Financials Zhongyin Babi Food Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-08 pm EDT			5-day change	1st Jan Change
17.65 ^CNY	+0.40%		+1.09%	-17.83%

Apr. 22	Zhongyin Babi Food Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Jan. 31	Zhongyin Babi Food Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,364	8,640	7,869	5,372	4,415	-	-
Enterprise Value (EV) ¹	9,364	8,640	7,869	5,372	4,415	4,415	4,415
P/E ratio	43.4 x	27.4 x	35.3 x	25 x	17.8 x	15.7 x	14 x
Yield	0.42%	0.75%	1.01%	1.86%	2.1%	2.36%	1.61%
Capitalization / Revenue	9.6 x	6.28 x	5.16 x	3.3 x	2.34 x	2.05 x	1.87 x
EV / Revenue	9.6 x	6.28 x	5.16 x	3.3 x	2.34 x	2.05 x	1.87 x
EV / EBITDA	40.6 x	19.8 x	27.1 x	17.6 x	13.5 x	11.8 x	10.7 x
EV / FCF	67,394,079 x	606,823,705 x	118,421,910 x	-	-	-	-
FCF Yield	0%	0%	0%	-	-	-	-
Price to Book	5.73 x	4.52 x	3.81 x	2.44 x	1.86 x	1.72 x	1.6 x
Nbr of stocks (in thousands)	248,000	248,000	248,000	250,114	250,144	-	-
Reference price ²	37.76	34.84	31.73	21.48	17.65	17.65	17.65
Announcement Date	4/27/21	3/9/22	2/2/23	1/31/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	975.1	1,375	1,525	1,630	1,884	2,150	2,366
EBITDA ¹	230.7	435.9	290.4	304.9	327.2	372.9	414.5
EBIT ¹	204	401.6	279.7	252.3	304.2	355.1	397.2
Operating Margin	20.92%	29.2%	18.34%	15.47%	16.15%	16.52%	16.79%
Earnings before Tax (EBT) ¹	233.3	418.1	290	282.1	326.5	370.6	417.7
Net income ¹	175.5	313.9	222.3	213.7	248	281.4	316.6
Net margin	17.99%	22.83%	14.58%	13.11%	13.17%	13.08%	13.38%
EPS ²	0.8700	1.270	0.9000	0.8600	0.9914	1.125	1.265
Free Cash Flow	139	14.24	66.45	-	-	-	-
FCF margin	14.25%	1.04%	4.36%	-	-	-	-
FCF Conversion (EBITDA)	60.24%	3.27%	22.89%	-	-	-	-
FCF Conversion (Net income)	79.19%	4.54%	29.89%	-	-	-	-
Dividend per Share ²	0.1600	0.2600	0.3200	0.4000	0.3700	0.4167	0.2850
Announcement Date	4/27/21	3/9/22	2/2/23	1/31/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	139	14.2	66.4	-	-	-	-
ROE (net income / shareholders' equity)	17.8%	17.7%	11.2%	9.7%	10.5%	11%	11.5%
ROA (Net income/ Total Assets)	11.9%	13.9%	8.54%	7.84%	8.29%	8.56%	9.04%
Assets ¹	1,479	2,266	2,604	2,726	2,994	3,288	3,502
Book Value Per Share ²	6.590	7.700	8.330	8.810	9.470	10.30	11.00
Cash Flow per Share ²	1.010	0.6400	0.7700	0.9800	1.120	1.270	1.500
Capex ¹	111	145	125	165	135	133	102
Capex / Sales	11.38%	10.53%	8.23%	10.13%	7.16%	6.19%	4.29%
Announcement Date	4/27/21	3/9/22	2/2/23	1/31/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

17.65 CNY

Average target price

19.6 CNY

Spread / Average Target

+11.05%

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