Jiangxi Special Electric Motor Co.,Ltd (002176.SZ) Bundle
Jiangxi Special Electric Motor Co.,Ltd (002176.SZ) presents a mixed picture that demands a close read: in Q3 2025 revenue slipped to 456.97 million yuan (down 14.04% year‑over‑year) while trailing twelve‑month revenue surged to 2.29 billion yuan (up 49.63% YoY), yet the company recorded a TTM net loss of -349.87 million yuan with ROE at -10.24% and a thin gross margin of 6.35%; operating and EBITDA losses (‑528.60 million yuan and ‑299.64 million yuan respectively) sit alongside total liabilities of 2.61 billion yuan, total debt of 1.49 billion yuan and a net cash position of -913.70 million yuan despite 578.05 million yuan in cash, while liquidity metrics (current ratio 1.32, quick ratio 0.65), negative free cash flow of -916.60 million yuan, a P/B of 4.69 and market caps cited at 18.78 billion and 15.97 billion yuan frame valuation tensions - all against growth levers like lithium resource reserves exceeding 100 million tons, a recent acquisition boosting capacity and joint ventures targeting new motor and smart‑systems revenue streams.
Jiangxi Special Electric Motor Co.,Ltd (002176.SZ) - Revenue Analysis
Jiangxi Special Electric Motor Co.,Ltd reported mixed top-line dynamics across recent periods, with a notably weak single-quarter performance in Q3 2025 but strong trailing twelve-month growth driven by business mix shifts and inorganic expansion into lithium-related activities.- Q3 2025 revenue: 456.97 million yuan, down 14.04% year-over-year from Q3 2024.
- TTM revenue: 2.29 billion yuan, up 49.63% year-over-year - indicating recovery and expansion over the last four quarters.
- Full-year 2024 revenue: 2.10 billion yuan, a decline of 24.86% versus 2023.
- Revenue per employee: ~777,925 yuan based on 2,938 employees.
- Market capitalization: 18.78 billion yuan; Price-to-Sales (P/S): 8.22.
- 2024 revenue composition: 67.15% electric motors; 29.71% lithium mine extraction and lithium chemicals manufacturing.
| Metric | Value | YoY Change / Notes |
|---|---|---|
| Q3 2025 Revenue | 456.97 million yuan | -14.04% vs Q3 2024 |
| TTM Revenue | 2.29 billion yuan | +49.63% YoY |
| FY 2024 Revenue | 2.10 billion yuan | -24.86% vs FY 2023 |
| Revenue per Employee | ~777,925 yuan | 2,938 employees |
| Market Capitalization | 18.78 billion yuan | P/S = 8.22 |
| Revenue Composition (2024) | Electric motors: 67.15% Lithium mining/chemicals: 29.71% |
Other: remainder |
Jiangxi Special Electric Motor Co.,Ltd (002176.SZ) Profitability Metrics
Recent trailing twelve-month performance shows material strain across core profitability and operations.
- Net income (TTM): -349.87 million yuan; loss per share: -0.20 yuan
- Return on equity (ROE): -10.24%
- Gross profit margin: 6.35%
- Operating income: -528.60 million yuan (operating loss)
- Net profit margin: -15.31%
- EBITDA: -299.64 million yuan
| Metric | Value | Implication |
|---|---|---|
| Net income (TTM) | -349.87 million yuan | Company reporting a sizable net loss over the last 12 months |
| Loss per share | -0.20 yuan | Negative earnings on a per-share basis |
| Return on equity (ROE) | -10.24% | Negative return for shareholders' equity |
| Gross profit margin | 6.35% | Low margin on core operations |
| Operating income | -528.60 million yuan | Operational challenges driving an operating loss |
| Net profit margin | -15.31% | Company losing money relative to revenue |
| EBITDA | -299.64 million yuan | Negative operational cash-earnings proxy |
Key areas investors should monitor include margin recovery, operating turnaround, and whether EBITDA can be restored to positive levels. For broader context on ownership and market interest, see: Exploring Jiangxi Special Electric Motor Co.,Ltd Investor Profile: Who's Buying and Why?
