Zhejiang VIE Science & Technology Co., Ltd. (002590.SZ) Bundle
Curious how Zhejiang VIE Science & Technology Co., Ltd. stacks up for investors? The company posted a Q2 revenue of CNY 1.23 billion (up 14.72% quarter-over-quarter) and a TTM revenue of CNY 4.62 billion (up 11.40% YoY), while TTM net income reached CNY 214.75 million with a net margin of 4.51% and EPS of CNY 0.42 - figures that sit alongside a market capitalization of CNY 7.93 billion, a trailing P/E near 31-32 and revenue per employee around CNY 1.09 million across 4,245 staff; add a conservative debt-to-equity ratio of 0.15, cash of CNY 883.04 million (net cash CNY 416.19 million), an Altman Z-Score of 2.92, EV of CNY 6.57 billion and EV/EBITDA of 14.57, and you have the core metrics - dive into the full breakdown for valuation nuances, liquidity signals, profitability drivers, and the risks and EV-focused growth opportunities shaping the stock's outlook
Zhejiang VIE Science & Technology Co., Ltd. (002590.SZ) - Revenue Analysis
Zhejiang VIE reported accelerating top-line growth into mid-2025, with the quarter ending June 30, 2025 showing a notable sequential expansion and solid year-over-year momentum reflected in TTM and annual numbers.
- Quarter (Q2 2025) revenue: CNY 1.23 billion - up 14.72% vs. prior quarter.
- Trailing twelve months (TTM) revenue: CNY 4.62 billion - +11.40% YoY.
- Full-year 2024 revenue: CNY 4.34 billion - +8.87% vs. 2023.
- Revenue per employee: ≈ CNY 1.09 million (4,245 employees).
- Price-to-sales (P/S): 1.72.
- Market capitalization: CNY 7.93 billion (mid-cap).
| Metric | Value | Change / Notes |
|---|---|---|
| Q2 2025 Revenue | CNY 1.23 billion | +14.72% vs prior quarter |
| TTM Revenue | CNY 4.62 billion | +11.40% YoY |
| 2024 Annual Revenue | CNY 4.34 billion | +8.87% YoY |
| Employees | 4,245 | Revenue/employee ≈ CNY 1.09M |
| Price-to-Sales (P/S) | 1.72 | Market valuation relative to sales |
| Market Capitalization | CNY 7.93 billion | Mid-cap segment |
Key revenue drivers and considerations:
- Sequential Q2 strength suggests improving demand or seasonal pickup in core product lines supporting the 14.72% QoQ rise.
- TTM growth of 11.40% indicates sustained expansion beyond one-off quarter effects, aligning with the 2024 annual growth of 8.87%.
- Revenue per employee (~CNY 1.09M) points to moderate operational efficiency for a technology/manufacturing-oriented mid-cap.
- P/S of 1.72 implies the market prices the company at a premium to sales but remains within reasonable bounds for growth-oriented mid-caps; investors should compare to peers for context.
For deeper context on shareholder composition and recent investor activity, see: Exploring Zhejiang VIE Science & Technology Co., Ltd. Investor Profile: Who's Buying and Why?
Zhejiang VIE Science & Technology Co., Ltd. (002590.SZ) - Profitability Metrics
Zhejiang VIE Science & Technology Co., Ltd. reports a set of profitability indicators that illustrate its current earnings capacity and operational efficiency. Below are the key figures for the trailing twelve months (TTM) and related ratios investors commonly use to assess performance.
- Net income (TTM): CNY 214.75 million
- Net profit margin: ~4.51%
- Earnings per share (EPS): CNY 0.42
- Price-to-earnings (P/E) ratio: 31.81
- Return on equity (ROE): 7.32%
- Gross profit margin: 16.55%
- Operating margin: 5.01%
- EBITDA margin: 9.08%
| Metric | Value | Interpretation |
|---|---|---|
| Net Income (TTM) | CNY 214.75M | Absolute profitability over the last 12 months |
| Net Profit Margin | 4.51% | Portion of revenue retained as profit after all expenses |
| EPS | CNY 0.42 | Profit allocated per share |
| P/E Ratio | 31.81 | Market valuation relative to earnings |
| ROE | 7.32% | Return on shareholders' equity |
| Gross Profit Margin | 16.55% | Revenue remaining after COGS |
| Operating Margin | 5.01% | Profitability from core operations |
| EBITDA Margin | 9.08% | Operational cash-profitability proxy |
Key takeaways for investors:
- The company's gross margin (16.55%) versus operating margin (5.01%) indicates meaningful operating costs and overhead consuming a sizable portion of gross profits.
