Financials CRRC Corporation Limited

Equities

601766

CNE100000CP9

Heavy Machinery & Vehicles

End-of-day quote Shanghai S.E. Other stock markets 23:00:00 25/04/2024 BST			5-day change	1st Jan Change
7.23 ^CNY	-0.55%		-7.31%	+37.45%

04-26	Zhuzhou CRRC Times Electric's Q1 Profit Jumps 44%	MT
04-16	Zhuzhou CRRC Times Electric Cancels 4.7 Million Repurchased H Shares	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	195,895	139,008	160,086	136,494	141,613	193,855	-	-
Enterprise Value (EV) ¹	168,645	131,569	138,268	107,830	105,051	153,475	140,782	137,062
P/E ratio	17.9 x	14 x	16.9 x	12.5 x	12.8 x	15.2 x	13.6 x	12.4 x
Yield	2.1%	3.39%	2.96%	3.91%	3.8%	3.04%	3.53%	3.74%
Capitalization / Revenue	0.86 x	0.61 x	0.71 x	0.61 x	0.6 x	0.77 x	0.72 x	0.67 x
EV / Revenue	0.74 x	0.58 x	0.61 x	0.48 x	0.45 x	0.61 x	0.53 x	0.47 x
EV / EBITDA	7.39 x	5.86 x	6.09 x	4.29 x	4.51 x	6.11 x	5.49 x	4.53 x
EV / FCF	11.7 x	-15.3 x	9.41 x	6.08 x	15.5 x	6.68 x	9.42 x	8.15 x
FCF Yield	8.58%	-6.54%	10.6%	16.5%	6.44%	15%	10.6%	12.3%
Price to Book	1.51 x	1.07 x	1.18 x	0.95 x	0.94 x	1.23 x	1.17 x	1.11 x
Nbr of stocks (in thousands)	28,698,864	28,698,864	28,698,864	28,698,864	28,698,864	28,698,864	-	-
Reference price ²	7.140	5.310	6.090	5.110	5.260	7.230	7.230	7.230
Announcement Date	30/03/20	30/03/21	30/03/22	30/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	229,011	227,656	225,732	222,939	234,262	253,803	268,111	290,921
EBITDA ¹	22,813	22,469	22,687	25,130	23,289	25,127	25,654	30,248
EBIT ¹	15,823	15,318	12,831	15,980	16,026	16,889	17,771	21,698
Operating Margin	6.91%	6.73%	5.68%	7.17%	6.84%	6.65%	6.63%	7.46%
Earnings before Tax (EBT) ¹	16,608	15,991	13,755	16,120	16,373	19,030	20,294	23,402
Net income ¹	11,795	11,331	10,303	11,653	11,712	13,621	15,300	15,930
Net margin	5.15%	4.98%	4.56%	5.23%	5%	5.37%	5.71%	5.48%
EPS ²	0.4000	0.3800	0.3600	0.4100	0.4100	0.4742	0.5324	0.5852
Free Cash Flow ¹	14,466	-8,601	14,686	17,743	6,770	22,974	14,945	16,808
FCF margin	6.32%	-3.78%	6.51%	7.96%	2.89%	9.05%	5.57%	5.78%
FCF Conversion (EBITDA)	63.41%	-	64.73%	70.6%	29.07%	91.43%	58.26%	55.57%
FCF Conversion (Net income)	122.64%	-	142.55%	152.25%	57.8%	168.66%	97.68%	105.51%
Dividend per Share ²	0.1500	0.1800	0.1800	0.2000	0.2000	0.2199	0.2552	0.2702
Announcement Date	30/03/20	30/03/21	30/03/22	30/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	132,864	-	48,996	81,272	30,648	50,650	-	54,266	87,375	32,379	54,925	55,732	91,226	41,911	59,976	60,400	85,023	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,169	-	3,004	4,180	-	3,891	-	4,125	7,221	1,226	4,010	3,871	6,919	1,843	3,294	3,287	4,708	-
Operating Margin	6.9%	-	6.13%	5.14%	-	7.68%	-	7.6%	8.26%	3.79%	7.3%	6.95%	7.58%	4.4%	5.49%	5.44%	5.54%	-
Earnings before Tax (EBT)	9,790	-	-	-	-	-	-	4,231	7,041	1,317	-	-	-	-	-	-	-	-
Net income ¹	7,014	3,693	2,472	3,842	-	2,911	3,131	2,897	5,626	615.3	2,845	2,691	5,560	2,603	3,254	3,254	3,904	-
Net margin	5.28%	-	5.05%	4.73%	-	5.75%	-	5.34%	6.44%	1.9%	5.18%	4.83%	6.09%	6.21%	5.43%	5.39%	4.59%	-
EPS ²	-	0.1300	0.0900	0.1300	0.0100	0.1000	-	0.1000	0.2000	0.0200	0.1000	0.0900	0.2000	0.0907	0.1134	0.1134	0.1360	-
Dividend per Share ²	-	-	-	0.1800	-	-	-	-	0.2000	-	-	-	-	-	-	-	0.2222	-
Announcement Date	30/03/20	28/08/20	29/10/21	30/03/22	29/04/22	26/08/22	26/08/22	28/10/22	30/03/23	28/04/23	25/08/23	27/10/23	28/03/24	-	-	-	-	-

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	27,250	13,715	21,818	35,138	36,562	40,380	53,073	56,793
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	14,466	-1,720	14,686	16,536	6,770	22,974	14,945	16,808
ROE (net income / shareholders' equity)	8.92%	8.13%	7.07%	7.68%	7.41%	8.21%	8.75%	9.16%
ROA (Net income/ Total Assets)	3.18%	2.92%	2.52%	2.68%	2.56%	2.94%	3.08%	3.38%
Assets ¹	370,548	387,970	409,597	434,506	456,948	462,833	496,258	495,791
Book Value Per Share ²	4.740	4.980	5.180	5.400	5.610	5.880	6.180	6.530
Cash Flow per Share ²	0.7800	-0.0700	0.7100	0.8300	0.5100	0.8500	1.020	1.270
Capex ¹	8,065	7,775	5,907	7,417	7,952	7,576	6,925	7,264
Capex / Sales	3.52%	3.42%	2.62%	3.33%	3.39%	3.03%	2.54%	2.5%
Announcement Date	30/03/20	30/03/21	30/03/22	30/03/23	28/03/24	-	-	-

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

Ratings for CRRC Corporation Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.23 CNY

Average target price

7.556 CNY

Spread / Average Target

+4.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Locomotive Engines & Rolling Stock

	1st Jan change	Capi.
CRRC CORPORATION LIMITED	+37.45%	26.75B
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION	+29.52%	28.99B
HYUNDAI ROTEM COMPANY	+44.55%	3.05B
TRINITY INDUSTRIES, INC.	+2.07%	2.22B
THE GREENBRIER COMPANIES, INC.	+18.92%	1.64B
CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A.	-1.99%	1.17B
NANJING KANGNI MECHANICAL & ELECTRICAL CO.,LTD	+11.85%	790M
TALGO, S.A.	+0.23%	578M
CHENGDU XINZHU ROAD&BRIDGE MACHINERY CO.,LTD	-29.05%	381M
QINGDAO VICTALL RAILWAY CO., LTD.	-9.87%	327M

Locomotive Engines & Rolling Stock