Financials Anhui Yingjia Distillery Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 18:00:00 2024-04-29 EDT			5-day change	1st Jan Change
71 ^CNY	-0.93%		+2.99%	+7.11%

04-25	Anhui Yingjia Distillery Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-25	Anhui Yingjia Distillery Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	15,936	27,920	55,560	50,224	53,032	56,800	-	-
Enterprise Value (EV) ¹	15,936	27,920	55,560	50,224	50,818	51,660	50,200	48,451
P/E ratio	17.2 x	29.3 x	40.1 x	29.5 x	23.2 x	19.6 x	16.1 x	13.3 x
Yield	3.51%	2.01%	1.3%	1.75%	1.96%	2.33%	2.97%	3.43%
Capitalization / Revenue	4.22 x	8.09 x	12.1 x	9.12 x	7.89 x	6.95 x	5.79 x	4.95 x
EV / Revenue	4.22 x	8.09 x	12.1 x	9.12 x	7.56 x	6.32 x	5.12 x	4.22 x
EV / EBITDA	-	19.3 x	-	20.1 x	15.7 x	13 x	10.3 x	8.27 x
EV / FCF	-	-	43.9 x	35 x	31.2 x	20.9 x	16.6 x	13.5 x
FCF Yield	-	-	2.28%	2.86%	3.2%	4.79%	6.02%	7.4%
Price to Book	3.36 x	5.43 x	9.32 x	7.25 x	6.36 x	5.61 x	4.68 x	3.69 x
Nbr of stocks (in thousands)	800,000	800,000	800,000	800,000	800,000	800,000	-	-
Reference price ²	19.92	34.90	69.45	62.78	66.29	71.00	71.00	71.00
Announcement Date	20-04-24	21-04-23	22-03-15	23-04-25	24-04-25	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,777	3,452	4,577	5,505	6,720	8,177	9,802	11,485
EBITDA ¹	-	1,447	-	2,495	3,234	3,978	4,890	5,860
EBIT ¹	1,265	1,272	1,812	2,281	3,014	3,788	4,654	5,599
Operating Margin	33.5%	36.86%	39.59%	41.42%	44.85%	46.32%	47.48%	48.75%
Earnings before Tax (EBT) ¹	1,252	1,259	1,819	2,249	2,999	3,815	4,656	5,615
Net income ¹	930.4	953.4	1,382	1,705	2,288	2,894	3,525	4,266
Net margin	24.63%	27.62%	30.2%	30.97%	34.04%	35.39%	35.97%	37.14%
EPS ²	1.160	1.190	1.730	2.130	2.860	3.617	4.407	5.331
Free Cash Flow ¹	-	-	1,266	1,435	1,627	2,475	3,021	3,586
FCF margin	-	-	27.67%	26.06%	24.21%	30.27%	30.82%	31.22%
FCF Conversion (EBITDA)	-	-	-	57.5%	50.32%	62.22%	61.78%	61.19%
FCF Conversion (Net income)	-	-	91.63%	84.14%	71.13%	85.52%	85.7%	84.06%
Dividend per Share ²	0.7000	0.7000	0.9000	1.100	1.300	1.655	2.110	2.432
Announcement Date	20-04-24	21-04-23	22-03-15	23-04-25	24-04-25	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	-	-	-	2,214	5,140	6,600	8,349
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	1,266	1,435	1,627	2,475	3,021	3,586
ROE (net income / shareholders' equity)	20.6%	19.3%	24.9%	26.4%	30%	29.1%	29.4%	28.2%
ROA (Net income/ Total Assets)	-	13.3%	-	18.1%	-	21.1%	21.4%	20.9%
Assets ¹	-	7,175	-	9,398	-	13,748	16,484	20,447
Book Value Per Share ²	5.930	6.430	7.460	8.660	10.40	12.70	15.20	19.20
Cash Flow per Share ²	1.150	0.9100	1.900	2.300	2.750	3.510	4.290	5.240
Capex ¹	304	207	251	405	570	440	356	335
Capex / Sales	8.04%	5.99%	5.48%	7.36%	8.49%	5.37%	3.63%	2.91%
Announcement Date	20-04-24	21-04-23	22-03-15	23-04-25	24-04-25	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

D+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

71 CNY

Average target price

80.13 CNY

Spread / Average Target

+12.86%

	1st Jan change	Capi.
ANHUI YINGJIA DISTILLERY CO., LTD.	+7.11%	7.85B
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