JIANGSU YANGHE BREWERY JOINT-STOCK CO., LTD. Financials Jiangsu Yanghe Brewery Joint-Stock Co., Ltd.
Equities
002304
CNE100000HB8
Distillers & Wineries
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 95.86 CNY | -4.23% |
|
-1.57% | -12.78% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 166,522 | 353,975 | 246,655 | 240,321 | 164,497 | 144,408 | - | - |
| Enterprise Value (EV) 1 | 162,222 | 346,732 | 225,707 | 215,969 | 138,709 | 114,055 | 108,046 | 108,947 |
| P/E ratio | 22.6 x | 47.3 x | 32.9 x | 25.8 x | 16.5 x | 13 x | 11 x | 10.6 x |
| Yield | 2.71% | 1.27% | 1.82% | 2.33% | 4.24% | 5.05% | 5.61% | 6.42% |
| Capitalization / Revenue | 7.2 x | 16.8 x | 9.73 x | 7.98 x | 4.97 x | 3.94 x | 3.39 x | 3.13 x |
| EV / Revenue | 7.01 x | 16.4 x | 8.9 x | 7.17 x | 4.19 x | 3.11 x | 2.54 x | 2.36 x |
| EV / EBITDA | 15.4 x | 32.5 x | 21 x | 16.3 x | 9.95 x | 7.85 x | 6.17 x | 6.05 x |
| EV / FCF | 24.9 x | 95.6 x | 15.1 x | 69.4 x | 27.6 x | 12.9 x | 8.5 x | 8.58 x |
| FCF Yield | 4.01% | 1.05% | 6.6% | 1.44% | 3.62% | 7.74% | 11.8% | 11.7% |
| Price to Book | 4.56 x | 9.24 x | 5.84 x | 5.09 x | 3.19 x | 2.5 x | 2.26 x | 2.07 x |
| Nbr of stocks (in thousands) | 1,506,988 | 1,499,959 | 1,497,327 | 1,497,327 | 1,496,784 | 1,506,445 | - | - |
| Reference price 2 | 110.5 | 236.0 | 164.7 | 160.5 | 109.9 | 95.86 | 95.86 | 95.86 |
| Announcement Date | 28/02/20 | 26/02/21 | 28/04/22 | 25/04/23 | 26/04/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 23,126 | 21,101 | 25,350 | 30,105 | 33,126 | 36,683 | 42,574 | 46,125 |
| EBITDA 1 | 10,538 | 10,678 | 10,743 | 13,251 | 13,945 | 14,536 | 17,506 | 17,998 |
| EBIT 1 | 9,762 | 9,895 | 9,989 | 12,509 | 13,243 | 15,218 | 17,135 | 17,981 |
| Operating Margin | 42.21% | 46.89% | 39.4% | 41.55% | 39.98% | 41.48% | 40.25% | 38.98% |
| Earnings before Tax (EBT) 1 | 9,771 | 9,879 | 9,946 | 12,503 | 13,218 | 14,757 | 17,440 | 18,127 |
| Net income 1 | 7,383 | 7,482 | 7,508 | 9,378 | 10,016 | 11,093 | 13,179 | 13,631 |
| Net margin | 31.92% | 35.46% | 29.62% | 31.15% | 30.24% | 30.24% | 30.96% | 29.55% |
| EPS 2 | 4.899 | 4.984 | 5.014 | 6.225 | 6.649 | 7.362 | 8.719 | 9.063 |
| Free Cash Flow 1 | 6,505 | 3,626 | 14,901 | 3,114 | 5,020 | 8,833 | 12,717 | 12,702 |
| FCF margin | 28.13% | 17.18% | 58.78% | 10.34% | 15.16% | 24.08% | 29.87% | 27.54% |
| FCF Conversion (EBITDA) | 61.73% | 33.96% | 138.71% | 23.5% | 36% | 60.77% | 72.64% | 70.57% |
| FCF Conversion (Net income) | 88.11% | 48.46% | 198.47% | 33.21% | 50.12% | 79.63% | 96.49% | 93.18% |
| Dividend per Share 2 | 3.000 | 3.000 | 3.000 | 3.740 | 4.660 | 4.843 | 5.375 | 6.155 |
| Announcement Date | 28/02/20 | 26/02/21 | 28/04/22 | 25/04/23 | 26/04/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2021 S1 | 2021 Q4 | 2021 S2 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | - | 15,543 | 3,408 | 9,807 | 13,026 | 5,882 | - | 7,575 | 3,622 | 15,046 | 6,827 | 8,410 | 2,843 | 13,088 | 16,255 | 7,591 | 9,672 | - | - | - |
