Chengdu Spaceon Electronics Co Ltd

Chengdu Spaceon Electronics Co Ltd maintains a strong liquidity position with a current ratio of 2.25, indicating the company can cover its short-term liabilities more than twice over with its current assets. The company's liquidity is supported by a net cash position, although it is noted that net cash becomes negative after subtracting total debt. The company's debt-to-equity ratio is 0.0, suggesting it is not leveraged and relies primarily on equity financing.

In terms of profitability, the company's return on equity (ROE) is 1.59%, and its return on assets (ROA) is 0.94%. These figures are below the industry median for ROE and ROA, indicating that the company is underperforming its peers in terms of generating returns for shareholders and asset efficiency. The company's operating margin is 9.13% (calculated from operating income of 24,799,770 CNY on revenue of 271,501,690 CNY), which is a key metric for the industry and suggests moderate profitability.

The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification. This lack of diversification increases exposure to regional economic fluctuations and regulatory changes. The company's capital expenditures for the period were -12,189,540 CNY, indicating a reduction in investment in long-term assets, which may signal a strategic shift or cost-cutting measures.

Looking ahead, the company's revenue is expected to grow, supported by a positive outlook in the technology equipment sector. Analysts have assigned a mean recommendation of 1.00, indicating a strong buy consensus, with a mean price target of 21.02 CNY. The company's operating cash flow of 94,640,440 CNY supports its liquidity and provides flexibility for future investments or shareholder returns.

The company faces moderate liquidity risk due to its reliance on cash flow rather than debt financing. However, the risk of dilution is low, as the number of shares outstanding has not changed between basic and diluted shares. The company has not disclosed any recent material events or regulatory actions that would significantly impact its operations or financial position.

Chengdu Spaceon Electronics Co Ltd (002935.SZ) has been formally classified within the Technology sector, specifically under the Technology Equipment activity. This structural update establishes the company’s operational identity in the broader market taxonomy, moving from an unclassified state to a defined position within the technology landscape. The classification carries medium severity, reflecting the significance of anchoring the firm’s economic sector and activity type. By identifying as a Technology Equipment provider, the company’s business model is now explicitly linked to the hardware and equipment sub-segment of the tech industry, providing clarity on its core operational focus. In terms of risk profile, the company now exhibits a low dilution risk, indicating a stable capital structure with minimal threat of share value erosion from new issuances. This assessment suggests that existing shareholders face limited pressure from equity dilution, a positive signal for capital preservation. Conversely, the company faces a medium liquidity risk, highlighting potential challenges in converting assets to cash or meeting short-term obligations without significant cost. This risk level, while not critical, warrants attention as it contrasts with the low dilution risk, suggesting a need for careful management of cash flow and asset liquidity within the technology equipment sector.

Operating and net margins exceed 9%, significantly outperforming the 4.1% and 3.5% cohort medians.

The company holds zero long-term debt, placing its leverage ratio in the top quartile of peers.

Cash conversion of 3.85 is best-in-class, vastly superior to the 1.04 cohort median.

Free cash flow surged 40.2% year-over-year to 50.8 million CNY in the latest period.

Analysts assign a strong buy rating with a 4.2% upside to a 21.02 CNY target.

Return on equity of 1.6% lags the 2.4% median for the electronic equipment cohort.

Gross profit dropped to 208.2 million CNY in 2026, down from 340 million in 2023.

Net income contracted to 64.2 million CNY in 2025, a significant drop from prior years.

The company faces medium liquidity risk, indicating potential challenges in meeting short-term obligations.

Revenue ¥980.3M, +1,6% YoY; Operating income +3,4% YoY.

• ▍Revenue ¥980.3M, +1,6% YoY
• ▍Operating income +3,4% YoY
• ▍Net income +1,0% YoY
• ▍Free cash flow +40,2% YoY
• ▍Net margin 6.6%

Revenue ¥964.4M, −13,0% YoY; Operating income −26,2% YoY.

• ▍Revenue ¥964.4M, −13,0% YoY
• ▍Operating income −26,2% YoY
• ▍Net income −26,4% YoY
• ▍Free cash flow +232,3% YoY
• ▍Net margin 6.7%

Revenue ¥1.11B, −8,4% YoY; Operating income −20,8% YoY.

• ▍Revenue ¥1.11B, −8,4% YoY
• ▍Operating income −20,8% YoY
• ▍Net income −22,5% YoY
• ▍Free cash flow −85,0% YoY
• ▍Net margin 7.9%

Revenue ¥1.21B, +16,1% YoY; Operating income −6,8% YoY.

• ▍Revenue ¥1.21B, +16,1% YoY
• ▍Operating income −6,8% YoY
• ▍Net income −5,0% YoY
• ▍Free cash flow +1 027,2% YoY
• ▍Net margin 9.3%

Revenue ¥1.04B; Operating income ¥125.3M.

• ▍Revenue ¥1.04B
• ▍Operating income ¥125.3M
• ▍Net margin 11.4%