Financials AVIC Heavy Machinery Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 23:00:00 29/04/2024 BST			5-day change	1st Jan Change
18.11 ^CNY	-1.20%		+3.49%	-5.23%

04-28	AVIC Heavy Machinery Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-09	AVIC Heavy Machinery Forecasts 13% Rise in Q1 Profit	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,551	23,492	53,097	45,774	28,107	26,831	-	-
Enterprise Value (EV) ¹	9,551	23,492	53,097	45,774	28,107	26,831	26,831	26,831
P/E ratio	29.2 x	67.6 x	56.7 x	37.9 x	21.2 x	16.7 x	14 x	11.9 x
Yield	-	-	0.34%	0.53%	1.42%	1.49%	-	-
Capitalization / Revenue	1.6 x	3.51 x	6.04 x	4.33 x	2.66 x	2.24 x	1.95 x	1.75 x
EV / Revenue	1.6 x	3.51 x	6.04 x	4.33 x	2.66 x	2.24 x	1.95 x	1.75 x
EV / EBITDA	13.9 x	29.1 x	36.9 x	25.1 x	14.4 x	9.74 x	8.03 x	6.93 x
EV / FCF	-	-	59,043,644 x	-	-	-	-	-
FCF Yield	-	-	0%	-	-	-	-	-
Price to Book	1.56 x	3.5 x	5.67 x	4.4 x	2.45 x	2.1 x	1.86 x	1.64 x
Nbr of stocks (in thousands)	1,307,045	1,315,553	1,472,294	1,472,294	1,470,826	1,481,546	-	-
Reference price ²	7.307	17.86	36.06	31.09	19.11	18.11	18.11	18.11
Announcement Date	30/04/20	11/03/21	09/03/22	14/03/23	14/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,985	6,698	8,790	10,570	10,577	11,963	13,789	15,361
EBITDA ¹	684.9	807.2	1,440	1,822	1,955	2,754	3,340	3,872
EBIT ¹	400.5	516.9	1,140	1,536	1,598	1,908	2,289	2,683
Operating Margin	6.69%	7.72%	12.97%	14.54%	15.11%	15.95%	16.6%	17.47%
Earnings before Tax (EBT) ¹	408	513.6	1,144	1,534	1,605	1,909	2,290	2,682
Net income ¹	275.3	343.8	890.6	1,202	1,329	1,607	1,921	2,252
Net margin	4.6%	5.13%	10.13%	11.37%	12.56%	13.43%	13.93%	14.66%
EPS ²	0.2500	0.2643	0.6357	0.8200	0.9000	1.083	1.297	1.517
Free Cash Flow	-	-	899.3	-	-	-	-	-
FCF margin	-	-	10.23%	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	62.46%	-	-	-	-	-
FCF Conversion (Net income)	-	-	100.97%	-	-	-	-	-
Dividend per Share ²	-	-	0.1214	0.1650	0.2710	0.2700	-	-
Announcement Date	30/04/20	11/03/21	09/03/22	14/03/23	14/03/24	-	-	-

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	-	-	899	-	-	-	-	-
ROE (net income / shareholders' equity)	6.2%	5.47%	11.1%	12.2%	12%	12.3%	13%	13.5%
ROA (Net income/ Total Assets)	-	-	5.04%	5.9%	-	8.2%	-	-
Assets ¹	-	-	17,676	20,385	-	19,594	-	-
Book Value Per Share ²	4.690	5.100	6.360	7.060	7.810	8.640	9.730	11.00
Cash Flow per Share ²	0.6000	0.5000	1.080	0.5300	0.4000	1.760	0.7400	3.200
Capex ¹	262	452	618	877	1,052	603	583	586
Capex / Sales	4.37%	6.75%	7.03%	8.3%	9.95%	5.04%	4.23%	3.81%
Announcement Date	30/04/20	11/03/21	09/03/22	14/03/23	14/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

D+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

18.11 CNY

Average target price

27.61 CNY

Spread / Average Target

+52.46%

	1st Jan change	Capi.
AVIC HEAVY MACHINERY CO., LTD.	-5.23%	3.71B
BAOSHAN IRON & STEEL CO., LTD.	+17.20%	20.84B
CHINA STEEL CORPORATION	-7.96%	11.88B
JINDAL STEEL & POWER LIMITED	+24.27%	11.16B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+10.90%	10.86B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	+9.59%	10.04B
TERNIUM S.A.	-0.47%	8.26B
BHARAT FORGE LIMITED	+2.61%	7.09B
JINDAL STAINLESS LIMITED	+23.57%	6.97B
BLUESCOPE STEEL LIMITED	-4.44%	6.56B