ZHEJIANG BIYI ELECTRIC APPLIANCE CO., LTD.

Financials Zhejiang Biyi Electric Appliance Co., Ltd.

Equities

603215

CNE100005R21

Appliances, Tools & Housewares

End-of-day quote Shanghai S.E. Other stock markets 23:00:00 02/06/2024 BST			5-day change	1st Jan Change
14.55 ^CNY	-1.56%		-4.65%	-15.90%

04-25	Mainland China and Hong Kong stocks edge higher as sentiment improves	RE
04-24	Zhejiang Biyi Electric Appliance Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2022	2023	2024	2025	2026
Capitalization ¹	2,735	3,264	2,745	-	-
Enterprise Value (EV) ¹	2,735	3,264	2,745	2,745	2,745
P/E ratio	14.7 x	16 x	13.8 x	10.9 x	9.36 x
Yield	-	2.17%	1.1%	1.9%	-
Capitalization / Revenue	-	2.09 x	1.56 x	1.24 x	1.11 x
EV / Revenue	-	2.09 x	1.56 x	1.24 x	1.11 x
EV / EBITDA	-	11.9 x	11.8 x	10.3 x	7.84 x
EV / FCF	-	16.2 x	18.7 x	10.9 x	-
FCF Yield	-	6.16%	5.36%	9.14%	-
Price to Book	-	2.93 x	2.12 x	1.8 x	1.46 x
Nbr of stocks (in thousands)	186,660	188,658	188,658	-	-
Reference price ²	14.65	17.30	14.55	14.55	14.55
Announcement Date	24/04/23	24/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	-	-	1,560	1,765	2,216	2,468
EBITDA ¹	-	-	273.8	232.4	266.5	349.9
EBIT ¹	-	-	226.7	219.4	275.2	321.5
Operating Margin	-	-	14.54%	12.43%	12.42%	13.03%
Earnings before Tax (EBT) ¹	-	-	226.7	221.7	278.9	325.1
Net income ¹	119.9	178	201.8	199.5	250	293.9
Net margin	-	-	12.94%	11.3%	11.28%	11.91%
EPS ²	0.8600	1.000	1.080	1.057	1.330	1.555
Free Cash Flow ¹	-	-	200.9	147	251	-
FCF margin	-	-	12.88%	8.33%	11.32%	-
FCF Conversion (EBITDA)	-	-	73.4%	63.25%	94.19%	-
FCF Conversion (Net income)	-	-	99.57%	73.7%	100.39%	-
Dividend per Share ²	-	-	0.3750	0.1600	0.2767	-
Announcement Date	19/04/22	24/04/23	24/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q3	2023 Q4
Net sales ¹	-	299.9
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income ¹	48.52	26.2
Net margin	-	8.73%
EPS	0.2600	-
Dividend per Share	-	-
Announcement Date	24/10/23	24/04/24

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-	-	201	147	251	-
ROE (net income / shareholders' equity)	-	-	19.3%	15.6%	16.4%	15.7%
ROA (Net income/ Total Assets)	-	-	12.7%	10.7%	10.5%	11.2%
Assets ¹	-	-	1,590	1,873	2,393	2,624
Book Value Per Share ²	-	-	5.910	6.870	8.090	9.950
Cash Flow per Share ²	-	-	2.350	0.8900	1.250	1.340
Capex ¹	-	-	242	127	202	195
Capex / Sales	-	-	15.52%	7.2%	9.11%	7.9%
Announcement Date	19/04/22	24/04/23	24/04/24	-	-	-

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 Zhejiang Biyi Electric Appliance Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

14.55 CNY

Average target price

18.99 CNY

Spread / Average Target

+30.52%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Household Appliances

	1st Jan change	Capi.
ZHEJIANG BIYI ELECTRIC APPLIANCE CO., LTD.	-15.90%	379M
GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI	+28.94%	31.63B
BEIJING ROBOROCK TECHNOLOGY CO., LTD.	+54.86%	7.96B
HISENSE HOME APPLIANCES GROUP CO., LTD.	+97.89%	7.15B
WHIRLPOOL CORPORATION	-24.25%	5.04B
ECOVACS ROBOTICS CO., LTD.	+27.87%	4.19B
RINNAI CORPORATION	+13.49%	3.48B
ARÇELIK ANONIM SIRKETI	+38.75%	3.32B
HANGZHOU ROBAM APPLIANCES CO., LTD.	+9.18%	3.1B
COWAY CO., LTD.	-1.22%	2.99B

Household Appliances