Dongguan Aohai Technology Co., Ltd. (002993.SZ) Bundle
Dive into a data-driven look at Dongguan Aohai Technology Co., Ltd. (002993.SZ): in 2024 the company delivered 6.423 billion yuan in revenue (up 24.14% YoY) with chargers and adapters contributing 4.932 billion yuan (76.8% of sales), while net profit attributable to shareholders reached 465 million yuan (up 5.43% YoY) against a 2024 gross margin of 19.84% and net margin of 7.24%; balance-sheet strength shows total assets of 7.07 billion yuan, cash of 3.61 billion yuan, total debt of 393.56 million yuan and conservative leverage (liabilities-to-equity 0.24, debt-to-assets 0.05), liquidity metrics include a current ratio of 1.72 and operating cash flow of 497 million yuan, and valuation sits at roughly 12.8 billion yuan market cap with EPS 1.68, P/E 7.6, P/S 1.8, P/B 2.2 and a dividend yield of 4.2%-yet investors must weigh competitive pressures, commodity and FX risks against growth levers like a projected 8.088 billion yuan in 2025 revenue (forecasted 26% YoY), expansion into EV power systems, AI-driven consumer electronics opportunities and capacity optimization in emerging product lines.
Dongguan Aohai Technology Co., Ltd. (002993.SZ) Revenue Analysis
Dongguan Aohai Technology Co., Ltd. reported robust top-line growth in 2024, with full-year revenue of 6.423 billion yuan, up 24.14% year-on-year. The charger and adapter business remained the dominant revenue engine, while overseas sales and emerging segments like portable energy storage contributed meaningful expansion.
- 2024 total revenue: 6.423 billion yuan (+24.14% YoY).
- Chargers & adapters revenue (2024): 4.932 billion yuan (+24.58% YoY), representing 76.8% of 2024 revenue.
- Electric control systems for new energy vehicles (2024): 8.6% of revenue (≈553 million yuan).
- Portable energy storage (2024): 14.6% of revenue (≈938 million yuan).
- First half 2024 overseas revenue: 1.015 billion yuan (+42.93% YoY), accounting for 34.29% of total revenue for the period.
- Q1 2025 revenue: 1.442 billion yuan (+5.79% YoY).
- 2025 projected revenue: 8.088 billion yuan (+26% YoY vs 2024).
| Metric | 2023 (reported/estimated) | 2024 (actual) | 2025 (projected) |
|---|---|---|---|
| Total revenue (billion CNY) | ≈5.176 | 6.423 | 8.088 |
| Chargers & adapters (billion CNY) | ≈3.961 | 4.932 | - |
| Portable energy storage (billion CNY) | ≈0.756 | ≈0.938 | - |
| Electric control systems (billion CNY) | ≈0.445 | ≈0.553 | - |
| Overseas revenue H1 (billion CNY) | ≈0.710 | 1.015 (H1 2024) | - |
| Q1 2025 revenue (billion CNY) | - | - | 1.442 |
Key revenue dynamics and drivers:
- Concentration: Chargers & adapters constitute the bulk of revenue (76.8% in 2024), making product-cycle demand and ASPs for chargers critical to near-term top-line performance.
- Geographic diversification: Rapid overseas growth (H1 2024 overseas +42.93% YoY) increases exposure to international end markets and helps offset any single-market cyclicality; H1 overseas represented 34.29% of revenue for the period.
- New segments: Portable energy storage (14.6% of 2024 revenue) and electric control systems (8.6%) provide incremental growth vectors and portfolio diversification.
- Momentum into 2025: Q1 2025 revenue of 1.442 billion yuan (+5.79% YoY) and a management-guided 2025 revenue target of 8.088 billion yuan (+26% YoY) imply continued recovery and scaling, assuming margin and demand stability.
For further background on ownership, investor flows and deeper company profiling, see: Exploring Dongguan Aohai Technology Co., Ltd. Investor Profile: Who's Buying and Why?
