Irico Group Electronics Co Ltd Net Income dropped on 83.6% while Revenue jumped on 21.8%
23/03/2017 • About Irico Group Electronics Co Ltd (
$438) • By InTwits
Irico Group Electronics Co Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: in FY2016 vs. -4.7% in FY2015 vs. -20.4% in FY2012
- Irico Group Electronics Co Ltd spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 is 0.0%. Average EBITDA Margin for the same period was -10.9%0
- It operates with high leverage: Net Debt/EBITDA is 4.3x while industry average is 2.6x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Irico Group Electronics Co Ltd ($438) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 2,645 | 2,280 | 2,218 | 1,486 | 1,809 | 21.8% |
| Gross Profit | -99 | 66 | -45 | 32 | | -100.0% |
| SG&A | 589 | 535 | 501 | 234 | | -100.0% |
| EBITDA | -539 | -162 | -366 | -69 | | |
| Net Income | -1,662 | -226 | -814 | 644 | 106 | -83.6% |
Balance Sheet
|
|---|
| Cash | 1,210 | 795 | 256 | 253 | | -100.0% |
| Short Term Debt | 3,025 | 3,682 | 4,157 | 1,645 | | -100.0% |
| Long Term Debt | 4,927 | 3,263 | 2,097 | 227 | | -100.0% |
Cash flow
|
|---|
| Capex | 1,057 | 694 | 386 | 383 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -19.1% | -13.8% | -2.7% | -33.0% | 21.8% | |
| EBITDA growth | 370.7% | -70.0% | 126.7% | -81.1% | | |
| Gross Margin | -3.7% | 2.9% | -2.0% | 2.2% | | -2.2% |
| EBITDA Margin | -20.4% | -7.1% | -16.5% | -4.7% | 0.0% | 4.7% |
| Net Income Margin | -62.8% | -9.9% | -36.7% | 43.3% | 5.8% | -37.5% |
| SG&A, % of revenue | 22.3% | 23.5% | 22.6% | 15.7% | | -15.7% |
| CAPEX, % of revenue | 39.9% | 30.4% | 17.4% | 25.8% | | -25.8% |
| ROIC | -6.5% | -3.3% | -7.2% | -4.0% | | 4.0% |
| ROE | -161.0% | | | | | 0.0% |
Revenue and profitability
The company's Revenue jumped on 21.8%.
Net Income marign dropped on 37.5 pp from 43.3% to 5.8% in FY2016.
Appendix 1: Peers in Electronics
Below we provide Irico Group Electronics Co Ltd benchmarking against other companies in Electronics industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
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% | 4.1% | 7.2% | 0.4% | -0.9% |
|---|
| Irico Group Electronics Co Ltd ($438) | | -13.8% | -2.7% | -33.0% | 21.8% |
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) | 14.1% | 13.8% | 14.1% | 15.3% | 14.7% |
|---|
| Irico Group Electronics Co Ltd ($438) | -3.7% | 2.9% | -2.0% | 2.2% | |
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) | 7.4% | 7.6% | 5.4% | 5.1% | 5.8% |
|---|
| Irico Group Electronics Co Ltd ($438) | -20.4% | -7.1% | -16.5% | -4.7% | |
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% |
| 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% | |
| AKM Industrial Co Ltd ($1639) | 5.0% | 17.4% | 25.2% | 18.0% | |
| |
|---|
| Median (50 companies) | 3.7% | 3.0% | 3.7% | 2.9% | 3.2% |
|---|
| Irico Group Electronics Co Ltd ($438) | 39.9% | 30.4% | 17.4% | 25.8% | |
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) | 4.6% | 4.1% | 3.7% | 2.4% | 3.6% |
|---|
| Irico Group Electronics Co Ltd ($438) | -6.5% | -3.3% | -7.2% | -4.0% | |
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 |
|---|
