Financials Yifeng Pharmacy Chain Co., Ltd.

Equities

603939

CNE100001TS5

Drug Retailers

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
45.02 ^CNY	-0.92%		+2.46%	+12.44%

Apr. 28	Yifeng Pharmacy Chain Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 25	Yifeng Pharmacy Chain Lists 1.80 Billion Yuan Worth of Convertible Bonds on Shanghai Bourse	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	27,745	47,897	39,611	46,074	40,464	45,496	-	-
Enterprise Value (EV) ¹	27,132	46,953	37,992	43,468	38,490	42,085	38,229	38,717
P/E ratio	50.8 x	62 x	44.4 x	36.3 x	28.6 x	25.5 x	20.9 x	16.7 x
Yield	0.41%	0.33%	0.54%	0.63%	1.25%	1.25%	1.35%	1.87%
Capitalization / Revenue	2.7 x	3.64 x	2.58 x	2.32 x	1.79 x	1.65 x	1.34 x	1.1 x
EV / Revenue	2.64 x	3.57 x	2.48 x	2.19 x	1.7 x	1.53 x	1.13 x	0.94 x
EV / EBITDA	27 x	34.1 x	23.7 x	19.6 x	15.7 x	12.6 x	9.66 x	7.48 x
EV / FCF	53 x	-	-	-	9.87 x	10.8 x	10.4 x	6.94 x
FCF Yield	1.89%	-	-	-	10.1%	9.26%	9.63%	14.4%
Price to Book	6.15 x	9.13 x	5.29 x	5.38 x	4.13 x	4.09 x	3.51 x	3.07 x
Nbr of stocks (in thousands)	965,495	966,544	1,006,271	1,010,387	1,010,580	1,010,580	-	-
Reference price ²	28.74	49.55	39.36	45.60	40.04	45.02	45.02	45.02
Announcement Date	4/8/20	4/27/21	4/28/22	4/27/23	4/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	10,276	13,145	15,326	19,886	22,588	27,574	33,883	41,244
EBITDA ¹	1,006	1,379	1,600	2,218	2,456	3,339	3,957	5,176
EBIT ¹	815.5	1,170	1,339	1,886	2,055	2,573	3,198	3,825
Operating Margin	7.94%	8.9%	8.74%	9.48%	9.1%	9.33%	9.44%	9.27%
Earnings before Tax (EBT) ¹	814.3	1,164	1,338	1,877	2,038	2,624	3,208	3,970
Net income ¹	543.8	768.3	887.9	1,266	1,412	1,780	2,175	2,728
Net margin	5.29%	5.84%	5.79%	6.36%	6.25%	6.46%	6.42%	6.61%
EPS ²	0.5659	0.7994	0.8857	1.257	1.400	1.762	2.151	2.704
Free Cash Flow ¹	511.4	-	-	-	3,900	3,895	3,681	5,580
FCF margin	4.98%	-	-	-	17.26%	14.13%	10.86%	13.53%
FCF Conversion (EBITDA)	50.84%	-	-	-	158.76%	116.64%	93.01%	107.8%
FCF Conversion (Net income)	94.06%	-	-	-	276.18%	218.78%	169.22%	204.54%
Dividend per Share ²	0.1177	0.1648	0.2143	0.2857	0.5000	0.5650	0.6065	0.8429
Announcement Date	4/8/20	4/27/21	4/28/22	4/27/23	4/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	4,388	4,148	4,602	4,598	6,539	5,266	5,441	-	5,181	6,700	5,971	6,684	6,605	7,961	8,017	8,535
EBITDA ¹	299.4	481.4	-	-	-	-	-	-	-	-	-	1,140	1,127	1,180	1,241	1,306
EBIT ¹	307.2	407.3	443.1	366.9	668.2	501.7	531.1	-	436.1	586	593.5	671.6	595.4	648.1	748.9	817.8
Operating Margin	7%	9.82%	9.63%	7.98%	10.22%	9.53%	9.76%	-	8.42%	8.75%	9.94%	10.05%	9.01%	8.14%	9.34%	9.58%
Earnings before Tax (EBT) ¹	306.2	407.3	446	366.5	657.8	500.8	530.9	1,032	436.1	569.8	593.2	645.9	633	711.5	763.5	829.9
Net income ¹	191.9	272.2	304.2	247.2	442	336.5	368.7	705.2	294	412.8	406.8	447.6	438.6	497.4	529.1	575.1
Net margin	4.37%	6.56%	6.61%	5.38%	6.76%	6.39%	6.78%	-	5.67%	6.16%	6.81%	6.7%	6.64%	6.25%	6.6%	6.74%
EPS ²	0.1929	0.2714	0.3000	0.2429	0.4429	0.3357	0.3643	-	0.2900	0.4100	0.4000	0.4365	0.3970	0.4961	0.5018	0.5691
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	0.5000	-	-	-	0.6340
Announcement Date	4/28/22	4/28/22	8/29/22	10/28/22	4/27/23	4/27/23	8/29/23	8/29/23	10/30/23	4/28/24	4/28/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	613	945	1,619	2,606	1,974	3,412	7,268	6,779
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	511	-	-	-	3,900	3,895	3,681	5,580
ROE (net income / shareholders' equity)	12.7%	15.5%	13%	15.8%	15.4%	16.5%	17.5%	18.9%
ROA (Net income/ Total Assets)	6.38%	6.95%	5.48%	-	-	7.3%	7.62%	8.51%
Assets ¹	8,521	11,062	16,190	-	-	24,388	28,541	32,041
Book Value Per Share ²	4.670	5.430	7.430	8.470	9.700	11.00	12.80	14.70
Cash Flow per Share ²	1.000	1.380	2.140	3.880	4.580	3.820	3.550	5.010
Capex ¹	452	579	821	578	724	1,092	976	818
Capex / Sales	4.4%	4.4%	5.36%	2.91%	3.21%	3.96%	2.88%	1.98%
Announcement Date	4/8/20	4/27/21	4/28/22	4/27/23	4/28/24	-	-	-

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 Yifeng Pharmacy Chain Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

45.02 CNY

Average target price

52.24 CNY

Spread / Average Target

+16.04%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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