Financials China Automotive Engineering Research Institute Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 30/04/2024 am IST			5-day change	1st Jan Change
20.54 ^CNY	-1.20%		+9.26%	-6.89%

25/04	China Automotive Engineering Research Institute Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
16/01	China Automotive Engineering Research Institute 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	8,030	14,640	18,410	19,474	22,154	20,626	-	-
Enterprise Value (EV) ¹	8,030	14,640	18,410	19,474	22,154	18,582	18,255	20,626
P/E ratio	17.3 x	26 x	26.6 x	27.7 x	26.6 x	20.2 x	16.7 x	13.6 x
Yield	3.02%	-	1.61%	1.55%	1.5%	1.86%	2.12%	1.61%
Capitalization / Revenue	2.92 x	4.28 x	4.8 x	5.92 x	5.53 x	4.31 x	3.63 x	3.09 x
EV / Revenue	2.92 x	4.28 x	4.8 x	5.92 x	5.53 x	3.88 x	3.21 x	3.09 x
EV / EBITDA	11 x	15.8 x	16.4 x	-	16.9 x	12.5 x	10.3 x	10.5 x
EV / FCF	-	-	33 x	-	-	37 x	24.8 x	-
FCF Yield	-	-	3.03%	-	-	2.7%	4.03%	-
Price to Book	1.71 x	2.9 x	3.36 x	3.28 x	3.39 x	2.82 x	2.52 x	2.12 x
Nbr of stocks (in thousands)	9,69,817	9,88,526	9,89,235	10,04,848	10,04,253	10,04,181	-	-
Reference price ²	8.280	14.81	18.61	19.38	22.06	20.54	20.54	20.54
Announcement Date	07/01/20	09/01/21	14/01/22	10/01/23	17/01/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,755	3,418	3,835	3,291	4,007	4,784	5,681	6,678
EBITDA ¹	728.6	925.3	1,121	-	1,312	1,487	1,772	1,972
EBIT ¹	549.3	673.5	840.2	828	972.4	1,212	1,448	1,803
Operating Margin	19.94%	19.7%	21.91%	25.16%	24.27%	25.33%	25.49%	27%
Earnings before Tax (EBT) ¹	550.7	671.5	843	823.7	971.8	1,217	1,453	1,802
Net income ¹	466.9	558.4	691.7	689.1	825.2	1,022	1,232	1,516
Net margin	16.95%	16.34%	18.04%	20.94%	20.6%	21.36%	21.69%	22.7%
EPS ²	0.4800	0.5700	0.7000	0.7000	0.8300	1.017	1.229	1.510
Free Cash Flow ¹	-	-	557.1	-	-	502	736	-
FCF margin	-	-	14.53%	-	-	10.49%	12.96%	-
FCF Conversion (EBITDA)	-	-	49.72%	-	-	33.77%	41.54%	-
FCF Conversion (Net income)	-	-	80.54%	-	-	49.12%	59.74%	-
Dividend per Share ²	0.2500	-	0.3000	0.3000	0.3300	0.3817	0.4353	0.3300
Announcement Date	07/01/20	09/01/21	14/01/22	10/01/23	17/01/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	-	-	-	-	2,044	2,371	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	557	-	-	502	736	-
ROE (net income / shareholders' equity)	10.3%	11.6%	13.6%	12.4%	13.6%	14.4%	15.6%	15.6%
ROA (Net income/ Total Assets)	-	-	-	-	-	10.6%	11.5%	11.6%
Assets ¹	-	-	-	-	-	9,611	10,682	13,069
Book Value Per Share ²	4.840	5.100	5.540	5.920	6.510	7.280	8.140	9.680
Cash Flow per Share ²	0.6700	0.7200	0.7200	-	0.8600	1.300	1.510	1.730
Capex ¹	436	338	152	-	497	692	718	315
Capex / Sales	15.81%	9.88%	3.96%	-	12.41%	14.46%	12.64%	4.72%
Announcement Date	07/01/20	09/01/21	14/01/22	10/01/23	17/01/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

20.54 CNY

Average target price

23.35 CNY

Spread / Average Target

+13.68%

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