Xinchen China Power Holdings Ltd Net Income dropped on 17.3% in 2016
23/03/2017 • About Xinchen China Power Holdings Ltd (
$1148) • By InTwits
Xinchen China Power Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: It operates with high leverage: Net Debt/EBITDA is 0.9x while industry average is 0.2x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Xinchen China Power Holdings Ltd ($1148) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 2,573 | 2,586 | 2,652 | 3,269 | 3,462 | 5.9% |
| Gross Profit | 518 | 511 | 530 | 510 | | -100.0% |
| SG&A | 129 | 155 | 182 | 208 | | -100.0% |
| EBITDA | 400 | 363 | 415 | 417 | | -100.0% |
| Net Income | 290 | 271 | 272 | 225 | 186 | -17.3% |
Balance Sheet
|
|---|
| Cash | 665 | 1,166 | 354 | 288 | | -100.0% |
| Short Term Debt | 617 | 343 | 221 | 351 | | -100.0% |
| Long Term Debt | 0 | 0 | 367 | 738 | | -100.0% |
Cash flow
|
|---|
| Capex | 32 | 20 | 580 | 271 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 11.5% | 0.5% | 2.6% | 23.3% | 5.9% | |
| EBITDA growth | 5.1% | -9.2% | 14.4% | 0.4% | | |
| Gross Margin | 20.1% | 19.7% | 20.0% | 15.6% | | -15.6% |
| EBITDA Margin | 15.5% | 14.0% | 15.7% | 12.7% | 0.0% | -12.7% |
| Net Income Margin | 11.3% | 10.5% | 10.2% | 6.9% | 5.4% | -1.5% |
| SG&A, % of revenue | 5.0% | 6.0% | 6.9% | 6.4% | | -6.4% |
| CAPEX, % of revenue | 1.2% | 0.8% | 21.9% | 8.3% | | -8.3% |
| ROIC | 22.4% | 14.7% | 12.5% | 8.6% | | -8.6% |
| ROE | 24.6% | 15.5% | 11.7% | 8.7% | | -8.7% |
| Net Debt/EBITDA | -0.1x | -2.3x | 0.6x | 1.9x | | -1.9x |
Revenue and profitability
The company's Revenue increased on 5.9%.
Net Income marign decreased slightly on 1.5 pp from 6.9% to 5.4% in FY2016.
Appendix 1: Peers in Auto Parts&Equipment
Below we provide Xinchen China Power Holdings Ltd benchmarking against other companies in Auto Parts&Equipment 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 |
|---|
| China Vehicle Components Technology Holdings Ltd ($1269) | -10.4% | 27.1% | 31.0% | 30.9% | |
| Minth Group Ltd ($425) | | 27.3% | 21.3% | 14.5% | 22.8% |
| Nexteer Automotive Group Ltd ($1316) | | 10.1% | 24.8% | 12.8% | 14.3% |
| Xinyi Glass Holdings Ltd ($868) | | 17.8% | 9.3% | 5.5% | 12.1% |
| Jinheng Automotive Safety Technology Holdings Ltd ($872) | -10.2% | -23.5% | -7.5% | 5.3% | |
| |
|---|
| Median (16 companies) | -10.3% | 14.6% | 6.0% | -2.9% | 14.3% |
|---|
| Xinchen China Power Holdings Ltd ($1148) | | 0.5% | 2.6% | 23.3% | 5.9% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Fuyao Glass Industry Group Co Ltd ($3606) | 37.4% | 41.0% | 41.5% | 41.5% | 42.0% |
| Minth Group Ltd ($425) | 33.1% | 33.0% | 31.2% | 31.7% | 34.6% |