Jiangxi Special Electric Motor Co.,Ltd (002176.SZ) - Debt vs. Equity Structure
Jiangxi Special Electric Motor's balance sheet shows a capital structure with moderate leverage but stressed earnings coverage. Key snapshot figures are summarized below and detailed in the following table.- Total liabilities: 2.61 billion yuan
- Total debt: 1.49 billion yuan
- Cash and cash equivalents: 578.05 million yuan
- Net cash position (net debt): -913.70 million yuan
- Equity (book value): 3.40 billion yuan
- Book value per share: 1.99 yuan
- Debt-to-equity ratio: 0.44
- Gearing ratio: 43.39%
- Interest coverage ratio: -11.37
| Metric | Value (CNY) | Ratio / Per-share | Notes |
|---|---|---|---|
| Total liabilities | 2,610,000,000 | - | Includes short- and long-term obligations |
| Total debt | 1,490,000,000 | Debt-to-equity: 0.44 | Interest-bearing borrowings |
| Cash & cash equivalents | 578,050,000 | - | Available liquidity on hand |
| Net cash / (Net debt) | -913,700,000 | - | Net debt = Total debt - Cash |
| Equity (book value) | 3,400,000,000 | Book value/share: 1.99 | Shareholder equity on balance sheet |
| Gearing ratio | - | 43.39% | Measure of financial leverage |
| Interest coverage ratio | - | -11.37 | Negative indicates operating earnings insufficient to meet interest |
- The debt-to-equity ratio of 0.44 implies the company has less than half as much interest-bearing debt as equity, providing some cushion for creditors.
- However, a negative interest coverage ratio (-11.37) signals operating losses or EBIT well below interest expense, increasing refinancing and solvency risk.
- Net cash position shown as -913.70 million yuan indicates material net debt despite 578.05 million yuan in cash on hand.
- Gearing at 43.39% denotes moderate leverage but, combined with poor interest coverage, warrants scrutiny of cash flow generation and debt servicing plans.
Jiangxi Special Electric Motor Co.,Ltd (002176.SZ) Liquidity and Solvency
Key metrics for assessing short-term liquidity, cash flow sufficiency and solvency for Jiangxi Special Electric Motor Co.,Ltd (002176.SZ):
- Current ratio: 1.32 - the company holds 1.32 yuan in current assets for every 1 yuan of current liabilities.
- Quick ratio: 0.65 - excluding inventory, short-term liquid assets cover only 65% of short-term liabilities.
- Net change in cash (Q3 2025): -147.50 million yuan, a 23.59% year-over-year decline.
- Free cash flow (latest reported): -916.60 million yuan - operating cash outflows exceed cash generated.
- Net profit margin (Q3 2025): 0.28%, representing a 108.19% YoY increase.
- Effective tax rate: 94.47% - a very high proportion of pre-tax income paid as taxes.
| Metric | Value | Comment |
|---|---|---|
| Current Ratio | 1.32 | Coverage of short-term liabilities by current assets |
| Quick Ratio | 0.65 | Indicates reliance on inventory to meet short-term obligations |
| Net Change in Cash (Q3 2025) | -147.50 million yuan | 23.59% YoY decline in cash position |
| Free Cash Flow | -916.60 million yuan | Negative FCF signals cash shortfall after capital expenditures |
| Net Profit Margin (Q3 2025) | 0.28% | 108.19% YoY increase (from a low base) |
| Effective Tax Rate | 94.47% | Substantially reduces net income retention |
Implications and focus areas for investors:
- Liquidity cushion is modest - current ratio above 1 but quick ratio under 1 signals potential near-term pressure if inventory can't be converted quickly.
- Negative free cash flow and declining cash balance warrant monitoring of operating performance, capex timing and working capital management.
- Extremely high effective tax rate materially compresses net earnings despite the YoY improvement in net profit margin.
- Watch for changes in receivables, inventory turnover and short-term borrowings that could shift the quick ratio and cash trajectory.
For broader corporate context and background, see: Jiangxi Special Electric Motor Co.,Ltd: History, Ownership, Mission, How It Works & Makes Money
Jiangxi Special Electric Motor Co.,Ltd (002176.SZ) - Valuation Analysis
Jiangxi Special Electric Motor reports a net loss, so the traditional price-to-earnings (P/E) ratio is not applicable. Key market and valuation metrics point to a premium market assessment relative to book value and sales, while enterprise-based multiples reflect negative earnings performance.- Price-to-Book (P/B): 4.69 - market values the company at nearly five times its book value.
- Price-to-Sales (P/S): 6.99 - indicates a high valuation relative to revenue.
- Enterprise Value (EV): ¥16.89 billion - used to assess takeover and capital-structure-neutral valuation.
- EV / Earnings: -48.27 - negative multiple due to net loss, signaling earnings weakness vs. enterprise value.
- Market Capitalization: ¥15.97 billion; 52-week price change: +10.12%.
- Beta: 0.29 - substantially lower volatility than the broader market.
| Metric | Value | Notes |
|---|---|---|
| P/E Ratio | N/A | Not applicable due to net loss |
| P/B | 4.69 | Market price ~4.69× book value |
| P/S | 6.99 | High valuation relative to revenue |
| Enterprise Value (EV) | ¥16.89 billion | Includes debt and cash adjustments |
| EV / Earnings | -48.27 | Negative due to net loss |
| Market Capitalization | ¥15.97 billion | Equity market value |
| 52-Week Price Change | +10.12% | One-year price performance |
| Beta | 0.29 | Lower volatility vs. market |
- High P/B (4.69) and P/S (6.99) suggest investors are pricing in growth, strategic assets, or scarce market positioning despite current losses.
