Financials Anhui Yingjia Distillery Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-13 pm EDT			5-day change	1st Jan Change
73.25 ^CNY	+1.24%		-2.19%	+10.50%

Apr. 25	Anhui Yingjia Distillery Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 25	Anhui Yingjia Distillery 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	15,936	27,920	55,560	50,224	53,032	57,880	-	-
Enterprise Value (EV) ¹	15,936	27,920	55,560	50,224	50,818	52,740	51,280	49,531
P/E ratio	17.2 x	29.3 x	40.1 x	29.5 x	23.2 x	20.1 x	16.4 x	13.5 x
Yield	3.51%	2.01%	1.3%	1.75%	1.96%	2.29%	2.92%	3.36%
Capitalization / Revenue	4.22 x	8.09 x	12.1 x	9.12 x	7.89 x	7.07 x	5.9 x	5.02 x
EV / Revenue	4.22 x	8.09 x	12.1 x	9.12 x	7.56 x	6.44 x	5.23 x	4.3 x
EV / EBITDA	-	19.3 x	-	20.1 x	15.7 x	13.2 x	10.5 x	8.35 x
EV / FCF	-	-	43.9 x	35 x	31.2 x	21.3 x	17 x	13.8 x
FCF Yield	-	-	2.28%	2.86%	3.2%	4.69%	5.89%	7.24%
Price to Book	3.36 x	5.43 x	9.32 x	7.25 x	6.36 x	5.7 x	4.75 x	3.79 x
Nbr of stocks (in thousands)	800,000	800,000	800,000	800,000	800,000	800,000	-	-
Reference price ²	19.92	34.90	69.45	62.78	66.29	72.35	72.35	72.35
Announcement Date	4/24/20	4/23/21	3/15/22	4/25/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,777	3,452	4,577	5,505	6,720	8,187	9,803	11,529
EBITDA ¹	-	1,447	-	2,495	3,234	3,989	4,887	5,932
EBIT ¹	1,265	1,272	1,812	2,281	3,014	3,788	4,653	5,620
Operating Margin	33.5%	36.86%	39.59%	41.42%	44.85%	46.26%	47.46%	48.75%
Earnings before Tax (EBT) ¹	1,252	1,259	1,819	2,249	2,999	3,799	4,655	5,632
Net income ¹	930.4	953.4	1,382	1,705	2,288	2,879	3,525	4,273
Net margin	24.63%	27.62%	30.2%	30.97%	34.04%	35.16%	35.96%	37.06%
EPS ²	1.160	1.190	1.730	2.130	2.860	3.598	4.406	5.341
Free Cash Flow ¹	-	-	1,266	1,435	1,627	2,475	3,021	3,586
FCF margin	-	-	27.67%	26.06%	24.21%	30.23%	30.82%	31.1%
FCF Conversion (EBITDA)	-	-	-	57.5%	50.32%	62.04%	61.83%	60.45%
FCF Conversion (Net income)	-	-	91.63%	84.14%	71.13%	85.98%	85.7%	83.91%
Dividend per Share ²	0.7000	0.7000	0.9000	1.100	1.300	1.655	2.110	2.432
Announcement Date	4/24/20	4/23/21	3/15/22	4/25/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	-	-	-	2,214	5,140	6,600	8,349
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	1,266	1,435	1,627	2,475	3,021	3,586
ROE (net income / shareholders' equity)	20.6%	19.3%	24.9%	26.4%	30%	29%	29.3%	28.4%
ROA (Net income/ Total Assets)	-	13.3%	-	18.1%	-	21%	21.3%	21.4%
Assets ¹	-	7,175	-	9,398	-	13,728	16,521	20,014
Book Value Per Share ²	5.930	6.430	7.460	8.660	10.40	12.70	15.20	19.10
Cash Flow per Share ²	1.150	0.9100	1.900	2.300	2.750	3.360	4.300	5.150
Capex ¹	304	207	251	405	570	440	436	398
Capex / Sales	8.04%	5.99%	5.48%	7.36%	8.49%	5.37%	4.45%	3.45%
Announcement Date	4/24/20	4/23/21	3/15/22	4/25/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

D+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

72.35 CNY

Average target price

80.13 CNY

Spread / Average Target

+10.75%

	1st Jan change	Capi.
ANHUI YINGJIA DISTILLERY CO., LTD.	+9.14%	8B
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JIANGSU YANGHE BREWERY JOINT-STOCK CO., LTD.	-13.33%	19.84B
ANHUI GUJING DISTILLERY CO., LTD.	+13.83%	16.91B
UNITED SPIRITS LIMITED	+6.44%	10.12B
JIANGSU KING'S LUCK BREWERY JOINT-STOCK CO.,LTD.	+15.49%	9.71B
BECLE, S.A.B. DE C.V.	+2.25%	7.23B