SHANXI XINGHUACUN FEN WINE FACTORY CO.,LTD.

Financials Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.

Equities

600809

CNE000000DH5

Distillers & Wineries

End-of-day quote Shanghai S.E. Other stock markets 23:00:00 29/04/2024 BST			5-day change	1st Jan Change
262.3 ^CNY	+1.65%		+7.64%	+13.69%

04-25	Shanxi Xinghuacun Fen Wine Factory Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-25	Shanxi Xinghuacun Fen Wine Factory Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	78,176	327,076	385,288	347,709	281,482	320,009	-	-
Enterprise Value (EV) ¹	74,212	322,469	379,155	336,516	278,053	310,461	299,706	293,558
P/E ratio	40.2 x	106 x	72.3 x	42.9 x	26.9 x	24.7 x	20.3 x	17.1 x
Yield	1%	0.05%	0.57%	1.16%	1.89%	2.05%	2.37%	2.96%
Capitalization / Revenue	6.58 x	23.4 x	19.3 x	13.3 x	8.82 x	8.3 x	6.99 x	5.99 x
EV / Revenue	6.25 x	23.1 x	19 x	12.8 x	8.71 x	8.05 x	6.55 x	5.49 x
EV / EBITDA	24.9 x	73.5 x	52.7 x	30.4 x	19.2 x	17.7 x	14.1 x	11.6 x
EV / FCF	25.3 x	178 x	50.6 x	35.5 x	41.2 x	20 x	21.8 x	17.6 x
FCF Yield	3.96%	0.56%	1.98%	2.82%	2.43%	5%	4.59%	5.68%
Price to Book	10.5 x	33.5 x	25.3 x	16.3 x	10.1 x	8.6 x	6.72 x	5.36 x
Nbr of stocks (in thousands)	1,220,140	1,220,140	1,220,114	1,220,073	1,219,964	1,219,964	-	-
Reference price ²	64.07	268.1	315.8	285.0	230.7	262.3	262.3	262.3
Announcement Date	06/02/20	09/03/21	27/04/22	27/04/23	25/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,880	13,990	19,971	26,214	31,928	38,564	45,760	53,440
EBITDA ¹	2,986	4,387	7,200	11,074	14,477	17,534	21,242	25,227
EBIT ¹	2,843	4,235	7,029	10,873	14,224	17,296	20,981	25,003
Operating Margin	23.93%	30.27%	35.2%	41.48%	44.55%	44.85%	45.85%	46.79%
Earnings before Tax (EBT) ¹	2,845	4,237	7,091	10,876	14,205	17,403	21,094	25,136
Net income ¹	1,939	3,079	5,314	8,096	10,438	12,958	15,720	18,686
Net margin	16.32%	22.01%	26.61%	30.88%	32.69%	33.6%	34.35%	34.97%
EPS ²	1.596	2.526	4.365	6.642	8.563	10.63	12.89	15.34
Free Cash Flow ¹	2,936	1,814	7,489	9,485	6,743	15,518	13,771	16,668
FCF margin	24.72%	12.97%	37.5%	36.18%	21.12%	40.24%	30.09%	31.19%
FCF Conversion (EBITDA)	98.35%	41.36%	104.01%	85.65%	46.58%	88.5%	64.83%	66.07%
FCF Conversion (Net income)	151.47%	58.92%	140.94%	117.15%	64.6%	119.75%	87.6%	89.2%
Dividend per Share ²	0.6429	0.1429	1.800	3.320	4.370	5.382	6.225	7.760
Announcement Date	06/02/20	09/03/21	27/04/22	27/04/23	25/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	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
Net sales ¹	2,714	10,530	4,803	-	6,810	4,070	12,682	6,329	7,733	5,184	12,917	15,338	7,531	9,512	-
EBITDA	-	-	1,736	-	2,767	-	-	-	-	-	-	-	-	-	-
EBIT ¹	384.6	4,985	1,779	-	2,804	1,305	6,450	2,695	3,593	1,486	5,078	8,365	3,171	4,337	1,634
Operating Margin	14.17%	47.34%	37.03%	-	41.17%	32.07%	50.86%	42.59%	46.46%	28.66%	39.31%	54.54%	42.1%	45.6%	-
Earnings before Tax (EBT)	441.5	-	1,780	-	2,803	1,306	-	2,697	-	1,471	-	-	-	-	-
Net income ¹	434.8	-	1,303	5,013	2,096	987.6	-	1,948	-	1,007	-	-	2,816	2,850	1,105
Net margin	16.02%	-	27.12%	-	30.77%	24.27%	-	30.78%	-	19.42%	-	-	37.39%	29.97%	-
EPS ²	0.3600	3.040	1.075	4.115	1.710	0.8100	3.950	1.610	2.170	0.8300	-	5.130	2.124	2.493	1.028
Dividend per Share ²	1.800	-	-	-	-	-	-	-	-	-	-	-	2.441	2.441	2.441
Announcement Date	27/04/22	27/04/22	24/08/22	24/08/22	27/10/22	27/04/23	27/04/23	24/08/23	26/10/23	25/04/24	25/04/24	25/04/24	-	-	-

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	3,964	4,607	6,133	11,193	3,430	9,548	20,303	26,450
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,936	1,814	7,489	9,485	6,743	15,518	13,771	16,669
ROE (net income / shareholders' equity)	27.4%	35.1%	42%	44.7%	43.1%	37.7%	35.4%	33.3%
ROA (Net income/ Total Assets)	13.6%	16.9%	21.4%	24.3%	-	25.1%	24.4%	24.6%
Assets ¹	14,227	18,249	24,867	33,321	-	51,659	64,365	75,862
Book Value Per Share ²	6.100	8.010	12.50	17.50	22.80	30.50	39.00	48.90
Cash Flow per Share ²	2.520	1.650	6.270	8.450	5.920	11.70	12.90	15.30
Capex ¹	140	195	156	826	482	771	942	1,498
Capex / Sales	1.18%	1.4%	0.78%	3.15%	1.51%	2%	2.06%	2.8%
Announcement Date	06/02/20	09/03/21	27/04/22	27/04/23	25/04/24	-	-	-

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

Ratings for Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

262.3 CNY

Average target price

293.6 CNY

Spread / Average Target

+11.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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