JIANGSU YANGHE BREWERY JOINT-STOCK CO., LTD. Financials Jiangsu Yanghe Brewery Joint-Stock Co., Ltd.
Equities
002304
CNE100000HB8
Distillers & Wineries
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 96.56 CNY | -0.35% |
|
+1.57% | -12.14% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 166,522 | 353,975 | 246,655 | 240,321 | 164,497 | 145,462 | - | - |
| Enterprise Value (EV) 1 | 162,222 | 346,732 | 225,707 | 215,969 | 138,709 | 116,207 | 112,278 | 110,681 |
| P/E ratio | 22.6 x | 47.3 x | 32.9 x | 25.8 x | 16.5 x | 13.3 x | 11.8 x | 11 x |
| Yield | 2.71% | 1.27% | 1.82% | 2.33% | 4.24% | 5.09% | 5.66% | 6.3% |
| Capitalization / Revenue | 7.2 x | 16.8 x | 9.73 x | 7.98 x | 4.97 x | 4.05 x | 3.59 x | 3.34 x |
| EV / Revenue | 7.01 x | 16.4 x | 8.9 x | 7.17 x | 4.19 x | 3.23 x | 2.77 x | 2.54 x |
| EV / EBITDA | 15.4 x | 32.5 x | 21 x | 16.3 x | 9.95 x | 8.09 x | 6.88 x | 6.4 x |
| EV / FCF | 24.9 x | 95.6 x | 15.1 x | 69.4 x | 27.6 x | 10.4 x | 9.67 x | 8.51 x |
| FCF Yield | 4.01% | 1.05% | 6.6% | 1.44% | 3.62% | 9.57% | 10.3% | 11.7% |
| Price to Book | 4.56 x | 9.24 x | 5.84 x | 5.09 x | 3.19 x | 2.55 x | 2.31 x | 2.12 x |
| Nbr of stocks (in thousands) | 1,506,988 | 1,499,959 | 1,497,327 | 1,497,327 | 1,496,784 | 1,506,445 | - | - |
| Reference price 2 | 110.5 | 236.0 | 164.7 | 160.5 | 109.9 | 96.56 | 96.56 | 96.56 |
| Announcement Date | 2/28/20 | 2/26/21 | 4/28/22 | 4/25/23 | 4/26/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 23,126 | 21,101 | 25,350 | 30,105 | 33,126 | 35,950 | 40,510 | 43,510 |
| EBITDA 1 | 10,538 | 10,678 | 10,743 | 13,251 | 13,945 | 14,368 | 16,321 | 17,302 |
| EBIT 1 | 9,762 | 9,895 | 9,989 | 12,509 | 13,243 | 14,028 | 16,009 | 17,303 |
| Operating Margin | 42.21% | 46.89% | 39.4% | 41.55% | 39.98% | 39.02% | 39.52% | 39.77% |
| Earnings before Tax (EBT) 1 | 9,771 | 9,879 | 9,946 | 12,503 | 13,218 | 14,400 | 16,275 | 17,510 |
| Net income 1 | 7,383 | 7,482 | 7,508 | 9,378 | 10,016 | 10,909 | 12,384 | 13,190 |
| Net margin | 31.92% | 35.46% | 29.62% | 31.15% | 30.24% | 30.34% | 30.57% | 30.31% |
| EPS 2 | 4.899 | 4.984 | 5.014 | 6.225 | 6.649 | 7.241 | 8.173 | 8.756 |
| Free Cash Flow 1 | 6,505 | 3,626 | 14,901 | 3,114 | 5,020 | 11,126 | 11,609 | 13,004 |
| FCF margin | 28.13% | 17.18% | 58.78% | 10.34% | 15.16% | 30.95% | 28.66% | 29.89% |
| FCF Conversion (EBITDA) | 61.73% | 33.96% | 138.71% | 23.5% | 36% | 77.43% | 71.13% | 75.16% |
| FCF Conversion (Net income) | 88.11% | 48.46% | 198.47% | 33.21% | 50.12% | 101.99% | 93.74% | 98.59% |
| Dividend per Share 2 | 3.000 | 3.000 | 3.000 | 3.740 | 4.660 | 4.911 | 5.464 | 6.083 |
| Announcement Date | 2/28/20 | 2/26/21 | 4/28/22 | 4/25/23 | 4/26/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2021 S1 | 2021 Q4 | 2021 S2 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | - | 15,543 | 3,408 | 9,807 | 13,026 | 5,882 | - | 7,575 | 3,622 | 15,046 | 6,827 | 8,410 | 2,843 | 13,088 | 16,255 | 7,168 | 9,083 | 3,127 | - | - |
