Financials Harbin Electric Company Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:09:00 2024-07-15 am EDT			5-day change	1st Jan Change
2.57 ^HKD	-0.39%		+9.83%	+24.15%

Jun. 11	Jiamusi Electric Machine to Issue A Shares to Specific Investors	MT
Jun. 11	Jiamusi Electric Machine Gets Nod for Share Issuance Plan	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,431	3,189	4,895	4,717	4,207	5,357	-	-
Enterprise Value (EV) ¹	3,431	3,189	4,895	4,717	4,207	5,357	5,357	5,357
P/E ratio	31.4 x	-467 x	-1.18 x	47.7 x	6.01 x	5.77 x	3.99 x	3.33 x
Yield	-	0.59%	-	-	2.76%	-	-	-
Capitalization / Revenue	0.15 x	0.13 x	0.23 x	0.19 x	0.15 x	0.14 x	0.12 x	0.12 x
EV / Revenue	0.15 x	0.13 x	0.23 x	0.19 x	0.15 x	0.14 x	0.12 x	0.12 x
EV / EBITDA	-	-	-	-	3,488,909 x	-	-	-
EV / FCF	-	-	-	1,078,481 x	3,524,449 x	-	-	-
FCF Yield	-	-	-	0%	0%	-	-	-
Price to Book	0.22 x	0.2 x	0.42 x	0.4 x	0.3 x	0.37 x	0.35 x	0.32 x
Nbr of stocks (in thousands)	1,706,523	1,706,523	1,706,523	1,706,523	2,236,276	2,236,276	-	-
Reference price ²	2.011	1.868	2.868	2.764	1.881	2.396	2.396	2.396
Announcement Date	3/29/20	3/24/21	3/25/22	3/29/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	22,516	23,760	21,225	24,644	28,841	37,608	43,698	46,120
EBITDA	-	-	-	-	1,206	-	-	-
EBIT	289.6	2,943	-3,596	415.9	484.7	-	-	-
Operating Margin	1.29%	12.39%	-16.94%	1.69%	1.68%	-	-	-
Earnings before Tax (EBT) ¹	219.5	76.96	-4,200	205.8	769	1,290	1,840	2,230
Net income ¹	108.6	-7.281	-4,142	98.64	574.8	937.5	1,342	1,614
Net margin	0.48%	-0.03%	-19.52%	0.4%	1.99%	2.49%	3.07%	3.5%
EPS ²	0.0640	-0.004000	-2.427	0.0580	0.3130	0.4150	0.6000	0.7200
Free Cash Flow	-	-	-	4,374	1,194	-	-	-
FCF margin	-	-	-	17.75%	4.14%	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	98.99%	-	-	-
FCF Conversion (Net income)	-	-	-	4,434.53%	207.7%	-	-	-
Dividend per Share	-	0.0110	-	-	0.0520	-	-	-
Announcement Date	3/29/20	3/24/21	3/25/22	3/29/23	3/28/24	-	-	-

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	-	-	-	4,374	1,194	-	-	-
ROE (net income / shareholders' equity)	0.71%	-0.05%	-30.4%	0.85%	4.49%	6.75%	8.95%	10.1%
ROA (Net income/ Total Assets)	0.19%	-	-6.99%	-	0.85%	-	-	-
Assets ¹	55,962	-	59,288	-	67,290	-	-	-
Book Value Per Share ²	9.130	9.190	6.780	6.870	6.200	6.500	6.930	7.420
Cash Flow per Share ²	-	-	-	2.790	1.240	1.240	1.460	1.670
Capex ¹	492	351	376	373	1,090	2,560	1,500	1,000
Capex / Sales	2.19%	1.48%	1.77%	1.51%	3.78%	6.81%	3.43%	2.17%
Announcement Date	3/29/20	3/24/21	3/25/22	3/29/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

D+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.396 CNY

Average target price

2.967 CNY

Spread / Average Target

+23.85%

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