Financials CSPC Pharmaceutical Group Ltd.

Equities

1093

HK1093012172

Pharmaceuticals

Market Closed - Hong Kong S.E. Other stock markets 04:08:03 2024-05-23 am EDT			5-day change	1st Jan Change
6.44 ^HKD	-1.08%		-4.31%	-11.29%

May. 17	CSPC Pharma Gets Clearance for China Clinical Trial of Drug for Metabolism-Related Diseases	MT
May. 17	CSPC Pharmaceutical Group Limited Announces Recombinant Fully Human Anti-bKlotho Monoclonal Antibody Drug Obtains Approval from National Medical Products Administration of the People's Republic of China	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	115,871	94,800	100,932	97,707	86,022	76,279	-	-
Enterprise Value (EV) ¹	108,950	86,246	89,633	86,241	72,284	59,077	53,746	49,627
P/E ratio	28.5 x	15.4 x	14.7 x	14.1 x	13.5 x	10.8 x	10 x	9.27 x
Yield	1.08%	1.61%	2.13%	2.56%	-	2.95%	3.23%	3.48%
Capitalization / Revenue	4.8 x	3.19 x	2.94 x	2.77 x	2.52 x	2.03 x	1.88 x	1.74 x
EV / Revenue	4.51 x	2.9 x	2.61 x	2.44 x	2.12 x	1.57 x	1.32 x	1.13 x
EV / EBITDA	18.8 x	10.5 x	9.5 x	9.43 x	8.39 x	5.88 x	4.94 x	4.11 x
EV / FCF	52.1 x	13.5 x	23.7 x	14.1 x	-	8.86 x	8.13 x	7.35 x
FCF Yield	1.92%	7.43%	4.22%	7.11%	-	11.3%	12.3%	13.6%
Price to Book	5.74 x	3.55 x	3.17 x	2.86 x	2.39 x	1.86 x	1.62 x	1.44 x
Nbr of stocks (in thousands)	11,973,770	11,954,570	11,916,370	11,915,520	11,848,756	11,844,632	-	-
Reference price ²	9.677	7.930	8.470	8.200	7.260	6.440	6.440	6.440
Announcement Date	3/30/20	3/15/21	3/22/22	3/22/23	3/20/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	24,145	29,762	34,309	35,292	34,175	37,561	40,676	43,750
EBITDA ¹	5,789	8,192	9,431	9,148	8,615	10,048	10,886	12,075
EBIT ¹	5,025	7,227	8,366	7,952	7,400	8,747	9,351	10,168
Operating Margin	20.81%	24.28%	24.38%	22.53%	21.65%	23.29%	22.99%	23.24%
Earnings before Tax (EBT) ¹	5,053	7,626	8,430	8,650	8,030	8,900	9,577	10,295
Net income ¹	4,057	6,157	6,901	6,949	6,382	7,111	7,674	8,255
Net margin	16.8%	20.69%	20.11%	19.69%	18.68%	18.93%	18.87%	18.87%
EPS ²	0.3394	0.5150	0.5773	0.5831	0.5376	0.5980	0.6436	0.6945
Free Cash Flow ¹	2,090	6,404	3,787	6,129	-	6,667	6,614	6,752
FCF margin	8.66%	21.52%	11.04%	17.37%	-	17.75%	16.26%	15.43%
FCF Conversion (EBITDA)	36.11%	78.17%	40.15%	67%	-	66.35%	60.75%	55.91%
FCF Conversion (Net income)	51.52%	104.01%	54.87%	88.2%	-	93.75%	86.18%	81.79%
Dividend per Share ²	0.1042	0.1275	0.1800	0.2100	-	0.1902	0.2079	0.2243
Announcement Date	3/30/20	3/15/21	3/22/22	3/22/23	3/20/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	8,328	8,895	-	8,883	8,634	8,489	17,479	8,938	8,626	8,522	8,242	8,073	9,075	10,396	9,552	-
EBITDA	2,330	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,074	2,380	-	1,871	1,830	1,928	3,697	2,000	2,051	1,865	1,517	1,678	2,001	2,275	2,113	-
Operating Margin	24.9%	26.76%	-	21.07%	21.19%	22.72%	21.15%	22.38%	23.78%	21.88%	18.41%	20.78%	22.05%	21.89%	22.12%	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	2,265	4,379	1,977	2,139	2,111	1,934	1,505	2,104	2,566	2,160	-
Net income ¹	1,554	1,563	1,657	1,793	1,644	1,852	3,543	1,586	1,653	1,672	1,498	1,209	1,683	2,038	1,671	-
Net margin	18.66%	17.58%	-	20.19%	19.04%	21.82%	20.27%	17.74%	19.16%	19.62%	18.18%	14.98%	18.55%	19.6%	17.49%	-
EPS ²	0.1299	0.1309	0.1391	0.1504	0.1380	0.1554	0.2990	0.1331	0.1393	0.1410	0.1265	0.1280	0.1487	0.1587	0.1483	0.1520
Dividend per Share ²	-	0.1000	-	0.1000	-	0.1100	-	-	0.1400	-	-	-	-	-	0.1670	-
Announcement Date	11/18/21	3/22/22	5/25/22	8/24/22	11/23/22	3/22/23	3/22/23	5/25/23	8/23/23	11/30/23	3/20/24	-	-	-	-	-

¹HKD in Million²HKD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	6,922	8,554	11,298	11,467	13,738	17,202	22,534	26,653
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,090	6,404	3,787	6,129	-	6,667	6,614	6,752
ROE (net income / shareholders' equity)	22.2%	25.3%	23.2%	21.7%	18.5%	18.3%	17.7%	17.1%
ROA (Net income/ Total Assets)	15%	18.3%	17.3%	16%	13.3%	13.4%	13.4%	13.1%
Assets ¹	27,066	33,643	39,898	43,540	47,840	53,155	57,272	63,139
Book Value Per Share ²	1.690	2.230	2.670	2.870	3.040	3.460	3.970	4.480
Cash Flow per Share ²	0.3500	0.6700	0.4800	0.7300	-	0.8500	0.7700	0.8800
Capex ¹	2,049	1,613	1,914	2,517	-	2,039	2,060	2,227
Capex / Sales	8.48%	5.42%	5.58%	7.13%	-	5.43%	5.06%	5.09%
Announcement Date	3/30/20	3/15/21	3/22/22	3/22/23	3/20/24	-	-	-

¹HKD in Million²HKD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for CSPC Pharmaceutical Group Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.44 HKD

Average target price

9.382 HKD

Spread / Average Target

+45.68%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

	1st Jan change	Capi.
CSPC PHARMACEUTICAL GROUP LTD.	-11.29%	9.88B
ELI LILLY AND COMPANY	+38.69%	723B
NOVO NORDISK A/S	+34.28%	595B
JOHNSON & JOHNSON	-4.49%	369B
MERCK & CO., INC.	+20.24%	332B
ABBVIE INC.	+2.12%	282B
ASTRAZENECA PLC	+17.02%	244B
NOVARTIS AG	+9.31%	208B
ROCHE HOLDING AG	-5.07%	205B
PFIZER, INC.	-0.35%	168B

Other Pharmaceuticals