| EBITDA | - | - | - | - | - | 2,320 | - | 3,079 | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | - | - | 241 | 2,484 | 6,612 | 2,545 | - | 3,062 | 290.3 | 7,688 | 2,742 | 3,149 | -335.6 | 4,103 | 8,072 | 2,543 | 3,079 | 31.13 | - | - |
| Operating Margin | - | - | 7.07% | 25.33% | 50.76% | 43.27% | - | 40.43% | 8.01% | 51.09% | 40.16% | 37.44% | -11.81% | 31.35% | 49.66% | 35.48% | 33.9% | 1% | - | - |
| Earnings before Tax (EBT) | - | - | 224.1 | 2,453 | - | 2,537 | - | 3,060 | 295.5 | - | 2,743 | 3,126 | -342.1 | 4,092 | - | - | - | - | - | - |
| Net income 1 | 5,401 | 5,661 | 295.2 | 1,846 | - | 1,908 | 6,893 | 2,178 | 306 | - | 2,096 | 2,341 | -187.5 | - | - | 2,050 | 2,447 | 265.5 | - | - |
| Net margin | - | 36.42% | 8.66% | 18.83% | - | 32.44% | - | 28.76% | 8.45% | - | 30.71% | 27.84% | -6.6% | - | - | 28.6% | 26.94% | 8.49% | - | - |
| EPS 2 | - | - | 0.1900 | 1.233 | 3.309 | 1.270 | 4.576 | 1.440 | 0.2100 | 3.828 | 1.392 | 1.550 | -0.1200 | - | 4.020 | 1.420 | 1.635 | 0.1354 | - | - |
| Dividend per Share 2 | - | - | 3.000 | - | - | - | - | - | 3.740 | - | - | - | - | - | - | - | - | 5.068 | - | - |
| Announcement Date | 8/28/20 | 8/27/21 | 4/28/22 | 4/28/22 | 4/28/22 | 8/26/22 | 8/26/22 | 10/27/22 | 4/25/23 | 4/25/23 | 8/28/23 | 10/27/23 | 4/26/24 | - | 4/26/24 | - | - | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 4,300 | 7,243 | 20,947 | 24,352 | 25,788 | 29,256 | 33,184 | 34,782 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 6,505 | 3,626 | 14,901 | 3,114 | 5,020 | 11,126 | 11,609 | 13,004 |
| ROE (net income / shareholders' equity) | 21.2% | 20.2% | 18.6% | 21% | 20.3% | 20.1% | 20.6% | 20.4% |
| ROA (Net income/ Total Assets) | 14.3% | 13.9% | 12.3% | 13.8% | - | 14.8% | 15.5% | 16.4% |
| Assets 1 | 51,509 | 53,680 | 60,832 | 67,882 | - | 73,808 | 80,152 | 80,371 |
| Book Value Per Share 2 | 24.20 | 25.50 | 28.20 | 31.50 | 34.50 | 37.90 | 41.70 | 45.50 |
| Cash Flow per Share 2 | 4.510 | 2.640 | 10.20 | 2.420 | 4.070 | 7.240 | 7.560 | 10.50 |
| Capex 1 | 293 | 353 | 417 | 534 | 1,110 | 745 | 708 | 690 |
| Capex / Sales | 1.27% | 1.67% | 1.65% | 1.77% | 3.35% | 2.07% | 1.75% | 1.59% |
| Announcement Date | 2/28/20 | 2/26/21 | 4/28/22 | 4/25/23 | 4/26/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
BUY
Number of Analysts
27
Last Close Price
96.56
CNY
Average target price
130.3
CNY
Spread / Average Target
+34.89%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -12.14% | 20.13B | |
| +0.75% | 302B | |
| +10.06% | 82.96B | |
| +17.16% | 45.64B | |
| +4.19% | 38.08B | |
| +18.26% | 17.54B | |
| -4.02% | 12.71B | |
| +6.89% | 10.22B | |
| +16.68% | 9.81B | |
| +12.08% | 8.23B |
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- Financials Jiangsu Yanghe Brewery Joint-Stock Co., Ltd.