Financials Chongqing Changan Automobile Company Limited Shenzhen S.E.

Equities

200625

CNE000000N14

Auto & Truck Manufacturers

End-of-day quote Shenzhen S.E. 06:00:00 2024-07-16 pm EDT 5-day change 1st Jan Change
3.87 HKD -0.26% Intraday chart for Chongqing Changan Automobile Company Limited +4.59% -11.64%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 42,913 103,661 101,236 107,273 145,806 135,836 - -
Enterprise Value (EV) 1 33,132 73,293 50,413 55,693 82,117 69,669 55,432 40,187
P/E ratio -18.2 x 32.2 x 33 x 15.8 x 14.9 x 19 x 16.1 x 14 x
Yield - 1.4% 1.53% 1.92% 2.04% 1.44% 1.59% 1.68%
Capitalization / Revenue 0.61 x 1.23 x 0.96 x 0.88 x 0.96 x 0.73 x 0.61 x 0.56 x
EV / Revenue 0.47 x 0.87 x 0.48 x 0.46 x 0.54 x 0.37 x 0.25 x 0.16 x
EV / EBITDA 17.1 x 10.5 x 6.52 x 4.83 x 7.75 x 5.81 x 3.71 x 2.32 x
EV / FCF -40 x 8.81 x 2.4 x 11.4 x 4.74 x 1.76 x 2.25 x 1.63 x
FCF Yield -2.5% 11.3% 41.7% 8.75% 21.1% 56.7% 44.4% 61.3%
Price to Book 1.09 x 2.2 x 2.08 x 1.94 x 2.32 x 2.01 x 1.85 x 1.7 x
Nbr of stocks (in thousands) 8,740,820 9,761,381 9,921,799 9,921,799 9,917,289 9,917,289 - -
Reference price 2 5.511 12.02 11.68 12.31 16.83 15.70 15.70 15.70
Announcement Date 4/14/20 4/9/21 4/27/22 4/17/23 4/17/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 70,595 84,566 105,142 121,253 151,298 187,126 221,308 243,884
EBITDA 1 1,941 7,000 7,731 11,520 10,593 11,982 14,934 17,339
EBIT 1 -2,107 2,624 3,731 7,634 10,447 8,000 10,930 13,210
Operating Margin -2.98% 3.1% 3.55% 6.3% 6.91% 4.28% 4.94% 5.42%
Earnings before Tax (EBT) 1 -2,242 2,597 3,821 7,708 10,589 6,949 9,992 12,680
Net income 1 -2,647 3,324 3,552 7,798 11,327 7,747 9,761 10,948
Net margin -3.75% 3.93% 3.38% 6.43% 7.49% 4.14% 4.41% 4.49%
EPS 2 -0.3022 0.3736 0.3538 0.7799 1.130 0.8279 0.9742 1.123
Free Cash Flow 1 -829.1 8,316 21,047 4,871 17,333 39,504 24,609 24,651
FCF margin -1.17% 9.83% 20.02% 4.02% 11.46% 21.11% 11.12% 10.11%
FCF Conversion (EBITDA) - 118.79% 272.25% 42.28% 163.63% 329.69% 164.78% 142.17%
FCF Conversion (Net income) - 250.15% 592.46% 62.46% 153.02% 509.92% 252.1% 225.17%
Dividend per Share 2 - 0.1681 0.1792 0.2360 0.3430 0.2266 0.2502 0.2639
Announcement Date 4/14/20 4/9/21 4/27/22 4/17/23 4/17/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 32,782 25,942 - 21,998 28,778 35,901 34,556 30,936 - 42,714 43,091 37,023 37,195 40,874 68,339 - -
EBITDA - - - 1,653 2,056 - - - - - - - - - - - -
EBIT - 573.5 - 1,167 932.9 1,015 - - - 1,921 - 798.2 - - - - -
Operating Margin - 2.21% - 5.3% 3.24% 2.83% - - - 4.5% - 2.16% - - - - -
Earnings before Tax (EBT) 1 - 631.2 - 1,207 934.9 1,038 - - - 1,924 1,522 813 134.2 1,889 4,770 - -
Net income 1 2,602 560.2 - 1,321 1,042 898.5 6,970 682.8 7,653 2,229 1,445 1,158 -954.5 2,256 3,157 - -
Net margin 7.94% 2.16% - 6.01% 3.62% 2.5% 20.17% 2.21% - 5.22% 3.35% 3.13% -2.57% 5.52% 4.62% - -
EPS 2 - 0.0538 0.4538 0.1362 0.1000 0.0900 0.7000 0.0600 - 0.2300 0.1400 0.1200 0.1500 0.1500 0.2000 - -
Dividend per Share 2 - 0.1792 - - - 0.2360 - - - - 0.3430 - - - 0.1425 - -
Announcement Date 8/30/20 4/27/22 4/28/22 8/30/22 10/30/22 4/17/23 4/27/23 8/30/23 8/30/23 10/30/23 4/17/24 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 9,781 30,368 50,823 51,580 63,689 66,167 80,404 95,649
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 -829 8,316 21,047 4,871 17,333 39,504 24,609 24,651
ROE (net income / shareholders' equity) -5.86% 7.13% 6.53% 13.1% 16.6% 9.84% 11.3% 11.9%
ROA (Net income/ Total Assets) -2.77% 3.04% 2.8% 5.54% 6.74% 3.83% 4.3% 4.24%
Assets 1 95,549 109,278 126,828 140,726 168,111 202,393 226,995 257,941
Book Value Per Share 2 5.040 5.470 5.620 6.340 7.250 7.810 8.490 9.250
Cash Flow per Share 2 0.4400 1.090 2.320 0.5700 2.000 1.780 2.110 1.980
Capex 1 4,711 2,360 1,925 1,405 2,528 7,970 5,669 5,611
Capex / Sales 6.67% 2.79% 1.83% 1.16% 1.67% 4.26% 2.56% 2.3%
Announcement Date 4/14/20 4/9/21 4/27/22 4/17/23 4/17/24 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
20
Last Close Price
15.7 CNY
Average target price
18.99 CNY
Spread / Average Target
+20.95%
Consensus
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