JIANGSU CHANGSHU AUTOMOTIVE TRIM GROUP CO., LTD.

Financials Jiangsu Changshu Automotive Trim Group Co., Ltd.

Equities

603035

CNE100002ZH3

Auto, Truck & Motorcycle Parts

End-of-day quote Shanghai S.E. Other stock markets 18:00:00 2024-05-12 EDT			5-day change	1st Jan Change
15.54 ^CNY	-2.08%		-3.24%	-17.65%

04-26	Jiangsu Changshu Automotive Trim Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-15	Jiangsu Changshu Automotive Trim Group Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,640	4,623	6,392	8,076	7,171	5,906	-	-
Enterprise Value (EV) ¹	3,640	4,623	6,392	8,076	8,052	5,842	5,511	4,885
P/E ratio	14 x	12.8 x	15.5 x	15.5 x	13.1 x	10.3 x	8.33 x	8.68 x
Yield	-	-	1.97%	1.9%	2.29%	2.9%	3.6%	3.47%
Capitalization / Revenue	2 x	2.08 x	2.4 x	2.2 x	1.56 x	1.09 x	0.96 x	0.88 x
EV / Revenue	2 x	2.08 x	2.4 x	2.2 x	1.75 x	1.07 x	0.9 x	0.73 x
EV / EBITDA	7.33 x	7.73 x	7.66 x	8.85 x	8.28 x	7.05 x	4.75 x	4.96 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.26 x	1.3 x	1.58 x	1.74 x	1.42 x	1.09 x	0.98 x	0.93 x
Nbr of stocks (in thousands)	280,000	342,925	360,741	380,031	380,031	380,031	-	-
Reference price ²	13.00	13.48	17.72	21.25	18.87	15.54	15.54	15.54
Announcement Date	20-04-28	21-04-15	22-04-18	23-04-17	24-04-15	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,824	2,218	2,663	3,666	4,599	5,442	6,136	6,677
EBITDA ¹	496.7	598.3	834.8	912.1	972.4	829.1	1,161	985.4
EBIT ¹	257	379.1	459.2	544.2	588.1	450.2	695.4	598.8
Operating Margin	14.09%	17.09%	17.24%	14.85%	12.79%	8.27%	11.33%	8.97%
Earnings before Tax (EBT) ¹	256.9	380.3	463.4	548.8	589	618.5	772.6	733.1
Net income ¹	264.5	361.8	420.3	511.7	546	573.5	709.2	679.6
Net margin	14.5%	16.31%	15.78%	13.96%	11.87%	10.54%	11.56%	10.18%
EPS ²	0.9300	1.050	1.140	1.370	1.440	1.510	1.865	1.790
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	0.3496	0.4040	0.4312	0.4500	0.5600	0.5400
Announcement Date	20-04-28	21-04-15	22-04-18	23-04-17	24-04-15	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales	-	-	-	-	-
EBITDA	-	-	-	-	-
EBIT	-	-	-	-	-
Operating Margin	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-
Net income	-	-	-	-	-
Net margin	-	-	-	-	-
EPS ¹	0.8300	0.2700	0.3700	0.3700	0.5000
Dividend per Share	-	-	-	-	-
Announcement Date	24-04-15	24-04-26	-	-	-

¹CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	881	-	-	-
Net Cash position ¹	-	-	-	-	-	63.2	395	1,020
Leverage (Debt/EBITDA)	-	-	-	-	0.9061 x	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	10.1%	11.4%	10.8%	13%	11.3%	11%	12.3%	11.1%
ROA (Net income/ Total Assets)	-	-	5.73%	6.38%	-	6.4%	6.7%	-
Assets ¹	-	-	7,334	8,027	-	8,960	10,585	-
Book Value Per Share ²	10.30	10.40	11.20	12.20	13.30	14.30	15.80	16.80
Cash Flow per Share ²	2.020	1.080	0.9400	1.090	-0.5100	2.030	2.630	-
Capex ¹	623	393	207	329	460	468	468	-
Capex / Sales	34.14%	17.73%	7.78%	8.98%	10.01%	8.6%	7.63%	-
Announcement Date	20-04-28	21-04-15	22-04-18	23-04-17	24-04-15	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Jiangsu Changshu Automotive Trim Group Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

15.54 CNY

Average target price

18.15 CNY

Spread / Average Target

+16.80%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Automotive Accessories

	1st Jan change	Capi.
JIANGSU CHANGSHU AUTOMOTIVE TRIM GROUP CO., LTD.	-17.65%	817M
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CHANGZHOU XINGYU AUTOMOTIVE LIGHTING SYSTEMS CO.,LTD.	+3.58%	5.36B
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NINGBO JIFENG AUTO PARTS CO., LTD.	-4.45%	2.25B
PHINIA INC.	+42.82%	1.98B
KUNSHAN HUGUANG AUTO HARNESS CO.,LTD.	+47.54%	1.77B
NINGBO HUAXIANG ELECTRONIC CO., LTD.	+12.61%	1.63B
DOWLAIS GROUP PLC	-27.92%	1.34B

Automotive Accessories