Financials Fufeng Group Limited

Equities

Delayed Hong Kong S.E. Other stock markets 11:27:26 28/06/2024 am IST			5-day change	1st Jan Change
5.31 ^HKD	+2.91%		-3.63%	+22.63%

28/03	Fufeng Group’s Profit Down Nearly 19% in 2023	MT
27/03	Fufeng Group Limited Proposes Special Dividend for the Financial Year End 31 December 2023, Payable on June 28, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,766	6,184	5,553	10,639	9,936	12,103	-	-
Enterprise Value (EV) ¹	7,766	6,184	5,553	10,639	9,936	12,103	12,103	12,103
P/E ratio	6.85 x	9.82 x	4.34 x	2.75 x	3.17 x	4.02 x	3.74 x	3.28 x
Yield	5.16%	3.42%	8.13%	12.7%	10.4%	10.6%	11.5%	-
Capitalization / Revenue	0.48 x	0.37 x	0.26 x	0.39 x	0.35 x	0.42 x	0.39 x	0.37 x
EV / Revenue	0.48 x	0.37 x	0.26 x	0.39 x	0.35 x	0.42 x	0.39 x	0.37 x
EV / EBITDA	2.89 x	3.02 x	1.97 x	-	2.07 x	2.35 x	2.3 x	2.26 x
EV / FCF	-1,05,11,321 x	-68,64,659 x	25,40,189 x	40,72,979 x	-	-	-	-
FCF Yield	-0%	-0%	0%	0%	-	-	-	-
Price to Book	0.68 x	0.53 x	0.44 x	0.69 x	0.58 x	0.62 x	0.56 x	0.48 x
Nbr of stocks (in thousands)	25,33,639	25,33,639	25,33,639	25,35,939	25,24,747	25,19,948	-	-
Reference price ²	3.065	2.441	2.192	4.195	3.936	4.803	4.803	4.803
Announcement Date	31/03/20	25/03/21	30/03/22	30/03/23	27/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	16,171	16,691	21,540	27,475	28,007	28,912	30,695	32,990
EBITDA ¹	2,690	2,049	2,825	-	4,800	5,154	5,257	5,352
EBIT ¹	1,553	796.5	1,580	5,251	3,699	3,700	3,924	4,372
Operating Margin	9.6%	4.77%	7.34%	19.11%	13.21%	12.8%	12.78%	13.25%
Earnings before Tax (EBT) ¹	1,399	770.6	1,516	4,860	3,850	3,705	3,997	4,566
Net income ¹	1,137	629.9	1,281	3,861	3,144	3,025	3,257	3,716
Net margin	7.03%	3.77%	5.95%	14.05%	11.23%	10.46%	10.61%	11.26%
EPS ²	0.4474	0.2486	0.5055	1.523	1.240	1.193	1.283	1.465
Free Cash Flow	-738.9	-900.9	2,186	2,612	-	-	-	-
FCF margin	-4.57%	-5.4%	10.15%	9.51%	-	-	-	-
FCF Conversion (EBITDA)	-	-	77.38%	-	-	-	-	-
FCF Conversion (Net income)	-	-	170.71%	67.65%	-	-	-	-
Dividend per Share ²	0.1581	0.0834	0.1782	0.5330	0.4100	0.5100	0.5500	-
Announcement Date	31/03/20	25/03/21	30/03/22	30/03/23	27/03/24	-	-	-

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	-739	-901	2,186	2,612	-	-	-	-
ROE (net income / shareholders' equity)	10.2%	5.46%	10.5%	27.4%	19.2%	16%	15.4%	15.2%
ROA (Net income/ Total Assets)	5.72%	3.25%	6.27%	16.1%	10.7%	9.2%	9.2%	-
Assets ¹	19,895	19,407	20,435	23,950	29,475	32,877	35,399	-
Book Value Per Share ²	4.480	4.610	5.000	6.110	6.830	7.700	8.600	9.970
Cash Flow per Share ²	0.3500	0.0800	1.080	1.420	0.6700	2.190	1.540	1.380
Capex ¹	1,631	989	498	988	2,161	324	324	400
Capex / Sales	10.09%	5.92%	2.31%	3.6%	7.72%	1.12%	1.05%	1.21%
Announcement Date	31/03/20	25/03/21	30/03/22	30/03/23	27/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.803 CNY

Average target price

5.678 CNY

Spread / Average Target

+18.21%

	1st Jan change	Capi.
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