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Quectel Wireless Solutions

Quectel Wireless Solutions's net profit rose 89.4% yoy to CNY 358 mil in 2021

By Helgi Library - August 29, 2022

Quectel Wireless Solutions made a net profit of CNY 358 mil with revenues of CNY 11,262 mil in 2021, up by 89.4% and up...

Quectel Wireless Solutions's employees rose 35.8% yoy to 4,107 in 2021

By Helgi Library - August 29, 2022

Quectel Wireless Solutions employed 4,107 employees in 2021, up 35.8% compared to the previous year. Historically, between ...

Quectel Wireless Solutions's price/earnings (P/E) fell 23.4% yoy to 80.9 in 2021

By Helgi Library - August 29, 2022

Quectel Wireless Solutions stock traded at CNY 155 per share at the end 2021 translating into a market capitalization of USD 4,556 mil. ...

Profit Statement 2025 2026 2027
Sales CNY mil 35,557 40,464 46,378
Gross Profit CNY mil 7,090 8,904 11,317
EBITDA CNY mil 2,554 2,948 3,405
EBIT CNY mil 2,314 2,698 3,145
Financing Cost CNY mil ... ... ...
Pre-Tax Profit CNY mil 2,299 2,683 3,130
Net Profit CNY mil 2,069 2,415 2,817
Dividends CNY mil 533 639 833
Balance Sheet 2025 2026 2027
Total Assets CNY mil 12,080 13,341 14,742
Non-Current Assets CNY mil 1,739 1,791 1,845
Current Assets CNY mil 10,341 11,550 12,897
Working Capital CNY mil 6,003 6,986 8,106
Shareholders' Equity CNY mil 6,870 8,645 10,629
Liabilities CNY mil -1,196 4,695 4,113
Total Debt CNY mil 2,568 2,578 2,588
Net Debt CNY mil 805 665 525
Ratios 2025 2026 2027
ROE % 32.7 31.1 29.2
ROCE % 28.4 29.2 30.1
Gross Margin % 19.9 22.0 24.4
EBITDA Margin % 7.18 7.29 7.34
EBIT Margin % 6.51 6.67 6.78
Net Margin % 5.82 5.97 6.07
Net Debt/EBITDA 0.315 0.226 0.154
Net Debt/Equity % 11.7 7.69 4.94
Cost of Financing % ... ... ...
Valuation 2025 2026 2027
Market Capitalisation USD mil 4,504 4,504 4,504
Enterprise Value (EV) USD mil 4,630 4,608 4,586
Number Of Shares mil 188 188 188
Share Price CNY 153 153 153
EV/EBITDA 11.5 9.96 8.58
EV/Sales 0.830 0.726 0.630
Price/Earnings (P/E) 13.9 11.9 10.2
Price/Book Value (P/BV) 4.18 3.32 2.70
Dividend Yield % 1.86 2.23 2.90

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overview Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
income statement                          
Sales CNY mil     1,661 2,701 4,130 6,106 11,262            
Gross Profit CNY mil     299 551 874 1,235 1,978            
EBIT CNY mil     73.5 189 170 137 359            
Net Profit CNY mil     81.5 180 148 189 358            
                             
ROE % ...   28.0 32.2 12.5 10.5 14.1            
EBIT Margin %     4.42 7.01 4.12 2.24 3.19            
Net Margin %     4.91 6.68 3.58 3.10 3.18            
Employees     591 1,059 1,617 3,025 4,107 ... ... ... ... ... ...
balance sheet                          
Total Assets CNY mil     806 1,292 2,932 4,601 8,140            
Non-Current Assets CNY mil     44.6 108 374 890 1,545            
Current Assets CNY mil     762 1,184 2,558 3,711 6,595            
                             
Shareholders' Equity CNY mil     465 655 1,715 1,869 3,209            
Liabilities CNY mil     341 637 1,217 2,733 4,931            
Non-Current Liabilities CNY mil     0 0 0 89.5 295            
Current Liabilities CNY mil     341 637 1,217 2,643 4,635            
                             
