Financials Dajin Heavy Industry Co.,Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-08 pm EDT			5-day change	1st Jan Change
21.85 ^CNY	+0.78%		+3.90%	-17.92%

Apr. 26	Dajin Heavy Industry Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
2023	Dajin Heavy Bags 1.3 Billion Yuan Offshore Wind Power Project	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,020	5,051	21,532	22,988	16,977	13,935	-	-
Enterprise Value (EV) ¹	3,020	5,051	21,532	22,988	16,977	13,935	13,935	13,935
P/E ratio	17.2 x	10.8 x	37.3 x	51.7 x	39.7 x	20.7 x	12.7 x	10.9 x
Yield	-	-	-	0.07%	0.68%	1.28%	1.24%	2.24%
Capitalization / Revenue	1.79 x	1.52 x	4.86 x	4.5 x	3.93 x	2.39 x	1.52 x	1.41 x
EV / Revenue	1.79 x	1.52 x	4.86 x	4.5 x	3.93 x	2.39 x	1.52 x	1.41 x
EV / EBITDA	-	8.59 x	29.6 x	39.1 x	30.2 x	15.3 x	9.22 x	8.39 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	-	2.1 x	7.18 x	3.53 x	2.46 x	1.86 x	1.6 x	1.45 x
Nbr of stocks (in thousands)	555,090	555,718	555,664	555,661	637,749	637,749	-	-
Reference price ²	5.440	9.090	38.75	41.37	26.62	21.85	21.85	21.85
Announcement Date	4/27/20	4/13/21	4/27/22	4/28/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,687	3,325	4,432	5,106	4,325	5,836	9,186	9,896
EBITDA ¹	-	587.7	727.6	587.5	561.9	912.2	1,512	1,660
EBIT ¹	-	550.2	673.3	523	476.8	778.6	1,269	1,478
Operating Margin	-	16.54%	15.19%	10.24%	11.02%	13.34%	13.82%	14.93%
Earnings before Tax (EBT) ¹	-	548.2	674.4	523.9	484.7	781	1,271	1,481
Net income ¹	-	465	577.4	450.3	425.2	674.2	1,094	1,279
Net margin	-	13.98%	13.03%	8.82%	9.83%	11.55%	11.91%	12.92%
EPS ²	0.3164	0.8400	1.040	0.8000	0.6700	1.058	1.715	2.005
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	0.0280	0.1820	0.2800	0.2700	0.4900
Announcement Date	4/27/20	4/13/21	4/27/22	4/28/23	4/26/24	-	-	-

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)	-	20.9%	21.4%	12.9%	6.32%	9.03%	12.4%	13.2%
ROA (Net income/ Total Assets)	-	-	-	5.03%	-	5.78%	7.66%	8.33%
Assets ¹	-	-	-	8,955	-	11,664	14,288	15,352
Book Value Per Share ²	-	4.340	5.400	11.70	10.80	11.80	13.70	15.00
Cash Flow per Share ²	-	0.0300	0.0400	0.2000	1.270	0.9900	1.790	2.140
Capex ¹	-	140	219	-	413	762	701	612
Capex / Sales	-	4.21%	4.95%	-	9.56%	13.06%	7.63%	6.19%
Announcement Date	4/27/20	4/13/21	4/27/22	4/28/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

21.85 CNY

Average target price

23.54 CNY

Spread / Average Target

+7.73%

	1st Jan change	Capi.
DAJIN HEAVY INDUSTRY CO.,LTD.	-17.92%	1.93B
VESTAS WIND SYSTEMS A/S	-10.85%	27.85B
SUZLON ENERGY LIMITED	+3.80%	6.46B
SANY RENEWABLE ENERGY CO.,LTD.	-0.87%	4.7B
GOLDWIND SCIENCE AND TECHNOLOGY CO., LTD.	-1.00%	4.14B
TITAN WIND ENERGY (SUZHOU) CO.,LTD	-6.98%	2.69B
INOX WIND LIMITED	+9.02%	2.17B
CENTURY WIND POWER CO., LTD.	+56.63%	1.71B
CS WIND CORPORATION	-31.41%	1.6B
JIANGSU HAILI WIND POWER EQUIPMENT TECHNOLOGY CO., LTD.	-13.98%	1.53B