Financials Fufeng Group Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
5.47 ^HKD	+1.67%		+6.42%	+26.33%

Mar. 28	Fufeng Group’s Profit Down Nearly 19% in 2023	MT
Mar. 27	Fufeng Group Limited Proposes Special Dividend for the Financial Year End 31 December 2023, Payable on June 28, 2024	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	7,402	7,766	6,184	5,553	10,639	12,760	12,760	-
Enterprise Value (EV) ¹	8,722	7,766	6,184	5,553	10,639	9,936	12,760	12,760
P/E ratio	4.01 x	6.85 x	9.82 x	4.34 x	2.75 x	3.17 x	4.27 x	4 x
Yield	8.18%	5.16%	3.42%	8.13%	12.7%	2.76%	10.1%	10.9%
Capitalization / Revenue	0.54 x	0.48 x	0.37 x	0.26 x	0.39 x	0.35 x	0.45 x	0.42 x
EV / Revenue	0.54 x	0.48 x	0.37 x	0.26 x	0.39 x	0.35 x	0.45 x	0.42 x
EV / EBITDA	2.13 x	2.89 x	3.02 x	1.97 x	-	2.54 x	2.35 x	2.32 x
EV / FCF	-23,220,213 x	-10,511,321 x	-6,864,659 x	2,540,189 x	4,072,979 x	-	-	-
FCF Yield	-0%	-0%	-0%	0%	0%	-	-	-
Price to Book	0.67 x	0.68 x	0.53 x	0.44 x	0.69 x	0.7 x	0.67 x	0.61 x
Nbr of stocks (in thousands)	2,546,734	2,533,639	2,533,639	2,533,639	2,535,939	2,519,948	2,519,948	-
Reference price ²	2.906	3.065	2.441	2.192	4.195	5.063	5.063	5.063
Announcement Date	3/19/19	3/31/20	3/25/21	3/30/22	3/30/23	3/27/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	13,765	16,171	16,691	21,540	27,475	28,007	28,620	30,102
EBITDA ¹	3,477	2,690	2,049	2,825	-	5,026	5,429	5,488
EBIT ¹	2,346	1,553	796.5	1,580	5,251	3,699	3,702	3,919
Operating Margin	17.05%	9.6%	4.77%	7.34%	19.11%	13.21%	12.93%	13.02%
Earnings before Tax (EBT) ¹	2,211	1,399	770.6	1,516	4,860	3,850	3,688	3,948
Net income ¹	1,845	1,137	629.9	1,281	3,861	3,144	3,006	3,209
Net margin	13.4%	7.03%	3.77%	5.95%	14.05%	11.23%	10.5%	10.66%
EPS ²	0.7239	0.4474	0.2486	0.5055	1.523	1.240	1.185	1.265
Free Cash Flow	-318.8	-738.9	-900.9	2,186	2,612	-	-	-
FCF margin	-2.32%	-4.57%	-5.4%	10.15%	9.51%	-	-	-
FCF Conversion (EBITDA)	-	-	-	77.38%	-	-	-	-
FCF Conversion (Net income)	-	-	-	170.71%	67.65%	-	-	-
Dividend per Share ²	0.2377	0.1581	0.0834	0.1782	0.5330	0.1400	0.5100	0.5500
Announcement Date	3/19/19	3/31/20	3/25/21	3/30/22	3/30/23	3/27/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	1,320	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.3797 x	-	-	-	-	-	-	-
Free Cash Flow	-319	-739	-901	2,186	2,612	-	-	-
ROE (net income / shareholders' equity)	18%	10.2%	5.46%	10.5%	27.4%	17.7%	16.5%	16%
ROA (Net income/ Total Assets)	10.2%	5.72%	3.25%	6.27%	16.1%	11.5%	9.2%	9.2%
Assets ¹	18,149	19,895	19,407	20,435	23,950	27,122	32,679	34,880
Book Value Per Share ²	4.320	4.480	4.610	5.000	6.110	7.260	7.550	8.250
Cash Flow per Share ²	0.5900	0.3500	0.0800	1.080	1.420	1.860	1.800	1.760
Capex ¹	1,717	1,631	989	498	988	650	347	347
Capex / Sales	12.47%	10.09%	5.92%	2.31%	3.6%	2.32%	1.21%	1.15%
Announcement Date	3/19/19	3/31/20	3/25/21	3/30/22	3/30/23	3/27/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.063 CNY

Average target price

5.356 CNY

Spread / Average Target

+5.78%

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