 18.8% | 21.2% | 22.0% | 19.3% | |
| Tongda Group Holdings Ltd ($698) | 17.1% | 16.8% | 18.4% | 18.9% | 20.2% |
| |
|---|
| Median (50 companies) | 6.5% | 6.0% | 4.6% | 5.1% | 5.8% |
|---|
| China Automation Group Ltd ($569) | 16.6% | 14.0% | 13.4% | -9.7% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| GCL New Energy Holdings Ltd ($451) | 5.5% | 5.1% | 5.4% | 401.2% | |
| National Electronic Hldgs ($213) | 3.4% | 18.1% | 7.1% | 49.7% | 4.7% |
| Irico Group Electronics Co Ltd ($438) | 39.9% | 30.4% | 17.4% | 25.8% | |
| Kingwell Group Ltd ($1195) | 8.6% | 5.4% | 5.3% | 21.4% | 0.0% |
| AAC Technologies Holdings Inc ($2018) | 18.7% | 8.7% | 19.6% | 18.4% | |
| |
|---|
| Median (50 companies) | 3.9% | 3.0% | 3.7% | 2.9% | 3.2% |
|---|
| China Automation Group Ltd ($569) | 3.7% | 3.6% | 4.2% | 10.4% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| AAC Technologies Holdings Inc ($2018) | 29.1% | 30.0% | 26.0% | 27.8% | 27.6% |
| Cowell e Holdings Inc ($1415) | 12.5% | 27.1% | 24.4% | 25.8% | 8.2% |
| Changhong Jiahua Holdings Ltd ($8016) | 29.6% | 17.7% | 15.1% | 16.7% | |
| Tongda Group Holdings Ltd ($698) | 15.2% | 13.5% | 16.5% | 16.3% | 17.8% |
| Alltronics Holdings Ltd ($833) | 13.1% | 15.2% | 19.8% | 15.6% | |
| |
|---|
| Median (50 companies) | 4.3% | 3.5% | 3.0% | 2.4% | 3.6% |
|---|
| China Automation Group Ltd ($569) | 8.4% | 6.5% | 4.6% | -6.5% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| National Electronic Hldgs ($213) | 16.3x | 30.2x | 84.8x | 19.9x | 42.7x |
| GCL New Energy Holdings Ltd ($451) | 2.9x | 2.6x | 1.7x | 17.4x | |
| Man Yue Technology Holdings Ltd ($894) | 2.1x | 2.7x | 3.3x | 6.5x | |
| Willas-Array Electronics Holdings Ltd ($854) | 2.2x | 2.6x | 5.7x | 5.4x | 14.1x |
| SAS Dragon Hldg Ltd ($1184) | 7.1x | 2.0x | 6.4x | 4.8x | |
| |
|---|
| Median (33 companies) | 1.0x | 1.1x | 0.8x | 0.2x | 0.7x |
|---|
