Financials MeiHua Holdings Group Co.,Ltd

Equities

End-of-day quote Shanghai S.E. Other stock markets 18:00:00 2024-06-27 EDT			5-day change	1st Jan Change
10.02 ^CNY	-0.60%		-1.86%	+4.92%

04-09	Meihua Holdings Group's Attributable Profit Slides 6% in Q1; Shares Slide 3%	MT
04-09	Meihua Holdings Logs 6.49 Billion Yuan in Food Sales Revenue in Q1; Shares Down 3%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,712	14,232	23,346	30,972	27,916	28,585	-	-
Enterprise Value (EV) ¹	13,712	14,232	23,346	30,972	27,916	28,585	28,585	28,585
P/E ratio	13.9 x	14.6 x	10.1 x	7.12 x	9.01 x	8.93 x	8.11 x	7.55 x
Yield	-	6.44%	5.22%	-	4.37%	4.24%	4.54%	4.29%
Capitalization / Revenue	0.94 x	0.83 x	1.02 x	1.11 x	1.01 x	0.97 x	0.91 x	0.83 x
EV / Revenue	0.94 x	0.83 x	1.02 x	1.11 x	1.01 x	0.97 x	0.91 x	0.83 x
EV / EBITDA	4.86 x	-	5.41 x	4.72 x	5.38 x	5.47 x	5.09 x	4.82 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.54 x	1.59 x	2.28 x	2.29 x	1.98 x	1.77 x	1.52 x	1.31 x
Nbr of stocks (in thousands)	3,081,343	3,054,174	3,043,851	3,042,465	2,923,093	2,852,789	-	-
Reference price ²	4.450	4.660	7.670	10.18	9.550	10.02	10.02	10.02
Announcement Date	20-04-15	21-04-08	22-03-01	23-03-06	24-03-18	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,554	17,050	22,837	27,937	27,761	29,528	31,370	34,235
EBITDA ¹	2,823	-	4,314	6,565	5,188	5,227	5,612	5,925
EBIT ¹	1,174	1,186	2,871	5,160	3,813	3,858	4,249	4,602
Operating Margin	8.07%	6.96%	12.57%	18.47%	13.74%	13.07%	13.55%	13.44%
Earnings before Tax (EBT) ¹	1,168	1,178	2,825	5,153	3,723	3,842	4,232	4,580
Net income ¹	988.6	982.1	2,351	4,406	3,181	3,275	3,608	3,901
Net margin	6.79%	5.76%	10.3%	15.77%	11.46%	11.09%	11.5%	11.4%
EPS ²	0.3200	0.3200	0.7600	1.430	1.060	1.122	1.235	1.327
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	0.3000	0.4000	-	0.4170	0.4250	0.4550	0.4300
Announcement Date	20-04-15	21-04-08	22-03-01	23-03-06	24-03-18	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	10.7%	11%	24.4%	36%	23.5%	20.2%	19.1%	17.4%
ROA (Net income/ Total Assets)	5.15%	-	11.9%	-	13.7%	13%	12.9%	11.9%
Assets ¹	19,193	-	19,830	-	23,157	25,120	28,009	32,867
Book Value Per Share ²	2.890	2.930	3.360	4.440	4.810	5.650	6.570	7.660
Cash Flow per Share ²	0.9000	0.5400	1.190	1.860	1.780	1.540	1.680	1.890
Capex ¹	1,142	786	897	1,459	1,329	1,840	2,019	1,239
Capex / Sales	7.85%	4.61%	3.93%	5.22%	4.79%	6.23%	6.44%	3.62%
Announcement Date	20-04-15	21-04-08	22-03-01	23-03-06	24-03-18	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

10.02 CNY

Average target price

13.75 CNY

Spread / Average Target

+37.26%

	1st Jan change	Capi.
MEIHUA HOLDINGS GROUP CO.,LTD	+4.92%	3.93B
FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD.	-9.17%	26.34B
KIKKOMAN CORPORATION	+7.92%	11.02B
LANCASTER COLONY CORPORATION	+13.57%	5.2B
ANGEL YEAST CO., LTD	-20.61%	3.3B
TATE & LYLE PLC	-9.26%	2.98B
KEWPIE CORPORATION	+28.76%	2.76B
JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO.,LTD	-19.25%	2.39B
QIANHE CONDIMENT AND FOOD CO., LTD.	-17.75%	1.88B
FUFENG GROUP LIMITED	+22.63%	1.71B