Net Debt/EBITDA     -2.35 -0.489 -1.15 2.86 2.54            
Net Debt/Equity %     -40.0 -14.9 -13.6 33.3 43.5            
Cost of Financing % ...   2.82 4.02 2.54 1.92 1.35 ... ... ... ... ... ...
cash flow                          
Total Cash From Operations CNY mil     16.5 82.5 -145 -404 -520            
Total Cash From Investing CNY mil     -90.9 -12.4 -595 -292 -945            
Total Cash From Financing CNY mil     183 60.7 1,075 709 1,991            
Net Change In Cash CNY mil     108 132 339 12.9 523            
valuation                          
Market Capitalisation USD mil ... ... ... ... 1,598 3,059 4,556            
Enterprise Value (EV) USD mil ... ... ... ... 1,565 3,154 4,775            
Number Of Shares mil ... ... 127 136 155 180 187            
Share Price CNY ... ... ... ... 71.9 111 155            
Price/Earnings (P/E) ... ... ... ... 75.2 106 80.9            
Price/Cash Earnings (P/CE) ... ... ... ... 63.5 77.6 55.3            
EV/EBITDA ... ... ... ... 53.0 98.1 56.1            
Price/Book Value (P/BV) ... ... ... ... 6.49 10.7 9.02            
Dividend Yield % ... ... ... ... 0.401 0.286 0.371            
income statement Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
income statement                          
Sales CNY mil     1,661 2,701 4,130 6,106 11,262            
Cost of Goods & Services CNY mil     1,361 2,150 3,256 4,871 9,284            
Gross Profit CNY mil     299 551 874 1,235 1,978            
Selling, General & Admin CNY mil     123 196 326 372 587 ... ... ... ... ... ...
Research & Development CNY mil     99.7 164 362 707 1,022 ... ... ... ... ... ...
Other Operating Expense CNY mil     3.83 3.25 10.7 38.7 19.6 ... ... ... ... ... ...
Staff Cost CNY mil     65.1 118 174 196 365 ... ... ... ... ... ...
Other Operating Cost (Income) CNY mil     3.19 9.98 12.7 50.7 33.1 ... ... ... ... ... ...
EBITDA CNY mil     79.1 200 204 217 549            
Depreciation CNY mil   ... ... ... 27.3 68.2 166            
EBIT CNY mil     73.5 189 170 137 359            
Net Financing Cost CNY mil ...   -0.042 2.29 2.71 11.6 19.3            
Financing Cost CNY mil ...   1.11 3.23 6.66 15.3 25.4 ... ... ... ... ... ...
Financing Income CNY mil ...   1.15 0.938 3.95 3.67 6.14 ... ... ... ... ... ...
FX (Gain) Loss CNY mil     -17.1 -4.56 23.4 -53.7 -34.6 ... ... ... ... ... ...
(Income) / Loss from Affiliates CNY mil     0 0 0 0.546 0.572 ... ... ... ... ... ...
Extraordinary Cost CNY mil     0 0 0 0 0 ... ... ... ... ... ...
Pre-Tax Profit CNY mil     93.3 193 145 179 362            
Tax CNY mil     11.8 12.1 -2.65 -10.4 3.32            
Minorities CNY mil     0 0 0 0 0.277            
Net Profit CNY mil     81.5 180 148 189 358            
Net Profit Avail. to Common CNY mil     81.5 180 148 189 358            
Dividends CNY mil ...   0 0 44.6 57.0 108            
growth rates                          
Total Revenue Growth % ...   190 62.7 52.9 47.8 84.4            
Operating Cost Growth % ...   101 62.3 92.5 60.5 43.8 ... ... ... ... ... ...
Staff Cost Growth % ...   146 81.8 46.9 12.9 85.8 ... ... ... ... ... ...
EBITDA Growth % ...   272 153 2.04 6.46 152            
EBIT Growth % ...   302 158 -10.1 -19.7 163            
Pre-Tax Profit Growth % ...   333 106 -24.5 22.9 103            
Net Profit Growth % ...   296 121 -18.0 27.7 89.4            
ratios                          
ROE % ...   28.0 32.2 12.5 10.5 14.1            
ROA % ...   14.7 17.2 7.01 5.02 5.62            
ROCE % ...   46.8 55.9 19.8 11.1 10.2            
Gross Margin %     18.0 20.4 21.2 20.2 17.6            
EBITDA Margin %     4.76 7.41 4.95 3.56 4.87            
EBIT Margin %     4.42 7.01 4.12 2.24 3.19            
Net Margin %     4.91 6.68 3.58 3.10 3.18            
Payout Ratio % ...   0 0 30.1 30.2 30.0            
Cost of Financing % ...   2.82 4.02 2.54 1.92 1.35 ... ... ... ... ... ...
Net Debt/EBITDA     -2.35 -0.489 -1.15 2.86 2.54            
balance sheet Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
balance sheet                          
Cash & Cash Equivalents CNY mil     186 258 598 610 1,133            
Receivables CNY mil     133 243 659 1,270 2,129            
Inventories CNY mil     273 495 724 1,438 2,699            
Other ST Assets CNY mil     170 188 577 392 634            
Current Assets CNY mil     762 1,184 2,558 3,711 6,595            
Property, Plant & Equipment CNY mil     21.5 68.3 181 595 1,212            
LT Investments & Receivables CNY mil     0 0 60.0 60.0 30.0            
Intangible Assets CNY mil     10.8 19.9 53.8 93.9 118            
Goodwill CNY mil     0 0 0 0 0            
Non-Current Assets CNY mil     44.6 108 374 890 1,545            
Total Assets CNY mil     806 1,292 2,932 4,601 8,140            
                             
