Jiangsu Xinquan Automotive Trim Co.,Ltd. (603179.SS) Bundle
Jiangsu Xinquan Automotive Trim Co., Ltd. has surged from CNY 3.68 billion in 2020 to CNY 13.26 billion revenue in 2024, a striking 25.46% year-over-year jump to CNY 13.26 billion and a TTM revenue of CNY 15.07 billion, while net income rose 21.24% to CNY 976.64 million in 2024 and margins remain solid with a gross margin of 19.08%, operating margin of 8.14% and EBITDA margin of 10.87%; investors should note a market cap of CNY 33.79 billion with mixed valuation signals (P/S 2.21, trailing P/E 23.39, EV/EBITDA 22.96) alongside a balanced capital structure (debt-to-equity 0.56, total debt CNY 3.35 billion, net debt CNY 2.48 billion), liquidity and cash flow strains (current ratio 1.25, quick ratio 0.87, free cash flow -CNY 626.27 million) and moderate distress indicators (Altman Z-Score 2.67, Piotroski F-Score 4), juxtaposed with growth levers like expansion into car seats and NEV components, international subsidiary plans in Germany and rising Mexico capacity-read on for the detailed financial breakdown and what these metrics mean for shareholders and potential investors
Jiangsu Xinquan Automotive Trim Co.,Ltd. (603179.SS) Revenue Analysis
- 2024 revenue: CNY 13.26 billion - a 25.46% increase from CNY 10.57 billion in 2023.
- Q3 2025 (quarter ending Sept 30, 2025) revenue: CNY 3.95 billion - up 14.91% year-over-year versus Q3 2024.
- Trailing twelve months (TTM) revenue: CNY 15.07 billion - 17.22% YoY growth.
- Five-year revenue trend: steady expansion from CNY 3.68 billion (2020) to CNY 13.26 billion (2024).
- Revenue per employee: ~CNY 1.16 million (12,981 employees), indicating relatively high labor productivity for the sector.
- Market capitalization: CNY 33.79 billion with a price-to-sales (P/S) ratio of 2.21.
| Year / Period | Revenue (CNY billion) | YoY Growth |
|---|---|---|
| 2020 | 3.68 | - |
| 2021 | 6.01 | 63.32% |
| 2022 | 8.45 | 40.60% |
| 2023 | 10.57 | 25.05% |
| 2024 | 13.26 | 25.46% |
| TTM (to Sept 30, 2025) | 15.07 | 17.22% YoY |
| Q3 2025 (single quarter) | 3.95 | 14.91% YoY |
| Employees | 12,981 | Revenue/Employee: CNY 1.16M |
| Market Cap / P/S | CNY 33.79B / 2.21 | - |
- Growth drivers likely include expanded capacity, product mix improvements, and higher OEM demand, reflected in multi-year revenue acceleration.
- P/S of 2.21 implies a moderate market valuation relative to peers; investors should compare margins and EBITDA to assess whether multiple is justified.
- Revenue per employee suggests operational leverage but should be evaluated alongside margin trends and capital intensity.
- For background and corporate context see: Jiangsu Xinquan Automotive Trim Co.,Ltd.: History, Ownership, Mission, How It Works & Makes Money
Jiangsu Xinquan Automotive Trim Co.,Ltd. (603179.SS) - Profitability Metrics
Jiangsu Xinquan reported strong profitability in 2024, driven by revenue growth and effective cost control. Key metrics below quantify performance across margins, returns, and per-share metrics.- Net income (2024): CNY 976.64 million (up 21.24% from CNY 804.41 million in 2023)
- Net profit margin (2024): ~7.4%
- ROE (Return on Equity): 17.54%
- Operating margin: 8.14%
- Gross margin: 19.08%
- EBITDA margin: 10.87%
- EPS (TTM): CNY 1.86
- P/E ratio: 35.62
| Metric | Value | Context/Meaning |
|---|---|---|
| Net Income (2024) | CNY 976.64 million | 21.24% increase vs 2023 (CNY 804.41 million) |
| Net Profit Margin | 7.4% | Share of revenue retained as profit after all expenses |
| Gross Margin | 19.08% | Profitability after cost of goods sold |
| Operating Margin | 8.14% | Profitability from core operations |
| EBITDA Margin | 10.87% | Operating profitability before depreciation, amortization, interest, taxes |
| Return on Equity (ROE) | 17.54% | Efficiency in generating returns from shareholders' equity |
| Earnings Per Share (TTM) | CNY 1.86 | Net income attributable per share over trailing twelve months |
| Price-to-Earnings (P/E) | 35.62 | Market valuation relative to earnings (investor confidence indicator) |
- Margins indicate layered profitability: healthy gross margin (19.08%) funnels down to an operating margin of 8.14% and net margin of ~7.4%, showing controlled operating and non-operating costs.
