Financials Grand Baoxin Auto Group Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
0.18 ^HKD	+22.45%		+23.29%	-34.55%

Mar. 29	Grand Baoxin Returns to Profit in 2023	MT
Mar. 28	Grand Baoxin Auto Group Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	5,506	3,778	1,982	1,572	1,115	472.8	472.8	-
Enterprise Value (EV) ¹	12,810	13,130	7,474	10,186	9,475	709.2	4,293	4,260
P/E ratio	9.7 x	6.05 x	9.98 x	2.92 x	-1.57 x	6.25 x	1.51 x	1.67 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	0.15 x	0.1 x	0.06 x	0.04 x	0.04 x	0.02 x	0.02 x	0.02 x
EV / Revenue	0.35 x	0.36 x	0.21 x	0.27 x	0.3 x	0.02 x	0.15 x	0.15 x
EV / EBITDA	6.24 x	5.65 x	4.62 x	5.05 x	19.3 x	0.54 x	2.82 x	3.02 x
EV / FCF	-1,069,558,409 x	17,781,735 x	5,220,350 x	-	-	-	-	-
FCF Yield	-0%	0%	0%	-	-	-	-	-
Price to Book	0.78 x	0.49 x	0.25 x	0.18 x	0.15 x	0.06 x	0.06 x	0.05 x
Nbr of stocks (in thousands)	2,837,311	2,837,511	2,837,511	2,837,511	2,837,511	2,837,511	2,837,511	-
Reference price ²	1.941	1.332	0.6986	0.5541	0.3930	0.1666	0.1666	0.1666
Announcement Date	3/29/19	3/30/20	3/26/21	3/30/22	3/30/23	3/28/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	36,724	36,464	35,134	37,583	31,699	31,907	29,162	27,835
EBITDA ¹	2,054	2,326	1,617	2,016	491.2	1,311	1,525	1,413
EBIT ¹	1,632	1,778	1,052	1,479	-42.39	787.7	964.6	832.4
Operating Margin	4.44%	4.88%	2.99%	3.94%	-0.13%	2.47%	3.31%	2.99%
Earnings before Tax (EBT) ¹	913	1,017	406	909.1	-570.9	229.1	543	453.5
Net income ¹	566	629.2	211.4	552	-698	125.7	323.4	270.1
Net margin	1.54%	1.73%	0.6%	1.47%	-2.2%	0.39%	1.11%	0.97%
EPS ²	0.2000	0.2200	0.0700	0.1900	-0.2500	0.0400	0.1100	0.1000
Free Cash Flow	-11.98	738.4	1,432	-	-	-	-	-
FCF margin	-0.03%	2.02%	4.07%	-	-	-	-	-
FCF Conversion (EBITDA)	-	31.75%	88.53%	-	-	-	-	-
FCF Conversion (Net income)	-	117.35%	677.19%	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	3/29/19	3/30/20	3/26/21	3/30/22	3/30/23	3/28/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	7,304	9,352	5,492	8,614	8,359	4,507	3,821	3,787
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.555 x	4.021 x	3.396 x	4.274 x	17.02 x	2.8 x	2.506 x	2.681 x
Free Cash Flow	-12	738	1,432	-	-	-	-	-
ROE (net income / shareholders' equity)	8.1%	8.54%	2.7%	6.61%	-8.53%	4.58%	3.94%	3.18%
ROA (Net income/ Total Assets)	2.1%	2.21%	0.74%	1.95%	-2.62%	-	-	-
Assets ¹	26,936	28,468	28,671	28,328	26,634	-	-	-
Book Value Per Share ²	2.490	2.700	2.820	3.060	2.710	2.840	2.950	3.050
Cash Flow per Share	0.2500	-	-	-	-	-	-	-
Capex	776	673	479	597	-	-	-	-
Capex / Sales	2.11%	1.85%	1.36%	1.59%	-	-	-	-
Announcement Date	3/29/19	3/30/20	3/26/21	3/30/22	3/30/23	3/28/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

SELL

Number of Analysts

Last Close Price

0.1666 CNY

Average target price

0.192 CNY

Spread / Average Target

+15.23%

	1st Jan change	Capi.
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