Financials Zhejiang Guyuelongshan Shaoxing Wine 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
8.7 ^CNY	-3.65%		-3.01%	-6.45%

04-25	Zhejiang Guyuelongshan Shaoxing Wine Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
03-28	Zhejiang Guyuelongshan Shaoxing Wine Co.,Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,881	13,753	11,148	8,851	8,477	7,930	-	-
Enterprise Value (EV) ¹	6,881	13,753	11,148	8,851	8,477	7,930	7,930	7,930
P/E ratio	32.7 x	89.5 x	53.2 x	44.1 x	21.1 x	18.9 x	29.5 x	25.6 x
Yield	1.18%	0.29%	0.65%	0.82%	1.51%	1.69%	1.03%	1.26%
Capitalization / Revenue	3.91 x	10.6 x	7.07 x	5.46 x	4.75 x	4.06 x	3.9 x	3.49 x
EV / Revenue	3.91 x	10.6 x	7.07 x	5.46 x	4.75 x	4.06 x	3.9 x	3.49 x
EV / EBITDA	18.7 x	47.8 x	31.1 x	25.4 x	13.7 x	11.8 x	18.6 x	16.1 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.64 x	3.23 x	2.08 x	1.61 x	1.46 x	1.29 x	1.26 x	1.22 x
Nbr of stocks (in thousands)	808,524	808,524	911,542	911,542	911,542	911,542	-	-
Reference price ²	8.510	17.01	12.23	9.710	9.300	8.700	8.700	8.700
Announcement Date	17/04/20	29/04/21	14/04/22	12/04/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,759	1,301	1,577	1,620	1,784	1,955	2,035	2,274
EBITDA ¹	367.7	287.7	358.1	349.1	620.3	674	426	492
EBIT ¹	280.2	198.6	264.8	263.9	537.5	546.7	354	406
Operating Margin	15.93%	15.27%	16.79%	16.29%	30.14%	27.96%	17.4%	17.85%
Earnings before Tax (EBT) ¹	279.7	198.6	263.7	259.3	538.3	390	-	-
Net income ¹	209.6	150.5	200.5	201.9	396.6	461	271.5	310
Net margin	11.92%	11.57%	12.72%	12.46%	22.24%	23.58%	13.34%	13.63%
EPS ²	0.2600	0.1900	0.2300	0.2200	0.4400	0.4600	0.2950	0.3400
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.1000	0.0500	0.0800	0.0800	0.1400	0.1467	0.0900	0.1100
Announcement Date	17/04/20	29/04/21	14/04/22	12/04/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	5.08%	3.56%	4.04%	3.72%	7.02%	6.93%	4.3%	4.7%
ROA (Net income/ Total Assets)	4.29%	2.99%	2.41%	3.22%	-	4.5%	-	-
Assets ¹	4,891	5,042	8,318	6,263	-	10,244	-	-
Book Value Per Share ²	5.180	5.260	5.880	6.030	6.380	6.720	6.920	7.150
Cash Flow per Share ²	0.4700	0.1900	0.2200	0.2300	0.4300	0.3300	0.2300	0.3000
Capex ¹	105	167	368	316	91.9	61	94.5	182
Capex / Sales	5.97%	12.82%	23.32%	19.48%	5.15%	3.12%	4.64%	8%
Announcement Date	17/04/20	29/04/21	14/04/22	12/04/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

8.7 CNY

Average target price

11.2 CNY

Spread / Average Target

+28.74%

	1st Jan change	Capi.
ZHEJIANG GUYUELONGSHAN SHAOXING WINE CO.,LTD	-6.45%	1.09B
KWEICHOW MOUTAI CO., LTD.	-0.96%	296B
WULIANGYE YIBIN CO.,LTD.	+8.51%	81.55B
LUZHOU LAOJIAO CO.,LTD	+3.90%	37.87B
JIANGSU YANGHE BREWERY JOINT-STOCK CO., LTD.	-8.93%	20.67B
ANHUI GUJING DISTILLERY CO., LTD.	+13.62%	16.62B
DAVIDE CAMPARI-MILANO N.V.	-8.10%	12.04B
UNITED SPIRITS LIMITED	+7.26%	10.21B
JIANGSU KING'S LUCK BREWERY JOINT-STOCK CO.,LTD.	+21.13%	10.16B
ANHUI YINGJIA DISTILLERY CO., LTD.	+4.00%	7.61B