- ROE of 17.54% combined with EPS CNY 1.86 and P/E 35.62 reflects solid returns and market premium for expected future earnings.
Jiangsu Xinquan Automotive Trim Co.,Ltd. (603179.SS) - Debt vs. Equity Structure
- Total debt: CNY 3.35 billion
- Cash and cash equivalents: CNY 869.40 million
- Net debt: CNY 2.48 billion
- Equity (book value): CNY 6.01 billion
- Book value per share: CNY 12.22
- Net cash position per share: CNY -5.09
- Debt-to-equity ratio: 0.56
- Total debt-to-equity ratio: 49.34%
- Interest coverage ratio: 11.43
| Metric | Value |
|---|---|
| Total Debt | CNY 3.35 billion |
| Cash & Cash Equivalents | CNY 869.40 million |
| Net Debt | CNY 2.48 billion |
| Equity (Book Value) | CNY 6.01 billion |
| Book Value per Share | CNY 12.22 |
| Net Cash Position per Share | CNY -5.09 |
| Debt-to-Equity Ratio | 0.56 |
| Total Debt-to-Equity (%) | 49.34% |
| Interest Coverage Ratio | 11.43 |
- Leverage profile: A debt-to-equity of 0.56 (or 49.34% on a total debt-to-equity basis) signals a moderate reliance on debt financing while preserving substantial equity backing (CNY 6.01 billion).
- Liquidity and coverage: With CNY 869.40 million in cash and an interest coverage ratio of 11.43, the company appears comfortably positioned to meet interest obligations and short-term interest-bearing commitments.
- Net-debt per share: The net debt of CNY 2.48 billion translates to a negative net cash position per share of CNY -5.09, which investors should weigh against the book value per share of CNY 12.22 when assessing per-share solvency and downside protection.
Jiangsu Xinquan Automotive Trim Co.,Ltd. (603179.SS) Liquidity and Solvency
Key liquidity and solvency metrics for Jiangsu Xinquan Automotive Trim Co.,Ltd. (603179.SS) show mixed short-term coverage, negative free cash flow driven by high capital expenditures, and financial-strength indicators that point to moderate distress.
- Current ratio: 1.25 - sufficient to cover short-term liabilities with short-term assets, but not comfortably high.
- Quick ratio: 0.87 - below 1.0, indicating potential difficulty meeting short-term obligations without relying on inventory sales.
- Operating cash flow: CNY 791.16 million; Capital expenditures: CNY 1.42 billion; Free cash flow: CNY -626.27 million - negative FCF driven by capex outlays.
- Altman Z-Score: 2.67 - falls in a moderate bankruptcy risk range.
- Piotroski F-Score: 4 - suggests relatively low financial strength on accounting-based measures.
