Financials CRRC Corporation Limited

Equities

601766

CNE100000CP9

Heavy Machinery & Vehicles

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
7.17 ^CNY	+0.99%		+2.58%	+36.31%

Apr. 29	CRRC Corporation Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 26	Zhuzhou CRRC Times Electric's Q1 Profit Jumps 44%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	195,895	139,008	160,086	136,494	141,613	193,306	-	-
Enterprise Value (EV) ¹	168,645	131,569	138,268	107,830	105,051	152,247	139,419	129,451
P/E ratio	17.9 x	14 x	16.9 x	12.5 x	12.8 x	15.6 x	13.9 x	12.5 x
Yield	2.1%	3.39%	2.96%	3.91%	3.8%	2.93%	3.43%	3.71%
Capitalization / Revenue	0.86 x	0.61 x	0.71 x	0.61 x	0.6 x	0.77 x	0.72 x	0.67 x
EV / Revenue	0.74 x	0.58 x	0.61 x	0.48 x	0.45 x	0.61 x	0.52 x	0.45 x
EV / EBITDA	7.39 x	5.86 x	6.09 x	4.29 x	4.51 x	6.03 x	5.06 x	4.37 x
EV / FCF	11.7 x	-15.3 x	9.41 x	6.08 x	15.5 x	6.63 x	9.33 x	7.7 x
FCF Yield	8.58%	-6.54%	10.6%	16.5%	6.44%	15.1%	10.7%	13%
Price to Book	1.51 x	1.07 x	1.18 x	0.95 x	0.94 x	1.23 x	1.17 x	1.11 x
Nbr of stocks (in thousands)	28,698,864	28,698,864	28,698,864	28,698,864	28,698,864	28,698,864	-	-
Reference price ²	7.140	5.310	6.090	5.110	5.260	7.170	7.170	7.170
Announcement Date	3/30/20	3/30/21	3/30/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	229,011	227,656	225,732	222,939	234,262	250,989	268,223	287,579
EBITDA ¹	22,813	22,469	22,687	25,130	23,289	25,263	27,541	29,596
EBIT ¹	15,823	15,318	12,831	15,980	16,026	17,041	19,142	21,123
Operating Margin	6.91%	6.73%	5.68%	7.17%	6.84%	6.79%	7.14%	7.35%
Earnings before Tax (EBT) ¹	16,608	15,991	13,755	16,120	16,373	18,494	20,513	22,710
Net income ¹	11,795	11,331	10,303	11,653	11,712	13,217	14,822	16,374
Net margin	5.15%	4.98%	4.56%	5.23%	5%	5.27%	5.53%	5.69%
EPS ²	0.4000	0.3800	0.3600	0.4100	0.4100	0.4604	0.5162	0.5715
Free Cash Flow ¹	14,466	-8,601	14,686	17,743	6,770	22,974	14,945	16,808
FCF margin	6.32%	-3.78%	6.51%	7.96%	2.89%	9.15%	5.57%	5.84%
FCF Conversion (EBITDA)	63.41%	-	64.73%	70.6%	29.07%	90.94%	54.27%	56.79%
FCF Conversion (Net income)	122.64%	-	142.55%	152.25%	57.8%	173.82%	100.83%	102.65%
Dividend per Share ²	0.1500	0.1800	0.1800	0.2000	0.2000	0.2100	0.2460	0.2662
Announcement Date	3/30/20	3/30/21	3/30/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	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	132,864	-	81,272	30,648	50,650	-	54,266	87,375	32,379	54,925	55,732	91,226	32,183	57,671	58,519	97,466	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,169	-	4,180	-	3,891	-	4,125	7,221	1,226	4,010	3,871	6,919	1,909	2,711	2,984	5,274	-	-
Operating Margin	6.9%	-	5.14%	-	7.68%	-	7.6%	8.26%	3.79%	7.3%	6.95%	7.58%	5.93%	4.7%	5.1%	5.41%	-	-
Earnings before Tax (EBT)	9,790	-	-	-	-	-	4,231	7,041	1,317	-	-	-	-	-	-	-	-	-
Net income ¹	7,014	3,693	3,842	-	2,911	3,131	2,897	5,626	615.3	2,845	2,691	5,560	1,008	3,254	3,254	3,904	-	-
Net margin	5.28%	-	4.73%	-	5.75%	-	5.34%	6.44%	1.9%	5.18%	4.83%	6.09%	3.13%	5.64%	5.56%	4.01%	-	-
EPS ²	-	0.1300	0.1300	0.0100	0.1000	-	0.1000	0.2000	0.0200	0.1000	0.0900	0.2000	0.0400	0.1100	0.1200	0.1550	-	-
Dividend per Share ²	-	-	0.1800	-	-	-	-	0.2000	-	-	-	-	-	-	-	0.2222	-	-
Announcement Date	3/30/20	8/28/20	3/30/22	4/29/22	8/26/22	8/26/22	10/28/22	3/30/23	4/28/23	8/25/23	10/27/23	3/28/24	4/29/24	-	-	-	-	-

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	27,250	13,715	21,818	35,138	36,562	41,060	53,887	63,855
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	14,466	-1,720	14,686	16,536	6,770	22,974	14,945	16,808
ROE (net income / shareholders' equity)	8.92%	8.13%	7.07%	7.68%	7.41%	8%	8.48%	8.95%
ROA (Net income/ Total Assets)	3.18%	2.92%	2.52%	2.68%	2.56%	2.6%	2.97%	3.34%
Assets ¹	370,548	387,970	409,597	434,506	456,948	508,365	498,298	490,227
Book Value Per Share ²	4.740	4.980	5.180	5.400	5.610	5.850	6.140	6.460
Cash Flow per Share ²	0.7800	-0.0700	0.7100	0.8300	0.5100	0.8300	0.9600	1.070
Capex ¹	8,065	7,775	5,907	7,417	7,952	7,551	6,973	6,815
Capex / Sales	3.52%	3.42%	2.62%	3.33%	3.39%	3.01%	2.6%	2.37%
Announcement Date	3/30/20	3/30/21	3/30/22	3/30/23	3/28/24	-	-	-

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 CRRC Corporation Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7.17 CNY

Average target price

7.691 CNY

Spread / Average Target

+7.27%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Locomotive Engines & Rolling Stock

	1st Jan change	Capi.
CRRC CORPORATION LIMITED	+36.31%	26.75B
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION	+32.66%	29.69B
STADLER RAIL AG	-3.40%	3.23B
HYUNDAI ROTEM COMPANY	+41.35%	3B
TRINITY INDUSTRIES, INC.	+17.49%	2.56B
THE GREENBRIER COMPANIES, INC.	+20.46%	1.66B
CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A.	+3.83%	1.25B
NANJING KANGNI MECHANICAL & ELECTRICAL CO.,LTD	+9.34%	759M
TALGO, S.A.	+0.46%	585M
CHENGDU XINZHU ROAD&BRIDGE MACHINERY CO.,LTD	-26.28%	397M

Locomotive Engines & Rolling Stock