Financials Hengdian Group Tospo Lighting Co., Ltd.

Equities

603303

CNE100002Y33

Electrical Components & Equipment

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-20 pm EDT			5-day change	1st Jan Change
13.38 ^CNY	-0.96%		-1.69%	+4.12%

Apr. 19	Hengdian Group Tospo Lighting Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 09	Tranche Update on Hengdian Group Tospo Lighting Co., Ltd.'s Equity Buyback Plan announced on March 23, 2024.	CI

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,184	9,324	6,129	6,382	-	-
Enterprise Value (EV) ¹	8,184	9,324	6,129	6,382	6,382	6,382
P/E ratio	25 x	27.4 x	16.3 x	14.8 x	12.3 x	10.3 x
Yield	-	1.7%	2.59%	3.06%	3.48%	4.33%
Capitalization / Revenue	-	2 x	1.3 x	1.19 x	1.03 x	0.94 x
EV / Revenue	-	2 x	1.3 x	1.19 x	1.03 x	0.94 x
EV / EBITDA	-	22.1 x	12.6 x	12 x	10.3 x	8.43 x
EV / FCF	-	-	9.05 x	1,595 x	13.5 x	13.4 x
FCF Yield	-	-	11.1%	0.06%	7.43%	7.46%
Price to Book	-	2.85 x	1.76 x	1.67 x	1.5 x	1.36 x
Nbr of stocks (in thousands)	476,945	476,945	476,945	476,945	-	-
Reference price ²	17.16	19.55	12.85	13.38	13.38	13.38
Announcement Date	3/10/22	3/10/23	3/6/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	-	4,657	4,697	5,352	6,214	6,766
EBITDA ¹	-	421.4	485.1	533.1	620.6	757
EBIT ¹	-	313.8	366.3	460.8	549.2	663
Operating Margin	-	6.74%	7.8%	8.61%	8.84%	9.8%
Earnings before Tax (EBT) ¹	-	369	441.8	507.7	593.4	732
Net income ¹	327.7	340.5	375.6	434	518.8	619.5
Net margin	-	7.31%	8%	8.11%	8.35%	9.16%
EPS ²	0.6871	0.7139	0.7875	0.9067	1.088	1.295
Free Cash Flow ¹	-	-	677.5	4	474	476
FCF margin	-	-	14.43%	0.07%	7.63%	7.03%
FCF Conversion (EBITDA)	-	-	139.66%	0.75%	76.37%	62.88%
FCF Conversion (Net income)	-	-	180.4%	0.92%	91.37%	76.84%
Dividend per Share ²	-	0.3330	0.3330	0.4100	0.4650	0.5800
Announcement Date	3/10/22	3/10/23	3/6/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q3
Net sales ¹	1,141
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income	-
Net margin	-
EPS	-
Dividend per Share	-
Announcement Date	10/26/22

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-	-	678	4	474	476
ROE (net income / shareholders' equity)	-	10.7%	11.2%	11.6%	12.3%	13.2%
ROA (Net income/ Total Assets)	-	6.79%	7.07%	7.4%	8.1%	9.4%
Assets ¹	-	5,017	5,311	5,865	6,404	6,590
Book Value Per Share ²	-	6.860	7.310	8.030	8.900	9.870
Cash Flow per Share ²	-	1.950	1.640	0.4900	1.230	1.230
Capex ¹	-	156	106	153	129	100
Capex / Sales	-	3.35%	2.26%	2.86%	2.08%	1.48%
Announcement Date	3/10/22	3/10/23	3/6/24	-	-	-

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 Hengdian Group Tospo Lighting Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

13.38 CNY

Average target price

15 CNY

Spread / Average Target

+12.11%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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