Financials Zhejiang Xinao Textiles Inc.

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
7.58 ^CNY	-1.69%		+0.40%	+6.46%

Apr. 22	Zhejiang Xinao Textiles Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 17	Zhejiang Xinao Textiles Inc. 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	2,922	2,461	3,168	3,674	5,202	5,538	-	-
Enterprise Value (EV) ¹	2,922	2,461	3,168	3,674	5,202	5,538	5,538	5,538
P/E ratio	20.4 x	16 x	10.7 x	9.45 x	12.7 x	11.8 x	10 x	8.87 x
Yield	-	-	-	5.57%	4.21%	4.22%	5.08%	5.67%
Capitalization / Revenue	-	-	0.92 x	0.93 x	1.17 x	1.09 x	0.96 x	0.86 x
EV / Revenue	-	-	0.92 x	0.93 x	1.17 x	1.09 x	0.96 x	0.86 x
EV / EBITDA	-	-	6.62 x	6.14 x	8.15 x	7.14 x	6.19 x	5.55 x
EV / FCF	-	-	-	-	-41.1 x	19.9 x	15.8 x	11.9 x
FCF Yield	-	-	-	-	-2.44%	5.02%	6.34%	8.43%
Price to Book	-	-	1.17 x	1.24 x	1.64 x	1.6 x	1.46 x	1.32 x
Nbr of stocks (in thousands)	716,445	716,445	716,445	716,445	730,656	730,656	-	-
Reference price ²	4.079	3.436	4.421	5.129	7.120	7.580	7.580	7.580
Announcement Date	4/8/20	3/30/21	3/10/22	4/13/23	4/17/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	-	3,445	3,950	4,438	5,095	5,766	6,472
EBITDA ¹	-	-	478.5	598.3	638.5	775.5	895.2	998.4
EBIT ¹	-	-	352.9	468.5	484.4	554.8	655.6	750.8
Operating Margin	-	-	10.24%	11.86%	10.91%	10.89%	11.37%	11.6%
Earnings before Tax (EBT) ¹	-	-	354.7	467.4	485.7	560.4	659.2	750.8
Net income ¹	-	151.5	298.3	389.7	404.2	469.5	550.1	626.7
Net margin	-	-	8.66%	9.87%	9.11%	9.21%	9.54%	9.68%
EPS ²	0.2000	0.2143	0.4143	0.5429	0.5600	0.6425	0.7580	0.8550
Free Cash Flow ¹	-	-	-	-	-126.7	278	351	467
FCF margin	-	-	-	-	-2.86%	5.46%	6.09%	7.22%
FCF Conversion (EBITDA)	-	-	-	-	-	35.85%	39.21%	46.78%
FCF Conversion (Net income)	-	-	-	-	-	59.22%	63.81%	74.52%
Dividend per Share ²	-	-	-	0.2857	0.3000	0.3200	0.3850	0.4300
Announcement Date	4/8/20	3/30/21	3/10/22	4/13/23	4/17/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	-127	278	351	467
ROE (net income / shareholders' equity)	-	11.4%	13.8%	13.3%	13.5%	14.5%	14.8%
ROA (Net income/ Total Assets)	-	-	9.04%	-	7.58%	7.98%	8.58%
Assets ¹	-	-	4,309	-	6,194	6,893	7,304
Book Value Per Share ²	-	3.790	4.130	4.340	4.740	5.210	5.750
Cash Flow per Share ²	-	-0.1700	0.5200	0.7600	0.1300	0.9800	0.8000
Capex ¹	-	-	76.7	679	309	296	300
Capex / Sales	-	-	1.94%	15.3%	6.06%	5.13%	4.64%
Announcement Date	3/30/21	3/10/22	4/13/23	4/17/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.58 CNY

Average target price

8.85 CNY

Spread / Average Target

+16.75%

	1st Jan change	Capi.
ZHEJIANG XINAO TEXTILES INC.	+6.46%	767M
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