Zhejiang Shibao Co Ltd revenue jumped on 36.4%
26/03/2017 • About Zhejiang Shibao Co Ltd (
$1057) • By InTwits
Zhejiang Shibao Co 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 2.3x while industry average is 0.6x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Zhejiang Shibao Co Ltd ($1057) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 545 | 671 | 807 | 833 | 1,136 | 36.4% |
| Gross Profit | 165 | 175 | 213 | 212 | | -100.0% |
| SG&A | 95 | 129 | 153 | 162 | | -100.0% |
| EBITDA | 108 | 94 | 117 | 113 | | -100.0% |
| Net Income | 72 | 49 | 43 | 54 | 63 | 18.6% |
Balance Sheet
|
|---|
| Cash | 79 | 67 | 760 | 503 | | -100.0% |
| Short Term Debt | 225 | 287 | 343 | 108 | | -100.0% |
| Long Term Debt | 16 | 3 | 2 | 1 | | -100.0% |
Cash flow
|
|---|
| Capex | 56 | 31 | 78 | 62 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -12.2% | 23.1% | 20.2% | 3.2% | 36.4% | |
| EBITDA growth | -32.8% | -13.0% | 25.1% | -3.7% | | |
| Gross Margin | 30.3% | 26.0% | 26.4% | 25.5% | | -25.5% |
| EBITDA Margin | 19.8% | 14.0% | 14.5% | 13.5% | 0.0% | -13.5% |
| Net Income Margin | 13.2% | 7.3% | 5.4% | 6.4% | 5.6% | -0.8% |
| SG&A, % of revenue | 17.5% | 19.2% | 19.0% | 19.4% | | -19.4% |
| CAPEX, % of revenue | 10.2% | 4.7% | 9.7% | 7.4% | | -7.4% |
| ROIC | 7.9% | 4.3% | 4.0% | 2.8% | | -2.8% |
| ROE | 10.6% | 6.7% | 4.0% | 3.7% | | -3.7% |
| Net Debt/EBITDA | 1.5x | 2.4x | -3.5x | -3.5x | | 3.5x |
Revenue and profitability
Zhejiang Shibao Co Ltd's Revenue surged on 36.4%.
Net Income marign decreased slightly on 0.84 pp from 6.4% to 5.6% in FY2016.
Appendix 1: Peers in Auto Parts&Equipment
Below you can find Zhejiang Shibao Co Ltd benchmarking vs. other companies in Auto Parts&Equipment 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 |
|---|
| China Vehicle Components Technology Holdings Ltd ($1269) | -10.4% | 27.1% | 31.0% | 30.9% | |
| Xinchen China Power Holdings Ltd ($1148) | | 0.5% | 2.6% | 23.3% | 5.9% |
| 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% |
| |
|---|
| Median (16 companies) | -10.2% | 10.7% | 2.6% | -2.9% | 13.2% |
|---|
| Zhejiang Shibao Co Ltd ($1057) | | 23.1% | 20.2% | 3.2% | 36.4% |
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% |
| Huazhong In-Vehicle Holdings Co Ltd ($6830) | 20.9% | 23.6% | 24.0% | 24.2% | |
| Weichai Power Co Ltd ($2338) | 19.2% | 20.2% | 21.1% | 22.8% | |
| |
|---|
| Median (17 companies) | 20.1% | 20.0% | 21.2% | 19.1% | 35.4% |
|---|
| Zhejiang Shibao Co Ltd ($1057) | 30.3% | 26.0% | 26.4% | 25.5% | |
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% |
|---|
| Zhejiang Shibao Co Ltd ($1057) | 19.8% | 14.0% | 14.5% | 13.5% | |
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) | 8.5% | 8.5% | 5.4% | 7.4% | 12.8% |
|---|
| Zhejiang Shibao Co Ltd ($1057) | 10.2% | 4.7% | 9.7% | 7.4% | |
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% | 8.9% | 6.9% | 3.3% | 16.3% |
|---|
| Zhejiang Shibao Co Ltd ($1057) | 7.9% | 4.3% | 4.0% | 2.8% | |
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 | |
| Xinchen China Power Holdings Ltd ($1148) | -0.1x | -2.3x | 0.6x | 1.9x | |
| Xinyi Glass Holdings Ltd ($868) | 1.9x | 0.9x | 2.4x | 1.7x | 1.2x |
| |
|---|
| Median (11 companies) | 0.6x | 0.9x | 1.1x | 0.6x | 0.1x |
|---|
| Zhejiang Shibao Co Ltd ($1057) | 1.5x | 2.4x | -3.5x | -3.5x | |
