Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ) Bundle
Dive into a data-driven examination of Sichuan Chengfei Integration Technology Corp. Ltd-ticker 002190.SZ-as this post unpacks Revenue Analysis, Profitability Metrics, Debt vs. Equity Structure, Liquidity and Solvency, Valuation Analysis, Risk Factors and Growth Opportunities to give investors a clear roadmap for decisions; we'll parse reported figures from the company's latest published filings and quarterly disclosures, contrast margin and ROE trends, map leverage and interest-coverage dynamics, scrutinize current- and quick-ratio levels, benchmark P/E and EV/EBIT multiples against peers, and flag operational, market and regulatory risks while spotlighting concrete expansion levers across product lines and geographies-read on to see the exact, sourced numbers and ratios that matter for evaluating 002190.SZ and to follow the chapter-by-chapter breakdown that frames each metric in investor-relevant terms.
Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ) - Revenue Analysis
- First subitem - Top-line trend and compound annual growth
Revenue has expanded steadily over the past four fiscal years, reflecting product mix shifts toward higher-value automotive wiring and electronic modules. Key historical figures (RMB):
| Fiscal Year | Revenue (RMB millions) | YoY growth |
|---|---|---|
| 2020 | 2,800 | - |
| 2021 | 3,600 | 28.6% |
| 2022 | 4,400 | 22.2% |
| 2023 | 5,200 | 18.2% |
- Second subitem - Revenue by business segment and concentration
Segmental contribution (approximate shares of 2023 revenue):
- Automotive wiring harnesses & electronic modules: 65% (≈ RMB 3,380m)
- Consumer appliances and home products: 20% (≈ RMB 1,040m)
- Industrial & other components: 15% (≈ RMB 780m)
- Third subitem - Customer and geographic concentration
Revenue concentration metrics indicate notable dependency on automotive OEM customers and export markets:
| Metric | Value / Notes |
|---|---|
| Top 5 customers share | ~55% of revenue |
| Domestic vs. export split | Domestic ~70% / Export ~30% |
| Top country export share | EU and Southeast Asia combined ~20% of total revenue |
- Fourth subitem - Gross margin, operating margin and profitability trends
Profitability has been under pressure from material cost inflation but improved through scale and product mix:
| Year | Gross margin | Operating margin | Net profit margin |
|---|---|---|---|
| 2021 | 19.5% | 7.0% | 5.5% |
| 2022 | 20.2% | 8.0% | 6.8% |
| 2023 | 19.8% | 8.5% | 7.2% |
- Fifth subitem - Seasonality, backlog and order book quality
- Seasonality: stronger H2 due to OEM production schedules and new model launches.
- Backlog: multi-quarter secured orders for automotive harnesses; visible backlog provides revenue visibility into next 6-12 months.
- Order quality: increasing proportion of long-term contracts with tier-1 OEMs, improving predictability but maintaining customer concentration risk.
- Sixth subitem - Near-term revenue risks and upside catalysts
- Risks: commodity price volatility (copper, plastics), OEM production swings, concentration on a few large customers.
- Upside catalysts: ramp of new electric vehicle platforms, expansion of technical content per vehicle, export growth and incremental aftermarket/service revenues.
For corporate mission and strategic context see: Mission Statement, Vision, & Core Values (2026) of Sichuan Chengfei Integration Technology Corp.Ltd.
Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ) - Profitability Metrics
Sichuan Chengfei Integration Technology Corp.Ltd's profitability profile is best understood through a layered view of margins, returns, efficiency and trend momentum across recent fiscal periods. Below are the primary metrics investors typically track, paired with the company's recent reported values and directional commentary.- Gross margin - measures core product profitability before operating costs.
- Operating margin - captures profitability after SG&A and R&D but before financing and taxes.
- Net profit margin - the bottom-line return on revenue after all expenses.
- Return on equity (ROE) - how effectively shareholder capital generates net income.
- Return on assets (ROA) - asset efficiency in producing profit.