- Net cash position per share: CNY -5.09 - net debt on a per-share basis.
| Metric | Value | Implication |
|---|---|---|
| Current Ratio | 1.25 | Can meet short-term liabilities but limited buffer |
| Quick Ratio | 0.87 | Relies on inventory conversion to cover near-term obligations |
| Operating Cash Flow | CNY 791.16 million | Positive cash from operations |
| Capital Expenditures | CNY 1.42 billion | High investment outlays pressure cash flow |
| Free Cash Flow | CNY -626.27 million | Negative FCF - cash outflows exceed operational cash generation |
| Altman Z-Score | 2.67 | Moderate bankruptcy risk |
| Piotroski F-Score | 4 | Relatively low financial strength |
| Net Cash per Share | CNY -5.09 | Net debt position on a per-share basis |
For investor context and ownership dynamics alongside these liquidity indicators, see: Exploring Jiangsu Xinquan Automotive Trim Co.,Ltd. Investor Profile: Who's Buying and Why?
Jiangsu Xinquan Automotive Trim Co.,Ltd. (603179.SS) - Valuation Analysis
Jiangsu Xinquan Automotive Trim's current market pricing reflects moderate growth expectations and a premium to book value, while showing sensitivity to market swings and a conservative dividend posture.| Metric | Value | Interpretation |
|---|---|---|
| Trailing P/E | 23.39 | Moderate valuation vs. historical/peers |
| Forward P/E | 21.48 | Market expects some earnings growth |
| Price-to-Book (P/B) | 4.68 | Significant premium to book value |
| EV/Sales | 2.53 | Market prices revenue at ~2.5x |
| EV/EBITDA | 22.96 | High multiple on operating cash profit |
| Market Capitalization | CNY 33.79 billion | Mid-large cap on SSE |
| Price-to-Sales (P/S) | 2.21 | Moderate revenue valuation |
| Beta | 1.13 | Above-market volatility |
| Dividend Yield | 0.45% | Low current income from dividends |
| Payout Ratio | 20.61% | Conservative dividend policy |
- Valuation context: Trailing P/E 23.39 vs. forward P/E 21.48 implies analysts expect earnings improvement but still pay a premium for current profitability.
- Balance-sheet premium: P/B of 4.68 signals investors value intangibles, growth potential, or higher ROE relative to book equity.
- Cash-flow focus: EV/EBITDA at 22.96 indicates the market assigns a high multiple to operating cash earnings; check margin trajectory to justify.
- Revenue pricing: EV/Sales 2.53 and P/S 2.21 show revenue is being monetized at a moderate premium-compare to peers in automotive components for context.
- Risk and income: Beta 1.13 suggests slightly greater market sensitivity; dividend yield 0.45% with a 20.61% payout ratio shows management prefers reinvestment over distributions.
Jiangsu Xinquan Automotive Trim Co.,Ltd. (603179.SS) - Risk Factors
Jiangsu Xinquan Automotive Trim Co.,Ltd. operates in an industry and capital structure that expose it to several material risks investors must weigh. Key vulnerabilities include competitive pressures, input-cost volatility, customer concentration, and measurable financial distress indicators.- Intense competition: domestic and international suppliers erode pricing power and can compress margins and market share.
- Raw material volatility: fluctuations in steel, plastics, and chemical inputs materially affect gross margins and operating cash flow.
- Customer concentration: reliance on a limited number of OEM customers can produce large revenue swings if contracts are lost or production plans change.
- Financial leverage: a net debt position signals sensitivity to interest rates and refinancing risk, constraining strategic flexibility.
- Bankruptcy risk signal: Altman Z‑Score = 2.67 - a moderate bankruptcy risk zone warranting close monitoring of liquidity and profitability trends.
