# Guangzhou Shiyuan Electronic Technology (002841.SHE)

Canonical: https://gigainvestors.com/s/002841.SHE

Analysis as of: 2026-10-16T07:37:55.462Z. Financial observations: FY2013–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 41.91 per share; close as of 2026-10-15.

Estimated value: low CNY 23.39 per share, central CNY 28.04 per share, high CNY 31.99 per share. Buy at or below the central value CNY 28.04 per share. Valuation as of 2026-10-16T07:37:55.462Z; scenarios are not confidence intervals.

Expected annual return: 7.4% at the stated quote. About 7.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.07×

- FY2018: 0.07×

- FY2019: 0.10×

- FY2020: 0.12×

- FY2021: 0.09×

- FY2022: 0.11×

- FY2023: 0.08×

- FY2024: 0.05×

- FY2025: 0.03×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 33.8%

- ROIC, second-lowest year: 9.9%

- Typical minus recent gross margin: 3.1 pp

- Typical gross margin (annual median): 22.4%

- Recent gross margin (lower of latest and 3-year median): 19.3%

- Years with nonpositive capital: 1

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: 34.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: 30.7%

- FY2019: >100%

- FY2020: 52.1%

- FY2021: 37.0%

- FY2022: 25.3%

- FY2023: 15.0%

- FY2024: 9.9%

- FY2025: 7.0%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.58×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 4.1B

- Net income, five-year total: CNY 7.1B

- Return on incremental invested capital: 5.9%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 0.9 pp

- Working capital / revenue, final three-year average: 0.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.87×

- FY2022: 0.62×

- FY2023: -0.11×

- FY2024: 0.57×

- FY2025: 0.95×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 2942.5% vs 9.9%

- Per-share earnings: 1.07 to 1.46 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.7%

- Ordinary dilution, 5-year annual growth: 1.0%

- Market cap gain: CNY -1.8B

- Cumulative retained earnings: CNY 7.3B

- Diluted shares, 10-year annual growth: 1.7%

- Diluted shares, 5-year annual growth: 1.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.0%

- Per-share value change: CNY 0.39

- Per-share value, starting three-year median: CNY 1.07

- Per-share value, ending three-year median: CNY 1.46

- Buybacks concentrated in cheaper years (correlation): 0.90

- Average buyback yield: 0.4%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 1.3B

- Cumulative net income, 10 years: CNY 13B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 9.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 1.29

- FY2017: CNY 1.07

- FY2018: CNY 1.56

- FY2019: CNY 2.50

- FY2020: CNY 2.88

- FY2021: CNY 2.54

- FY2022: CNY 2.99

- FY2023: CNY 1.94

- FY2024: CNY 1.39

- FY2025: CNY 1.46

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: 0.9%

- Receivables to sales index (DSRI): 1.81×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.76×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.5%

- FY2017: -4.6%

- FY2018: -11.1%

- FY2019: -7.6%

- FY2020: -0.7%

- FY2021: -6.5%

- FY2022: -1.5%

- FY2023: 1.2%

- FY2024: -1.3%

- FY2025: 0.9%

## Holders

## Price story

Down 51% since Feb 2022 · sales +8.5%

Story as of 2026-10-16T10:00:09.589Z; price observation 2026-10-15.

Price needs cash profits to grow 8.9% a year for ten years

### Sales · FY2024–2025

sales +8.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 8.2B 

- FY2017: CNY 11B 

- FY2018: CNY 17B 

- FY2019: CNY 17B 

- FY2020: CNY 17B 

- FY2021: CNY 21B 

- FY2022: CNY 21B 

- FY2023: CNY 20B 

- FY2024: CNY 22B 

- FY2025: CNY 24B 

### Gross margin · FY2025

gross margin 19.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 20.3% 

- FY2017: 19.6% 

- FY2018: 19.3% 

- FY2019: 26.5% 

- FY2020: 25.7% 

- FY2021: 24.0% 

- FY2022: 26.8% 

- FY2023: 24.5% 

- FY2024: 20.8% 

- FY2025: 19.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electronic components; annual sales are CNY 24.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.462Z); FY2025: revenue 24310223503; grossProfit 4698443240; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002841.SHE: Guangzhou Shiyuan Electronic Technology Company Limited engages in the research, development, and sale of LCD display main control boards and interactive smart tablets in China. The company offers educational interactive smart tablets, AI full-screen smart blackboards, smart podiums, teaching terminals, intelligent recording and broadcasting of teaching, learning machines, parent-child screens, smart security, teaching applications, and education management platforms; conference interactive smart tablets, LED machines, smart meeting screens, audio equipment, conference management platforms, and screen sharing assistants, as well as video conferencing terminals, peripherals, and platforms; and desktop computers, laptop computers, monitors, and cloud terminals. It also provides clothing care machines; commercial display products; book-type and scalable industrial computers and industrial computer and table PCs; energy products; driving recorders; quadruped and commercial cleaning robots; and parts for show, electric appliances, energy, and automotive electronic products. In addition, the company is involved in the technology and goods import and export; engineering and technology research and experimental development; wholesale and retail of computers, software, and auxiliary equipment; retail of household audio-visual equipment; software development; repair of household electronic products; computer and auxiliary equipment repair businesses; and provision of information technology consulting services. Further, it offers medical technology consultation, project investment, investment consulting, finance, and scientific and technical study services, as well as information transmission and software and information technology services. It serves computer, communications, and other electronic equipment manufacturing industries. The company was founded in 2005 and is based in Shanghai, China.

