Financials CSPC Pharmaceutical Group Ltd.

Equities

1093

HK1093012172

Pharmaceuticals

Market Closed - Hong Kong S.E. Other stock markets 04:08:39 2024-05-28 am EDT			5-day change	1st Jan Change
7.03 ^HKD	+2.03%		+7.00%	-3.17%

10:04am	Nomura Adjusts CSPC Pharmaceutical’s Price Target to HK$10.07 From HK$9.41, Keeps at Buy	MT
May. 27	CSPC Pharmaceutical Group's Q1 Profit Rises 12%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	115,871	94,800	100,932	97,707	86,022	81,610	-	-
Enterprise Value (EV) ¹	108,950	86,246	89,633	86,241	72,284	64,836	60,182	54,806
P/E ratio	28.5 x	15.4 x	14.7 x	14.1 x	13.5 x	11.4 x	10.7 x	9.9 x
Yield	1.08%	1.61%	2.13%	2.56%	-	3.33%	3.09%	3.39%
Capitalization / Revenue	4.8 x	3.19 x	2.94 x	2.77 x	2.52 x	2.16 x	2 x	1.86 x
EV / Revenue	4.51 x	2.9 x	2.61 x	2.44 x	2.12 x	1.71 x	1.47 x	1.25 x
EV / EBITDA	18.8 x	10.5 x	9.5 x	9.43 x	8.39 x	6.32 x	5.47 x	4.55 x
EV / FCF	52.1 x	13.5 x	23.7 x	14.1 x	-	11.4 x	8.95 x	7.79 x
FCF Yield	1.92%	7.43%	4.22%	7.11%	-	8.77%	11.2%	12.8%
Price to Book	5.74 x	3.55 x	3.17 x	2.86 x	2.39 x	1.99 x	1.75 x	1.53 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	6.890	6.890	6.890
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	37,868	40,881	43,822
EBITDA ¹	5,789	8,192	9,431	9,148	8,615	10,254	10,994	12,044
EBIT ¹	5,025	7,227	8,366	7,952	7,400	8,706	9,375	9,968
Operating Margin	20.81%	24.28%	24.38%	22.53%	21.65%	22.99%	22.93%	22.75%
Earnings before Tax (EBT) ¹	5,053	7,626	8,430	8,650	8,030	9,023	9,617	10,339
Net income ¹	4,057	6,157	6,901	6,949	6,382	7,192	7,695	8,277
Net margin	16.8%	20.69%	20.11%	19.69%	18.68%	18.99%	18.82%	18.89%
EPS ²	0.3394	0.5150	0.5773	0.5831	0.5376	0.6030	0.6455	0.6962
Free Cash Flow ¹	2,090	6,404	3,787	6,129	-	5,684	6,722	7,037
FCF margin	8.66%	21.52%	11.04%	17.37%	-	15.01%	16.44%	16.06%
FCF Conversion (EBITDA)	36.11%	78.17%	40.15%	67%	-	55.43%	61.14%	58.43%
FCF Conversion (Net income)	51.52%	104.01%	54.87%	88.2%	-	79.03%	87.35%	85.02%
Dividend per Share ²	0.1042	0.1275	0.1800	0.2100	-	0.2292	0.2130	0.2338
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 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	2025 Q2
Net sales ¹	8,895	-	8,883	8,634	8,489	17,479	8,938	8,626	8,522	8,242	9,690	9,210	9,637	9,345	10,429	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,380	-	1,871	1,830	1,928	3,697	2,000	2,051	1,865	1,517	2,258	2,085	2,132	2,042	2,444	-
Operating Margin	26.76%	-	21.07%	21.19%	22.72%	21.15%	22.38%	23.78%	21.88%	18.41%	23.3%	22.63%	22.13%	21.85%	23.44%	-
Earnings before Tax (EBT) ¹	-	-	-	-	2,265	4,379	1,977	2,139	2,111	1,934	1,921	2,184	2,217	2,117	-	-
Net income ¹	1,563	1,657	1,793	1,644	1,852	3,543	1,586	1,653	1,672	1,498	1,740	1,784	1,793	1,682	-	-
Net margin	17.58%	-	20.19%	19.04%	21.82%	20.27%	17.74%	19.16%	19.62%	18.18%	17.96%	19.37%	18.6%	18%	-	-
EPS ²	0.1309	0.1391	0.1504	0.1380	0.1554	0.2990	0.1331	0.1393	0.1410	0.1265	0.1468	0.1530	0.1495	0.1385	0.1620	0.1840
Dividend per Share ²	0.1000	-	0.1000	-	0.1100	-	-	0.1400	-	-	-	-	-	0.1760	-	-
Announcement Date	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	5/27/24	-	-	-	-	-

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	16,405	21,304	26,645
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,090	6,404	3,787	6,129	-	5,684	6,722	7,037
ROE (net income / shareholders' equity)	22.2%	25.3%	23.2%	21.7%	18.5%	18.3%	17.9%	17.1%
ROA (Net income/ Total Assets)	15%	18.3%	17.3%	16%	13.3%	13.4%	13.5%	13.2%
Assets ¹	27,066	33,643	39,898	43,540	47,840	53,376	57,204	62,789
Book Value Per Share ²	1.690	2.230	2.670	2.870	3.040	3.440	3.940	4.500
Cash Flow per Share ²	0.3500	0.6700	0.4800	0.7300	-	0.8400	0.7600	0.8800
Capex ¹	2,049	1,613	1,914	2,517	-	2,223	2,144	2,282
Capex / Sales	8.48%	5.42%	5.58%	7.13%	-	5.87%	5.23%	5.19%
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

6.89 HKD

Average target price

9.547 HKD

Spread / Average Target

+38.57%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

	1st Jan change	Capi.
CSPC PHARMACEUTICAL GROUP LTD.	-3.17%	10.45B
ELI LILLY AND COMPANY	+38.51%	727B
NOVO NORDISK A/S	+32.17%	594B
JOHNSON & JOHNSON	-6.23%	354B
MERCK & CO., INC.	+18.78%	328B
ABBVIE INC.	+1.35%	277B
ASTRAZENECA PLC	+14.89%	243B
NOVARTIS AG	+7.80%	205B
ROCHE HOLDING AG	-5.97%	203B
AMGEN INC.	+6.19%	164B

Other Pharmaceuticals