Financials Xinfengming Group Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 23:00:00 25/04/2024 BST			5-day change	1st Jan Change
13.83 ^CNY	+0.07%		-5.53%	-2.61%

04-25	Xinfengming Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-02	Tranche Update on Xinfengming Group Co., Ltd.'s Equity Buyback Plan announced on February 1, 2024.	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,285	19,406	22,714	16,641	21,391	20,833	-	-
Enterprise Value (EV) ¹	22,879	28,067	32,745	30,348	34,824	32,595	31,886	20,833
P/E ratio	11.3 x	32.3 x	9.52 x	-77.7 x	19.7 x	11.5 x	8.74 x	7.2 x
Yield	1.05%	0.94%	1.52%	-	1.8%	2.39%	2.6%	3.58%
Capitalization / Revenue	0.51 x	0.52 x	0.51 x	0.33 x	0.35 x	0.32 x	0.29 x	0.27 x
EV / Revenue	0.67 x	0.76 x	0.73 x	0.6 x	0.57 x	0.5 x	0.45 x	0.27 x
EV / EBITDA	8.41 x	12.2 x	6.64 x	15.1 x	8.14 x	5.39 x	4.63 x	2.62 x
EV / FCF	-	-	-	-13.9 x	91 x	9.81 x	6.71 x	4.05 x
FCF Yield	-	-	-	-7.2%	1.1%	10.2%	14.9%	24.7%
Price to Book	1.54 x	1.67 x	1.41 x	1.08 x	-	1.16 x	1.04 x	0.94 x
Nbr of stocks (in thousands)	1,399,558	1,396,103	1,529,567	1,529,470	1,506,382	1,506,382	-	-
Reference price ²	12.35	13.90	14.85	10.88	14.20	13.83	13.83	13.83
Announcement Date	26/03/20	19/04/21	14/04/22	29/03/23	25/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	34,148	36,984	44,770	50,787	61,469	65,726	71,476	77,314
EBITDA ¹	2,720	2,301	4,930	2,012	4,277	6,047	6,882	7,954
EBIT ¹	1,587	573.6	2,651	-529.2	1,116	2,161	2,852	3,597
Operating Margin	4.65%	1.55%	5.92%	-1.04%	1.82%	3.29%	3.99%	4.65%
Earnings before Tax (EBT) ¹	1,593	641.7	2,673	-465.5	1,174	2,191	2,881	3,640
Net income ¹	1,355	603	2,254	-205.1	1,086	1,851	2,427	2,940
Net margin	3.97%	1.63%	5.03%	-0.4%	1.77%	2.82%	3.4%	3.8%
EPS ²	1.090	0.4300	1.560	-0.1400	0.7200	1.207	1.583	1.920
Free Cash Flow ¹	-	-	-	-2,185	382.6	3,321	4,749	5,147
FCF margin	-	-	-	-4.3%	0.62%	5.05%	6.64%	6.66%
FCF Conversion (EBITDA)	-	-	-	-	8.94%	54.92%	69.01%	64.71%
FCF Conversion (Net income)	-	-	-	-	35.22%	179.43%	195.68%	175.07%
Dividend per Share ²	0.1300	0.1300	0.2250	-	0.2550	0.3300	0.3602	0.4950
Announcement Date	26/03/20	19/04/21	14/04/22	29/03/23	25/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,594	8,661	10,031	13,708	13,433	11,762	11,052	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.057 x	3.763 x	2.035 x	6.814 x	3.141 x	1.945 x	1.606 x	-
Free Cash Flow ¹	-	-	-	-2,185	383	3,321	4,749	5,147
ROE (net income / shareholders' equity)	13.6%	5.09%	16.1%	-1.28%	6.68%	9.65%	11.1%	10.7%
ROA (Net income/ Total Assets)	-	-	6.84%	-0.52%	2.5%	4.04%	4.54%	4.58%
Assets ¹	-	-	32,956	39,406	43,446	45,775	53,428	64,191
Book Value Per Share ²	8.040	8.330	10.60	10.10	-	12.00	13.30	14.70
Cash Flow per Share ²	1.380	2.280	2.050	2.080	2.390	4.070	4.060	5.540
Capex ¹	5,209	5,971	6,271	5,370	3,277	4,704	4,634	5,535
Capex / Sales	15.25%	16.15%	14.01%	10.57%	5.33%	7.16%	6.48%	7.16%
Announcement Date	26/03/20	19/04/21	14/04/22	29/03/23	25/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

13.83 CNY

Average target price

15.07 CNY

Spread / Average Target

+8.99%

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