Financials Yutong Heavy Industries Co.,Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-06 pm EDT			5-day change	1st Jan Change
9.83 ^CNY	-0.51%		+1.13%	+2.40%

Apr. 29	Yutong Heavy Industries Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 01	Yutong Heavy Industries 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	1,170	7,678	7,341	4,861	5,146	5,269	-	-
Enterprise Value (EV) ¹	1,170	7,678	7,341	4,861	5,146	5,269	5,269	5,269
P/E ratio	-	24.9 x	18.1 x	12.2 x	24 x	18.9 x	16.4 x	14 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	20.1 x	2.2 x	1.95 x	1.36 x	1.77 x	1.62 x	1.46 x	1.33 x
EV / Revenue	20.1 x	2.2 x	1.95 x	1.36 x	1.77 x	1.62 x	1.46 x	1.33 x
EV / EBITDA	-	15.9 x	12.8 x	8.41 x	15.1 x	13.2 x	11.5 x	10.1 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	-	4.38 x	3.32 x	2 x	2.12 x	2.1 x	2.01 x	1.88 x
Nbr of stocks (in thousands)	160,910	522,283	539,373	546,180	536,019	536,019	-	-
Reference price ²	7.270	14.70	13.61	8.900	9.600	9.830	9.830	9.830
Announcement Date	3/9/20	4/1/21	3/30/22	4/3/23	4/1/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	58.11	3,484	3,757	3,585	2,907	3,244	3,600	3,967
EBITDA ¹	-	482.1	572.7	578	341.9	398.3	456.5	520.2
EBIT ¹	-	381.4	475	481.2	254	331.1	379.7	440.6
Operating Margin	-	10.95%	12.64%	13.42%	8.74%	10.21%	10.55%	11.11%
Earnings before Tax (EBT) ¹	-	394.7	485.6	493.7	256.4	333.5	382.1	443
Net income ¹	1.852	294.2	392.9	385.6	218.4	284.2	325.6	377.4
Net margin	3.19%	8.44%	10.46%	10.76%	7.51%	8.76%	9.04%	9.51%
EPS ²	-	0.5900	0.7500	0.7300	0.4000	0.5200	0.6000	0.7000
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	3/9/20	4/1/21	3/30/22	4/3/23	4/1/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	22.2%	19.8%	16.8%	9.96%	10.8%	11.8%	12.8%
ROA (Net income/ Total Assets)	-	7.2%	-	-	-	-	-	-
Assets ¹	-	4,086	-	-	-	-	-	-
Book Value Per Share ²	-	3.350	4.100	4.450	4.530	4.680	4.900	5.220
Cash Flow per Share ²	-	0.8900	0.1600	-0.1700	0.0700	0.1900	0.3800	0.5000
Capex ¹	-	34.7	41.6	30.6	20.2	22.5	23.5	23.9
Capex / Sales	-	1%	1.11%	0.85%	0.7%	0.69%	0.65%	0.6%
Announcement Date	3/9/20	4/1/21	3/30/22	4/3/23	4/1/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

9.83 CNY

Average target price

10.19 CNY

Spread / Average Target

+3.66%

	1st Jan change	Capi.
YUTONG HEAVY INDUSTRIES CO.,LTD.	+2.40%	730M
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