- An EBITDA margin of 9.08% suggests moderate operational cash-generation before financing and tax impacts.
- ROE of 7.32% and net profit margin of 4.51% point to modest returns relative to equity and revenue; growth or margin improvement would be needed to lift ROE materially.
- A P/E of 31.81-given EPS of CNY 0.42-implies the market is pricing in future growth; investors should weigh valuation versus expected earnings traction.
For broader context on the company's strategic direction, see: Mission Statement, Vision, & Core Values (2026) of Zhejiang VIE Science & Technology Co., Ltd.
Zhejiang VIE Science & Technology Co., Ltd. (002590.SZ) - Debt vs. Equity Structure
Zhejiang VIE maintains a conservative capital structure with a clear bias toward equity financing and strong liquidity cushions that reduce refinancing and solvency risk. Key headline metrics show a company with material cash buffers and low leverage.- Debt-to-Equity Ratio: 0.15 - low leverage relative to equity.
- Cash & Cash Equivalents: CNY 883.04 million - substantial liquid reserves.
- Total Debt: CNY 466.85 million - modest absolute debt load.
- Net Cash Position: CNY 416.19 million (cash minus debt) - balance sheet in net cash.
- Equity (Book Value): CNY 3.10 billion; Book Value per Share: CNY 5.79.
- Interest Coverage Ratio: 15.92 - ample ability to service interest expense.
- Quick Ratio: 1.09 - adequate short-term liquidity excluding inventory.
| Metric | Value | Interpretation |
|---|---|---|
| Debt-to-Equity Ratio | 0.15 | Conservative leverage; equity base ~6.7x debt |
| Cash & Cash Equivalents | CNY 883.04M | Strong liquidity buffer |
| Total Debt | CNY 466.85M | Low absolute debt burden |
| Net Cash Position | CNY 416.19M | Net liquid asset surplus |
| Equity (Book Value) | CNY 3.10B | Substantial shareholder capital |
| Book Value per Share | CNY 5.79 | Per-share measure of net assets |
| Interest Coverage Ratio | 15.92 | Comfortable interest serviceability |
| Quick Ratio | 1.09 | Short-term obligations adequately covered |
- Implications for investors: the net-cash balance and low debt-to-equity reduce balance-sheet risk and increase financial flexibility for capital allocation, M&A, or dividend/payout policies.
- Financial resilience: high interest coverage and positive quick ratio point to low default risk under normal business cycles.
Zhejiang VIE Science & Technology Co., Ltd. (002590.SZ) - Liquidity and Solvency
Zhejiang VIE Science & Technology Co., Ltd. (002590.SZ) presents a liquidity and solvency profile that combines adequate short-term coverage with a solid ability to service debt, supported by a positive net cash position. Key metrics are summarized below and contextualized for investor assessment.
- Current ratio: 1.42 - indicates the company holds 1.42 CNY of current assets for every 1.00 CNY of current liabilities, providing a comfortable short-term liquidity buffer.
- Quick ratio: 1.09 - excluding inventories, the company still has 1.09 CNY of liquid assets per 1.00 CNY of current liabilities, suggesting sufficient immediate liquidity.
- Cash ratio: 0.80 - cash and cash equivalents cover 80% of current liabilities, reflecting conservative cash coverage.
- Net cash position: CNY 416.19 million - available liquidity to absorb shocks or fund operations without immediate refinancing.
- Interest coverage ratio: 15.92 - EBIT covers interest expense nearly 16 times, signaling strong debt-servicing capacity.
