Projected Income Statement: XD Inc.

Forecast Balance Sheet: XD Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 -2,135 -2,823 -3,004 -2,622 -3,567 -5,258 -7,024 -9,068
Change - -32.22% -6.41% 12.72% -36.04% -47.41% -33.59% -29.1%
Announcement Date 3/30/22 3/30/23 3/28/24 3/28/25 3/27/26 - - -
1CNY in Million
Estimates

Cash Flow Forecast: XD Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 91.76 37.1 12.59 24.02 320.2 123.2 142.1 135.8
Change - -59.57% -66.06% 90.76% 1,233.08% -61.54% 15.39% -4.42%
Free Cash Flow (FCF) 1 -567 -365 232.6 1,256 1,392 1,824 1,694 2,093
Change - 35.63% 163.72% 440.21% 10.83% 30.99% -7.14% 23.57%
Announcement Date 3/30/22 3/30/23 3/28/24 3/28/25 3/27/26 - - -
1CNY in Million
Estimates

Forecast Financial Ratios: XD Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) -28.42% -10.29% 4.67% 21.08% 31.02% 29.38% 31.73% 33.49%
EBIT Margin (%) -35.35% -16.55% -0.15% 18.25% 29.15% 25.98% 28.46% 30.07%
EBT Margin (%) -35.36% -16.32% -0.89% 18.66% 29.82% 27.11% 30.29% 31.55%
Net margin (%) -31.96% -16.13% -2.45% 16.19% 26.64% 22.51% 25.51% 26.57%
FCF margin (%) -20.97% -10.64% 6.86% 25.07% 24.16% 28.18% 23.25% 26.7%
FCF / Net Income (%) 65.63% 65.94% -280.07% 154.81% 90.69% 125.16% 91.12% 100.49%

Profitability

        
ROA -20.59% -11.25% -1.8% 19.48% 33.58% 26.01% 24.62% 22.89%
ROE -37.55% -26.4% -4.62% 38.43% 48.55% 33.61% 29.68% 25.68%

Financial Health

        
Leverage (Debt/EBITDA) - - - - - - - -
Debt / Free cash flow - - - - - - - -

Capital Intensity

        
CAPEX / Current Assets (%) 3.39% 1.08% 0.37% 0.48% 5.56% 1.9% 1.95% 1.73%
CAPEX / EBITDA (%) -11.94% -10.51% 7.95% 2.27% 17.91% 6.48% 6.15% 5.17%
CAPEX / FCF (%) -16.18% -10.16% 5.41% 1.91% 23% 6.75% 8.39% 6.49%

Items per share

        
Cash flow per share 1 -1.023 -0.6947 0.4988 2.7 3.562 3.95 4.4 5.37
Change - 32.09% 171.8% 441.26% 31.92% 10.91% 11.4% 22.04%
Dividend per Share 1 - - - 0.3735 - - - -
Change - - - - - - - -
Book Value Per Share 1 4.96 4.001 3.621 5.301 7.626 9.932 13.43 16.51
Change - -19.34% -9.49% 46.38% 43.87% 30.25% 35.24% 22.91%
EPS 1 -1.86 -1.17 -0.18 1.69 3.07 3.119 3.837 4.333
Change - 37.1% 84.62% 1,038.89% 81.66% 1.61% 23.01% 12.91%
Nbr of stocks (in thousands) 471,993 471,993 472,016 482,612 484,209 471,770 471,770 471,770
Announcement Date 3/30/22 3/30/23 3/28/24 3/28/25 3/27/26 - - -
1CNY
Estimates
2026 *2027 *
P/E 11x 8.96x
PBR 3.46x 2.56x
EV / Sales 1.69x 1.26x
Yield - -

EPS & Dividend



Y-o-Y evolution of P/E

 

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
BB
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
12
Last Close Price
34.37CNY
Average target price
59.01CNY
Spread / Average Target
+71.68%

Quarterly revenue - Rate of surprise

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