Financials CIMC Vehicles (Group) Co., Ltd.

Equities

301039

CNE100004M35

Heavy Machinery & Vehicles

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-07-15 pm EDT			5-day change	1st Jan Change
8.74 ^CNY	+0.11%		+7.37%	-6.82%

Jul. 08	Certain A Shares of CIMC Vehicles Co., Ltd. are subject to a Lock-Up Agreement Ending on 8-JUL-2024.	CI
Jul. 01	Didi Chuxing Technology's Autonomous Driving Arm Secures 600 Million Yuan in Latest Funding Round	MT

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	21,775	13,985	17,183	16,380	-	-
Enterprise Value (EV) ¹	21,775	13,985	17,183	10,869	10,596	10,068
P/E ratio	-	-	7.69 x	11.6 x	9.82 x	8.51 x
Yield	-	-	-	4.65%	5.51%	7.49%
Capitalization / Revenue	0.79 x	0.59 x	0.68 x	0.62 x	0.56 x	0.51 x
EV / Revenue	0.79 x	0.59 x	0.68 x	0.41 x	0.36 x	0.31 x
EV / EBITDA	12.9 x	7.24 x	4.55 x	4.46 x	3.76 x	3.14 x
EV / FCF	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-
Price to Book	-	-	1.28 x	1.07 x	0.99 x	0.91 x
Nbr of stocks (in thousands)	2,017,600	2,017,600	2,017,600	1,874,124	-	-
Reference price ²	12.83	7.970	9.380	8.740	8.740	8.740
Announcement Date	3/24/22	3/27/23	3/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,220	26,247	27,648	23,621	25,087	26,476	29,164	32,225
EBITDA ¹	1,911	1,897	1,690	1,931	3,779	2,439	2,815	3,210
EBIT ¹	1,586	1,518	1,190	1,473	3,265	1,899	2,221	2,546
Operating Margin	6.83%	5.78%	4.31%	6.23%	13.01%	7.17%	7.61%	7.9%
Earnings before Tax (EBT) ¹	1,571	1,518	1,176	1,475	3,261	1,992	2,292	2,556
Net income ¹	1,211	1,132	900.7	1,118	2,456	1,473	1,727	1,966
Net margin	5.21%	4.31%	3.26%	4.73%	9.79%	5.57%	5.92%	6.1%
EPS ²	-	-	-	-	1.220	0.7564	0.8899	1.027
Free Cash Flow	971	-	-	-	-	-	-	-
FCF margin	4.18%	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	50.82%	-	-	-	-	-	-	-
FCF Conversion (Net income)	80.2%	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	0.4067	0.4819	0.6547
Announcement Date	3/25/20	3/25/21	3/24/22	3/27/23	3/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q2	2023 Q3	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	6,099	7,870	8,061	2,789	-	-
EBITDA ¹	-	-	867.1	1,018	-378.7	-	-
EBIT ¹	-	496.9	757.7	908.6	-488.1	-	-
Operating Margin	-	8.15%	9.63%	11.27%	-17.5%	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income ¹	1,417	380.8	583	589.2	-194.3	-	-
Net margin	-	6.24%	7.41%	7.31%	-6.97%	-	-
EPS	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	0.4533	-	-
Announcement Date	8/23/23	10/25/23	-	-	-	-	-

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	-	-	-	-	-	5,511	5,784	6,312
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	971	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	12.8%	11.5%	8.3%	9.15%	17.9%	10.7%	11.5%	10.8%
ROA (Net income/ Total Assets)	6.87%	5.88%	4.33%	5.08%	10.7%	5.93%	6.37%	6.55%
Assets ¹	17,621	19,244	20,803	21,999	23,027	24,834	27,121	30,010
Book Value Per Share ²	-	-	-	-	7.340	8.190	8.800	9.600
Cash Flow per Share ²	-	-	-	-	0.8900	1.120	1.140	1.380
Capex ¹	797	832	1,065	538	519	626	651	767
Capex / Sales	3.43%	3.17%	3.85%	2.28%	2.07%	2.37%	2.23%	2.38%
Announcement Date	3/25/20	3/25/21	3/24/22	3/27/23	3/21/24	-	-	-

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 CIMC Vehicles (Group) Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.74 CNY

Average target price

12.85 CNY

Spread / Average Target

+47.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Heavy Trucks

	1st Jan change	Capi.
CIMC VEHICLES (GROUP) CO., LTD.	-6.82%	2.25B
SINOTRUK (HONG KONG) LIMITED	+21.41%	6.57B
JUNGHEINRICH AG	-7.53%	3.45B
ANHUI HELI CO.,LTD.	+1.59%	2.27B
SINOTRUK JINAN TRUCK CO.,LTD	+5.99%	2.28B
WABASH NATIONAL CORPORATION	-7.30%	1.07B
MITSUBISHI LOGISNEXT CO., LTD.	+9.48%	998M
KAMAZ PUBLICLY TRADED COMPANY	-.--%	697M
KYOKUTO KAIHATSU KOGYO CO.,LTD.	+32.88%	636M
SHANGHAI NEW POWER AUTOMOTIVE TECHNOLOGY COMPANY LIMITED	-33.84%	616M

Heavy Trucks