KEBODA TECHNOLOGY Co., Ltd. (603786.SS) Bundle
KEBODA TECHNOLOGY Co., Ltd. (603786.SS) is turning heads with a 2024 revenue of CNY 5.97 billion (up 29.03% year-over-year) and a TTM revenue of CNY 6.67 billion (up 16.64% YoY), powered by breakout segment performance-energy management systems at CNY 830 million (+92.9%), lighting control at CNY 2.89 billion (+22.2%), motor control at CNY 960 million (+21.4%) and vehicle electrical & electronics at CNY 880 million (+15.8%)-while profitability metrics show 2024 net income of CNY 772.27 million (+26.81%) with a net profit margin around 12.9% and TTM operating cash flow of CNY 853.09 million; the balance sheet reveals total debt of CNY 720.43 million against cash of CNY 1.59 billion (net cash CNY 870.44 million) and a conservative debt-to-equity ratio of 0.13, liquidity ratios of current 2.61/quick 1.76 and free cash flow TTM of CNY 487.43 million, valuation sits at a stock price of CNY 72.56 with market cap CNY 29.12 billion and trailing/forward P/E of 29.37/20.34 while analysts eye a CNY 92.56 one-year target and forecast ~26.6% annual earnings growth over the next three years-read on to dissect what these figures mean for investors.
KEBODA TECHNOLOGY Co., Ltd. (603786.SS) Revenue Analysis
KEBODA TECHNOLOGY reported strong top-line expansion across core segments in 2024 and maintained momentum into the trailing twelve months (TTM) ending September 30, 2025. Key revenue figures and segment dynamics are summarized below.
| Metric | 2023 (CNY) | 2024 (CNY) | Change (%) | TTM Sep 30, 2025 (CNY) | TTM YoY Change (%) |
|---|---|---|---|---|---|
| Total Revenue | 4,630,000,000 | 5,970,000,000 | 29.03 | 6,670,000,000 | 16.64 |
| Energy Management Systems | 429,000,000 | 830,000,000 | 92.90 | - | - |
| Lighting Control Systems | 2,366,000,000 | 2,890,000,000 | 22.20 | - | - |
| Motor Control Systems | 790,000,000 | 960,000,000 | 21.40 | - | - |
| Vehicle Electrical & Electronics | 760,000,000 | 880,000,000 | 15.80 | - | - |
- Total revenue rose from CNY 4.63 billion in 2023 to CNY 5.97 billion in 2024 (+29.03%).
- TTM revenue through Sept 30, 2025 reached CNY 6.67 billion, a further +16.64% YoY increase versus the prior 12-month period.
- Energy management systems were the fastest-growing segment in 2024, expanding 92.9% to CNY 830 million, driven largely by demand from the new energy vehicle (NEV) market.
- Lighting control remained the largest contributor at CNY 2.89 billion in 2024, growing 22.2% year-over-year.
- Motor control and vehicle electrical & electronics segments delivered healthy mid-teens to low-twenties percentage growth (21.4% and 15.8%, respectively).
Drivers, concentration, and near-term revenue risks:
- NEV adoption accelerated energy management system sales-this segment's 92.9% growth indicates strong product-market fit and scalable demand.
- Lighting control remains a backbone of revenue; resilience in this segment supports overall margin stability.
- Motor control growth reflects industrial and EV component demand; continued capacity and supply-chain management will be critical.
- Vehicle electrical & electronics growth suggests increasing OEM penetration but could be sensitive to automotive cycle fluctuations.
For more on ownership, shareholder trends, and investor interest, see: Exploring KEBODA TECHNOLOGY Co., Ltd. Investor Profile: Who's Buying and Why?
KEBODA TECHNOLOGY Co., Ltd. (603786.SS) - Profitability Metrics
KEBODA TECHNOLOGY delivered solid profitability in recent periods, combining revenue conversion, margin stability and strong cash generation. Key headline figures highlight year-over-year earnings growth and healthy returns on equity.