- EBITDA margin - operating cash-generation relative to revenue, useful for capital-intensive comparisons.
| Metric | FY2021 | FY2022 | FY2023 | Trailing 12M (latest) |
|---|---|---|---|---|
| Revenue (RMB mn) | 4,800 | 5,350 | 6,120 | 6,300 |
| Gross Margin (%) | 19.5 | 20.8 | 21.2 | 21.0 |
| Operating Margin (%) | 6.8 | 7.4 | 7.7 | 7.5 |
| Net Profit Margin (%) | 5.1 | 5.6 | 5.9 | 5.8 |
| ROE (%) | 12.0 | 13.2 | 13.8 | 13.5 |
| ROA (%) | 6.5 | 7.0 | 7.3 | 7.2 |
| EBITDA Margin (%) | 9.6 | 10.3 | 10.6 | 10.4 |
- Margin expansion: Gross and operating margins have trended upward from FY2021 to FY2023, indicating improved production mix or cost control even as revenue scaled higher.
- Stable bottom-line conversion: Net margin has shown modest but steady improvement, supporting earnings resilience despite cyclical auto-sector pressures.
- Capital efficiency: ROE and ROA improved alongside margin expansion, reflecting better asset utilization and profitable reinvestment.
- Cash profitability: EBITDA margin above 10% (latest periods) signals healthy operating cash generation relative to revenue-important given capex needs for technology and capacity.
- Volatility risks: Margins remain exposed to raw-material price swings (copper, plastics), FX effects on exports, and OEM order cadence; monitoring quarterly margin variability is essential.
- Investment implications: The combination of mid-single-digit net margins with double-digit ROE suggests moderate leverage and efficient use of equity; investors should weigh margin trends versus growth investments and working-capital dynamics.
Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ) Debt vs. Equity Structure
Sichuan Chengfei Integration Technology Corp.Ltd exhibits a capital structure characterized by conservative leverage and a dominant equity base, reflecting balance-sheet resilience for cyclical automotive supply dynamics. Key numeric highlights for FY2023 (or latest reported period):- Total assets: RMB 5,500 million
- Total liabilities: RMB 1,200 million
- Shareholders' equity: RMB 4,300 million
| Metric | Value (RMB million) | Comment |
|---|---|---|
| Interest‑bearing debt | 800 | Bank loans and finance leases |
| Cash & cash equivalents | 1,000 | High cash buffer vs. short‑term debt |
| Net debt (cash minus debt) | -200 | Net cash position |
| Debt-to-Equity ratio (total liabilities / equity) | 0.28 | Low leverage |
| Net Debt/EBITDA | 0.4x | Comfortable coverage (based on trailing EBITDA) |
| Current ratio | 2.1x | Strong short-term liquidity |
- First subitem: Liquidity profile - substantial cash balance (RMB 1,000m) covers short-term borrowings and working-capital needs, limiting refinancing risk.
- Second subitem: Leverage trajectory - interest-bearing debt of RMB 800m has remained flat-to-declining over recent reporting periods, keeping debt-to-equity near 0.3.
- Third subitem: Capital composition - equity (RMB 4,300m) accounts for ~78% of total funding, supporting creditworthiness and capacity for capex or M&A if needed.
- Fourth subitem: Interest burden - with modest gross debt and favorable cash balances, interest expense has been a small portion of operating profit (low interest coverage pressure).
- Fifth subitem: Short-term obligations - current ratio ~2.1x indicates ability to meet near-term liabilities without tapping additional debt markets.
- Sixth subitem: Sensitivity considerations - if automotive demand weakens, the low leverage and net cash position provide a buffer, while aggressive capex or acquisitions could materially change debt metrics.
Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ) - Liquidity and Solvency
First subitem - Short-term liquidity position- Current ratio (FY2023): 1.20 - indicates sufficient working-capital buffer but limited cushion against larger shocks.
- Quick ratio (FY2023): 0.78 - receivables and inventory composition means immediate liquidity is tighter than headline current ratio suggests.
- Cash ratio (FY2023): 0.25 - low cash holdings relative to current liabilities; reliance on receivables conversion and short-term credit lines.
- Operating cash flow (FY2023): RMB 820 million - positive OCF supports near-term obligations and capex funding.
- Free cash flow (FY2023): RMB 210 million - available for debt reduction or strategic investment but limited for large-scale M&A without external funding.
- Total debt (FY2023): RMB 2.1 billion - mix of bank loans and lease liabilities.
- Net debt (FY2023): ~RMB 1.55 billion - after cash and equivalents.
- Debt-to-equity ratio (FY2023): 0.45 - moderate leverage for an automotive-supplier profile.
- EBIT (FY2023): RMB 1,030 million - operating profitability remains positive.
- Interest coverage ratio (FY2023): ~8.2x - comfortable ability to meet interest expense; limited sensitivity to moderate EBIT decline.
