Stock 002364 HANGZHOU ZHONGHENG ELECTRIC CO., LTD
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Financials Hangzhou Zhongheng Electric Co., Ltd

Equities

002364

CNE100000M05

Heavy Electrical Equipment

End-of-day quote Shenzhen S.E.
Other stock markets
 23:00:00 19/05/2024 BST 		5-day change 1st Jan Change
6.2 CNY -0.96% Intraday chart for Hangzhou Zhongheng Electric Co., Ltd -4.62% -19.48%
04-26 Hangzhou Zhongheng Electric Co., Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
04-26 Hangzhou Zhongheng Electric Co., Ltd Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 6,628 6,255 4,860 5,240 3,860 4,276
Enterprise Value (EV) 1 5,745 5,587 4,780 5,094 3,559 3,715
P/E ratio 84 x 82.6 x 56.2 x 59.5 x -69.5 x 110 x
Yield 0.85% 0.86% 1.11% 1.05% - 0.65%
Capitalization / Revenue 6.73 x 5.33 x 3.39 x 2.88 x 2.4 x 2.75 x
EV / Revenue 5.84 x 4.76 x 3.33 x 2.8 x 2.21 x 2.39 x
EV / EBITDA 71.1 x 51.1 x 55 x 43.3 x -136 x 76.4 x
EV / FCF -3,517 x 4,280 x -21.4 x -39.2 x 21.1 x 25.4 x
FCF Yield -0.03% 0.02% -4.67% -2.55% 4.75% 3.94%
Price to Book 2.92 x 2.97 x 2.23 x 2.27 x 2.29 x 2.44 x
Nbr of stocks (in thousands) 563,565 540,609 540,609 550,454 555,376 555,376
Reference price 2 11.76 11.57 8.990 9.520 6.950 7.700
Announcement Date 29/04/19 29/04/20 26/04/21 25/04/22 28/04/23 26/04/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 984.1 1,174 1,433 1,819 1,609 1,555
EBITDA 1 80.76 109.3 86.91 117.6 -26.07 48.62
EBIT 1 51.7 77.19 51.19 78.47 -65.65 5.985
Operating Margin 5.25% 6.58% 3.57% 4.31% -4.08% 0.38%
Earnings before Tax (EBT) 1 87.82 82.76 93.09 92.75 -66.44 25.55
Net income 1 76.62 76.71 85.04 89.3 -55.82 39.36
Net margin 7.79% 6.54% 5.93% 4.91% -3.47% 2.53%
EPS 2 0.1400 0.1400 0.1600 0.1600 -0.1000 0.0700
Free Cash Flow 1 -1.634 1.305 -223.4 -130.1 169 146.5
FCF margin -0.17% 0.11% -15.59% -7.15% 10.51% 9.42%
FCF Conversion (EBITDA) - 1.19% - - - 301.35%
FCF Conversion (Net income) - 1.7% - - - 372.2%
Dividend per Share 2 0.1000 0.1000 0.1000 0.1000 - 0.0500
Announcement Date 29/04/19 29/04/20 26/04/21 25/04/22 28/04/23 26/04/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 882 668 80.3 146 301 561
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 -1.63 1.31 -223 -130 169 147
ROE (net income / shareholders' equity) 3.09% 3.34% 3.63% 3.7% -2.46% 1.85%
ROA (Net income/ Total Assets) 1.24% 1.86% 1.05% 1.46% -1.26% 0.11%
Assets 1 6,189 4,130 8,101 6,111 4,447 34,619
Book Value Per Share 2 4.030 3.900 4.040 4.200 3.040 3.150
Cash Flow per Share 2 1.350 0.8000 0.8400 0.4700 0.5700 0.6400
Capex 1 49.9 52.8 185 99.1 75.9 28.2
Capex / Sales 5.07% 4.5% 12.88% 5.45% 4.72% 1.81%
Announcement Date 29/04/19 29/04/20 26/04/21 25/04/22 28/04/23 26/04/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Industrial Electrical Switchgear

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Industrial Electrical Switchgear
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