Breaking Down Weihai Guangtai Airport Equipment Co.,Ltd Financial Health: Key Insights for Investors

Dive into Weihai Guangtai Airport Equipment Co., Ltd.'s financial snapshot: the quarter to Sept 30, 2025 delivered revenue of CNY 872.18 million (up 10.50% quarter-on-quarter) and a trailing twelve-month revenue of CNY 3.11 billion (up 8.38% YoY), while 2024 annual sales hit CNY 2.89 billion (+20.09%); profitability shows strain with net income of CNY 74.62 million in 2024 (down 40.62%) and EPS sliding to CNY 0.14, supported by a gross margin of 22.11% and ROE of 2.25%; balance-sheet metrics include total debt of CNY 1.67 billion against equity of CNY 3.11 billion (debt/equity 0.54), a current ratio of 2.09, cash and equivalents of CNY 823.75 million but a net cash position of -CNY 847.33 million, Altman Z‑Score 2.32 and Piotroski F‑Score 6; valuation shows a trailing P/E of 74.13 and forward P/E 13.48, EV/EBITDA of 24.65 and a market cap of CNY 4.93 billion (enterprise value CNY 6.03 billion); operational cash flow for the TTM was CNY 878.58 million with free cash flow CNY 691.57 million, while strategic momentum is visible in orders of CNY 820 million in the first three quarters of 2024 (a 129% YoY surge) tied to long-term R&D in electric ground support equipment since 2009 and the launch of its first electric tow tractor in 2018-read on to unpack what these numbers mean for investors.

Weihai Guangtai Airport Equipment Co.,Ltd (002111.SZ) - Revenue Analysis

• Quarter (Q3 2025): CNY 872.18 million - +10.50% QoQ
• TTM: CNY 3.11 billion - +8.38% YoY
• FY 2024: CNY 2.89 billion - +20.09% YoY
• Revenue/employee: CNY 1.12 million (2,785 employees)
• Market cap: CNY 4.93 billion, P/S: 1.58

• First electric tow tractor launched: 2018; R&D on eGSE initiated in 2009.
• Orders in first three quarters of 2024: CNY 820 million - +129% YoY, driven by eGSE demand.

Weihai Guangtai Airport Equipment Co.,Ltd (002111.SZ) - Profitability Metrics

Key profitability figures for Weihai Guangtai Airport Equipment Co.,Ltd (002111.SZ) present a mixed performance in 2024 and recent quarters, highlighting pressures on margins and earnings against a long-term declining revenue trend.

• Net income (2024): CNY 74.62 million (-40.62% YoY)
• EPS (2024): CNY 0.14, down from CNY 0.24 in 2023
• Gross profit margin: 22.11%
• Operating margin: 5.62%
• Profit margin (net margin): 2.33%
• ROE: 2.25%
• ROA: 1.69%
• Operating income (Q1 2025 ended Mar 31): CNY 110.6 million (-39% YoY)
• 10-year operating income CAGR: -2%

Selected considerations and context:

• The margin profile (22.11% gross vs. 5.62% operating) suggests material operating costs and/or SG&A pressure between gross and operating results.
• ROE (2.25%) and ROA (1.69%) indicate low capital returns relative to equity and asset base.
• Significant YoY declines in net income and Q1 operating income underline near-term demand or cost headwinds.
• Long-term operating income CAGR of -2% signals modest structural decline over the past decade.

Further corporate context, strategic direction and governance details are available here: Mission Statement, Vision, & Core Values (2026) of Weihai Guangtai Airport Equipment Co.,Ltd.

Weihai Guangtai Airport Equipment Co.,Ltd (002111.SZ) - Debt vs. Equity Structure

• Total debt: CNY 1.67 billion
• Total equity: CNY 3.11 billion
• Debt-to-equity ratio: 0.54
• Current ratio: 2.09
• Quick ratio: 1.02
• Interest coverage ratio: 3.53
• Enterprise value: CNY 6.03 billion
• EV/EBITDA: 24.65
• 2025 share repurchase: 5,566,800 shares (1.08% of total), cost CNY 59.98 million

• Leverage: A debt-to-equity of 0.54 indicates moderate leverage-debt is material but not excessive relative to equity.
• Liquidity: Current ratio of 2.09 and quick ratio of 1.02 point to solid short-term coverage; quick ratio above 1.0 signals ability to meet immediate obligations without relying on inventory sales.
• Interest burden: Interest coverage at 3.53 provides a buffer to service interest from operating earnings, though it is not wide-sensitivity to EBITDA declines should be monitored.
• Valuation/earnings: EV/EBITDA of 24.65 suggests market pricing requires robust future earnings growth to justify the enterprise value; this multiple is elevated relative to many industrial peers.
• Capital allocation: The 2025 buyback (CNY 59.98 million for 1.08% of shares) is a direct return of capital and indicates management confidence in intrinsic value or a desire to offset dilution.

Weihai Guangtai Airport Equipment Co.,Ltd (002111.SZ) - Liquidity and Solvency

Key balance-sheet and cash-flow metrics for Weihai Guangtai Airport Equipment Co.,Ltd (002111.SZ) paint a mixed picture: healthy cash generation but a net debt position and moderate scores on bankruptcy and financial-strength indicators.

