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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 2019 2020 2021
Sales CNY mil 4,130 6,106 11,262
Gross Profit CNY mil 874 1,235 1,978
EBITDA CNY mil 204 217 549
EBIT CNY mil 170 137 359
Financing Cost CNY mil 6.66 15.3 25.4
Pre-Tax Profit CNY mil 145 179 362
Net Profit CNY mil 148 189 358
Dividends CNY mil 44.6 57.0 108
Balance Sheet 2019 2020 2021
Total Assets CNY mil 2,932 4,601 8,140
Non-Current Assets CNY mil 374 890 1,545
Current Assets CNY mil 2,558 3,711 6,595
Working Capital CNY mil 660 1,484 3,133
Shareholders' Equity CNY mil 1,715 1,869 3,209
Liabilities CNY mil 1,217 2,733 4,931
Total Debt CNY mil 364 1,233 2,528
Net Debt CNY mil -234 622 1,395
Ratios 2019 2020 2021
ROE % 12.5 10.5 14.1
ROCE % 19.8 11.1 10.2
Gross Margin % 21.2 20.2 17.6
EBITDA Margin % 4.95 3.56 4.87
EBIT Margin % 4.12 2.24 3.19
Net Margin % 3.58 3.10 3.18
Net Debt/EBITDA -1.15 2.86 2.54
Net Debt/Equity % -13.6 33.3 43.5
Cost of Financing % 2.54 1.92 1.35
Valuation 2019 2020 2021
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 155 180 187
Share Price CNY 71.9 111 155
EV/EBITDA 53.0 98.1 56.1
EV/Sales 2.62 3.49 2.74
Price/Earnings (P/E) 75.2 106 80.9
Price/Book Value (P/BV) 6.49 10.7 9.02
Dividend Yield % 0.401 0.286 0.371

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overview Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
income statement                          
Sales CNY mil   573 1,661 2,701 4,130 6,106              
Gross Profit CNY mil   132 299 551 874 1,235              
EBIT CNY mil   18.3 73.5 189 170 137              
Net Profit CNY mil   20.6 81.5 180 148 189              
                             
ROE % ... 20.7 28.0 32.2 12.5 10.5              
EBIT Margin %   3.19 4.42 7.01 4.12 2.24              
Net Margin %   3.59 4.91 6.68 3.58 3.10              
Employees   374 591 1,059 1,617 3,025   ... ... ... ... ... ...
balance sheet                          
Total Assets CNY mil   299 806 1,292 2,932 4,601              
Non-Current Assets CNY mil   22.6 44.6 108 374 890              
Current Assets CNY mil   277 762 1,184 2,558 3,711              
                             
Shareholders' Equity CNY mil   116 465 655 1,715 1,869              
Liabilities CNY mil   183 341 637 1,217 2,733              
Non-Current Liabilities CNY mil   0 0 0 0 89.5              
Current Liabilities CNY mil   183 341 637 1,217 2,643              
                             
