Financials Huali Industrial Group Company Limited

Equities

300979

CNE100004KP4

Footwear

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
68.08 ^CNY	-0.93%		+1.35%	+29.33%

Apr. 26	Huali Industrial Group's Q1 Profit Jumps 64%, Operating Income Rises 30%	MT
Apr. 25	Huali Industrial Group Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	103,921	66,647	61,431	79,449	-	-
Enterprise Value (EV) ¹	101,432	63,761	58,343	72,447	72,194	72,083
P/E ratio	36.3 x	20.6 x	19.2 x	20.6 x	18 x	15.9 x
Yield	1.24%	2.1%	2.28%	2.17%	2.45%	2.65%
Capitalization / Revenue	5.95 x	3.24 x	3.05 x	3.35 x	2.92 x	2.62 x
EV / Revenue	5.81 x	3.1 x	2.9 x	3.05 x	2.65 x	2.37 x
EV / EBITDA	24 x	13.3 x	12.2 x	12.6 x	11 x	9.99 x
EV / FCF	87.9 x	34.8 x	23 x	22.4 x	21.7 x	18.2 x
FCF Yield	1.14%	2.88%	4.36%	4.46%	4.61%	5.48%
Price to Book	9.51 x	5.05 x	4.06 x	4.53 x	3.92 x	3.42 x
Nbr of stocks (in thousands)	1,167,000	1,167,000	1,167,000	1,167,000	-	-
Reference price ²	89.05	57.11	52.64	68.08	68.08	68.08
Announcement Date	3/3/22	2/28/23	3/14/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,931	17,470	20,569	20,114	23,742	27,234	30,379
EBITDA ¹	-	4,220	4,794	4,777	5,765	6,539	7,217
EBIT ¹	-	3,702	4,105	4,067	4,897	5,613	6,327
Operating Margin	-	21.19%	19.96%	20.22%	20.63%	20.61%	20.83%
Earnings before Tax (EBT) ¹	-	3,684	4,090	4,048	4,877	5,599	6,326
Net income ¹	-	2,768	3,228	3,199	3,852	4,426	4,994
Net margin	-	15.84%	15.69%	15.91%	16.23%	16.25%	16.44%
EPS ²	1.790	2.450	2.770	2.740	3.302	3.792	4.280
Free Cash Flow ¹	-	1,154	1,834	2,542	3,233	3,329	3,953
FCF margin	-	6.61%	8.92%	12.64%	13.62%	12.22%	13.01%
FCF Conversion (EBITDA)	-	27.35%	38.26%	53.22%	56.08%	50.91%	54.77%
FCF Conversion (Net income)	-	41.7%	56.82%	79.45%	83.92%	75.21%	79.16%
Dividend per Share ²	-	1.100	1.200	1.200	1.477	1.667	1.802
Announcement Date	3/29/21	3/3/22	2/28/23	3/14/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	5,551	9,212	5,097	5,805	4,765	6,494	6,042	6,719
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	1,239	-	1,028	1,217	1,002	1,365	1,208	1,373
Operating Margin	22.32%	-	20.17%	20.97%	21.04%	21.03%	19.98%	20.43%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income	-	1,456	-	-	-	-	-	-
Net margin	-	15.8%	-	-	-	-	-	-
EPS ²	0.8400	-	0.7100	0.7800	0.6700	0.9200	0.8200	0.9200
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	8/2/23	8/2/23	10/26/23	3/14/24	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-
Net Cash position ¹	-	2,489	2,887	3,088	7,003	7,256	7,366
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	1,154	1,834	2,542	3,233	3,329	3,953
ROE (net income / shareholders' equity)	-	30%	27.3%	-	22.2%	22.4%	21.9%
ROA (Net income/ Total Assets)	-	21.4%	19.4%	-	17.7%	17.8%	17.5%
Assets ¹	-	12,959	16,644	-	21,784	24,849	28,504
Book Value Per Share ²	-	9.360	11.30	13.00	15.00	17.40	19.90
Cash Flow per Share ²	-	2.080	3.000	3.170	3.960	4.320	5.110
Capex ¹	-	1,269	1,669	1,152	1,251	1,254	1,370
Capex / Sales	-	7.26%	8.11%	5.73%	5.27%	4.61%	4.51%
Announcement Date	3/29/21	3/3/22	2/28/23	3/14/24	-	-	-

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 Huali Industrial Group Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

68.08 CNY

Average target price

75.31 CNY

Spread / Average Target

+10.63%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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