Financials Hexing Electrical Co.,Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
47.89 ^CNY	+1.48%		+4.84%	+64.97%

Apr. 22	Hexing Electrical Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 15	Hexing Electrical Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,994	6,719	6,744	8,558	14,116	23,287	-	-
Enterprise Value (EV) ¹	7,994	6,719	6,744	8,558	10,131	19,461	19,326	18,023
P/E ratio	15.8 x	14 x	21.6 x	12.9 x	14.4 x	20.2 x	16.5 x	13 x
Yield	-	-	-	-	3.79%	2.61%	3.23%	4.2%
Capitalization / Revenue	2.71 x	2.39 x	-	2.59 x	3.36 x	4.5 x	3.66 x	3.03 x
EV / Revenue	2.71 x	2.39 x	-	2.59 x	2.41 x	3.76 x	3.04 x	2.34 x
EV / EBITDA	-	-	-	10.5 x	9.72 x	15.4 x	12.5 x	8.89 x
EV / FCF	-	-	-	-	11.5 x	39.6 x	24.5 x	16.6 x
FCF Yield	-	-	-	-	8.7%	2.52%	4.09%	6.01%
Price to Book	1.53 x	1.25 x	-	1.44 x	2.14 x	3.24 x	2.93 x	2.6 x
Nbr of stocks (in thousands)	490,401	488,684	488,684	486,264	486,264	486,264	-	-
Reference price ²	16.30	13.75	13.80	17.60	29.03	47.89	47.89	47.89
Announcement Date	4/27/20	4/11/21	4/28/22	4/20/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,954	2,806	-	3,310	4,200	5,178	6,363	7,690
EBITDA ¹	-	-	-	811.4	1,042	1,264	1,552	2,027
EBIT ¹	575.4	482.9	-	750.1	1,160	1,295	1,593	2,026
Operating Margin	19.48%	17.21%	-	22.66%	27.63%	25.02%	25.03%	26.35%
Earnings before Tax (EBT) ¹	586.5	533	-	754.3	1,147	1,331	1,633	2,060
Net income ¹	500.5	481.2	313.8	664.3	982.5	1,158	1,422	1,798
Net margin	16.94%	17.15%	-	20.07%	23.39%	22.37%	22.35%	23.38%
EPS ²	1.030	0.9800	0.6400	1.360	2.020	2.370	2.910	3.680
Free Cash Flow ¹	-	-	-	-	881	491	789.7	1,084
FCF margin	-	-	-	-	20.97%	9.48%	12.41%	14.1%
FCF Conversion (EBITDA)	-	-	-	-	84.54%	38.86%	50.9%	53.48%
FCF Conversion (Net income)	-	-	-	-	89.67%	42.4%	55.53%	60.3%
Dividend per Share ²	-	-	-	-	1.100	1.252	1.545	2.013
Announcement Date	4/27/20	4/11/21	4/28/22	4/20/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	-	-	-	3,985	3,826	3,961	5,264
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	-	881	491	790	1,084
ROE (net income / shareholders' equity)	9.99%	8.81%	-	11.7%	15.7%	16.6%	18.5%	20.6%
ROA (Net income/ Total Assets)	-	-	-	-	-	12%	13.3%	14.6%
Assets ¹	-	-	-	-	-	9,622	10,724	12,304
Book Value Per Share ²	10.70	11.00	-	12.20	13.60	14.80	16.30	18.40
Cash Flow per Share ²	1.010	0.8400	-	1.380	2.250	1.830	3.130	3.820
Capex ¹	-	-	-	-	220	338	341	332
Capex / Sales	-	-	-	-	5.24%	6.52%	5.36%	4.31%
Announcement Date	4/27/20	4/11/21	4/28/22	4/20/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

47.89 CNY

Average target price

47.8 CNY

Spread / Average Target

-0.18%

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