Financials Jiayou International Logistics Co.,Ltd

Equities

603871

CNE100002SQ9

Air Freight & Logistics

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-08 pm EDT			5-day change	1st Jan Change
26.49 ^CNY	+2.00%		+3.88%	+67.02%

Apr. 23	Jiayou International Logistics Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 17	Jiayou International Logistics Co.,Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,811	4,722	6,593	11,279	11,035	18,431	-	-
Enterprise Value (EV) ¹	4,811	4,722	6,593	11,279	11,035	18,431	18,431	18,431
P/E ratio	14 x	13.7 x	19.6 x	16.4 x	10.6 x	14.5 x	12.3 x	11.4 x
Yield	3.26%	4.65%	2.4%	2.21%	3.15%	2.68%	2.88%	3.62%
Capitalization / Revenue	1.15 x	1.44 x	1.7 x	2.34 x	1.58 x	2.08 x	1.82 x	1.71 x
EV / Revenue	1.15 x	1.44 x	1.7 x	2.34 x	1.58 x	2.08 x	1.82 x	1.71 x
EV / EBITDA	11.2 x	10.6 x	14.7 x	13.2 x	8.47 x	11.3 x	9.2 x	8.79 x
EV / FCF	-	-	-	407 x	10.6 x	23.1 x	16.9 x	14.4 x
FCF Yield	-	-	-	0.25%	9.42%	4.33%	5.93%	6.96%
Price to Book	2.58 x	2.29 x	2.39 x	2.72 x	2.27 x	3.2 x	2.66 x	2.33 x
Nbr of stocks (in thousands)	559,337	559,337	621,242	698,728	695,771	695,771	-	-
Reference price ²	8.601	8.442	10.61	16.14	15.86	26.49	26.49	26.49
Announcement Date	4/27/20	4/22/21	4/21/22	4/16/23	4/17/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,171	3,281	3,888	4,829	6,995	8,866	10,111	10,776
EBITDA ¹	428.7	445.8	448.3	855.7	1,303	1,628	2,002	2,096
EBIT ¹	411.1	418	408.3	801	1,208	1,578	1,851	2,052
Operating Margin	9.86%	12.74%	10.5%	16.59%	17.27%	17.79%	18.31%	19.04%
Earnings before Tax (EBT) ¹	417	412.6	408.4	797.5	1,207	1,576	1,849	2,050
Net income ¹	343.3	360.2	342.8	680.7	1,039	1,336	1,565	1,757
Net margin	8.23%	10.98%	8.82%	14.1%	14.85%	15.07%	15.48%	16.3%
EPS ²	0.6138	0.6168	0.5406	0.9857	1.490	1.833	2.160	2.330
Free Cash Flow ¹	-	-	-	27.73	1,040	798	1,093	1,282
FCF margin	-	-	-	0.57%	14.86%	9%	10.81%	11.9%
FCF Conversion (EBITDA)	-	-	-	3.24%	79.79%	49.01%	54.58%	61.16%
FCF Conversion (Net income)	-	-	-	4.07%	100.07%	59.72%	69.85%	72.97%
Dividend per Share ²	0.2803	0.3925	0.2551	0.3571	0.5000	0.7100	0.7633	0.9600
Announcement Date	4/27/20	4/22/21	4/21/22	4/16/23	4/17/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q2	2022 S1
Net sales ¹	-	1,145	-
EBITDA	-	-	-
EBIT	-	-	-
Operating Margin	-	-	-
Earnings before Tax (EBT)	-	-	-
Net income ¹	94.59	184.9	293
Net margin	-	16.16%	-
EPS	-	-	-
Dividend per Share	-	-	-
Announcement Date	4/21/22	8/29/22	8/29/22

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	27.7	1,040	798	1,093	1,282
ROE (net income / shareholders' equity)	19.9%	18.1%	15.4%	19.6%	23.1%	23.3%	23%	21.9%
ROA (Net income/ Total Assets)	15.1%	12.4%	8.3%	-	-	16.4%	17.2%	17.2%
Assets ¹	2,269	2,899	4,130	-	-	8,148	9,080	10,215
Book Value Per Share ²	3.340	3.690	4.430	5.940	6.980	8.270	9.950	11.40
Cash Flow per Share ²	0.7000	0.4500	-0.5200	0.7300	2.220	1.400	2.340	2.300
Capex ¹	112	268	464	480	513	335	539	420
Capex / Sales	2.68%	8.17%	11.94%	9.94%	7.34%	3.77%	5.33%	3.89%
Announcement Date	4/27/20	4/22/21	4/21/22	4/16/23	4/17/24	-	-	-

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 Jiayou International Logistics Co.,Ltd

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

26.49 CNY

Average target price

31.08 CNY

Spread / Average Target

+17.32%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Integrated Logistics Operators

	1st Jan change	Capi.
JIAYOU INTERNATIONAL LOGISTICS CO.,LTD	+67.02%	2.55B
KUEHNE UND NAGEL INTERNATIONAL AG	-14.18%	32.68B
DSV A/S	-14.09%	30.66B
PANALPINA WELTTRANSPORT (HOLDING) AG	-1.52%	6.34B
HYUNDAI GLOVIS CO., LTD.	-4.33%	5B
NIPPON EXPRESS HOLDINGS INC.	-0.49%	4.44B
COMPAGNIE DU CAMBODGE	+4.62%	4.1B
COMPAÑÍA DE DISTRIBUCIÓN INTEGRAL LOGISTA HOLDINGS, S.A.	+8.25%	3.71B
SEINO HOLDINGS CO., LTD.	+0.33%	2.26B
KAMIGUMI CO., LTD.	-0.53%	2.27B

Integrated Logistics Operators