Trade Payables CNY mil     267 384 724 1,225 1,695            
Short-Term Debt CNY mil     0 161 364 1,143 2,264            
Other ST Liabilities CNY mil     19.7 20.5 29.1 104 375            
Current Liabilities CNY mil     341 637 1,217 2,643 4,635            
Long-Term Debt CNY mil     0 0 0 89.5 264            
Other LT Liabilities CNY mil     0 0 0 0 31.5            
Non-Current Liabilities CNY mil     0 0 0 89.5 295            
Liabilities CNY mil     341 637 1,217 2,733 4,931            
Preferred Equity and Hybrid Capital CNY mil     0 0 0 0 0            
Share Capital CNY mil     341 350 1,228 1,228 2,289            
Treasury Stock CNY mil     0 0 0 0 0            
Equity Before Minority Interest CNY mil     465 655 1,715 1,869 3,208            
Minority Interest CNY mil     0 0 0 0 0.839 ... ... ... ... ... ...
Equity CNY mil     465 655 1,715 1,869 3,209            
growth rates                          
Total Asset Growth % ...   169 60.3 127 56.9 76.9            
Shareholders' Equity Growth % ...   302 40.8 162 8.98 71.7            
Net Debt Growth % ...   -459 -47.5 139 -366 124            
Total Debt Growth % ...   -100 ... 126 239 105            
ratios                          
Total Debt CNY mil     0 161 364 1,233 2,528            
Net Debt CNY mil     -186 -97.8 -234 622 1,395            
Working Capital CNY mil     139 354 660 1,484 3,133            
Capital Employed CNY mil     184 462 1,034 2,374 4,678            
Net Debt/Equity %     -40.0 -14.9 -13.6 33.3 43.5            
Current Ratio     2.23 1.86 2.10 1.40 1.42            
Quick Ratio     0.936 0.787 1.03 0.712 0.704            
cash flow Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
cash flow                          
Net Profit CNY mil     81.5 180 148 189 358            
Depreciation CNY mil   ... ... ... 27.3 68.2 166            
Non-Cash Items CNY mil     17.6 21.0 35.8 49.2 -1.07 ... ... ... ... ... ...
Change in Working Capital CNY mil     -88.2 -130 -363 -723 -1,067 ... ... ... ... ... ...
Total Cash From Operations CNY mil     16.5 82.5 -145 -404 -520            
                             