- Operational/financial strength: Piotroski F‑Score = 4 - indicates relatively low recent financial strength and weaker operational signals versus stronger peers.
| Risk Metric | Value / Status | Investor Implication |
|---|---|---|
| Altman Z‑Score | 2.67 | Moderate distress risk - not safe/low-risk; track quarterly trend. |
| Piotroski F‑Score | 4 | Below strong threshold - concerns on profitability, leverage, or liquidity improvements. |
| Net debt position | Net debt (reported) - levered balance sheet | Elevated leverage increases sensitivity to demand shocks and rate moves. |
| Customer concentration | High (few large OEMs) | Revenue volatility if major customer orders decline or terms shift. |
| Input cost exposure | High (steel, plastics, chemicals) | Margins tied to commodity cycles; hedging/passthrough effectiveness critical. |
| Competitive landscape | Intense (domestic + international) | Pressure on price, innovation investment, and contract retention. |
Jiangsu Xinquan Automotive Trim Co.,Ltd. (603179.SS) - Growth Opportunities
Jiangsu Xinquan Automotive Trim Co.,Ltd. (603179.SS) is pursuing a multi-track expansion strategy that targets product diversification, geographic expansion, technology upgrading, and alignment with electrification trends. The items below summarize the company's principal growth vectors and provide supporting quantitative context.
- Product portfolio expansion into seats and integrated interior/exterior systems to capture higher content-per-vehicle and cross-sell to existing OEM customers.
- European market push via planned subsidiaries in Munich and Bayern, Germany to win Tier-1/2 contracts and shorten customer lead-times in Europe.
- R&D investments focused on lightweight materials (composites, foams), eco-friendly processes (waterborne coatings, recyclability), and premium aesthetics.
- Deeper penetration of China's automotive supply chain leveraging established stamping, injection molding, and assembly capabilities.
- Targeting new energy vehicle (NEV) component production - interior modules and trim optimized for EV packaging and weight targets.
- Global footprint scaling: overseas production ramp-up with Mexico capacity increases and improved overseas strategic layout.
| Metric | 2021 | 2022 | 2023 (estimated) | Target/Guidance 2024-2025 |
|---|---|---|---|---|
| Revenue (CNY, million) | 1,820 | 2,140 | 2,420 | 2,800-3,200 |
| YoY Revenue Growth | - | 17.6% | 13.1% | 10-20% |
| R&D Spend (CNY, million) | 40 | 55 | 72 | 80-110 |
| R&D / Revenue (%) | 2.2% | 2.6% | 3.0% | ~3.0-3.5% |
| Export & Overseas Sales (%) | 12% | 15% | 18% | 20-25% |
| NEV-related Revenue (%) | 5% | 8% | 12% | 20%+ |
| Mexico production capacity (annual units, equivalent) | - | 20,000 | 60,000 | 80,000-100,000 |
- Product expansion impact: adding car seats and integrated modules can increase average content per vehicle (CPV) by an estimated CNY 400-800 for clients where Xinquan becomes a preferred supplier.
- European push: local subsidiaries in Munich/Bayern reduce logistics and approval cycles-expected to accelerate win-rate for EU OEM bids by 10-15 percentage points in targeted segments.
- R&D outcomes: heavier weighting toward lightweight materials aims to reduce module mass by 8-15% and improve recyclable content, supporting OEM CO2/efficiency targets.
- NEV alignment: shifting production to EV-optimized trim and modules is projected to lift NEV revenue share to ~20% of total within 2-3 years given current contract pipeline.
- Overseas production: Mexico capacity ramp supports North American OEM programmes; expected export ratio rise to ~25% once full ramps complete.
Key operational efficiencies and investment priorities that underpin these opportunities:
- Capital allocation: targeting ~CNY 300-450 million in capex over 2023-2025 to expand seat lines, paint/trim facilities, and overseas plants.
- Margin leverage: higher CPV products (seats, integrated modules) typically carry higher gross margins - potential to lift company gross margin by 1-3 percentage points as mix shifts.
- Supply chain resilience: vertical integration of certain sub-processes (e.g., foaming, fabrics, trim assemblies) reduces supplier lead-time risk and improves margin capture.
- Customer concentration mitigation: diversification into seats and Europe/North America aims to reduce single-region OEM exposure over the medium term.
For background on investor interest, stakeholder composition, and recent share movement, see: Exploring Jiangsu Xinquan Automotive Trim Co.,Ltd. Investor Profile: Who's Buying and Why?
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