Financials AVIC Heavy Machinery Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-07-14 pm EDT			5-day change	1st Jan Change
17.43 ^CNY	-4.34%		-3.17%	-8.79%

Jul. 15	AVIC Heavy Machinery Resumes Share Issuance Application Review	MT
Apr. 28	AVIC Heavy Machinery Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,551	23,492	53,097	45,774	28,107	25,823	-	-
Enterprise Value (EV) ¹	9,551	23,492	53,097	45,774	28,107	25,823	25,823	25,823
P/E ratio	29.2 x	67.6 x	56.7 x	37.9 x	21.2 x	15.4 x	12.8 x	11.4 x
Yield	-	-	0.34%	0.53%	1.42%	1.84%	2.18%	2.7%
Capitalization / Revenue	1.6 x	3.51 x	6.04 x	4.33 x	2.66 x	2.14 x	1.85 x	1.62 x
EV / Revenue	1.6 x	3.51 x	6.04 x	4.33 x	2.66 x	2.14 x	1.85 x	1.62 x
EV / EBITDA	13.9 x	29.1 x	36.9 x	25.1 x	14.4 x	10.5 x	8.72 x	7.46 x
EV / FCF	-	-	59 x	-	-	13.3 x	30.3 x	19.6 x
FCF Yield	-	-	1.69%	-	-	7.54%	3.3%	5.1%
Price to Book	1.56 x	3.5 x	5.67 x	4.4 x	2.45 x	2 x	1.78 x	1.58 x
Nbr of stocks (in thousands)	1,307,045	1,315,553	1,472,294	1,472,294	1,470,826	1,481,546	-	-
Reference price ²	7.307	17.86	36.06	31.09	19.11	17.43	17.43	17.43
Announcement Date	4/30/20	3/11/21	3/9/22	3/14/23	3/14/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,985	6,698	8,790	10,570	10,577	12,081	13,994	15,948
EBITDA ¹	684.9	807.2	1,440	1,822	1,955	2,468	2,963	3,462
EBIT ¹	400.5	516.9	1,140	1,536	1,598	1,912	2,305	2,722
Operating Margin	6.69%	7.72%	12.97%	14.54%	15.11%	15.83%	16.47%	17.07%
Earnings before Tax (EBT) ¹	408	513.6	1,144	1,534	1,605	1,921	2,310	2,730
Net income ¹	275.3	343.8	890.6	1,202	1,329	1,668	2,006	2,265
Net margin	4.6%	5.13%	10.13%	11.37%	12.56%	13.81%	14.34%	14.2%
EPS ²	0.2500	0.2643	0.6357	0.8200	0.9000	1.128	1.357	1.528
Free Cash Flow ¹	-	-	899.3	-	-	1,946	853	1,318
FCF margin	-	-	10.23%	-	-	16.11%	6.1%	8.26%
FCF Conversion (EBITDA)	-	-	62.46%	-	-	78.86%	28.79%	38.07%
FCF Conversion (Net income)	-	-	100.97%	-	-	116.64%	42.52%	58.19%
Dividend per Share ²	-	-	0.1214	0.1650	0.2710	0.3200	0.3800	0.4700
Announcement Date	4/30/20	3/11/21	3/9/22	3/14/23	3/14/24	-	-	-

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 ¹	-	-	899	-	-	1,946	853	1,318
ROE (net income / shareholders' equity)	6.2%	5.47%	11.1%	12.2%	12%	12.9%	13.8%	14%
ROA (Net income/ Total Assets)	-	-	5.04%	5.9%	5.71%	5.7%	6.2%	6.5%
Assets ¹	-	-	17,676	20,385	23,265	29,270	32,357	34,843
Book Value Per Share ²	4.690	5.100	6.360	7.060	7.810	8.720	9.790	11.00
Cash Flow per Share ²	0.6000	0.5000	1.080	0.5300	0.4000	1.760	0.7400	3.200
Capex ¹	262	452	618	877	1,052	576	653	654
Capex / Sales	4.37%	6.75%	7.03%	8.3%	9.95%	4.77%	4.67%	4.1%
Announcement Date	4/30/20	3/11/21	3/9/22	3/14/23	3/14/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

D+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

17.43 CNY

Average target price

24.02 CNY

Spread / Average Target

+37.84%

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