| EBITDA | - | - | - | - | - | 2,320 | - | 3,079 | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | - | - | 241 | 2,484 | 6,612 | 2,545 | - | 3,062 | 290.3 | 7,688 | 2,742 | 3,149 | -335.6 | 4,103 | 8,072 | 2,751 | 3,449 | - | - | - |
| Operating Margin | - | - | 7.07% | 25.33% | 50.76% | 43.27% | - | 40.43% | 8.01% | 51.09% | 40.16% | 37.44% | -11.81% | 31.35% | 49.66% | 36.24% | 35.66% | - | - | - |
| Earnings before Tax (EBT) | - | - | 224.1 | 2,453 | - | 2,537 | - | 3,060 | 295.5 | - | 2,743 | 3,126 | -342.1 | 4,092 | - | - | - | - | - | - |
| Net income 1 | 5,401 | 5,661 | 295.2 | 1,846 | - | 1,908 | 6,893 | 2,178 | 306 | - | 2,096 | 2,341 | -187.5 | - | - | 2,050 | 2,447 | 265.5 | - | - |
| Net margin | - | 36.42% | 8.66% | 18.83% | - | 32.44% | - | 28.76% | 8.45% | - | 30.71% | 27.84% | -6.6% | - | - | 27% | 25.3% | - | - | - |
| EPS 2 | - | - | 0.1900 | 1.233 | 3.309 | 1.270 | 4.576 | 1.440 | 0.2100 | 3.828 | 1.392 | 1.550 | -0.1200 | - | 4.020 | 1.360 | 1.624 | 0.1762 | - | - |
| Dividend per Share 2 | - | - | 3.000 | - | - | - | - | - | 3.740 | - | - | - | - | - | - | - | - | 5.068 | - | - |
| Announcement Date | 28/08/20 | 27/08/21 | 28/04/22 | 28/04/22 | 28/04/22 | 26/08/22 | 26/08/22 | 27/10/22 | 25/04/23 | 25/04/23 | 28/08/23 | 27/10/23 | 26/04/24 | - | 26/04/24 | - | - | - | - | - |
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 | 4,300 | 7,243 | 20,947 | 24,352 | 25,788 | 30,352 | 36,362 | 35,461 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 6,505 | 3,626 | 14,901 | 3,114 | 5,020 | 8,833 | 12,717 | 12,702 |
| ROE (net income / shareholders' equity) | 21.2% | 20.2% | 18.6% | 21% | 20.3% | 20.5% | 21.3% | 20% |
| ROA (Net income/ Total Assets) | 14.3% | 13.9% | 12.3% | 13.8% | - | 14.6% | 15.6% | 16.2% |
| Assets 1 | 51,509 | 53,680 | 60,832 | 67,882 | - | 76,157 | 84,527 | 84,091 |
| Book Value Per Share 2 | 24.20 | 25.50 | 28.20 | 31.50 | 34.50 | 38.30 | 42.40 | 46.30 |
| Cash Flow per Share 2 | 4.510 | 2.640 | 10.20 | 2.420 | 4.070 | 7.680 | 7.990 | 11.10 |
| Capex 1 | 293 | 353 | 417 | 534 | 1,110 | 577 | 604 | 456 |
| Capex / Sales | 1.27% | 1.67% | 1.65% | 1.77% | 3.35% | 1.57% | 1.42% | 0.99% |
| Announcement Date | 28/02/20 | 26/02/21 | 28/04/22 | 25/04/23 | 26/04/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
BUY
Number of Analysts
23
Last Close Price
95.86
CNY
Average target price
136.2
CNY
Spread / Average Target
+42.05%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -12.78% | 19.95B | |
| -1.27% | 296B | |
| +8.15% | 81.36B | |
| +11.84% | 43.48B | |
| +5.34% | 38.43B | |
| +14.29% | 16.85B | |
| -8.29% | 12.06B | |
| +22.07% | 10.25B | |
| +8.12% | 7.92B | |
| +3.34% | 7.38B |
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- Financials Jiangsu Yanghe Brewery Joint-Stock Co., Ltd.
