MeritValue

Huachen AI Parking Management Technology Holding Co., Ltd

HCAIdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Huachen AI Parking Management Technology Holding Co., Ltd earns about -155% on invested capital, and has bought back 96% of its shares over 4 years. The applicable estimate puts fair value near $15.27 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$21M1$34.3M2$40.9M2$14.9M2
Net income$4.2M3$1.82M4$1.5M4−$42.2M4
Operating cash flow−$860,8395−$2.47M6$1.51M6−$1.3M6
Capital expenditure$194,5717$902,2637$2,1837—
Free cash flow (derived)−$1.06M5−$3.37M6$1.5M6—
Total debt——$3.35M8—
Cash & equivalents$2.13M9$499,74510$50911$38911
Diluted shares30.0M1.0M1.0M1.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$46.2
your share of equity
Profit it earned you last year
−$375.33
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $46.2 of net worth that earned you −$375.33 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-155% avg · 4y
FY22 24%FY23 14%FY24 -0%FY25 -658%

It earned an average -155% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−96% shares · 4y

Share count is down 96% over 4 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$15.27
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.66M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2022-12-31 · accession 0001213900-25-044209 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-26-055775 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-044209 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001213900-26-055775 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-044209 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-055775 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001213900-25-044209 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2024-12-31 · accession 0001213900-25-044209 (ShortTermBorrowings)
  9. 20-F · period ending 2022-12-31 · accession 0001213900-25-044209 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  10. 20-F · period ending 2023-12-31 · accession 0001213900-25-044209 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2024-12-31 · accession 0001213900-26-055775 (CashAndCashEquivalentsAtCarryingValue)