AVICHINA INDUSTRY & TECHNOLOGY COMPANY LIMITED

Financials AviChina Industry & Technology Company Limited

Equities

2357

CNE1000001Y8

Aerospace & Defense

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
3.43 ^HKD	+1.78%		+5.86%	+2.39%

Mar. 15	AviChina's 2023 Profit Rises on Higher Revenue; Shares Fall 3%	MT
Mar. 15	AviChina Industry & Technology Company Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 30 June 2024	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	26,980	19,590	35,112	33,867	23,905	25,314	25,314	-
Enterprise Value (EV) ¹	27,244	16,616	22,421	16,407	-3,768	-3,816	654	14,442
P/E ratio	20.1 x	14.3 x	17.6 x	14.3 x	10.8 x	9.79 x	8.7 x	7.52 x
Yield	0.69%	0.96%	1.1%	1.82%	2.58%	2.89%	3.28%	3.77%
Capitalization / Revenue	0.77 x	0.47 x	0.7 x	0.56 x	0.38 x	0.29 x	0.26 x	0.24 x
EV / Revenue	0.77 x	0.39 x	0.45 x	0.27 x	-0.06 x	-0.05 x	0.01 x	0.14 x
EV / EBITDA	6.37 x	3.58 x	3.79 x	2.27 x	-0.49 x	-0.39 x	0.06 x	1.25 x
EV / FCF	-22.3 x	6.95 x	-12.7 x	-	-	-4.86 x	0.76 x	12.5 x
FCF Yield	-4.48%	14.4%	-7.85%	-	-	-20.6%	132%	7.97%
Price to Book	1.54 x	1.06 x	1.25 x	1.26 x	0.85 x	0.77 x	0.74 x	0.66 x
Nbr of stocks (in thousands)	6,245,122	6,245,122	7,711,332	7,711,332	7,711,332	7,972,854	7,972,854	-
Reference price ²	4.320	3.137	4.553	4.392	3.100	3.175	3.175	3.175
Announcement Date	3/20/19	3/30/20	3/30/21	3/30/22	3/15/23	3/15/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	35,153	42,119	50,117	60,296	63,639	84,725	98,826	103,594
EBITDA ¹	4,274	4,648	5,920	7,235	7,614	9,780	11,025	11,521
EBIT ¹	3,099	3,397	4,297	5,492	5,190	6,989	7,978	8,997
Operating Margin	8.82%	8.06%	8.57%	9.11%	8.15%	8.25%	8.07%	8.68%
Earnings before Tax (EBT) ¹	2,903	3,234	4,362	5,315	5,248	7,069	8,005	9,045
Net income ¹	1,288	1,377	1,995	2,369	2,216	2,447	2,871	3,466
Net margin	3.66%	3.27%	3.98%	3.93%	3.48%	2.89%	2.9%	3.35%
EPS ²	0.2150	0.2200	0.2580	0.3070	0.2870	0.3110	0.3649	0.4221
Free Cash Flow ¹	-1,221	2,390	-1,761	-	-	-2,116	860	1,152
FCF margin	-3.47%	5.67%	-3.51%	-	-	-2.77%	0.87%	1.11%
FCF Conversion (EBITDA)	-	51.42%	-	-	-	-	7.8%	10%
FCF Conversion (Net income)	-	173.56%	-	-	-	-	29.96%	33.23%
Dividend per Share ²	0.0300	0.0300	0.0500	0.0800	0.0800	0.0880	0.1041	0.1197
Announcement Date	3/20/19	3/30/20	3/30/21	3/30/22	3/15/23	3/15/24	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	264	-	-	-	-	-	-	-
Net Cash position ¹	-	2,973	12,691	17,460	27,673	28,092	24,660	10,872
Leverage (Debt/EBITDA)	0.0617 x	-	-	-	-	-	-	-
Free Cash Flow ¹	-1,221	2,390	-1,761	-	-	-2,116	860	1,152
ROE (net income / shareholders' equity)	8.17%	7.69%	9.31%	9.5%	8.06%	7.96%	8.62%	10.1%
ROA (Net income/ Total Assets)	1.55%	1.54%	1.78%	1.9%	1.6%	1.34%	2.55%	2.71%
Assets ¹	83,093	89,348	111,932	124,771	138,951	182,065	112,576	127,727
Book Value Per Share ²	2.810	2.960	3.630	3.490	3.650	3.960	4.280	4.780
Cash Flow per Share ²	0.0800	0.4300	-	0.2900	1.340	-0.5200	0.8100	0.9300
Capex ¹	1,728	2,743	2,226	2,858	3,183	3,279	3,365	3,298
Capex / Sales	4.92%	6.51%	4.44%	4.74%	5%	4.3%	3.41%	3.18%
Announcement Date	3/20/19	3/30/20	3/30/21	3/30/22	3/15/23	3/15/24	-	-

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 AviChina Industry & Technology Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.175 CNY

Average target price

5.64 CNY

Spread / Average Target

+77.64%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Commercial Aircraft Manufacturing

	1st Jan change	Capi.
AVICHINA INDUSTRY & TECHNOLOGY COMPANY LIMITED	+2.39%	3.49B
LOCKHEED MARTIN CORPORATION	+1.78%	111B
BOEING	-35.85%	103B
DASSAULT AVIATION	+13.73%	17.19B
TEXTRON INC.	+7.57%	16.5B
EMBRAER S.A.	+48.28%	4.76B
AVICOPTER PLC	+12.33%	4.37B
JOBY AVIATION, INC.	-19.55%	3.78B
EVE HOLDING, INC.	-26.78%	1.44B
EHANG HOLDINGS LIMITED	+8.57%	1.15B

Commercial Aircraft Manufacturing