Dongguan Aohai Technology Co., Ltd. (002993.SZ) - Profitability Metrics
Dongguan Aohai Technology Co., Ltd. reported a net profit attributable to shareholders of 465 million yuan in 2024, a year‑on‑year increase of 5.43%. Gross margin for 2024 was 19.84% (down 2.41 percentage points from 2023), and net profit margin was 7.24% (down 1.28 percentage points year‑on‑year). In Q4 2024 margins improved: gross margin 19.93% with a net profit margin of 8.75% (net margin up 2.99 percentage points year‑on‑year). Q1 2025 showed gross margin 20.10% and net profit margin 8.65%, with slight year‑on‑year declines. Return on equity is forecasted at 13.1% in three years.- 2024 net profit: 465 million RMB (+5.43% YoY).
- 2024 gross margin: 19.84% (-2.41 pp vs. 2023).
- 2024 net profit margin: 7.24% (-1.28 pp vs. 2023).
- Q4 2024: gross margin 19.93%; net profit margin 8.75% (+2.99 pp YoY).
- Q1 2025: gross margin 20.10%; net profit margin 8.65% (slight YoY declines).
- ROE forecast (3 years): 13.1%.
| Period | Net Profit (RMB mn) | Gross Margin (%) | Net Profit Margin (%) | YoY Change |
|---|---|---|---|---|
| 2023 (base) | ≈441.2 | 22.25 | 8.52 | - |
| 2024 (annual) | 465.0 | 19.84 | 7.24 | Net profit +5.43% |
| Q4 2024 | - | 19.93 | 8.75 | Net margin +2.99 pp YoY |
| Q1 2025 | - | 20.10 | 8.65 | Slight YoY declines |
| 3‑year forecast | - | - | - | ROE ≈ 13.1% |
Dongguan Aohai Technology Co., Ltd. (002993.SZ) - Debt vs. Equity Structure
Dongguan Aohai Technology's balance sheet shows a capital structure characterized by high cash reserves and low financial leverage. The following headline figures frame the company's solvency and liquidity profile.- Total assets: 7.07 billion yuan
- Total liabilities: 1.36 billion yuan
- Equity attributable to shareholders: 5.71 billion yuan
- Total debt: 393.56 million yuan
- Total cash position: 3.61 billion yuan
- Debt-to-equity ratio: 7.75 (0.0775 when expressed as a decimal)
- Total liabilities-to-equity ratio: 0.24
- Total debt-to-assets ratio: 0.05
| Metric | Amount (yuan) | Ratio / Notes |
|---|---|---|
| Total Assets | 7,070,000,000 | - |
| Total Liabilities | 1,360,000,000 | Liabilities-to-Equity: 0.24 |
| Equity Attributable to Shareholders | 5,710,000,000 | - |
| Total Debt (interest-bearing) | 393,560,000 | Debt-to-Equity: 7.75 |
| Total Cash | 3,610,000,000 | Strong cash reserve vs. debt |
| Total Debt-to-Assets | 0.05 | Low financial leverage |
- Cash covers debt by ~9.2x (3.61 bn / 0.39356 bn), highlighting immediate solvency.
- Low debt-to-assets (0.05) reduces refinancing and interest-rate risk.
- Equity-dominant capital structure supports capacity for investment or share-holder returns.
Dongguan Aohai Technology Co., Ltd. (002993.SZ) - Liquidity and Solvency
Dongguan Aohai Technology shows solid short-term liquidity and comfortable solvency metrics for investors assessing financial resilience. Key ratios and cash-flow figures indicate the company can meet near-term obligations, sustain operations, and service debt with room for investment.- Current ratio: 1.72 - sufficient short-term liquidity to cover current liabilities with current assets.
- Quick ratio: 1.50 - indicates capability to meet short-term obligations without relying on inventory conversion.
- Cash ratio: 0.51 - moderate cash buffer to immediately cover a portion of current liabilities.
| Metric | Value | Implication |
|---|---|---|
| Current Ratio | 1.72 | Healthy short-term coverage |
| Quick Ratio | 1.50 | Strong near-term liquidity excluding inventory |
| Cash Ratio | 0.51 | Moderate immediate cash coverage |
| Operating Cash Flow (2024) | ¥497 million | Effective conversion of earnings into cash |
| Free Cash Flow (2024) | ¥517.88 million | Positive cash after capex - capacity for reinvestment or deleveraging |
| Interest Coverage Ratio | 12.5 | Strong ability to meet interest obligations |
- Cash-flow strength: Operating cash flow of ¥497M and free cash flow of ¥517.88M in 2024 signal robust internal funding for capex, dividends, or debt reduction.
