Financials Zhejiang Yinlun Machinery Co.,Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-19 pm EDT			5-day change	1st Jan Change
18.06 ^CNY	-2.01%		-3.42%	-3.27%

May. 14	Zhejiang Yinlun Machinery Co.,Ltd. Approves Final Cash Dividend on A Shares for 2023, Payable on 20 May 2024	CI
Apr. 29	Zhejiang Yinlun Machinery Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,408	10,907	9,949	9,830	15,008	14,797	-	-
Enterprise Value (EV) ¹	6,408	10,907	9,949	9,830	15,008	14,797	14,797	14,797
P/E ratio	20.2 x	33.6 x	44.9 x	26.4 x	25.6 x	17.4 x	12.9 x	10.8 x
Yield	0.99%	0.58%	0.64%	0.64%	0.54%	0.96%	1.08%	1.77%
Capitalization / Revenue	1.16 x	1.72 x	1.27 x	1.16 x	1.36 x	1.11 x	0.92 x	0.8 x
EV / Revenue	1.16 x	1.72 x	1.27 x	1.16 x	1.36 x	1.11 x	0.92 x	0.8 x
EV / EBITDA	9.85 x	15.2 x	15.8 x	11.3 x	11.4 x	8.79 x	7.03 x	6.04 x
EV / FCF	-	-	-	-18.9 x	-	52.3 x	21.4 x	17.3 x
FCF Yield	-	-	-	-5.28%	-	1.91%	4.66%	5.79%
Price to Book	1.72 x	2.77 x	2.33 x	2.16 x	2.8 x	2.38 x	2.05 x	1.8 x
Nbr of stocks (in thousands)	792,095	792,095	792,095	792,140	803,861	819,314	-	-
Reference price ²	8.090	13.77	12.56	12.41	18.67	18.06	18.06	18.06
Announcement Date	2/24/20	2/26/21	4/13/22	4/13/23	4/9/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,521	6,324	7,816	8,480	11,018	13,320	16,066	18,504
EBITDA ¹	650.8	717.5	628.8	866.7	1,313	1,683	2,104	2,448
EBIT ¹	400.5	429.7	291.1	486.5	815.8	1,076	1,454	1,765
Operating Margin	7.25%	6.79%	3.72%	5.74%	7.4%	8.08%	9.05%	9.54%
Earnings before Tax (EBT) ¹	399.8	418.8	284.3	483.4	788.5	1,062	1,440	1,757
Net income ¹	317.7	321.6	220.4	383.3	612.1	846.7	1,140	1,371
Net margin	5.75%	5.08%	2.82%	4.52%	5.56%	6.36%	7.09%	7.41%
EPS ²	0.4000	0.4100	0.2800	0.4700	0.7300	1.037	1.400	1.680
Free Cash Flow ¹	-	-	-	-519.5	-	283	690	857
FCF margin	-	-	-	-6.13%	-	2.12%	4.29%	4.63%
FCF Conversion (EBITDA)	-	-	-	-	-	16.82%	32.8%	35.01%
FCF Conversion (Net income)	-	-	-	-	-	33.42%	60.54%	62.53%
Dividend per Share ²	0.0800	0.0800	0.0800	0.0800	0.1000	0.1733	0.1950	0.3200
Announcement Date	2/24/20	2/26/21	4/13/22	4/13/23	4/9/24	-	-	-

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 ¹	-	-	-	-519	-	283	690	857
ROE (net income / shareholders' equity)	8.6%	8.4%	5.28%	8.49%	12.1%	13.5%	15.7%	16.6%
ROA (Net income/ Total Assets)	3.9%	3.53%	2.02%	3%	-	4.84%	5.51%	6.19%
Assets ¹	8,141	9,123	10,923	12,756	-	17,506	20,694	22,141
Book Value Per Share ²	4.710	4.970	5.400	5.750	6.660	7.600	8.820	10.00
Cash Flow per Share ²	0.8700	0.5800	0.4700	0.7000	1.150	1.890	1.780	2.670
Capex ¹	353	411	785	1,076	990	858	970	1,075
Capex / Sales	6.39%	6.5%	10.04%	12.69%	8.99%	6.44%	6.04%	5.81%
Announcement Date	2/24/20	2/26/21	4/13/22	4/13/23	4/9/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

18.06 CNY

Average target price

22.8 CNY

Spread / Average Target

+26.23%

	1st Jan change	Capi.
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