- Altman Z-Score: 2.92 - places the company in a moderate-risk zone for bankruptcy; not distressed but below the safe-zone threshold.
| Metric | Value | Interpretation |
|---|---|---|
| Current Ratio | 1.42 | Adequate short-term asset coverage |
| Quick Ratio | 1.09 | Liquid asset sufficiency (excl. inventory) |
| Cash Ratio | 0.80 | 80% of liabilities covered by cash |
| Net Cash Position | CNY 416.19 million | Positive liquidity buffer |
| Interest Coverage | 15.92 | Strong ability to service interest |
| Altman Z-Score | 2.92 | Moderate bankruptcy risk |
For context on corporate history, ownership and how the company operates, see: Zhejiang VIE Science & Technology Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money
Zhejiang VIE Science & Technology Co., Ltd. (002590.SZ) - Valuation Analysis
Zhejiang VIE Science & Technology Co., Ltd. (002590.SZ) currently trades at multiples that reflect a mixture of growth expectations and asset revaluation. The market assigns a trailing P/E of 31.69, a P/S of 1.45, and a P/B of 2.22. Enterprise value stands at CNY 6.57 billion, with EV/EBITDA at 14.57 and EV/FCF at 42.50 - together these metrics signal a premium valuation relative to near-term cash generation.| Metric | Value | Interpretation (concise) |
|---|---|---|
| Trailing P/E | 31.69 | Market pays ~32x last 12 months' earnings - growth expectations priced in |
| P/S | 1.45 | Modest revenue multiple; revenue base valued moderately |
| P/B | 2.22 | Market values equity at ~2.2x book - asset premium |
| EV | CNY 6.57 billion | Total market value (equity + net debt) |
| EV/EBITDA | 14.57 | Enterprise valued at ~14.6x operating cash profits |
| EV/FCF | 42.50 | High multiple on free cash flow - FCF generation may be constrained or growth is expected |
- P/E = 31.69 implies sensitivity to earnings volatility; small EPS beats/misses will move price materially.
- P/S = 1.45 suggests revenue is not being priced as richly as earnings; margin expansion could re-rate the stock.
- P/B = 2.22 indicates investor willingness to pay a premium over accounting book value, likely reflecting intangibles or ROE expectations.
- EV/EBITDA of 14.57 is in a mid-to-high range for many industrial/tech names - reflects moderate growth premium.
- EV/FCF at 42.50 highlights either thin current free cash flow or high expectations for future cash conversion; watch FCF trajectory closely.
Zhejiang VIE Science & Technology Co., Ltd. (002590.SZ) - Risk Factors
- Highly competitive automotive parts market: Zhejiang VIE operates in a segment crowded with domestic Tier-1/Tier-2 suppliers and global players. Market concentration and price competition can pressure margins and require scale or specialization to defend market share.
- Economic cycle sensitivity: Vehicle production volumes are cyclical. China vehicle production totaled ~27.1 million units in 2023 (CAAM), and swings of ±5-15% year-on-year in production can materially affect order books and utilization for parts manufacturers.
- Regulatory and environmental compliance: Tighter emissions and manufacturing environmental standards (wastewater/air emissions, VOCs) increase CAPEX and operating costs for factories. Non-compliance risks include fines, order suspension, or forced retrofit shutdowns.
- Raw material price volatility: Key input costs-steel, aluminum, copper, plastics-are subject to commodity cycles. Steel HRC spot price moves of ±10-30% over 12 months can compress gross margins if cost pass-through to OEMs is delayed or limited.
- R&D and technology investment needs: Rapid platform changes, lightweight materials, and electronic/mechatronic integration require sustained R&D spend. Insufficient investment risks product obsolescence; over-investment risks poor ROI if market adoption shifts.
- Transition to electric vehicles (EVs): EV adoption reshapes BOMs. Traditional powertrain-related parts may face demand decline, while demand grows for battery trays, electric drive components, thermal management. The transition creates both revenue risk and opportunity contingent on timely product repositioning.
| Risk Category | Key Drivers | Potential Financial Impact (Illustrative) | Near-term Mitigation |
|---|---|---|---|
| Market Competition | Domestic/global suppliers, price pressure | Revenue decline: 5-15% range in high-competition scenarios; gross margin compression 1-4 pp | Product specialization, cost controls, scale economies |
| Demand Cyclicality | Macroeconomic downturns, inventory destocking | Order volume swings ±10-20%; utilization drop increases per-unit fixed costs | Flexible production, diversified OEM customer base |
| Regulatory/Environmental | Emission limits, factory emission controls | One-time CAPEX: RMB tens-hundreds of millions; ongoing OPEX increases 0.5-2% of revenue | Proactive compliance investment, certification, green manufacturing |
| Raw Material Prices | Steel, aluminum, copper, polymers | Input cost swings can change gross margin by several percentage points; example: steel +20% → margin pressure | Hedging where possible, supplier contracts, design for material efficiency |
| Technology & R&D | Electrification, lightweighting, electronics integration | R&D spend may rise to 2-5% of revenue (industry range); failure to adapt could reduce revenue growth | Targeted R&D partnerships, licensing, government subsidies |
| EV Transition | Shift in vehicle architectures and supplier BOMs | Legacy product demand decline potentially 10-30% over multi-year transition; offset by new product revenue if successful | Product portfolio pivot, joint development with EV OEMs |
- Balance-sheet and liquidity sensitivity: In cyclical downturns, working capital tied to OEM production timing (receivables, inventory) can strain cash conversion cycles. Monitoring debt maturities and maintaining committed credit lines reduces refinancing risk.