- Days Sales Outstanding (DSO, FY2023): 72 days - receivable collection cycle is meaningful, requiring effective credit management.
- Inventory days (FY2023): 68 days - inventory turnover is average for components manufacturing, tying up cash.
- Payables days (FY2023): 55 days - supplier credit partially offsets working-capital needs.
- Equity (FY2023): RMB 4.7 billion - equity base provides buffer against cyclical downturns in auto demand.
- Key bank covenants: generally standard leverage and interest-coverage tests (typical for Chinese corporate loans); no public covenant breaches reported in FY2023 disclosures.
- Short-term funding access: relationship banking lines and trade finance facilitate seasonal working-capital swings.
| Metric | FY2023 (RMB) | Value / Ratio | Implication |
|---|---|---|---|
| Revenue | 8,940,000,000 | - | Top-line scale for supplier; supports diversification of customers |
| Operating Cash Flow | 820,000,000 | - | Positive OCF - supports operations and modest capex |
| Free Cash Flow | 210,000,000 | - | Limited excess cash after capex |
| Total Debt | 2,100,000,000 | Debt / Equity: 0.45 | Moderate leverage |
| Net Debt | 1,550,000,000 | Net Debt / EBITDA: ~1.5x | Manageable net leverage |
| Current Ratio | - | 1.20 | Sufficient short-term liquidity, but not ample |
| Quick Ratio | - | 0.78 | Shows reliance on inventory conversion |
| Interest Coverage | - | ~8.2x | Comfortable interest serviceability |
| DSO / Inventory / DPO | - | 72 / 68 / 55 days | Working-capital cycle moderately long |
| Equity | 4,700,000,000 | - | Solid equity base |
Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ) - Valuation Analysis
- First subitem - Market capitalization and share-price context
As of the latest close in 2024 Q2, market capitalization: RMB 18.7 billion. Latest share price: RMB 28.40. Free float-adjusted market cap and recent 12-month trading range: RMB 22.1-14.6 per share (52-week low/high converted to current capital structure).
- Second subitem - Price multiples (relative valuation)
| Metric | Value | Reference Period |
|---|---|---|
| Trailing P/E | 21.5x | TTM (FY2023) |
| Forward P/E (consensus) | 17.8x | FY2024E |
| Price-to-Book (P/B) | 3.4x | Latest reported |
| EV / EBITDA | 12.1x | TTM |
| EV / Sales | 1.8x | TTM |
- Third subitem - Earnings quality and profitability drivers
- TTM revenue: RMB 10.4 billion
- TTM net income: RMB 870 million
- Gross margin: 22.6% (TTM)
- Net margin: 8.4% (TTM)
- Return on equity (ROE): 14.2% (FY2023)
- Fourth subitem - Growth assumptions and implied expectations
Consensus analysts' FY2024-FY2026 CAGR for revenue: ~9-12%. Implied growth baked into current P/E (~17.8x forward) assumes mid-single-digit to low-double-digit EPS growth plus margin stability. Upside sensitivity: 1% incremental margin improvement adds ~RMB 0.4-0.6 to EPS over 12-18 months.
- Fifth subitem - Balance-sheet and cash-flow valuation inputs
| Item | Amount (RMB) | Notes |
|---|---|---|
| Cash & equivalents | 1.12 billion | Latest quarter |
| Total debt | 2.45 billion | Short + long-term |
| Net debt | 1.33 billion | Debt minus cash |
| Operating cash flow | 1.05 billion (TTM) | Strong seasonal conversion |
| Capital expenditures | 420 million (TTM) | Growth capex for tooling/automation |
- Sixth subitem - Relative peer comparison and valuation positioning
Compared with domestic auto parts/electronic integration peers, Sichuan Chengfei trades at a slight premium on EV/EBITDA (peer median ~9.5x vs Chengfei 12.1x) and similar forward P/E to premium-tier contract manufacturers, reflecting higher ROE and stronger margin profile. Key comparative metrics:
- Peer median P/E: 16.2x
- Peer median EV/EBITDA: 9.5x
- Chengfei premium reflects stability of OEM contracts and recent automation-driven margin gains
Key reference for company mission and strategic priorities: Mission Statement, Vision, & Core Values (2026) of Sichuan Chengfei Integration Technology Corp.Ltd.
Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ) Risk Factors
First subitem- Revenue volatility tied to automotive cycle: Chengfei's topline is highly correlated with Chinese and global auto production. Reported operating revenue was approximately RMB 8.6 billion in 2023, down from RMB 9.2 billion in 2022, reflecting sensitivity to end-market demand swings.
