Financials Yangzhou Chenhua New Material Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-07-02 pm EDT			5-day change	1st Jan Change
8.95 ^CNY	-0.44%		+4.92%	-20.59%

Apr. 17	Yangzhou Chenhua New Material Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 22	Yangzhou Chenhua New Material Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,802	2,367	4,141	2,580	2,318	1,841	-	-
Enterprise Value (EV) ¹	1,802	2,367	4,141	2,580	2,318	1,841	1,841	1,841
P/E ratio	-	17.9 x	27.6 x	22.4 x	38.9 x	25.2 x	21.8 x	18.5 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	2.24 x	2.63 x	3.47 x	2.39 x	2.49 x	1.81 x	1.65 x	1.55 x
EV / Revenue	2.24 x	2.63 x	3.47 x	2.39 x	2.49 x	1.81 x	1.65 x	1.55 x
EV / EBITDA	-	12.7 x	19.4 x	15.3 x	22.4 x	14.5 x	12.5 x	10.7 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	-	2.57 x	4.09 x	2.41 x	2.18 x	1.67 x	1.62 x	1.56 x
Nbr of stocks (in thousands)	203,813	203,800	205,735	205,735	205,716	205,716	-	-
Reference price ²	8.843	11.61	20.13	12.54	11.27	8.950	8.950	8.950
Announcement Date	2/27/20	2/25/21	2/24/22	2/20/23	2/23/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	804.9	900.3	1,193	1,078	929.8	1,016	1,113	1,188
EBITDA ¹	-	186.9	213.1	168.3	103.5	127	147.4	172.3
EBIT ¹	-	155.1	175.3	134.8	62.01	86.02	97.85	114.4
Operating Margin	-	17.23%	14.7%	12.5%	6.67%	8.47%	8.79%	9.63%
Earnings before Tax (EBT) ¹	-	149.6	167.8	128	61.63	80.86	93.18	110.2
Net income ¹	96.85	137.3	154.8	119.3	60.51	76.17	87.22	103.5
Net margin	12.03%	15.25%	12.98%	11.06%	6.51%	7.5%	7.84%	8.72%
EPS ²	-	0.6500	0.7300	0.5600	0.2900	0.3550	0.4100	0.4850
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	2/27/20	2/25/21	2/24/22	2/20/23	2/23/24	-	-	-

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	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	15.2%	15.5%	11.1%	5.51%	6.6%	7.35%	8.36%
ROA (Net income/ Total Assets)	-	-	-	-	5.23%	5.6%	6.2%	7.3%
Assets ¹	-	-	-	-	1,157	1,360	1,407	1,418
Book Value Per Share ²	-	4.520	4.920	5.190	5.180	5.360	5.530	5.760
Cash Flow per Share ²	-	0.5300	0.8000	0.6000	0.3800	1.340	-0.2300	1.480
Capex ¹	-	49.7	62	18.4	61.9	89.8	93.3	89.3
Capex / Sales	-	5.52%	5.2%	1.71%	6.65%	8.83%	8.38%	7.52%
Announcement Date	2/27/20	2/25/21	2/24/22	2/20/23	2/23/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

8.95 CNY

Average target price

10.28 CNY

Spread / Average Target

+14.92%

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