Financials Chongqing Fuling Zhacai Group Co., Ltd.

Equities

002507

CNE100000WX1

Food Processing

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
14.89 ^CNY	+0.95%		+4.79%	+4.20%

Apr. 29	Chongqing Fuling Zhacai Group Co., Ltd. Approves Cash Dividend for the Year 2023	CI
Apr. 26	Chongqing Fuling Zhacai Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	21,100	33,390	33,552	22,874	16,490	17,182	-	-
Enterprise Value (EV) ¹	20,144	31,640	30,466	19,460	12,810	12,859	12,503	11,944
P/E ratio	34.7 x	43.2 x	43.4 x	25.5 x	19.8 x	18.5 x	16.7 x	15.5 x
Yield	1.12%	-	0.93%	1.47%	2.1%	2.24%	2.19%	2.45%
Capitalization / Revenue	10.6 x	14.7 x	13.3 x	8.98 x	6.73 x	6.4 x	5.83 x	5.43 x
EV / Revenue	10.1 x	13.9 x	12.1 x	7.64 x	5.23 x	4.79 x	4.24 x	3.78 x
EV / EBITDA	25.6 x	31.7 x	31.3 x	16.6 x	11.8 x	11.8 x	10.5 x	9.65 x
EV / FCF	-153 x	-	50.4 x	20.5 x	39.6 x	21.8 x	18.9 x	-
FCF Yield	-0.65%	-	1.99%	4.87%	2.53%	4.59%	5.28%	-
Price to Book	7.34 x	9.79 x	4.68 x	2.95 x	2 x	1.95 x	1.77 x	1.69 x
Nbr of stocks (in thousands)	1,026,165	1,026,165	1,153,920	1,153,920	1,153,919	1,153,919	-	-
Reference price ²	20.56	32.54	29.08	19.82	14.29	14.89	14.89	14.89
Announcement Date	2/27/20	2/26/21	2/24/22	2/24/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,990	2,273	2,519	2,548	2,450	2,686	2,947	3,164
EBITDA ¹	788.4	997.9	974.3	1,171	1,090	1,089	1,185	1,238
EBIT ¹	718.6	914.6	873.6	1,055	975.6	1,102	1,226	1,347
Operating Margin	36.12%	40.24%	34.69%	41.4%	39.82%	41.01%	41.61%	42.57%
Earnings before Tax (EBT) ¹	712.3	914.1	873.6	1,056	974.8	1,092	1,208	1,303
Net income ¹	605.1	777.1	742	898.8	826.6	927.5	1,025	1,107
Net margin	30.42%	34.19%	29.46%	35.27%	33.74%	34.53%	34.79%	34.99%
EPS ²	0.5923	0.7538	0.6692	0.7769	0.7200	0.8049	0.8897	0.9598
Free Cash Flow ¹	-131.4	-	604.8	947.8	323.5	590	660	-
FCF margin	-6.6%	-	24.01%	37.19%	13.21%	21.97%	22.4%	-
FCF Conversion (EBITDA)	-	-	62.07%	80.94%	29.69%	54.17%	55.69%	-
FCF Conversion (Net income)	-	-	81.51%	105.45%	39.14%	63.61%	64.37%	-
Dividend per Share ²	0.2308	-	0.2692	0.2923	0.3000	0.3337	0.3264	0.3655
Announcement Date	2/27/20	2/26/21	2/24/22	2/24/23	3/29/24	-	-	-

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	563.3	688.5	-	624	502.4	760.2	576.7	614.7	498.2	748.6	657.1	525.7	697.1	-	-
EBITDA ¹	-	-	-	188.1	-	-	-	-	-	-	245.1	196.1	238.5	-	-
EBIT	278.9	253.6	-	211.5	236.9	309.6	245.5	224.1	196.4	321.8	-	-	-	-	-
Operating Margin	49.51%	36.84%	-	33.89%	47.15%	40.73%	42.57%	36.45%	39.42%	42.99%	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	245.6	224	195.7	321.1	261.3	209	256.4	-	-
Net income ¹	-	-	302.1	-	-	-	209.1	188.8	167.2	271.6	222.1	177.7	219.7	-	-
Net margin	-	-	-	-	-	-	36.26%	30.72%	33.57%	36.29%	33.8%	33.8%	31.51%	-	-
EPS ²	0.2000	-	0.2615	0.1615	0.1692	0.2231	0.1869	0.1600	0.1500	0.2400	0.1925	0.1540	0.1904	-	-
Dividend per Share ²	-	-	-	-	0.2923	-	-	-	-	-	0.0806	0.0645	0.0806	0.1025	0.0854
Announcement Date	2/24/22	4/27/22	7/29/22	10/28/22	2/24/23	4/27/23	8/27/23	10/27/23	3/29/24	4/26/24	-	-	-	-	-

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	956	1,750	3,086	3,414	3,680	4,323	4,679	5,238
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-131	-	605	948	324	590	660	-
ROE (net income / shareholders' equity)	22.7%	24.7%	12.5%	12.1%	10.4%	10.5%	10.7%	11%
ROA (Net income/ Total Assets)	19.1%	21.2%	12.7%	11%	-	9.6%	9.73%	9.95%
Assets ¹	3,170	3,666	5,859	8,175	-	9,662	10,543	11,125
Book Value Per Share ²	2.800	3.320	6.210	6.720	7.140	7.620	8.400	8.830
Cash Flow per Share ²	0.5000	0.9200	0.6700	0.9400	0.3800	0.7100	0.8100	0.8500
Capex ¹	647	172	141	131	112	140	133	145
Capex / Sales	32.52%	7.57%	5.59%	5.15%	4.57%	5.2%	4.51%	4.59%
Announcement Date	2/27/20	2/26/21	2/24/22	2/24/23	3/29/24	-	-	-

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 Chongqing Fuling Zhacai Group Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

14.89 CNY

Average target price

16.16 CNY

Spread / Average Target

+8.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Fruit & Vegetable Processing

	1st Jan change	Capi.
CHONGQING FULING ZHACAI GROUP CO., LTD.	+4.20%	2.38B
AGRANA BETEILIGUNGS-AG	-4.61%	905M
LONTRUE CO., LTD.	+44.17%	564M
THAI COCONUT CO.,LTD.	+70.89%	540M
CALAVO GROWERS, INC.	-2.48%	511M
TIANYUN INTERNATIONAL HOLDINGS LIMITED	-3.03%	405M
TUKAS GIDA SANAYI VE TICARET	+15.23%	360M
CHALKIS HEALTH INDUSTRY CO., LTD	-12.11%	333M
GÖKNUR GIDA MADDELERI ENERJI IMALAT ITHALAT IHRACAT TICARET VE SANAYI ANONIM SIRKETI	+32.31%	280M
BONDUELLE	-27.70%	274M

Fruit & Vegetable Processing