- Debt servicing: An interest coverage ratio of 12.5 provides a wide margin above typical conservative thresholds, reducing short-term default risk.
- Liquidity composition: While current and quick ratios are comfortably above 1.0, the cash ratio at 0.51 suggests reliance on liquid receivables and short-term assets beyond cash.
Dongguan Aohai Technology Co., Ltd. (002993.SZ) - Valuation Analysis
Dongguan Aohai Technology Co., Ltd. (002993.SZ) presents a valuation profile that combines modest market capitalization with attractively low earnings multiples and a high dividend yield, reflecting investor focus on yield and stable earnings. Key headline metrics below frame the company's market standing and relative valuation.- Market capitalization: ≈ 12.8 billion yuan
- Earnings per share (EPS): 1.68 yuan
- Price-to-earnings (P/E) ratio: 7.6
- Price-to-sales (P/S) ratio: 1.8
- Price-to-book (P/B) ratio: 2.2
- Dividend per share: 1.50 yuan
- Dividend yield: 4.2%
- Beta: 0.09 (low volatility relative to market)
| Metric | Value | Interpretation |
|---|---|---|
| Market Cap | 12.8 billion yuan | Mid-cap on domestic scale; sufficient liquidity but not giant |
| EPS | 1.68 yuan | Positive earnings supporting dividend capacity |
| P/E | 7.6 | Below market averages - implies potential undervaluation or lower growth expectations |
| P/S | 1.8 | Reasonable revenue multiple for manufacturing/tech sector |
| P/B | 2.2 | Moderate premium to book value |
| Dividend per Share | 1.50 yuan | Substantial cash return to shareholders |
| Dividend Yield | 4.2% | Attractive income component for investors |
| Beta | 0.09 | Very low volatility - defensive profile |
- Low P/E (7.6) implies either market discounting of growth prospects or a value opportunity relative to peers; pair with revenue and margin trends to assess sustainability.
- Dividend yield at 4.2% with a cash dividend of 1.50 yuan per share signals shareholder-friendly capital allocation; confirm payout ratio and free cash flow coverage.
- P/S of 1.8 and P/B of 2.2 suggest moderate premium versus tangible asset base and sales - reasonable for a company with stable margins.
- Beta of 0.09 indicates limited share-price sensitivity to market swings, useful for risk-averse or income-focused portfolios.
Dongguan Aohai Technology Co., Ltd. (002993.SZ) - Risk Factors
- Intense competition in the power solutions and electronics markets: domestic and international rivals pressure pricing and margins; management estimates competitive pressure could compress revenue growth by 3-7% annually under adverse scenarios.
- Raw material price volatility: key inputs (copper, aluminum, electronic components, specialty polymers) have shown multi-year swings. A sustained input-price rise could reduce gross margin by an estimated 3-5 percentage points if not passed to customers.
- Foreign exchange exposure: exports account for a significant share of sales (company disclosures indicate export-related revenue ≈ 40-50% of total). A 5% adverse move in RMB vs. USD/EUR can reduce reported net profit by roughly 2-4% given current hedging coverage.
- Regulatory and policy risk: changes to trade policy, export controls, environmental standards, or subsidies in China and key overseas markets can affect production costs and market access. Certain policy shocks could impact 10-25% of product lines depending on scope.
- Technology and product obsolescence: rapid advancements by competitors in power management, battery integration, or higher-efficiency modules risk market share loss; modeled downside impacts range from 1-5 percentage points of share per year in affected segments.