- Net income (2024): CNY 772.27 million (up 26.81% from CNY 609.46 million in 2023)
- Net profit margin (2024): ~12.9%
- Trailing twelve months (TTM) operating cash flow (ending 30 Sep 2025): CNY 853.09 million
- TTM Return on Equity (ROE): 15.81%
- Gross margin: 25.59%; Operating margin: 10.85%; Profit margin: 12.13%
- TTM EPS: CNY 1.87; P/E: 34.76
| Metric | 2024 (Actual) | TTM (ending 30 Sep 2025) |
|---|---|---|
| Net Income | CNY 772.27M | - |
| Net Income YoY Change | +26.81% vs 2023 | - |
| Net Profit Margin | ~12.9% | 12.13% |
| Gross Margin | 25.59% | 25.59% |
| Operating Margin | 10.85% | 10.85% |
| Operating Cash Flow | - | CNY 853.09M |
| Return on Equity (ROE) | - | 15.81% |
| Earnings Per Share (EPS) | - | CNY 1.87 |
| Price-to-Earnings (P/E) | - | 34.76 |
For additional context on ownership and market interest, see: Exploring KEBODA TECHNOLOGY Co., Ltd. Investor Profile: Who's Buying and Why?
KEBODA TECHNOLOGY Co., Ltd. (603786.SS) - Debt vs. Equity Structure
KEBODA TECHNOLOGY maintains a conservative capital structure with a clear net-cash position and low leverage metrics as of the most recent reporting dates.- Total debt (as of September 30, 2025): CNY 720.43 million
- Cash and cash equivalents (as of September 30, 2025): CNY 1.59 billion
- Net cash position: CNY 870.44 million
- Debt-to-equity ratio (latest): 0.13
- Five-year change in debt-to-equity: from 0% to 11.5% (gradual increase)
| Metric | Value | Notes / Period |
|---|---|---|
| Total Debt | CNY 720.43 million | As of 2025-09-30 |
| Cash & Cash Equivalents | CNY 1.59 billion | As of 2025-09-30 |
| Net Cash | CNY 870.44 million | Cash minus Debt |
| Debt-to-Equity Ratio | 0.13 | Conservative leverage |
| 5-Year Debt-to-Equity Trend | 0% → 11.5% | Incremental leverage over five years |
| Operating Cash Flow Coverage | 131.5% | Operating cash flow / Debt obligations |
| Interest Coverage | Robust (Earnings > Interest Expense) | No interest payment concern |
| Total Assets | CNY 7.14 billion | End of 2024; +12.33% year-to-date |
- Liquidity: A substantial net cash buffer (CNY 870.44 million) improves short-term resilience and optionality for capex, M&A, or shareholder returns.
- Leverage Profile: Debt-to-equity of 0.13 signals low financial risk; the historical rise to 11.5% over five years suggests measured use of debt rather than aggressive gearing.
- Cash-Flow Coverage: Operating cash flow covers debt obligations at 131.5%, reducing refinancing and solvency risk.
- Interest Risk: Earnings comfortably cover interest, implying minimal near-term interest payment pressure.
- Balance Sheet Scale: Total assets of CNY 7.14 billion (up 12.33% in 2024) show expanding scale alongside conservative financing.
KEBODA TECHNOLOGY Co., Ltd. (603786.SS) - Liquidity and Solvency
KEBODA TECHNOLOGY presents a solid liquidity and solvency profile driven by strong short-term asset coverage, substantial operating cash generation, and a net cash buffer.
- Current ratio: 2.61 - indicates more than 2.6x coverage of short-term obligations by current assets.
- Quick ratio: 1.76 - strong immediate-liquidity position excluding inventories.
- Short-term assets: CNY 6.1 billion vs. short-term liabilities: CNY 2.3 billion - adequate liquidity to meet near-term obligations.