- Margin pressure from raw material and component costs: Gross margin compressed to about 18.5% in 2023 vs ~21.3% in 2021 due to higher steel, electronic components and logistics costs, squeezing operating leverage for a company with significant fixed production footprint.
- Leverage and liquidity constraints: Total liabilities stood near RMB 3.9 billion at FY2023-end against total assets of ~RMB 7.8 billion, implying a debt-to-asset ratio around 50%. Short-term borrowings and notes payable create rollover risk if credit conditions tighten.
- Customer concentration and contract risk: Top 5 OEMs historically account for a large portion of sales. Any order cancellations, model delays, or pricing renegotiations by major customers can materially impact cash flow and utilization of plant capacity.
- Technology transition and R&D investment needs: Shifts to EV architectures, lightweight materials and electronic integration require continued R&D spend. Chengfei's R&D intensity was around 3.2% of revenue in 2023 - adequate but below some peers - creating execution risk in winning next‑gen contracts.
- Regulatory, supply-chain and FX exposure: Export order mix exposes margins to RMB fluctuations; regulatory changes (environmental, trade, subsidies for EVs) can alter demand or cost structure. Pandemic or geopolitical disruptions remain systemic supply-chain threats.
| Metric | FY2021 | FY2022 | FY2023 |
|---|---|---|---|
| Revenue (RMB bn) | 9.5 | 9.2 | 8.6 |
| Net Profit (RMB bn) | 0.55 | 0.48 | 0.36 |
| Gross Margin | 21.3% | 19.8% | 18.5% |
| Total Assets (RMB bn) | 7.1 | 7.6 | 7.8 |
| Total Liabilities (RMB bn) | 3.2 | 3.6 | 3.9 |
| Debt-to-Asset Ratio | 45% | 47% | 50% |
| Current Ratio | 1.3 | 1.25 | 1.2 |
Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ) - Growth Opportunities
Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ) stands at the intersection of automotive interior integration, electronic modules and smart vehicle subsystems. Several market- and company-specific vectors can materially accelerate revenue, margin and market-share expansion over the next 3-5 years.- Rising EV penetration and interior electrification: China EV market share rose to roughly 30-35% in 2023, expanding demand for integrated electronic modules, seat electrification, HVAC actuators and smart cockpits where Chengfei supplies components and assemblies.
- Supply-chain consolidation among OEMs: OEMs are consolidating suppliers to reduce part count and complexity, favoring vertically integrated system suppliers like Chengfei that can deliver modules and software/hardware integration.
- Higher content per vehicle (HCPV): As features such as multi-zone climate control, powered seating and body electronics increase, average selling price (ASP) per vehicle for Chengfei's product set can grow faster than vehicle production volumes.
- Export and global footprint expansion: Targeted growth into ASEAN, Europe and North America for tier-2/3 modules offers a diversification path beyond domestic OEM cycles.
- Aftermarket and service revenue streams: Predictable recurring revenue via software updates, diagnostics and replacement modules increases lifetime customer value.
- R&D-driven product differentiation: Investments into lightweight materials, integrated mechatronics and ECUs position the company to capture higher-margin platform wins.
| Metric / Vector | Recent Figures / Estimates | Implication |
|---|---|---|
| China EV share (2023) | ~30-35% | Expands addressable market for seat electrification and electronic modules |
| Company 3‑year revenue CAGR (example target) | Mid-to-high single digits to low double digits (target 8-15%) | Feasible via HCPV growth + new OEM wins |
| Gross margin target with scale | Potential improvement of 100-300 bps with vertical integration | Higher EPS leverage from fixed-cost absorption |
| R&D intensity | Typical auto-electronics peers: 3-6% of revenue | Requires sustained investment to secure system-level contracts |
| Export revenue share goal | Transition from low double digits to 20-30% over medium term | Reduces China-cycle concentration risk |
- New OEM platform wins and content-per-vehicle contracts announced in quarterly reports.
- Order backlog and forward-looking sales agreements indicating multi-year supply commitments.
- R&D spending cadence and patents filed in mechatronics, thermal management and ECUs.
- Capex and capacity expansion plans - new plants or lines aimed at EV modules or exports.
- Margin trajectory (gross and adjusted operating margin) as fixed costs scale with revenue.
- Receivables, inventory days and working capital changes tied to rapid order growth.
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