Stock 002364 HANGZHOU ZHONGHENG ELECTRIC CO., LTD
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Financials Hangzhou Zhongheng Electric Co., Ltd

Equities

002364

CNE100000M05

Heavy Electrical Equipment

End-of-day quote Shenzhen S.E.
Other stock markets
 06:00:00 2024-04-29 pm EDT 		5-day change 1st Jan Change
6.17 CNY +0.33% Intraday chart for Hangzhou Zhongheng Electric Co., Ltd +1.65% -19.87%
Apr. 26 Hangzhou Zhongheng Electric Co., Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Apr. 26 Hangzhou Zhongheng Electric Co., Ltd Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 6,628 6,255 4,860 5,240 3,860 4,276
Enterprise Value (EV) 1 5,745 5,587 4,780 5,094 3,559 3,895
P/E ratio 84 x 82.6 x 56.2 x 59.5 x -69.5 x 110 x
Yield 0.85% 0.86% 1.11% 1.05% - -
Capitalization / Revenue 6.73 x 5.33 x 3.39 x 2.88 x 2.4 x 2.75 x
EV / Revenue 5.84 x 4.76 x 3.33 x 2.8 x 2.21 x 2.5 x
EV / EBITDA 71.1 x 51.1 x 55 x 43.3 x -136 x 40.3 x
EV / FCF -3,517 x 4,280 x -21.4 x -39.2 x 21.1 x -416 x
FCF Yield -0.03% 0.02% -4.67% -2.55% 4.75% -0.24%
Price to Book 2.92 x 2.97 x 2.23 x 2.27 x 2.29 x 2.44 x
Nbr of stocks (in thousands) 563,565 540,609 540,609 550,454 555,376 555,376
Reference price 2 11.76 11.57 8.990 9.520 6.950 7.700
Announcement Date 4/29/19 4/29/20 4/26/21 4/25/22 4/28/23 4/26/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 984.1 1,174 1,433 1,819 1,609 1,555
EBITDA 1 80.76 109.3 86.91 117.6 -26.07 96.69
EBIT 1 51.7 77.19 51.19 78.47 -65.65 50.62
Operating Margin 5.25% 6.58% 3.57% 4.31% -4.08% 3.25%
Earnings before Tax (EBT) 1 87.82 82.76 93.09 92.75 -66.44 25.55
Net income 1 76.62 76.71 85.04 89.3 -55.82 39.36
Net margin 7.79% 6.54% 5.93% 4.91% -3.47% 2.53%
EPS 2 0.1400 0.1400 0.1600 0.1600 -0.1000 0.0700
Free Cash Flow 1 -1.634 1.305 -223.4 -130.1 169 -9.355
FCF margin -0.17% 0.11% -15.59% -7.15% 10.51% -0.6%
FCF Conversion (EBITDA) - 1.19% - - - -
FCF Conversion (Net income) - 1.7% - - - -
Dividend per Share 2 0.1000 0.1000 0.1000 0.1000 - -
Announcement Date 4/29/19 4/29/20 4/26/21 4/25/22 4/28/23 4/26/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 882 668 80.3 146 301 381
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 -1.63 1.31 -223 -130 169 -9.35
ROE (net income / shareholders' equity) 3.09% 3.34% 3.63% 3.7% -2.46% 1.85%
ROA (Net income/ Total Assets) 1.24% 1.86% 1.05% 1.46% -1.26% 0.96%
Assets 1 6,189 4,130 8,101 6,111 4,447 4,091
Book Value Per Share 2 4.030 3.900 4.040 4.200 3.040 3.150
Cash Flow per Share 2 1.350 0.8000 0.8400 0.4700 0.5700 0.6400
Capex 1 49.9 52.8 185 99.1 75.9 28.2
Capex / Sales 5.07% 4.5% 12.88% 5.45% 4.72% 1.81%
Announcement Date 4/29/19 4/29/20 4/26/21 4/25/22 4/28/23 4/26/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Industrial Electrical Switchgear

1st Jan change Capi.
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Industrial Electrical Switchgear
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