Financials China Resources Sanjiu Medical & Pharmaceutical Co., Ltd.

Equities

000999

CNE0000011K8

Pharmaceuticals

End-of-day quote Shenzhen S.E. 06:00:00 2024-05-23 pm EDT 5-day change 1st Jan Change
60.79 CNY +1.47% Intraday chart for China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. -1.63% +22.24%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 31,012 24,414 33,518 46,264 49,142 60,072 - -
Enterprise Value (EV) 1 27,996 20,622 30,571 43,400 45,238 56,274 53,927 49,924
P/E ratio 14.7 x 15.3 x 16.4 x 18.9 x 17.1 x 17.7 x 15.5 x 13.8 x
Yield 1.36% 2% 2.51% 2.14% 3.02% 3.06% 3.29% 4.08%
Capitalization / Revenue 2.11 x 1.79 x 2.19 x 2.56 x 1.99 x 2.17 x 1.93 x 1.78 x
EV / Revenue 1.9 x 1.51 x 2 x 2.4 x 1.83 x 2.03 x 1.73 x 1.48 x
EV / EBITDA 9.67 x 8.26 x 10.4 x 12.5 x 10 x 11.1 x 9.45 x 7.92 x
EV / FCF 19.5 x 12.8 x 30.4 x 21.1 x 13.5 x 13.7 x 13.3 x 11 x
FCF Yield 5.13% 7.8% 3.29% 4.74% 7.43% 7.32% 7.54% 9.1%
Price to Book 2.47 x 1.78 x 2.19 x 2.72 x 2.59 x 2.84 x 2.52 x 2.22 x
Nbr of stocks (in thousands) 978,900 978,900 978,900 988,346 988,184 988,184 - -
Reference price 2 31.68 24.94 34.24 46.81 49.73 60.79 60.79 60.79
Announcement Date 3/19/20 3/18/21 3/11/22 3/12/23 3/22/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 14,702 13,637 15,320 18,079 24,739 27,721 31,089 33,671
EBITDA 1 2,895 2,496 2,927 3,462 4,504 5,063 5,708 6,305
EBIT 1 2,529 2,070 2,457 2,947 3,753 4,338 5,015 5,651
Operating Margin 17.2% 15.18% 16.04% 16.3% 15.17% 15.65% 16.13% 16.78%
Earnings before Tax (EBT) 1 2,569 2,059 2,429 2,963 3,754 4,487 5,061 5,714
Net income 1 2,112 1,597 2,047 2,449 2,853 3,380 3,846 4,331
Net margin 14.37% 11.71% 13.36% 13.54% 11.53% 12.19% 12.37% 12.86%
EPS 2 2.160 1.630 2.090 2.480 2.900 3.429 3.915 4.394
Free Cash Flow 1 1,437 1,609 1,004 2,057 3,361 4,120 4,064 4,544
FCF margin 9.78% 11.8% 6.56% 11.38% 13.59% 14.86% 13.07% 13.5%
FCF Conversion (EBITDA) 49.64% 64.47% 34.31% 59.41% 74.62% 81.38% 71.19% 72.07%
FCF Conversion (Net income) 68.03% 100.73% 49.06% 83.98% 117.81% 121.91% 105.67% 104.91%
Dividend per Share 2 0.4300 0.5000 0.8600 1.000 1.500 1.858 2.001 2.483
Announcement Date 3/19/20 3/18/21 3/11/22 3/12/23 3/22/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 4,221 4,194 4,207 3,710 5,969 6,352 6,794 5,462 6,131 7,294 7,132 6,562 7,541 6,312 7,574
EBITDA 1 558.1 1,087 802.2 853.8 - - - - - - 1,315 1,225 750.2 1,240 1,445
EBIT 315.8 1,023 792.6 607 525.2 1,514 985.1 751.3 503.1 1,798 - - - - -
Operating Margin 7.48% 24.38% 18.84% 16.36% 8.8% 23.83% 14.5% 13.75% 8.21% 24.65% - - - - -
Earnings before Tax (EBT) 1 316.1 1,021 794.3 612.4 535.8 1,510 985.6 754.3 504.7 1,803 1,214 1,116 721.8 1,102 1,323
Net income 1 305.7 838.7 594.4 519.3 496.5 1,151 726.1 525.5 450.3 1,364 921.7 848 553.3 837.2 1,005
Net margin 7.24% 20% 14.13% 14% 8.32% 18.12% 10.69% 9.62% 7.35% 18.7% 12.92% 12.92% 7.34% 13.26% 13.26%
EPS 2 0.3100 0.8600 0.6000 0.5300 0.4900 1.160 0.7500 0.5300 0.4600 1.390 0.9164 0.6991 0.6000 1.194 1.178
Dividend per Share 2 - - - - - - - - - - 1.938 - - - 2.201
Announcement Date 3/11/22 4/22/22 8/23/22 10/28/22 3/12/23 4/28/23 8/29/23 10/27/23 3/22/24 4/19/24 - - - - -
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 3,016 3,791 2,946 2,864 3,904 3,798 6,145 10,147
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1,437 1,609 1,004 2,057 3,361 4,120 4,064 4,544
ROE (net income / shareholders' equity) 18.1% 12.1% 14.1% 15.2% 15.9% 16% 16.5% 16.5%
ROA (Net income/ Total Assets) 11.1% 7.36% 8.84% 9.48% - 8.95% 8.67% 9.21%
Assets 1 19,068 21,705 23,159 25,832 - 37,755 44,378 47,034
Book Value Per Share 2 12.80 14.00 15.60 17.20 19.20 21.40 24.20 27.30
Cash Flow per Share 2 2.010 2.270 1.910 3.040 4.240 5.350 4.740 6.090
Capex 1 535 615 866 950 831 1,881 1,219 1,359
Capex / Sales 3.64% 4.51% 5.65% 5.25% 3.36% 6.78% 3.92% 4.04%
Announcement Date 3/19/20 3/18/21 3/11/22 3/12/23 3/22/24 - - -
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
14
Last Close Price
60.79 CNY
Average target price
71.73 CNY
Spread / Average Target
+18.00%
Consensus
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