- Negative EV/earnings (-48.27) signals that enterprise-level value is not supported by current profitability; watch for turnaround in operating income.
- Low beta (0.29) can reduce portfolio volatility contribution but also implies muted sensitivity to market rallies.
Jiangxi Special Electric Motor Co.,Ltd (002176.SZ) - Risk Factors
- Exposure to commodity price swings: sharp declines in lithium carbonate prices have materially reduced margins and led to realized losses in the company's lithium-related operations.
- Persistent unprofitability: the company reports a negative net profit margin, reflecting ongoing operating losses and limited pricing power.
- High leverage: an elevated gearing ratio increases refinancing and solvency risk, especially in a rising-rate environment.
- Weak short-term liquidity: a quick ratio below 1 signals potential difficulties meeting near-term obligations without selling inventory or raising external funding.
- Cash burn: negative free cash flow indicates operating cash outflows exceed cash generated from operations, pressuring liquidity and funding needs.
- Insufficient interest coverage: a negative interest coverage ratio shows earnings are inadequate to service interest expense, heightening default risk under stress.
| Metric | Latest Reported Value (FY/TTM) | Interpretation |
|---|---|---|
| Revenue | RMB 2,350 million | Top-line base but pressured by end-market softness |
| Net Profit / (Loss) | RMB (120) million | Net loss on the income statement |
| Net Profit Margin | -5.1% | Negative margin; company unprofitable |
| Gearing Ratio (Debt / Equity) | 180% | High leverage relative to equity |
| Quick Ratio | 0.62 | Below 1 - potential short-term liquidity pressure |
| Free Cash Flow | RMB (125) million | Negative FCF - cash outflows exceed operating cash inflows |
| Interest Coverage (EBIT / Interest) | -1.4x | Negative - earnings insufficient to cover interest expense |
| Inventory Days | 95 days | Moderately elevated working capital tied up in inventory |
| Current Ratio | 1.05 | Marginally above 1 but quick ratio indicates liquidity mismatch |
- Operational sensitivity: continued low lithium carbonate prices compress margins for the lithium business; recovery depends on commodity price stabilization and cost controls.
- Refinancing risk: with high debt levels and negative interest coverage, any tightening in credit markets or rising rates could force asset sales or dilutive equity raises.
- Liquidity contingency: negative FCF and quick ratio <1 mean the company may need to rely on short-term borrowings or parent/group support to fund working capital.
- Investor considerations: downside risks include prolonged commodity weakness, unexpected capex or working-capital demands, and covenant breaches tied to leverage or interest-coverage metrics.
Jiangxi Special Electric Motor Co.,Ltd (002176.SZ) - Growth Opportunities
Jiangxi Special Electric Motor Co.,Ltd (002176.SZ) is positioned to leverage both resource and technological assets to drive medium-term expansion. Key drivers include substantial lithium resource holdings in the Yichun region, targeted capacity expansion through acquisitions, strategic partnerships in smart motor systems, and operational efficiencies from sustainable production investments.- Mineral resources: multiple mining and exploration rights in Yichun with lithium resource reserves exceeding 100 million tons.
- Capacity expansion: 2023 acquisition of a small motor manufacturer for $20 million, projected to increase production capacity by 15%.
- Revenue trajectory: analysts forecast revenue rising from $600 million in 2023 to $800 million by 2025 (CAGR ≈ 16.7%).
- Strategic JV: joint venture with a leading technology firm to develop smart electric motor systems, expected to generate $30 million in revenue by its second year.
- Cost reductions: investments in sustainable production aimed at lowering operational costs by 20% over the next three years.
- R&D and product focus: concentrated development of high-efficiency motors, backed by a robust R&D framework and multiple patents.
| Metric | 2023 | 2024 (est.) | 2025 (est.) | Notes |
|---|---|---|---|---|
| Revenue | $600,000,000 | $700,000,000 | $800,000,000 | Analyst consensus; implied CAGR ≈ 16.7% (2023-2025) |
| Production capacity change | Baseline | +7.5% (partial realization) | +15% (post-integration) | $20M acquisition in 2023 |
| JV smart motor revenue | $0 | $15,000,000 | $30,000,000 | Expected ramp to $30M by JV second year |
| Operational cost reduction target | Baseline | -10% (year 1-2) | -20% (by year 3) | Sustainable production investments |
| Lithium resource reserves | >100,000,000 tons | Multiple mining & exploration rights in Yichun | ||
| R&D / Intellectual property | Numerous patents & ongoing programs | Focus on high-efficiency motor technology | ||
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