Net Debt/EBITDA   2.44 -2.35 -0.489 -1.15 2.86              
Net Debt/Equity %   44.7 -40.0 -14.9 -13.6 33.3              
Cost of Financing % ... 3.24 2.82 4.02 2.54 1.92   ... ... ... ... ... ...
cash flow                          
Total Cash From Operations CNY mil   -55.2 16.5 82.5 -145 -404              
Total Cash From Investing CNY mil   -13.5 -90.9 -12.4 -595 -292              
Total Cash From Financing CNY mil   66.5 183 60.7 1,075 709              
Net Change In Cash CNY mil   -1.84 108 132 339 12.9              
valuation                          
Market Capitalisation USD mil ... ... ... ... 1,598 3,059              
Enterprise Value (EV) USD mil ... ... ... ... 1,565 3,154              
Number Of Shares mil ... ... 127 136 155 180              
Share Price CNY ... ... ... ... 71.9 111              
Price/Earnings (P/E) ... ... ... ... 75.2 106              
Price/Cash Earnings (P/CE) ... ... ... ... 63.5 77.6              
EV/EBITDA ... ... ... ... 53.0 98.1              
Price/Book Value (P/BV) ... ... ... ... 6.49 10.7              
Dividend Yield % ... ... ... ... 0.401 0.286              
income statement Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
income statement                          
Sales CNY mil   573 1,661 2,701 4,130 6,106              
Cost of Goods & Services CNY mil   441 1,361 2,150 3,256 4,871              
Gross Profit CNY mil   132 299 551 874 1,235              
Selling, General & Admin CNY mil   59.8 123 196 326 372   ... ... ... ... ... ...
Research & Development CNY mil   50.0 99.7 164 362 707   ... ... ... ... ... ...
Other Operating Expense CNY mil   0.628 3.83 3.25 10.7 38.7   ... ... ... ... ... ...
Staff Cost CNY mil   26.5 65.1 118 174 196   ... ... ... ... ... ...
Other Operating Cost (Income) CNY mil   0 3.19 9.98 12.7 50.7   ... ... ... ... ... ...
EBITDA CNY mil   21.3 79.1 200 204 217              
Depreciation CNY mil   ... ... ... 27.3 68.2              
EBIT CNY mil   18.3 73.5 189 170 137              
Net Financing Cost CNY mil ... 1.26 -0.042 2.29 2.71 11.6              
Financing Cost CNY mil ... 1.40 1.11 3.23 6.66 15.3   ... ... ... ... ... ...
Financing Income CNY mil ... 0.132 1.15 0.938 3.95 3.67   ... ... ... ... ... ...
FX (Gain) Loss CNY mil   -2.64 -17.1 -4.56 23.4 -53.7   ... ... ... ... ... ...
(Income) / Loss from Affiliates CNY mil   0 0 0 0 0.546   ... ... ... ... ... ...
Extraordinary Cost CNY mil   0 0 0 0 0   ... ... ... ... ... ...
Pre-Tax Profit CNY mil   21.6 93.3 193 145 179              
Tax CNY mil   0.991 11.8 12.1 -2.65 -10.4              
Minorities CNY mil   0 0 0 0 0              
Net Profit CNY mil   20.6 81.5 180 148 189              
Net Profit Avail. to Common CNY mil   20.6 81.5 180 148 189              
Dividends CNY mil ... 0 0 0 44.6 57.0              
growth rates                          
Total Revenue Growth % ... 89.0 190 62.7 52.9 47.8              
Operating Cost Growth % ... 112 101 62.3 92.5 60.5   ... ... ... ... ... ...
Staff Cost Growth % ... 113 146 81.8 46.9 12.9   ... ... ... ... ... ...
EBITDA Growth % ... -16.2 272 153 2.04 6.46              
EBIT Growth % ... -21.1 302 158 -10.1 -19.7              
Pre-Tax Profit Growth % ... -19.0 333 106 -24.5 22.9              
Net Profit Growth % ... -21.8 296 121 -18.0 27.7              
ratios                          
ROE % ... 20.7 28.0 32.2 12.5 10.5              
ROA % ... 9.60 14.7 17.2 7.01 5.02              
ROCE % ... 18.3 46.8 55.9 19.8 11.1              
Gross Margin %   23.1 18.0 20.4 21.2 20.2              
EBITDA Margin %   3.71 4.76 7.41 4.95 3.56              
EBIT Margin %   3.19 4.42 7.01 4.12 2.24              
Net Margin %   3.59 4.91 6.68 3.58 3.10              
Payout Ratio % ... 0 0 0 30.1 30.2              
Cost of Financing % ... 3.24 2.82 4.02 2.54 1.92   ... ... ... ... ... ...
Net Debt/EBITDA   2.44 -2.35 -0.489 -1.15 2.86              
balance sheet Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
balance sheet                          
Cash & Cash Equivalents CNY mil   27.1 186 258 598 610              
Receivables CNY mil   65.3 133 243 659 1,270              
Inventories CNY mil   139 273 495 724 1,438              
Other ST Assets CNY mil   45.7 170 188 577 392              
Current Assets CNY mil   277 762 1,184 2,558 3,711              
Property, Plant & Equipment CNY mil   9.66 21.5 68.3 181 595              
LT Investments & Receivables CNY mil   0 0 0 60.0 60.0              
Intangible Assets CNY mil   8.25 10.8 19.9 53.8 93.9              
Goodwill CNY mil   0 0 0 0 0              
Non-Current Assets CNY mil   22.6 44.6 108 374 890              
Total Assets CNY mil   299 806 1,292 2,932 4,601              
                             
Trade Payables CNY mil   61.9 267 384 724 1,225              
Short-Term Debt CNY mil   79.0 0 161 364 1,143              
Other ST Liabilities CNY mil   5.97 19.7 20.5 29.1 104              
Current Liabilities CNY mil   183 341 637 1,217 2,643              
Long-Term Debt CNY mil   0 0 0 0 89.5              
Other LT Liabilities CNY mil   0 0 0 0 0              
Non-Current Liabilities CNY mil   0 0 0 0 89.5              
Liabilities CNY mil   183 341 637 1,217 2,733              
Preferred Equity and Hybrid Capital CNY mil   0 0 0 0 0              
Share Capital CNY mil   72.9 341 350 1,228 1,228              
Treasury Stock CNY mil   0 0 0 0 0              
Equity Before Minority Interest CNY mil   116 465 655 1,715 1,869              
Minority Interest CNY mil   0 0 0 0 0   ... ... ... ... ... ...
Equity CNY mil   116 465 655 1,715 1,869              
growth rates                          
Total Asset Growth % ... 132 169 60.3 127 56.9              
Shareholders' Equity Growth % ... 40.4 302 40.8 162 8.98              
Net Debt Growth % ... -486 -459 -47.5 139 -366              
Total Debt Growth % ... 1,003 -100 ... 126 239              
ratios                          
Total Debt CNY mil   79.0 0 161 364 1,233              
Net Debt CNY mil   51.8 -186 -97.8 -234 622              
Working Capital CNY mil   142 139 354 660 1,484              
Capital Employed CNY mil   165 184 462 1,034 2,374              
Net Debt/Equity %   44.7 -40.0 -14.9 -13.6 33.3              
Current Ratio   1.51 2.23 1.86 2.10 1.40              
Quick Ratio   0.504 0.936 0.787 1.03 0.712              
cash flow Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
cash flow                          
Net Profit CNY mil   20.6 81.5 180 148 189              
Depreciation CNY mil   ... ... ... 27.3 68.2              
Non-Cash Items CNY mil   17.9 17.6 21.0 35.8 49.2   ... ... ... ... ... ...
Change in Working Capital CNY mil   -96.6 -88.2 -130 -363 -723   ... ... ... ... ... ...
Total Cash From Operations CNY mil   -55.2 16.5 82.5 -145 -404              
                             