### Why customers stay

Margins ranged from 19.3% to 24.5% during 2023–25; it earns 33.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.462Z); FY2023: grossProfit / revenue = 24.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.462Z); FY2024: grossProfit / revenue = 20.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.462Z); FY2025: grossProfit / revenue = 19.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.462Z); 10-year return on capital observations [[2016,145.84727602181334],[2017,29.424972073054896],[2018,0.3073644886750169],[2019,6.574663920209428],[2020,0.5209850331801416],[2021,0.3695710988502478],[2022,0.2526150924734302],[2023,0.15027980676612906],[2024,0.09918065027544205],[2025,0.0703398184486106]]; median 0.33846779376263236. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 32% of cash earnings on expansion; earns 5.9% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.462Z); FY2016: growth capex 99714852.10649738; upkeep 57190253.193502635; owner earnings 714688615.8064973. Growth capex / owner earnings = 0.13952209381980035.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.462Z); FY2017: growth capex 122509690.69963533; upkeep 206416239.30036467; owner earnings 533029856.6996353. Growth capex / owner earnings = 0.22983645129783054.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.462Z); FY2018: growth capex 318843986.2573305; upkeep 176631139.74266952; owner earnings 900344570.2573304. Growth capex / owner earnings = 0.3541355129916546.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.462Z); FY2019: growth capex 3999627.405368626; upkeep 466159709.5946314; owner earnings 1255686297.4053686. Growth capex / owner earnings = 0.003185212272868692.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.462Z); FY2020: growth capex 4953407.6974698305; upkeep 453836405.30253017; owner earnings 1579190597.6974697. Growth capex / owner earnings = 0.0031366750186406374.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.462Z); FY2021: growth capex 301275674.7923591; upkeep 384066561.2076409; owner earnings 1478315135.9123592. Growth capex / owner earnings = 0.20379665165670063.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.462Z); FY2022: growth capex 0; upkeep 966078969; owner earnings 1275312132.572. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.462Z); FY2024: growth capex 314913849.59168506; upkeep 695075718.608315; owner earnings 552296311.649685. Growth capex / owner earnings = 0.5701900283401334.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.462Z); FY2025: growth capex 308584423.5099589; upkeep 384046478.4900411; owner earnings 963748708.2919589. Growth capex / owner earnings = 0.3201917894726517.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.462Z); Incremental return on capital 0.05933182385185499, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.462Z); Dividend observations: [[2016,307890000],[2017,169470000],[2018,244539766],[2019,354812328],[2020,507922876],[2021,668030956],[2022,631086721],[2023,728937534],[2024,644922962],[2025,471547972]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 58.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002841.SHE SharesStats.PercentInsiders = 58.214 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8.9% yearly over ten years; actual growth was 11.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.462Z); Ten-year compound average after fade. Initial solved rate 0.11472414857165936. Price 41.91; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.4688705832004802 → FY2025 1.3897825047554908. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2017-01: CNY 27.63 per share