- Customer concentration risk: If a small number of OEMs account for a large share of sales, OEM production cuts or procurement policy changes can have outsized effects on revenues and bargaining power.
- Operational and supply-chain disruption: Single-source components, concentrated production sites, or logistics interruptions (e.g., port delays, epidemic lockdowns) can halt deliveries and trigger penalties.
- Currency and export exposure: Exchange-rate moves and export restrictions can affect competitiveness in overseas markets and translate to FX gains/losses on reported results.
- Practical investor metrics to monitor quarterly/annually:
- Revenue growth vs. China vehicle production growth (correlation indicates share stability)
- Gross margin trends and material cost as % of revenue
- R&D expense as % of revenue (industry benchmark 2-5%)
- Receivables days, inventory days, and net working capital as % of revenue
- Net debt / EBITDA and interest coverage ratios
- Order backlog and OEM customer mix (top-5 customers % of sales)
Zhejiang VIE Science & Technology Co., Ltd. (002590.SZ) - Growth Opportunities
Zhejiang VIE Science & Technology Co., Ltd. (002590.SZ) is positioned at the intersection of automotive electrification, autonomy, and advanced manufacturing. Recent strategic moves and sector dynamics create multiple measurable growth levers:- EV components investment: capital expenditure ramp targeted to capture growing demand for electric powertrain and battery-management subsystems - the global EV component TAM is expanding at ~20% CAGR (2023-2030).
- R&D partnerships: formal collaborations with universities and state research institutes aiming to increase product development velocity; R&D spend as % of revenue increased materially in recent years (company-reported R&D intensity rose toward peer averages).
- International expansion: market-entry initiatives in Southeast Asia and Europe to diversify revenue mix and reduce domestic concentration risk.
- Acquisitions: M&A of smaller technology firms to accelerate digital integration (software, sensors, control units) and broaden product portfolio.
- Sustainability focus: adoption of low-carbon production methods and circular-materials strategies to appeal to EV OEMs and institutional buyers.
- Autonomous components: development pipelines for radar/LiDAR/electronic control units (ECUs) targeting ADAS and level‑2/3 features.
| Opportunity Area | Relevant Market Metric | Implication for Zhejiang VIE |
|---|---|---|
| EV Powertrain & BMS | Global EV units ~10M (2023); component market CAGR ~20% (2023-2030) | Addressable revenue upside via modules and BMS integration; potential revenue CAGR >15% if market share grows |
| ADAS & Autonomous Components | Automotive sensor & ADAS market ~USD 15-20B (2023); CAGR ~18% | High-margin product line; opportunity to sell ECUs and sensors into OEM platforms |
| International Sales | Exports as % of revenue (target to increase from low-double-digits toward 25-30% over medium term) | Diversifies currency and demand risk; supports higher valuation multiples |
| R&D & Partnerships | R&D intensity benchmark: peers 4-7% of revenue | Raising R&D to peer range can shorten product cycles and increase IP-driven margins |
| M&A / Digitalization | Average acquisition sizes in sector: USD 5-50M for niche tech firms | Strategic tuck-ins accelerate software and sensor capabilities without long organic timelines |
| Sustainable Manufacturing | Carbon footprint reduction targets and energy efficiency gains can lower OPEX by ~3-8% | Cost savings and ESG credentialing improve tender success with OEMs |
- Short-to-medium term revenue drivers: aftermarket and OEM orders for EV modules, pilot programs for ADAS components, and first-wave export contracts.
- Mid-to-long term upside: scaling BMS and autonomous stacks, cross-selling software/firmware services, and margin improvement from digitalized manufacturing.
- Key execution metrics to watch: backlog growth, gross margin expansion in EV-related segments, R&D spend as % of revenue, and successful integration of acquired tech assets.
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