| Xinyi Glass Holdings Ltd ($868) | 26.4% | 31.6% | 25.2% | 27.3% | 36.3% |
| Zhejiang Shibao Co Ltd ($1057) | 30.3% | 26.0% | 26.4% | 25.5% | |
| Huazhong In-Vehicle Holdings Co Ltd ($6830) | 20.9% | 23.6% | 24.0% | 24.2% | |
| |
|---|
| Median (17 companies) | 20.8% | 20.6% | 22.3% | 20.3% | 35.4% |
|---|
| Xinchen China Power Holdings Ltd ($1148) | 20.1% | 19.7% | 20.0% | 15.6% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Fuyao Glass Industry Group Co Ltd ($3606) | 28.5% | 28.7% | 29.2% | 27.7% | 28.6% |
| Xinyi Glass Holdings Ltd ($868) | 22.5% | 43.8% | 20.0% | 25.0% | 31.4% |
| Minth Group Ltd ($425) | 25.6% | 24.2% | 23.1% | 24.5% | 26.3% |
| Xiezhong International Holdings Ltd ($3663) | 20.7% | 17.2% | 16.0% | 18.6% | |
| Nexteer Automotive Group Ltd ($1316) | 6.7% | 10.4% | 12.0% | 13.7% | 14.8% |
| |
|---|
| Median (17 companies) | 9.3% | 11.4% | 11.5% | 11.3% | 27.4% |
|---|
| Xinchen China Power Holdings Ltd ($1148) | 15.5% | 14.0% | 15.7% | 12.7% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hybrid Kinetic Group Ltd ($1188) | 8.5% | | | 176.2% | |
| Changfeng Axle China Co Ltd ($1039) | 14.4% | 4.1% | 1.1% | 38.3% | |
| Fuyao Glass Industry Group Co Ltd ($3606) | 14.6% | 16.5% | 21.1% | 23.9% | 21.3% |
| Xiezhong International Holdings Ltd ($3663) | 22.9% | 24.9% | 12.0% | 19.4% | |
| Xinyi Glass Holdings Ltd ($868) | 17.0% | 28.9% | 15.8% | 16.7% | |
| |
|---|
| Median (17 companies) | 10.2% | 8.5% | 5.4% | 7.4% | 12.8% |
|---|
| Xinchen China Power Holdings Ltd ($1148) | 1.2% | 0.8% | 21.9% | 8.3% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Nexteer Automotive Group Ltd ($1316) | 14.0% | 18.2% | 17.7% | 21.2% | 24.9% |
| Fuyao Glass Industry Group Co Ltd ($3606) | 19.0% | 21.1% | 22.3% | 15.7% | 15.0% |
| Minth Group Ltd ($425) | 11.9% | 12.1% | 11.8% | 13.4% | 17.1% |
| Xinyi Glass Holdings Ltd ($868) | 9.3% | 22.6% | 8.3% | 10.8% | 15.5% |
| Huazhong In-Vehicle Holdings Co Ltd ($6830) | 2.4% | 9.2% | 12.5% | 10.3% | |
| |
|---|
| Median (17 companies) | 6.3% | 8.5% | 5.8% | 2.8% | 16.3% |
|---|
| Xinchen China Power Holdings Ltd ($1148) | 22.4% | 14.7% | 12.5% | 8.6% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Huazhong In-Vehicle Holdings Co Ltd ($6830) | 7.9x | 2.8x | 2.2x | 2.9x | |
| Xiezhong International Holdings Ltd ($3663) | 0.6x | 1.2x | 1.2x | 2.2x | |
| China Vehicle Components Technology Holdings Ltd ($1269) | 9.4x | 5.8x | 5.3x | 2.0x | |
| Xinyi Glass Holdings Ltd ($868) | 1.9x | 0.9x | 2.4x | 1.7x | 1.2x |
| Weichai Power Co Ltd ($2338) | 0.7x | 0.6x | 1.1x | 0.6x | |
| |
|---|
| Median (11 companies) | 0.9x | 1.1x | 1.1x | 0.5x | 0.1x |
|---|
| Xinchen China Power Holdings Ltd ($1148) | -0.1x | -2.3x | 0.6x | 1.9x | |