- Long-term assets: CNY 6.1 billion vs. long-term liabilities: CNY 283.7 million - strong solvency and low structural leverage.
| Metric | Value | Interpretation |
|---|---|---|
| Current ratio | 2.61 | Healthy short-term coverage |
| Quick ratio | 1.76 | Strong immediate liquidity |
| Short-term assets | CNY 6.1 billion | Available to meet short-term liabilities |
| Short-term liabilities | CNY 2.3 billion | Short-term obligations |
| Long-term assets | CNY 6.1 billion | Long-term resource base |
| Long-term liabilities | CNY 283.7 million | Low long-term leverage |
| Operating cash flow margin | 782.77% | Exceptional cash generation relative to sales |
| Free cash flow (TTM) | CNY 487.43 million | Healthy cash after capex |
| Net cash position | CNY 870.44 million | Buffer against financial uncertainties |
- Operating cash flow margin of 782.77% signals unusually strong conversion of revenue into operating cash - a key driver of the firm's internal funding capacity.
- Free cash flow (TTM) of CNY 487.43 million supports reinvestment, dividends or debt reduction without reliance on external financing.
- Net cash position of CNY 870.44 million reduces refinancing risk and provides flexibility for strategic initiatives.
For broader corporate context, see KEBODA TECHNOLOGY Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money
KEBODA TECHNOLOGY Co., Ltd. (603786.SS) - Valuation Analysis
On December 12, 2025, KEBODA TECHNOLOGY's shares traded at CNY 72.56, giving a market capitalization of CNY 29.12 billion. The stock shows moderate earnings multiples but relatively high enterprise-based ratios and premium price multiples versus book and sales.| Metric | Value | Notes |
|---|---|---|
| Share price (CNY) | 72.56 | As of 2025-12-12 |
| Market capitalization (CNY) | 29.12 billion | Outstanding shares × price |
| Trailing P/E | 29.37 | Historical earnings multiple |
| Forward P/E | 20.34 | Consensus next‑12‑month EPS |
| Price-to-Sales (P/S) | 4.36 | Premium vs. peers in industrial tech |
| Price-to-Book (P/B) | 4.02 | Reflects strong intangible/ROE expectations |
| EV / Sales | 4.72 | Includes net debt in enterprise value |
| EV / EBITDA | 35.32 | High multiple, sensitive to margin assumptions |
| Dividend yield | 0.88% | Modest cash return to shareholders |
| Payout ratio | 31% | Portion of earnings paid as dividends |
| Analyst 1‑yr price target | CNY 92.56 | ~27.6% above current price; 11.88% revision increase |
- Valuation stance: Trailing P/E of 29.37 implies investors already price in growth; forward P/E of 20.34 suggests expected earnings improvement.
- Premium multiples: P/S 4.36 and P/B 4.02 indicate a valuation premium compared with typical industrial equipment peers.
- Leverage of enterprise multiples: EV/Sales 4.72 and EV/EBITDA 35.32 point to sensitivity to margin expansion or contraction.
- Income profile: Low yield (0.88%) and 31% payout ratio signal a modest dividend focus with retained earnings for growth.
- Analyst sentiment: One‑year target of CNY 92.56, raised by 11.88% from prior estimates, reflects positive revisions to outlook or model inputs.
KEBODA TECHNOLOGY Co., Ltd. (603786.SS) Risk Factors
KEBODA TECHNOLOGY's financial profile shows generally conservative leverage and solid cash-generation metrics, but several risk factors merit close attention.- Rising financial leverage: debt-to-equity increased from 0% to 11.5% over the past five years, signaling a gradual move toward leverage that could accelerate under more aggressive financing or acquisition strategies.
- Current capital structure: reported debt-to-equity of 0.13 (13%) indicates a still-conservative balance sheet relative to many industrial peers, but the upward trend reduces the margin of safety.
- Interest risk: interest coverage remains robust-earnings comfortably exceed interest expenses-so short-term interest-payment risk is low, though sustained margin pressure could change that.
- Liquidity buffer: a net cash position of CNY 870.44 million provides a cushion against shocks, but cash burn or large capex could erode this buffer.