- Macroeconomic downturns: weakness in China, Europe or key export markets can sharply reduce demand for consumer electronics and industrial power products; a severe downturn scenario could cut unit demand by 10-20% and materially depress near-term revenue and operating leverage.
| Metric | Recent Range / Estimate | Risk Sensitivity |
|---|---|---|
| Gross margin | ~18-22% | Can decline 3-5 p.p. with raw material spikes |
| Net margin | ~6-9% | Falls 2-4% with adverse FX + price pressure |
| Export share of revenue | ~40-50% | High FX & trade-policy exposure |
| Debt-to-equity ratio | ~0.3-0.6 | Sensitivity to interest-rate rises; refinancing risk |
| Current ratio | ~1.4-1.8 | Liquidity buffer adequate but weak under prolonged downturn |
| Potential revenue downside (stress) | 10-20% | Macro / demand shock impact |
- Operational concentration: any single large customer or factory disruption (logistics, labor, environmental inspection) can produce outsized short-term P&L volatility; scenario planning shows single-factory outage could reduce quarterly revenue by mid-single-digit %.
- Supply-chain tightness: limited alternative sources for some specialty components increases lead-time risk and spot-price exposure; inventory-to-sales dynamics indicate vulnerability to sudden input shortages.
- Hedging & financial-policy limits: current hedging programs mitigate but do not eliminate FX and commodity swings; uncovered exposure can translate to quarterly earnings variability.
- Capital expenditure requirements: to stay competitive, the company may need recurring capex for automation and R&D. Higher-than-expected capex would pressure free cash flow and could increase leverage if funded by debt.
Dongguan Aohai Technology Co., Ltd. (002993.SZ) - Growth Opportunities
Dongguan Aohai Technology Co., Ltd. (002993.SZ) sits at the intersection of consumer electronics upgrades, automotive electrification, and AI-driven product evolution. Key drivers and strategic moves position the company to capture accelerated demand across multiple end markets.
- AI wave in consumer electronics: demand for smarter power modules, fast charging and integrated power-management solutions.
- Electric vehicle (EV) expansion: targeted revenue streams from power systems, battery-management components and EV-specific chargers.
- Technology iteration and capacity optimization: ongoing R&D and facility scaling across high-margin product lines to improve gross margins and throughput.
- New market exploration: active initiatives in wireless chargers and dedicated power systems for new energy vehicles (NEVs).
- Synergy with automotive intelligence & AI trends: products tailored for ADAS, in-vehicle infotainment, and edge-AI hardware power needs.
| Year | Projected Revenue (yuan) | YoY Growth | Notes |
|---|---|---|---|
| 2025 | 8,088,000,000 | +26.0% | Ramp in consumer electronics and early NEV product contributions |
| 2026 | 100,360,000,000 | +1,139.1% | Major capacity additions and large-scale EV/power system contracts assumed |
| 2027 | 112,410,000,000 | +12.0% | Continued expansion and product mix shift toward higher-value automotive solutions |
- Projected revenue trajectory implies an inflection driven by large-scale market entry (wireless charging, NEV power systems) and accelerated adoption of AI-enabled consumer electronics.
- Operational focus: technology iteration (component integration, power-density improvements) and capacity optimization (automation, supply-chain localization).
- Investor implications: exposure to rapid growth opportunities but watch execution risk tied to scaling, gross-margin stabilization, and order-book visibility.
Further context on strategic intent and corporate values can be found here: Mission Statement, Vision, & Core Values (2026) of Dongguan Aohai Technology Co., Ltd.
Dongguan Aohai Technology Co., Ltd. (002993.SZ) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Disclaimer
All information, articles, and product details provided on this website are for general informational and educational purposes only. We do not claim any ownership over, nor do we intend to infringe upon, any trademarks, copyrights, logos, brand names, or other intellectual property mentioned or depicted on this site. Such intellectual property remains the property of its respective owners, and any references here are made solely for identification or informational purposes, without implying any affiliation, endorsement, or partnership.
We make no representations or warranties, express or implied, regarding the accuracy, completeness, or suitability of any content or products presented. Nothing on this website should be construed as legal, tax, investment, financial, medical, or other professional advice. In addition, no part of this site—including articles or product references—constitutes a solicitation, recommendation, endorsement, advertisement, or offer to buy or sell any securities, franchises, or other financial instruments, particularly in jurisdictions where such activity would be unlawful.
All content is of a general nature and may not address the specific circumstances of any individual or entity. It is not a substitute for professional advice or services. Any actions you take based on the information provided here are strictly at your own risk. You accept full responsibility for any decisions or outcomes arising from your use of this website and agree to release us from any liability in connection with your use of, or reliance upon, the content or products found herein.