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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 14.7x - 16.2x | 15.4x |
| Historical Pb Multiple | 1.2x - 4.1x | 3.1x |
| Fair Value | ¥4.73 - ¥5.23 | ¥4.98 |
| Upside | -46.0% - -40.4% | -43.2% |
| Benchmarks | - | Full Ticker |
| XPeng Inc. | 986,800.0% | SEHK:9868 |
| China Automotive Engineering Research Institute Co., Ltd. | 60,196,500.0% | SHSE:601965 |
| Niu Technologies | - | NasdaqGM:NIU |
| Ninebot Limited | 68,900,900.0% | SHSE:689009 |
| Li Auto Inc. | 201,500.0% | SEHK:2015 |
| BAIC BluePark New Energy Technology Co.,Ltd. | 60,073,300.0% | SHSE:600733 |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| 9868 | 601965 | NIU | 689009 | 2015 | 600733 | |||
| SEHK:9868 | SHSE:601965 | NasdaqGM:NIU | SHSE:689009 | SEHK:2015 | SHSE:600733 | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | NM- | 14.4% | NM- | NM- | NM- | NM- | ||
| 3Y CAGR | NM- | 9.7% | NM- | 38.4% | NM- | NM- | ||
| Latest Twelve Months | 44.2% | 10.8% | 28.9% | 81.9% | -31.4% | -27.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -44.5% | 19.8% | 0.4% | 3.5% | -9.8% | -57.4% | ||
| Prior Fiscal Year | -33.8% | 20.6% | -10.3% | 5.9% | 9.5% | -57.4% | ||
| Latest Fiscal Year | -14.2% | 19.5% | -5.9% | 7.7% | 5.6% | -37.7% | ||
| Latest Twelve Months | -14.2% | 19.5% | -5.9% | 7.7% | 5.6% | -44.8% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | -23.3% | 12.6% | 2.8% | 7.3% | 3.3% | -54.8% | ||
| Prior Fiscal Year | -28.3% | 13.2% | -22.6% | 11.6% | 22.3% | -65.1% | ||
| Latest Twelve Months | -16.9% | 13.7% | -19.1% | 18.9% | 12.3% | -129.8% | ||
| Next Fiscal Year | -6.3% | 15.4% | 6.3% | 22.4% | 16.1% | -299.5% | ||
| Two Fiscal Years Forward | 5.3% | 16.4% | 10.9% | 25.2% | 20.1% | 125.0% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 3.5x | 4.0x | 0.7x | 3.2x | 1.3x | 3.3x | ||
| Price / LTM EPS | -25.0x | 20.7x | -12.0x | 42.2x | 23.4x | -7.3x | ||
| Price / Book | 4.5x | 2.8x | 2.5x | 7.6x | 2.6x | 27.0x | ||
| Price / Fwd Book | 4.5x | 2.6x | 2.4x | 6.2x | 2.1x | -35.6x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 2.5x | 2.8x | 7.6x | |||||
| Historical P/B Ratio | 1.2x | 3.1x | 4.1x | |||||
| Selected P/B Multiple | 14.7x | 15.4x | 16.2x | |||||
| (x) Book Value | 1,797 | 1,797 | 1,797 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9868 | 601965 | NIU | 689009 | 2015 | 600733 | |
| Value of Common Equity | 131,515 | 19,825 | 2,357 | 45,681 | 173,789 | 48,880 | |
| (/) Shares Outstanding | 1,698.8 | 1,003.3 | 77.6 | 717.1 | 1,857.3 | 5,573.5 | |
| Implied Stock Price | 77.41 | 19.76 | 30.38 | 63.70 | 93.57 | 8.77 | |
| FX Conversion Rate to Trading Currency | 0.93 | 1.00 | 7.27 | 1.00 | 0.93 | 1.00 | |
| Implied Stock Price (Trading Cur) | 82.90 | 19.76 | 4.18 | 63.70 | 100.20 | 8.77 | |
| Trading Currency | HKD | CNY | USD | CNY | HKD | CNY | |
| FX Rate to Reporting Currency | 0.93 | 1.00 | 7.27 | 1.00 | 0.93 | 1.00 | |