Capital Expenditures CNY mil     -30.9 -72.4 -234 -551 -927            
Net Change in LT Investment CNY mil     ... ... -361 259 -45.9 ... ... ... ... ... ...
Net Cash From Acquisitions CNY mil     0 0 0 0 28.6 ... ... ... ... ... ...
Other Investing Activities CNY mil     -60.0 60.0 0 0 0 ... ... ... ... ... ...
Total Cash From Investing CNY mil     -90.9 -12.4 -595 -292 -945            
                             
Dividends Paid CNY mil     0 0 0 -44.6 -57.0            
Issuance Of Shares CNY mil     259 0 902 0 1,061            
Issuance Of Debt CNY mil     -55.7 60.7 173 754 1,004            
Other Financing Activities CNY mil     -19.8 0 0 0 -16.5 ... ... ... ... ... ...
Total Cash From Financing CNY mil     183 60.7 1,075 709 1,991            
                             
Effect of FX Rates CNY mil     -0.587 1.44 3.60 0.058 -3.94 ... ... ... ... ... ...
Net Change In Cash CNY mil     108 132 339 12.9 523            
ratios                          
Days Sales Outstanding days     29.2 32.9 58.3 75.9 69.0            
Days Sales Of Inventory days     73.2 84.0 81.2 108 106            
Days Payable Outstanding days     71.5 65.2 81.1 91.8 66.6            
Cash Conversion Cycle days     30.8 51.6 58.4 91.9 108            
Cash Earnings CNY mil   ... ... ... 175 257 524            
Free Cash Flow CNY mil     -74.4 70.1 -740 -696 -1,465            
Capital Expenditures (As % of Sales) %     1.86 2.68 5.67 9.03 8.23            
other ratios Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
                           
Employees     591 1,059 1,617 3,025 4,107 ... ... ... ... ... ...
Cost Per Employee USD per month     1,363 1,394 1,295 800 1,147 ... ... ... ... ... ...
Cost Per Employee (Local Currency) CNY per month     9,177 9,313 8,961 5,408 7,401 ... ... ... ... ... ...
Operating Cost (As % of Sales) %     13.8 13.8 17.3 18.8 14.7 ... ... ... ... ... ...
Research & Development (As % of Sales) %     6.00 6.06 8.76 11.6 9.08 ... ... ... ... ... ...
Staff Cost (As % of Sales) %     3.92 4.38 4.21 3.22 3.24 ... ... ... ... ... ...
Effective Tax Rate %     12.7 6.28 -1.82 -5.85 0.917            
Total Revenue Growth (5-year average) % ... ... ... ... ... 82.3 81.4            
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...      
valuation Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
                           
Market Capitalisation USD mil ... ... ... ... 1,598 3,059 4,556            
Enterprise Value (EV) USD mil ... ... ... ... 1,565 3,154 4,775            
Number Of Shares mil ... ... 127 136 155 180 187            
Share Price CNY ... ... ... ... 71.9 111 155            
EV/EBITDA ... ... ... ... 53.0 98.1 56.1            
Price/Earnings (P/E) ... ... ... ... 75.2 106 80.9            
Price/Cash Earnings (P/CE) ... ... ... ... 63.5 77.6 55.3            
P/FCF ... ... ... ... -15.0 -28.7 -19.8            
Price/Book Value (P/BV) ... ... ... ... 6.49 10.7 9.02            
Dividend Yield % ... ... ... ... 0.401 0.286 0.371            
Free Cash Flow Yield % ... ... ... ... -6.69 -3.37 -4.98            
Earnings Per Share (EPS) CNY ... ... 0.641 1.33 0.957 1.05 1.92            
Cash Earnings Per Share CNY ... ... ... ... 1.13 1.42 2.80            
Free Cash Flow Per Share CNY ... ... -0.585 0.517 -4.78 -3.86 -7.84            
Book Value Per Share CNY ... ... 3.66 4.83 11.1 10.4 17.2            
Dividend Per Share CNY ... ... 0 0 0.288 0.316 0.575            
EV/Sales ... ... ... ... 2.62 3.49 2.74            
EV/EBIT ... ... ... ... 63.6 156 85.8            
EV/Free Cash Flow ... ... ... ... -14.6 -30.6 -21.0            
EV/Capital Employed ... ... ... ... 10.5 8.67 6.49            
Earnings Per Share Growth % ... ... ... 108 -28.1 9.48 82.9            
Cash Earnings Per Share Growth % ... ... ... ... ... 25.8 96.7            
Book Value Per Share Growth % ... ... ... 32.1 129 -6.58 65.8            