Capital Expenditures CNY mil   -13.5 -30.9 -72.4 -234 -551              
Net Change in LT Investment CNY mil   0 ... ... -361 259   ... ... ... ... ... ...
Net Cash From Acquisitions CNY mil   0 0 0 0 0   ... ... ... ... ... ...
Other Investing Activities CNY mil   0 -60.0 60.0 0 0   ... ... ... ... ... ...
Total Cash From Investing CNY mil   -13.5 -90.9 -12.4 -595 -292              
                             
Dividends Paid CNY mil   0 0 0 0 -44.6              
Issuance Of Shares CNY mil   0 259 0 902 0              
Issuance Of Debt CNY mil   50.7 -55.7 60.7 173 754              
Other Financing Activities CNY mil   15.8 -19.8 0 0 0   ... ... ... ... ... ...
Total Cash From Financing CNY mil   66.5 183 60.7 1,075 709              
                             
Effect of FX Rates CNY mil   0.377 -0.587 1.44 3.60 0.058   ... ... ... ... ... ...
Net Change In Cash CNY mil   -1.84 108 132 339 12.9              
ratios                          
Days Sales Outstanding days   41.6 29.2 32.9 58.3 75.9              
Days Sales Of Inventory days   115 73.2 84.0 81.2 108              
Days Payable Outstanding days   51.3 71.5 65.2 81.1 91.8              
Cash Conversion Cycle days   105 30.8 51.6 58.4 91.9              
Cash Earnings CNY mil   ... ... ... 175 257              
Free Cash Flow CNY mil   -68.7 -74.4 70.1 -740 -696              
Capital Expenditures (As % of Sales) %   2.36 1.86 2.68 5.67 9.03              
other ratios Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
                           
Employees   374 591 1,059 1,617 3,025   ... ... ... ... ... ...
Cost Per Employee USD per month   878 1,363 1,394 1,295 800   ... ... ... ... ... ...
Cost Per Employee (Local Currency) CNY per month   5,902 9,177 9,313 8,961 5,408   ... ... ... ... ... ...
Operating Cost (As % of Sales) %   19.9 13.8 13.8 17.3 18.8   ... ... ... ... ... ...
Research & Development (As % of Sales) %   8.73 6.00 6.06 8.76 11.6   ... ... ... ... ... ...
Staff Cost (As % of Sales) %   4.62 3.92 4.38 4.21 3.22   ... ... ... ... ... ...
Effective Tax Rate %   4.60 12.7 6.28 -1.82 -5.85              
Total Revenue Growth (5-year average) % ... ... ... ... ... 82.3              
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              
Enterprise Value (EV) USD mil ... ... ... ... 1,565 3,154              
Number Of Shares mil ... ... 127 136 155 180              
Share Price CNY ... ... ... ... 71.9 111              
EV/EBITDA ... ... ... ... 53.0 98.1              
Price/Earnings (P/E) ... ... ... ... 75.2 106              
Price/Cash Earnings (P/CE) ... ... ... ... 63.5 77.6              
P/FCF ... ... ... ... -15.0 -28.7              
Price/Book Value (P/BV) ... ... ... ... 6.49 10.7              
Dividend Yield % ... ... ... ... 0.401 0.286              
Free Cash Flow Yield % ... ... ... ... -6.69 -3.37              
Earnings Per Share (EPS) CNY ... ... 0.641 1.33 0.957 1.05              
Cash Earnings Per Share CNY ... ... ... ... 1.13 1.42              
Free Cash Flow Per Share CNY ... ... -0.585 0.517 -4.78 -3.86              
Book Value Per Share CNY ... ... 3.66 4.83 11.1 10.4              
Dividend Per Share CNY ... ... 0 0 0.288 0.316              
EV/Sales ... ... ... ... 2.62 3.49              
EV/EBIT ... ... ... ... 63.6 156              
EV/Free Cash Flow ... ... ... ... -14.6 -30.6              
EV/Capital Employed ... ... ... ... 10.5 8.67              
Earnings Per Share Growth % ... ... ... 108 -28.1 9.48              
Cash Earnings Per Share Growth % ... ... ... ... ... 25.8              
Book Value Per Share Growth % ... ... ... 32.1 129 -6.58              

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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 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 ...

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,...

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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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