Financials Zhejiang Huangma Technology 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
8.99 ^CNY	-1.10%		-3.85%	-17.75%

04-26	Zhejiang Huangma Technology Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-17	Zhejiang Huangma Technology 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	4,801	7,828	11,291	8,266	6,195	5,251	-	-
Enterprise Value (EV) ¹	4,801	7,828	11,291	8,266	6,195	5,251	5,251	5,251
P/E ratio	18.8 x	24.4 x	25.2 x	17.4 x	19.2 x	13.4 x	10.8 x	9.41 x
Yield	1.73%	-	0.52%	-	1.37%	3.89%	6.12%	-
Capitalization / Revenue	2.53 x	4.02 x	4.83 x	3.79 x	3.27 x	2.21 x	1.87 x	1.62 x
EV / Revenue	2.53 x	4.02 x	4.83 x	3.79 x	3.27 x	2.21 x	1.87 x	1.62 x
EV / EBITDA	12.9 x	17.3 x	18.8 x	13.1 x	12.9 x	9.13 x	7.5 x	6.54 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	3.04 x	4.22 x	5 x	3.32 x	2.33 x	1.68 x	1.44 x	1.32 x
Nbr of stocks (in thousands)	583,448	588,700	588,700	580,500	566,815	562,220	-	-
Reference price ²	8.228	13.30	19.18	14.24	10.93	8.990	8.990	8.990
Announcement Date	3/31/20	4/11/21	4/18/22	4/11/23	4/17/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,894	1,946	2,336	2,182	1,894	2,376	2,814	3,240
EBITDA ¹	371.3	451.2	599.3	633	478.6	574.9	700.6	803.5
EBIT ¹	293.9	366.6	512.5	539.8	367.4	455.9	568.9	649.8
Operating Margin	15.52%	18.84%	21.93%	24.74%	19.4%	19.18%	20.22%	20.06%
Earnings before Tax (EBT) ¹	292.9	365.4	513.2	541.4	370.8	457.2	570.2	650.3
Net income ¹	256.2	320.3	448.4	477.1	324.7	396.6	489.3	560.8
Net margin	13.52%	16.46%	19.19%	21.86%	17.14%	16.69%	17.39%	17.31%
EPS ²	0.4376	0.5448	0.7600	0.8200	0.5700	0.6733	0.8300	0.9550
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.1427	-	0.1000	-	0.1500	0.3500	0.5500	-
Announcement Date	3/31/20	4/11/21	4/18/22	4/11/23	4/17/24	-	-	-

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)	17%	18.7%	21.7%	19.7%	12.4%	13.3%	14.1%	13.9%
ROA (Net income/ Total Assets)	12.2%	12.6%	15.5%	-	9.66%	11.2%	12.8%	-
Assets ¹	2,103	2,533	2,892	-	3,362	3,541	3,823	-
Book Value Per Share ²	2.710	3.150	3.830	4.290	4.680	5.340	6.220	6.800
Cash Flow per Share ²	0.1700	0.0600	0.0600	0.8200	0.5400	0.9000	0.8700	1.220
Capex ¹	30.7	56.9	202	171	199	354	329	356
Capex / Sales	1.62%	2.92%	8.66%	7.83%	10.49%	14.9%	11.68%	11%
Announcement Date	3/31/20	4/11/21	4/18/22	4/11/23	4/17/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.99 CNY

Average target price

12.57 CNY

Spread / Average Target

+39.82%

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