• Cash and cash equivalents: CNY 823.75 million
• Net cash position: -CNY 847.33 million (net debt)
• Operating cash flow (TTM): CNY 878.58 million
• Capital expenditures (TTM): CNY 187.02 million
• Free cash flow (TTM): CNY 691.57 million
• Altman Z-Score: 2.32 (moderate bankruptcy risk)
• Piotroski F-Score: 6 (moderate financial strength)
• Operating income CAGR (10 years): -2%

• Liquidity vs. leverage: despite CNY 823.75M in cash, the net debt of CNY 847.33M signals reliance on external financing-monitor debt maturities and interest burden.
• Cash generation: robust operating cash flow and CNY 691.57M free cash flow provide flexibility for capex, debt servicing, dividends, or buybacks.
• Credit/bankruptcy indicators: an Altman Z-Score of 2.32 and Piotroski F-Score of 6 imply neither pristine safety nor acute distress-watch trends rather than single-period snapshots.
• Profitability trend: a -2% operating income CAGR over ten years highlights persistent pressure on operating performance despite positive cash conversion.

Contextual resources: Mission Statement, Vision, & Core Values (2026) of Weihai Guangtai Airport Equipment Co.,Ltd.

Weihai Guangtai Airport Equipment Co.,Ltd (002111.SZ) - Valuation Analysis

• Trailing P/E: 74.13 - elevated relative to historical market norms, implies recent earnings were low or investor expectations are high.
• Forward P/E: 13.48 - materially lower than trailing P/E, suggesting analysts expect earnings to recover or grow.
• P/B: 1.66 - market values equity at 1.66× book, indicating moderate premium to net assets.
• P/S: 1.66 - sales are valued at 1.66×, implying moderate revenue multiple.
• EV/EBITDA: 24.65 - relatively high, signals premium for operating earnings before non-cash items and capital structure.
• Market capitalization: CNY 5.16 billion; Enterprise value: CNY 6.03 billion - modest enterprise scale.
• Beta: 0.21 - low volatility versus broader market, potentially defensive characteristic.

• High trailing vs. low forward P/E suggests a turnaround narrative or one-off recent weakness - verify analyst assumptions behind forward EPS.
• EV/EBITDA of 24.65 indicates investors are paying up for operating profitability; confirm EBITDA drivers and sustainability.
• Multiples near 1.66 (P/B and P/S) point to moderate premium; compare to sector peers for relative valuation context.
• Low beta may reduce portfolio volatility but can limit upside in broad market rallies.

Weihai Guangtai Airport Equipment Co.,Ltd (002111.SZ) - Risk Factors

• Net income decline: Net income fell by 40.62% in 2024 year-over-year, signaling near-term profitability pressure and margin erosion.
• Long-term revenue/operating trend: Operating income has a 10-year CAGR of -2%, indicating a sustained shrinking of core operational scale.
• Bankruptcy risk metric: Altman Z‑Score = 2.32, which places the company in a moderate distress zone - not safe/low-risk, but not imminent failure.
• Financial strength signal: Piotroski F‑Score = 6, suggesting moderate fundamentals with room for improvement in profitability, leverage, liquidity, or operating efficiency.
• Leverage and liquidity: Debt-to-equity ratio = 0.54, reflecting a moderate leverage profile that could amplify risks in downturns.
• Net cash position: Net cash = -CNY 847.33 million (net debt), which may constrain liquidity, working capital flexibility, and investment capacity.

• Cash-flow sensitivity: With net debt and reduced profitability, operating cash-flow downturns could force asset sales, capital raises, or higher-cost borrowing.
• Refinancing and interest-rate exposure: Moderate leverage increases vulnerability to rising interest rates or tighter credit conditions.
• Margin compression drivers: Continued declines in operating income CAGR imply pricing, volume, or cost-structure issues that could persist absent corrective actions.
• Monitoring triggers: Investors should watch quarterly net income trends, covenant terms on debt, cash-flow from operations, and any equity/convertible issuance.

Weihai Guangtai Airport Equipment Co.,Ltd (002111.SZ) - Growth Opportunities

• Strong near-term revenue visibility: CNY 820 million booked orders (Q1-Q3 2024) provides backlog conversion potential for FY2024 and into 2025, improving cash flow predictability.
• Product leadership in eGSE: Continuous R&D since 2009 and the launch of the first electric tow tractor in 2018 give Weihai Guangtai technological advantages versus legacy internal-combustion competitors.
• Export-led growth: A material increase in overseas orders (company-reported surge in 2024) diversifies geographic risk and opens higher-margin and scale opportunities.
• Regulatory and market tailwinds: Global airport sustainability targets and airline fleet electrification create durable demand for electric ground support solutions.

• Electric tow tractor adoption: Having launched its first model in 2018 and iterated since, Weihai Guangtai benefits from first-mover experience in China's eGSE segment.
• R&D pipeline: Increasing R&D spend (estimated CNY 45m in 2024 YTD) supports next-generation products (battery-management systems, modular electric platforms) that can expand addressable markets.
• Aftermarket & services: Higher installed base of electric units increases recurring revenue potential from maintenance, battery replacement, and software services.
• International certifications and partnerships: Accelerated overseas orders suggest successful certification/compliance and channel development, which can compound growth as airports globally electrify ground operations.

• Revenue mix tilt toward eGSE improves long-term margin prospects, as electric platforms scale and unit manufacturing costs decline.
• R&D intensity and first-to-market experience in electric tow tractors create barriers to entry and differentiation versus legacy equipment makers.
• Geographic diversification via export growth reduces domestic cyclical exposure and can capture higher ASPs (average selling prices) in developed markets.
• Watch working capital and capital expenditure: accelerating production to meet CNY 820m order intake will require capex and inventory management-key drivers of near-term free cash flow.