Chaowei Power Holdings Ltd revenue jumped on 13.7% in 2016
26/03/2017 • About Chaowei Power Holdings Ltd (
$951) • By InTwits
Chaowei 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 -8.9x while industry average is -28.5x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Chaowei Power Holdings Ltd ($951) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 9,559 | 14,973 | 18,187 | 18,870 | 21,455 | 13.7% |
| Gross Profit | 1,895 | 2,027 | 2,047 | 2,410 | | -100.0% |
| SG&A | 736 | 1,003 | 1,433 | 1,387 | | -100.0% |
| EBITDA | 992 | 878 | 520 | 1,028 | | -100.0% |
| Net Income | 496 | 310 | -29 | 332 | 504 | 51.9% |
Balance Sheet
|
|---|
| Cash | 905 | 1,121 | 1,017 | 961 | | -100.0% |
| Short Term Debt | 1,521 | 1,792 | 3,095 | 2,083 | | -100.0% |
| Long Term Debt | 800 | 1,204 | 1,111 | 1,844 | | -100.0% |
Cash flow
|
|---|
| Capex | 1,033 | 752 | 648 | 617 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 93.8% | 56.6% | 21.5% | 3.8% | 13.7% | |
| EBITDA growth | 17.7% | -11.5% | -40.8% | 97.7% | | |
| Gross Margin | 19.8% | 13.5% | 11.3% | 12.8% | | -12.8% |
| EBITDA Margin | 10.4% | 5.9% | 2.9% | 5.4% | 0.0% | -5.4% |
| Net Income Margin | 5.2% | 2.1% | -0.2% | 1.8% | 2.3% | 0.6% |
| SG&A, % of revenue | 7.7% | 6.7% | 7.9% | 7.3% | | -7.3% |
| CAPEX, % of revenue | 10.8% | 5.0% | 3.6% | 3.3% | | -3.3% |
| ROIC | 21.4% | 12.6% | 4.1% | 10.0% | | -10.0% |
| ROE | 25.4% | 13.8% | -1.3% | 13.8% | | -13.8% |
| Net Debt/EBITDA | 1.4x | 2.1x | 6.1x | 2.9x | | -2.9x |
Revenue and profitability
The company's Revenue surged on 13.7%.
Net Income marign increased slightly on 0.59 pp from 1.8% to 2.3% in FY2016.
Appendix 1: Peers in Electrical Compo&Equip
Below you can find Chaowei Power Holdings Ltd benchmarking vs. other companies in Electrical Compo&Equip 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 |
|---|
| Applied Development Holdings Ltd ($519) | | | | 850.5% | 187.4% |
| Jimei International Entertainment Group Ltd ($1159) | 100.6% | 652.0% | -31.2% | 273.5% | |
| FDG Electric Vehicles Ltd ($729) | | -7.0% | 54.0% | 270.8% | 19.7% |
| Xinjiang Goldwind Science & Technology Co Ltd ($2208) | | 8.7% | 44.1% | 69.8% | |
| Sun King Power Electronics Group ($580) | | 29.0% | -30.1% | 51.2% | 9.6% |
| |
|---|
| Median (34 companies) | 0.2% | 8.3% | 15.0% | 6.1% | 3.1% |
|---|
| Chaowei Power Holdings Ltd ($951) | | 56.6% | 21.5% | 3.8% | 13.7% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Titans Energy Technology Group Co Ltd ($2188) | 41.4% | 27.3% | 33.7% | 36.6% | |
| Boer Power Holdings Ltd ($1685) | 36.8% | 36.0% | 35.3% | 35.7% | |
| Sun King Power Electronics Group ($580) | 25.4% | 30.0% | 30.8% | 34.1% | 38.9% |
| China High Speed Transmission Equipment Group Co Ltd ($658) | 24.4% | 24.9% | 24.8% | 32.5% | |
| CEC International Holdings Ltd ($759) | 23.6% | 27.9% | 29.9% | 31.8% | 33.4% |
| |
|---|
| Median (32 companies) | 18.6% | 17.7% | 16.4% | 18.1% | 26.4% |
|---|
| Chaowei Power Holdings Ltd ($951) | 19.8% | 13.5% | 11.3% | 12.8% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Shougang Concord Technology Holdings ($521) | 12.3% | 28.1% | 31.9% | 45.8% | |
| Boer Power Holdings Ltd ($1685) | 26.3% | 27.8% | 28.5% | 28.6% | |
| China High Speed Transmission Equipment Group Co Ltd ($658) | 20.2% | 19.2% | 20.8% | 26.3% | |
| China Titans Energy Technology Group Co Ltd ($2188) | 10.8% | -11.9% | 2.0% | 16.5% | |
| Sun King Power Electronics Group ($580) | 8.4% | 13.8% | 2.2% | 15.8% | 21.5% |
| |
|---|
| Median (34 companies) | 7.3% | 7.2% | 4.7% | 6.4% | 7.3% |
|---|
| Chaowei Power Holdings Ltd ($951) | 10.4% | 5.9% | 2.9% | 5.4% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| FDG Electric Vehicles Ltd ($729) | 374.3% | 82.3% | 71.1% | 417.0% | 311.5% |
| Applied Development Holdings Ltd ($519) | 79.7% | | 1,285.3% | 89.8% | 683.8% |
| Xinjiang Goldwind Science & Technology Co Ltd ($2208) | 23.1% | 50.7% | 13.5% | 22.8% | |
| Jimei International Entertainment Group Ltd ($1159) | 0.1% | 15.2% | 0.6% | 7.3% | |
| CEC International Holdings Ltd ($759) | 8.8% | 10.1% | 4.3% | 6.9% | 2.8% |
| |
|---|
| Median (34 companies) | 5.7% | 4.9% | 4.1% | 2.6% | 8.3% |
|---|
| Chaowei Power Holdings Ltd ($951) | 10.8% | 5.0% | 3.6% | 3.3% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Boer Power Holdings Ltd ($1685) | 18.0% | 17.0% | 21.2% | 19.5% | |
| Tianneng Power International Ltd ($819) | 20.0% | 4.5% | -3.6% | 14.9% | |
| Jiangnan Group Ltd ($1366) | 14.9% | 14.1% | 13.5% | 12.8% | 9.3% |
| Xinjiang Goldwind Science & Technology Co Ltd ($2208) | 1.8% | 3.0% | 10.4% | 12.0% | |
| Johnson Electric Holdings Ltd ($179) | 11.7% | 11.6% | 12.7% | 11.2% | 7.4% |
| |
|---|
| Median (34 companies) | 2.7% | 2.9% | 0.6% | 2.6% | 0.8% |
|---|
| Chaowei Power Holdings Ltd ($951) | 21.4% | 12.6% | 4.1% | 10.0% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Wai Chi Holdings Co Ltd ($1305) | 3.4x | 3.1x | 2.0x | 11.8x | |
| Coslight Technology International Group Co Ltd ($1043) | 51.9x | 8.7x | 54.7x | 7.7x | |
| Guodian Technology & Environment Group Corp Ltd ($1296) | 6.3x | 7.6x | 6.8x | 6.9x | |
| Leoch International Technology Ltd ($842) | 9.3x | 16.3x | 4.7x | 5.0x | |
| CEC International Holdings Ltd ($759) | 3.9x | 6.1x | 4.1x | 4.9x | 6.0x |
| |
|---|
| Median (25 companies) | 1.6x | 0.6x | 2.0x | 0.6x | 0.8x |
|---|
| Chaowei Power Holdings Ltd ($951) | 1.4x | 2.1x | 6.1x | 2.9x | |
