Stock 300587 ZHEJIANG TIANTIE INDUSTRY CO., LTD.
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Financials Zhejiang Tiantie Industry Co., Ltd.

Equities

300587

CNE100002F77

Tires & Rubber Products

End-of-day quote Shenzhen S.E.
Other stock markets
 23:00:00 05/05/2024 BST 		5-day change 1st Jan Change
5.04 CNY +3.28% Intraday chart for Zhejiang Tiantie Industry Co., Ltd. +5.66% -13.70%
04-16 Zhejiang Tiantie Industry Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
03-29 Wang Jinzhou agreed to acquire 49% stake in Henan Tianji Tires Co., Ltd. from Zhejiang Tiantie Industry Co., Ltd. for CNY 49 million. CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,845 2,882 4,199 12,545 12,405 6,374
Enterprise Value (EV) 1 2,014 3,391 4,532 12,424 12,933 8,120
P/E ratio 23.7 x 22.7 x 20.4 x 38.4 x 30.3 x -9.73 x
Yield 0.86% 0.94% 1.03% 0.4% 0.26% -
Capitalization / Revenue 3.76 x 2.91 x 3.4 x 7.32 x 7.21 x 4.23 x
EV / Revenue 4.11 x 3.42 x 3.67 x 7.25 x 7.52 x 5.39 x
EV / EBITDA 17.1 x 12.9 x 12.8 x 24.4 x 20.6 x -58.1 x
EV / FCF -15.2 x -10.1 x -70.3 x -75.6 x -46.1 x -11 x
FCF Yield -6.56% -9.9% -1.42% -1.32% -2.17% -9.06%
Price to Book 2 x 2.76 x 2.73 x 4.97 x 4.16 x 2.68 x
Nbr of stocks (in thousands) 880,471 883,778 964,823 1,061,808 1,076,852 1,091,420
Reference price 2 2.096 3.261 4.352 11.81 11.52 5.840
Announcement Date 22/04/19 23/04/20 26/04/21 24/04/22 26/04/23 16/04/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 490.5 990.2 1,235 1,713 1,720 1,507
EBITDA 1 117.6 261.9 355.1 508.8 628.7 -139.7
EBIT 1 98.56 216.3 304.2 453 558.6 -214.4
Operating Margin 20.09% 21.84% 24.62% 26.44% 32.47% -14.22%
Earnings before Tax (EBT) 1 102 192.4 253.5 392.4 475.2 -733.6
Net income 1 77.97 126.7 196.1 302.4 410.2 -653.6
Net margin 15.9% 12.8% 15.87% 17.65% 23.84% -43.36%
EPS 2 0.0883 0.1439 0.2132 0.3076 0.3800 -0.6000
Free Cash Flow 1 -132.2 -335.7 -64.51 -164.3 -280.7 -735.8
FCF margin -26.96% -33.9% -5.22% -9.59% -16.32% -48.82%
FCF Conversion (EBITDA) - - - - - -
FCF Conversion (Net income) - - - - - -
Dividend per Share 2 0.0181 0.0308 0.0450 0.0467 0.0300 -
Announcement Date 22/04/19 23/04/20 26/04/21 24/04/22 26/04/23 16/04/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4
Net sales 1 - 482.8 512.3 223.2 - 306 293.8
EBITDA - - - - - - -
EBIT - - - - - - -
Operating Margin - - - - - - -
Earnings before Tax (EBT) - - - - - - -
Net income 184 - - -8.828 51.54 - -
Net margin - - - -3.95% - - -
EPS 0.2900 - - -0.0100 0.0500 - -
Dividend per Share - - - - - - -
Announcement Date 15/08/22 25/10/22 19/04/23 26/04/23 30/08/23 26/10/23 16/04/24
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 169 509 334 - 528 1,746
Net Cash position 1 - - - 121 - -
Leverage (Debt/EBITDA) 1.437 x 1.944 x 0.9393 x - 0.8393 x -12.5 x
Free Cash Flow 1 -132 -336 -64.5 -164 -281 -736
ROE (net income / shareholders' equity) 8.66% 13.8% 14.4% 14.7% 14.1% -24.7%
ROA (Net income/ Total Assets) 4.46% 6.56% 7.16% 8.03% 7.59% -2.58%
Assets 1 1,748 1,931 2,739 3,764 5,408 25,348
Book Value Per Share 2 1.050 1.180 1.590 2.380 2.770 2.180
Cash Flow per Share 2 0.1100 0.1500 0.2400 0.5900 0.4700 0.2300
Capex 1 207 113 131 195 375 413
Capex / Sales 42.2% 11.37% 10.59% 11.38% 21.78% 27.42%
Announcement Date 22/04/19 23/04/20 26/04/21 24/04/22 26/04/23 16/04/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Rubber Products

1st Jan change Capi.
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Industrial Rubber Products
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