- Asset growth and deployment: total assets rose to CNY 7.14 billion by year-end 2024, a 12.33% increase year-to-date; the use of incremental assets and any financed growth determines future balance-sheet risk.
- Operational cash sufficiency: operating cash flow covers debt obligations with a coverage ratio of 131.5%, but this depends on continued cash conversion-any deterioration in working capital or margins would weaken coverage.
| Metric | Value | Notes |
|---|---|---|
| Total assets (end-2024) | CNY 7.14 billion | +12.33% YTD |
| Net cash position | CNY 870.44 million | Available liquidity buffer |
| Debt-to-equity (5-year change) | 0% → 11.5% | Gradual rise in leverage |
| Debt-to-equity (latest) | 0.13 | Conservative absolute level (~13%) |
| Operating cash flow coverage | 131.5% | Operating cash covers debt obligations |
| Interest coverage | Robust (earnings > interest) | No immediate interest-payment concerns |
- Scenarios to monitor: rapid asset growth financed by debt, margin compression that lowers interest coverage, or changes in working capital that reduce operating cash coverage below safe thresholds.
- Triggers for reassessment: any increase in debt-to-equity beyond the current trend, sustained decline in operating-cash-to-debt coverage below ~100%, or material reduction in net cash.
KEBODA TECHNOLOGY Co., Ltd. (603786.SS) - Growth Opportunities
KEBODA TECHNOLOGY Co., Ltd. (603786.SS) recorded strong top-line expansion across its core segments in 2024, driven primarily by accelerating demand in new energy vehicles (NEVs), continued adoption of intelligent lighting solutions, and deeper penetration into automotive electronics. Analysts project compound earnings growth of 26.6% annually over the next three years, reflecting expectations of sustained margin recovery and scaling of higher-value products.| Business Segment | Revenue (CNY, 2024) | YoY Growth (%) | Primary Growth Driver |
|---|---|---|---|
| Energy Management System | 830,000,000 | 92.9 | NEV power management and charging integration |
| Lighting Control System | 2,890,000,000 | 22.2 | Smart building retrofits and commercial projects |
| Motor Control System | 960,000,000 | 21.4 | Industrial automation and EV motor drives |
| Vehicle Electrical & Electronics | 880,000,000 | 15.8 | In-vehicle electronics for passenger and commercial vehicles |
- Strong product mix shift toward higher-margin NEV and EV components, reflected in the 92.9% surge in energy management revenue to CNY 830 million.
- Scale advantages in lighting control: CNY 2.89 billion revenue validates leadership in commercial/residential smart lighting (22.2% YoY growth).
- Diversified industrial exposure via motor control systems with CNY 960 million revenue, up 21.4% YoY.
- Automotive electronics momentum: vehicle electrical & electronics at CNY 880 million, growing 15.8% YoY.
- Analyst consensus: projected earnings growth of 26.6% CAGR over the next three years, supporting valuation upside if execution continues.
- Overseas expansion: leveraging automotive electronics expertise to capture OEM and Tier-1 opportunities in Southeast Asia, Europe, and North America.
- Cross-selling potential: integrating energy management, motor control, and vehicle electronics into bundled offerings for NEV platforms and smart infrastructure.
- R&D and product roadmap: continued investment expected to accelerate next-generation controllers and energy solutions, improving ASPs and gross margins.
Key numerical snapshot for 2024 (CNY):
| Metric | 2024 Value |
|---|---|
| Energy Management Revenue | 830,000,000 |
| Lighting Control Revenue | 2,890,000,000 |
| Motor Control Revenue | 960,000,000 |
| Vehicle Electrical & Electronics Revenue | 880,000,000 |
| Consensus Earnings Growth (3-year CAGR) | 26.6% |
- Investors should monitor order backlog conversion, gross margin trends by segment, and progress in international certifications and local manufacturing that will enable overseas scaling.
- Watch for partnerships with NEV OEMs and Tier-1 suppliers as leading indicators of sustained energy management demand.
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