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Quectel Wireless Solutions's Net Debt/EBITDA fell 11.1% yoy to 2.54 in 2021

By Helgi Library - August 29, 2022

Quectel Wireless Solutions's net debt stood at CNY 1,395 mil and accounted for 43.5% of equity at the end of 2021. The ratio is up 10.2 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 44.7% in 2016 and ...

Quectel Wireless Solutions's Capital Expenditures fell 68.3% yoy to CNY 927 mil in 2021

By Helgi Library - August 29, 2022

Quectel Wireless Solutions invested a total of CNY 927 mil in 2021, up 68.3% compared to the previous year. Historically, between 2015 - 2021, the company's investments stood at a high of CNY 927 mil in 2021 and a low of CNY 6.09 mil in 2015...

Quectel Wireless Solutions's Net Margin rose 2.70% yoy to 3.18% in 2021

By Helgi Library - August 29, 2022

Quectel Wireless Solutions made a net profit of CNY 358 mil with revenues of CNY 11,262 mil in 2021, up by 89.4% and up by 84.4%, respectively, compared to the previous year. This translates into a net margin of 3.18%. Historically, between 2015 and 202...

Quectel Wireless Solutions's ROCE fell 8.47% yoy to 10.2% in 2021

By Helgi Library - August 29, 2022

Quectel Wireless Solutions made a net profit of CNY 358 mil in 2021, up 89.4% compared to the previous year. Historically, between 2015 and 2021, the company's net profit reached a high of CNY 358 mil in 2021 and a low of CNY 20.6 mil in 2016. The result ...

Quectel Wireless Solutions's P/FCF rose 31.1% yoy to -19.8 in 2021

By Helgi Library - August 29, 2022

Quectel Wireless Solutions stock traded at CNY 155 per share at the end 2021 translating into a market capitalization of USD 4,556 mil. Since the end of 2016, the stock has appreciated by 0% representing an annual average growth of %. At the end of 2021,...

Quectel Wireless Solutions's Share Price rose 40.0% yoy to CNY 155 in 2021

By Helgi Library - August 29, 2022

Quectel Wireless Solutions stock traded at CNY 155 per share at the end 2021 implying a market capitalization of USD 4,556 mil. Since the end of 2016, stock has appreciated by % implying an annual average growth of % In absolute terms, the value of the company ...

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Finance

Quectel Wireless Solutions has been growing its sales by 23.1% a year on average in the last 5 years. EBITDA has grown on average by 31.1% a year during that time to total of CNY 3,405 mil in 2027, or 7.34% of sales. That’s compared to 6.62% average margin seen in last five years.

The company netted CNY 2,817 mil in 2027 implying ROE of 29.2% and ROCE of 30.1%. Again, the average figures were 28.6% and 25.3%, respectively when looking at the previous 5 years.

Quectel Wireless Solutions’s net debt amounted to CNY 525 mil at the end of 2027, or 4.94% of equity. When compared to EBITDA, net debt was 0.154x, down when compared to average of 0.421x seen in the last 5 years.

Valuation

Quectel Wireless Solutions stock traded at CNY 153 per share at the end of 2027 resulting in a market capitalization of USD 4,504 mil. Over the previous five years, stock price grew by 0% or 0% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 8.58x and price to earnings (PE) of 10.2x as of 2027.

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