Financials China Resources Sanjiu Medical & Pharmaceutical Co., Ltd.

Equities

000999

CNE0000011K8

Pharmaceuticals

End-of-day quote Shenzhen S.E. 23:00:00 09/05/2024 BST 5-day change 1st Jan Change
61.12 CNY +0.39% Intraday chart for China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. +1.92% +22.90%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 31,012 24,414 33,518 46,264 49,142 60,398 - -
Enterprise Value (EV) 1 27,996 20,622 30,571 43,400 45,238 56,546 53,821 49,486
P/E ratio 14.7 x 15.3 x 16.4 x 18.9 x 17.1 x 18.1 x 15.8 x 14.1 x
Yield 1.36% 2% 2.51% 2.14% 3.02% 3.01% 3.09% 4.05%
Capitalization / Revenue 2.11 x 1.79 x 2.19 x 2.56 x 1.99 x 2.19 x 1.93 x 1.8 x
EV / Revenue 1.9 x 1.51 x 2 x 2.4 x 1.83 x 2.05 x 1.72 x 1.48 x
EV / EBITDA 9.67 x 8.26 x 10.4 x 12.5 x 10 x 11.3 x 9.5 x 7.93 x
EV / FCF 19.5 x 12.8 x 30.4 x 21.1 x 13.5 x 13.7 x 13.2 x 10.9 x
FCF Yield 5.13% 7.8% 3.29% 4.74% 7.43% 7.29% 7.55% 9.18%
Price to Book 2.47 x 1.78 x 2.19 x 2.72 x 2.59 x 2.86 x 2.53 x 2.22 x
Nbr of stocks (in thousands) 978,900 978,900 978,900 988,346 988,184 988,184 - -
Reference price 2 31.68 24.94 34.24 46.81 49.73 61.12 61.12 61.12
Announcement Date 19/03/20 18/03/21 11/03/22 12/03/23 22/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 14,702 13,637 15,320 18,079 24,739 27,560 31,235 33,541
EBITDA 1 2,895 2,496 2,927 3,462 4,504 5,015 5,663 6,242
EBIT 1 2,529 2,070 2,457 2,947 3,753 4,338 5,015 5,651
Operating Margin 17.2% 15.18% 16.04% 16.3% 15.17% 15.74% 16.05% 16.85%
Earnings before Tax (EBT) 1 2,569 2,059 2,429 2,963 3,754 4,361 5,015 5,653
Net income 1 2,112 1,597 2,047 2,449 2,853 3,298 3,792 4,284
Net margin 14.37% 11.71% 13.36% 13.54% 11.53% 11.97% 12.14% 12.77%
EPS 2 2.160 1.630 2.090 2.480 2.900 3.385 3.865 4.347
Free Cash Flow 1 1,437 1,609 1,004 2,057 3,361 4,120 4,064 4,544
FCF margin 9.78% 11.8% 6.56% 11.38% 13.59% 14.95% 13.01% 13.55%
FCF Conversion (EBITDA) 49.64% 64.47% 34.31% 59.41% 74.62% 82.16% 71.76% 72.79%
FCF Conversion (Net income) 68.03% 100.73% 49.06% 83.98% 117.81% 124.92% 107.17% 106.08%
Dividend per Share 2 0.4300 0.5000 0.8600 1.000 1.500 1.838 1.888 2.476
Announcement Date 19/03/20 18/03/21 11/03/22 12/03/23 22/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 4,221 4,194 4,207 3,710 5,969 6,352 6,794 5,462 6,131 7,294 - - - 6,719 8,063
EBITDA 1 558.1 1,087 802.2 853.8 - - - - - - 1,178 1,260 1,424 1,150 1,336
EBIT 315.8 1,023 792.6 607 525.2 1,514 985.1 751.3 503.1 1,798 - - - - -
Operating Margin 7.48% 24.38% 18.84% 16.36% 8.8% 23.83% 14.5% 13.75% 8.21% 24.65% - - - - -
Earnings before Tax (EBT) 1 316.1 1,021 794.3 612.4 535.8 1,510 985.6 754.3 504.7 1,803 1,040 1,127 1,300 983.2 1,180
Net income 305.7 838.7 594.4 519.3 496.5 1,151 726.1 525.5 450.3 1,364 - - - 697.8 837.3
Net margin 7.24% 20% 14.13% 14% 8.32% 18.12% 10.69% 9.62% 7.35% 18.7% - - - 10.39% 10.39%
EPS 2 0.3100 0.8600 0.6000 0.5300 0.4900 1.160 0.7500 0.5300 0.4600 1.390 0.9000 0.5400 0.6400 1.123 1.094
Dividend per Share 2 - - - - - - - - - - 1.262 - - - 1.412
Announcement Date 11/03/22 22/04/22 23/08/22 28/10/22 12/03/23 28/04/23 29/08/23 27/10/23 22/03/24 19/04/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 3,016 3,791 2,946 2,864 3,904 3,852 6,577 10,911
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1,437 1,609 1,004 2,057 3,361 4,120 4,064 4,544
ROE (net income / shareholders' equity) 18.1% 12.1% 14.1% 15.2% 15.9% 15.6% 16.3% 16.3%
ROA (Net income/ Total Assets) 11.1% 7.36% 8.84% 9.48% - 8.95% 8.67% 9.21%
Assets 1 19,068 21,705 23,159 25,832 - 36,845 43,760 46,517
Book Value Per Share 2 12.80 14.00 15.60 17.20 19.20 21.30 24.10 27.50
Cash Flow per Share 2 2.010 2.270 1.910 3.040 4.240 5.350 4.740 6.090
Capex 1 535 615 866 950 831 1,881 1,133 1,359
Capex / Sales 3.64% 4.51% 5.65% 5.25% 3.36% 6.82% 3.63% 4.05%
Announcement Date 19/03/20 18/03/21 11/03/22 12/03/23 22/03/24 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
14
Last Close Price
61.12 CNY
Average target price
69.33 CNY
Spread / Average Target
+13.44%
Consensus
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