Financials Weichai Power Co., Ltd.

Equities

2338

CNE1000004L9

Auto, Truck & Motorcycle Parts

Market Closed - Hong Kong S.E. Other stock markets 04:08:39 2024-05-28 am EDT			5-day change	1st Jan Change
14.84 ^HKD	-1.07%		-2.11%	+13.80%

May. 16	Global markets live: Cisco, EasyJet, Roche, Netflix, Amazon...
May. 15	Norway sovereign wealth fund excludes three companies over ethical concerns	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	123,654	119,998	145,537	86,046	114,554	135,233	-	-
Enterprise Value (EV) ¹	111,519	95,517	102,316	59,867	65,391	54,201	52,631	33,811
P/E ratio	12.8 x	11.3 x	11.3 x	16.2 x	11.4 x	10.4 x	8.7 x	7.68 x
Yield	1.95%	1.15%	2.98%	-	4.38%	4.8%	5.19%	6.13%
Capitalization / Revenue	0.71 x	0.61 x	0.72 x	0.49 x	0.54 x	0.58 x	0.53 x	0.49 x
EV / Revenue	0.64 x	0.48 x	0.5 x	0.34 x	0.31 x	0.23 x	0.21 x	0.12 x
EV / EBITDA	5.02 x	4.48 x	4.19 x	3.53 x	2.64 x	1.95 x	1.7 x	1 x
EV / FCF	6.03 x	5.55 x	11.4 x	-6.72 x	3.18 x	3.24 x	2.18 x	1.05 x
FCF Yield	16.6%	18%	8.77%	-14.9%	31.4%	30.9%	45.8%	95.4%
Price to Book	2.58 x	2.03 x	2.03 x	-	1.29 x	1.38 x	1.28 x	1.16 x
Nbr of stocks (in thousands)	7,933,874	7,933,874	8,726,557	8,639,291	8,639,291	8,639,291	-	-
Reference price ²	14.69	13.10	12.43	9.256	11.85	13.77	13.77	13.77
Announcement Date	3/26/20	3/30/21	3/30/22	3/30/23	3/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	174,361	197,491	203,548	175,158	213,958	232,082	255,345	275,515
EBITDA ¹	22,227	21,319	24,426	16,982	24,814	27,755	30,992	33,751
EBIT ¹	14,156	12,461	13,889	5,834	12,905	15,844	19,057	21,441
Operating Margin	8.12%	6.31%	6.82%	3.33%	6.03%	6.83%	7.46%	7.78%
Earnings before Tax (EBT) ¹	14,352	12,682	14,055	6,085	13,151	16,982	19,941	22,736
Net income ¹	9,105	9,207	9,254	4,905	9,014	11,457	13,630	15,293
Net margin	5.22%	4.66%	4.55%	2.8%	4.21%	4.94%	5.34%	5.55%
EPS ²	1.150	1.160	1.100	0.5700	1.040	1.325	1.582	1.792
Free Cash Flow ¹	18,483	17,217	8,975	-8,912	20,561	16,736	24,124	32,248
FCF margin	10.6%	8.72%	4.41%	-5.09%	9.61%	7.21%	9.45%	11.7%
FCF Conversion (EBITDA)	83.16%	80.76%	36.74%	-	82.86%	60.3%	77.84%	95.55%
FCF Conversion (Net income)	203%	187%	96.98%	-	228.1%	146.08%	176.99%	210.87%
Dividend per Share ²	0.2860	0.1500	0.3700	-	0.5190	0.6603	0.7141	0.8446
Announcement Date	3/26/20	3/30/21	3/30/22	3/30/23	3/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	94,495	102,997	126,388	37,119	77,160	-	45,636	86,740	43,783	44,634	53,434	52,701	54,248	53,575	56,380	59,412	46,651	62,017	64,200	63,300
EBITDA ¹	-	-	-	-	2,839	-	-	3,062	-	2,260	-	-	-	-	-	-	7,195	5,812	5,665	-	-
EBIT ¹	-	-	-	-	1,604	4,004	-	1,802	3,364	443.6	2,026	2,574	3,016	3,807	3,509	4,111	4,218	2,835	2,688	-	-
Operating Margin	-	-	-	-	4.32%	5.19%	-	3.95%	3.88%	1.01%	4.54%	4.82%	5.72%	7.02%	6.55%	7.29%	7.1%	6.08%	4.33%	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	1,629	-	-	1,839	-	532.7	2,135	2,651	3,097	3,891	3,513	4,177	4,688	3,312	3,224	-	-
Net income ¹	3,817	4,680	-	-	1,354	2,823	-	1,335	2,387	925.2	1,593	1,856	2,043	2,602	2,513	2,600	3,300	2,182	2,290	-	-
Net margin	-	4.95%	-	-	3.65%	3.66%	-	2.93%	2.75%	2.11%	3.57%	3.47%	3.88%	4.8%	4.69%	4.61%	5.55%	4.68%	3.69%	-	-
EPS ²	-	0.5900	0.5700	0.8000	0.1300	0.3000	0.1200	-	-	0.1100	0.1900	0.2100	0.2400	0.3000	0.2900	-	0.3341	0.3050	0.3012	-	-
Dividend per Share ²	-	-	-	-	0.1850	-	-	0.1000	-	-	-	-	0.2260	-	0.2930	-	-	-	0.6437	-	-
Announcement Date	3/26/20	8/27/20	3/30/21	8/30/21	3/30/22	3/30/22	4/29/22	8/30/22	8/30/22	10/30/22	3/30/23	4/28/23	8/30/23	10/30/23	3/25/24	4/29/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	12,136	24,481	43,222	26,178	49,163	81,032	82,602	101,422
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	18,483	17,217	8,975	-8,912	20,561	16,736	24,124	32,248
ROE (net income / shareholders' equity)	21.3%	19.2%	15.1%	6.66%	11.7%	13.7%	14.4%	14.8%
ROA (Net income/ Total Assets)	4.12%	3.63%	3.38%	1.67%	2.87%	3.17%	3.81%	4.2%
Assets ¹	221,048	253,780	274,053	293,661	313,953	361,789	357,670	363,825
Book Value Per Share ²	5.700	6.450	6.130	-	9.180	9.970	10.80	11.80
Cash Flow per Share ²	3.010	2.890	1.750	-	3.180	2.960	3.460	3.250
Capex ¹	5,351	5,711	5,683	6,563	6,910	8,148	9,658	9,904
Capex / Sales	3.07%	2.89%	2.79%	3.75%	3.23%	3.51%	3.78%	3.59%
Announcement Date	3/26/20	3/30/21	3/30/22	3/30/23	3/25/24	-	-	-

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 Weichai Power Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

13.77 CNY

Average target price

17.75 CNY

Spread / Average Target

+28.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Auto, Truck & Motorcycle Parts

	1st Jan change	Capi.
WEICHAI POWER CO., LTD.	+13.80%	19.07B
DENSO CORPORATION	+19.02%	47.12B
APTIV PLC	-7.60%	22.46B
FUYAO GLASS INDUSTRY GROUP CO., LTD.	+26.64%	16.7B
HYUNDAI MOBIS CO.,LTD	-7.59%	14.62B
CONTINENTAL AG	-19.45%	13.49B
MAGNA INTERNATIONAL INC.	-21.08%	13.19B
SUMITOMO ELECTRIC INDUSTRIES, LTD.	+45.64%	12.28B
SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED	+39.17%	11.71B
BOSCH LIMITED	+39.96%	11.2B

Other Auto, Truck & Motorcycle Parts