- 2017-02: CNY 54.45 per share

- 2017-03: CNY 59.87 per share

- 2017-04: CNY 45.49 per share

- 2017-05: CNY 40.72 per share

- 2017-06: CNY 46.39 per share

- 2017-07: CNY 41.84 per share

- 2017-08: CNY 45.94 per share

- 2017-09: CNY 46.84 per share

- 2017-10: CNY 46.67 per share

- 2017-11: CNY 45.59 per share

- 2017-12: CNY 45.31 per share

- 2018-01: CNY 42.37 per share

- 2018-02: CNY 45.76 per share

- 2018-03: CNY 52.94 per share

- 2018-04: CNY 53.50 per share

- 2018-05: CNY 56.10 per share

- 2018-06: CNY 53.41 per share

- 2018-07: CNY 59.14 per share

- 2018-08: CNY 60.40 per share

- 2018-09: CNY 60.20 per share

- 2018-10: CNY 57.92 per share

- 2018-11: CNY 58.80 per share

- 2018-12: CNY 56.90 per share

- 2019-01: CNY 61.18 per share

- 2019-02: CNY 68.00 per share

- 2019-03: CNY 79.30 per share

- 2019-04: CNY 76.30 per share

- 2019-05: CNY 75.88 per share

- 2019-06: CNY 77.51 per share

- 2019-07: CNY 78.19 per share

- 2019-08: CNY 85.61 per share

- 2019-09: CNY 87.88 per share

- 2019-10: CNY 85.55 per share

- 2019-11: CNY 85.48 per share

- 2019-12: CNY 85.70 per share

- 2020-01: CNY 83.37 per share

- 2020-02: CNY 91.00 per share

- 2020-03: CNY 78.07 per share

- 2020-04: CNY 76.04 per share

- 2020-05: CNY 91.15 per share

- 2020-06: CNY 99.52 per share

- 2020-07: CNY 103.91 per share

- 2020-08: CNY 100.08 per share

- 2020-09: CNY 97.41 per share

- 2020-10: CNY 102.75 per share

- 2020-11: CNY 107.27 per share

- 2020-12: CNY 115.03 per share

- 2021-01: CNY 136.40 per share

- 2021-02: CNY 127.34 per share

- 2021-03: CNY 130.32 per share

- 2021-04: CNY 133.32 per share

- 2021-05: CNY 130.87 per share

- 2021-06: CNY 124.29 per share

- 2021-07: CNY 110.85 per share

- 2021-08: CNY 87.03 per share

- 2021-09: CNY 78.35 per share

- 2021-10: CNY 76.00 per share

- 2021-11: CNY 69.45 per share

- 2021-12: CNY 81.40 per share

- 2022-01: CNY 76.10 per share

- 2022-02: CNY 86.03 per share

- 2022-03: CNY 64.12 per share

- 2022-04: CNY 76.72 per share

- 2022-05: CNY 70.13 per share

- 2022-06: CNY 75.32 per share

- 2022-07: CNY 68.08 per share

- 2022-08: CNY 67.60 per share

- 2022-09: CNY 59.70 per share

- 2022-10: CNY 65.06 per share

- 2022-11: CNY 61.33 per share

- 2022-12: CNY 59.04 per share

- 2023-01: CNY 63.00 per share

- 2023-02: CNY 68.74 per share

- 2023-03: CNY 74.85 per share

- 2023-04: CNY 65.99 per share

- 2023-05: CNY 62.05 per share

- 2023-06: CNY 66.84 per share

- 2023-07: CNY 61.75 per share

- 2023-08: CNY 53.29 per share

- 2023-09: CNY 50.69 per share

- 2023-10: CNY 41.99 per share

- 2023-11: CNY 45.28 per share

- 2023-12: CNY 45.76 per share

- 2024-01: CNY 34.26 per share

- 2024-02: CNY 39.24 per share

- 2024-03: CNY 34.56 per share

- 2024-04: CNY 33.53 per share

- 2024-05: CNY 32.82 per share

- 2024-06: CNY 29.53 per share

- 2024-07: CNY 29.72 per share

- 2024-08: CNY 31.47 per share

- 2024-09: CNY 36.86 per share

- 2024-10: CNY 36.01 per share

- 2024-11: CNY 38.40 per share

- 2024-12: CNY 36.91 per share

- 2025-01: CNY 35.08 per share

- 2025-02: CNY 39.65 per share

- 2025-03: CNY 38.05 per share

- 2025-04: CNY 33.61 per share

- 2025-05: CNY 33.02 per share

- 2025-06: CNY 34.60 per share

- 2025-07: CNY 35.05 per share

- 2025-08: CNY 42.24 per share

- 2025-09: CNY 39.80 per share

- 2025-10: CNY 41.72 per share

- 2025-11: CNY 38.38 per share

- 2025-12: CNY 39.63 per share

- 2026-01: CNY 39.50 per share

- 2026-02: CNY 38.66 per share

- 2026-03: CNY 32.59 per share

- 2026-04: CNY 36.91 per share

- 2026-05: CNY 36.54 per share

- 2026-06: CNY 34.53 per share

- 2026-07: CNY 45.19 per share

- 2026-08: CNY 47.95 per share

- 2026-09: CNY 45.18 per share

- 2026-10: CNY 43.05 per share

## Annual estimated value (CNY per share)

- FY2017: low CNY 11.96 per share, central CNY 13.12 per share, high CNY 14.67 per share

- FY2018: low CNY 18.83 per share, central CNY 20.78 per share, high CNY 23.37 per share

- FY2019: low CNY 23.27 per share, central CNY 25.38 per share, high CNY 28.19 per share

- FY2020: low CNY 26.79 per share, central CNY 29.67 per share, high CNY 33.49 per share

- FY2021: low CNY 30.99 per share, central CNY 34.32 per share, high CNY 38.75 per share

- FY2022: low CNY 30.45 per share, central CNY 33.63 per share, high CNY 37.86 per share

- FY2023: low CNY 34.32 per share, central CNY 45.92 per share, high CNY 52.68 per share

- FY2024: low CNY 32.29 per share, central CNY 41.79 per share, high CNY 47.82 per share

- FY2025: low CNY 26.14 per share, central CNY 30.18 per share, high CNY 33.62 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:43:34.341Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.