Financials Fuyao Glass Industry Group Co., Ltd. Hong Kong S.E.

Equities

3606

CNE100001TR7

Auto, Truck & Motorcycle Parts

Market Closed - Hong Kong S.E. Other stock markets 01:38:28 24/05/2024 pm IST			5-day change	1st Jan Change
44.25 ^HKD	-0.90%		-6.35%	+16.45%

20/05	Fuyao Glass Issues 300 Million Yuan Ultra-Short-Term Bonds	MT
26/04	Fuyao Glass Industry Logs 52% Boost in Q1 Profit; Hong Kong, China Shares Soar Over 10%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	58,832	1,14,381	1,14,341	87,822	95,821	1,16,505	-	-
Enterprise Value (EV) ¹	61,284	1,15,191	1,11,291	88,661	91,431	1,13,535	1,10,538	1,06,207
P/E ratio	20.7 x	46.2 x	38.3 x	19.3 x	17.3 x	17.7 x	15.5 x	13 x
Yield	3.13%	1.56%	2.12%	3.56%	3.48%	3.33%	3.95%	4.51%
Capitalization / Revenue	2.79 x	5.75 x	4.84 x	3.13 x	2.89 x	2.93 x	2.55 x	2.19 x
EV / Revenue	2.9 x	5.79 x	4.72 x	3.16 x	2.76 x	2.86 x	2.42 x	1.99 x
EV / EBITDA	11.3 x	21.4 x	17.7 x	11.2 x	9.97 x	10.9 x	9.16 x	7.69 x
EV / FCF	25.7 x	32.6 x	35.2 x	35.7 x	28.2 x	-66.7 x	23.5 x	18.2 x
FCF Yield	3.9%	3.07%	2.84%	2.8%	3.55%	-1.5%	4.26%	5.49%
Price to Book	2.82 x	5.58 x	4.6 x	3.16 x	3.1 x	3.36 x	2.99 x	2.55 x
Nbr of stocks (in thousands)	25,08,618	25,08,618	26,09,744	26,09,744	26,09,744	26,09,744	-	-
Reference price ²	23.99	48.05	47.14	35.07	37.39	45.74	45.74	45.74
Announcement Date	27/03/20	29/03/21	17/03/22	16/03/23	15/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	21,104	19,907	23,603	28,099	33,161	39,725	45,634	53,246
EBITDA ¹	5,439	5,390	6,278	7,884	9,172	10,408	12,066	13,804
EBIT ¹	3,216	3,267	4,149	5,661	6,379	7,795	9,126	10,752
Operating Margin	15.24%	16.41%	17.58%	20.15%	19.24%	19.62%	20%	20.19%
Earnings before Tax (EBT) ¹	3,231	3,110	3,818	5,579	6,715	7,942	9,124	10,997
Net income ¹	2,898	2,601	3,146	4,756	5,629	6,682	7,674	9,200
Net margin	13.73%	13.06%	13.33%	16.92%	16.97%	16.82%	16.82%	17.28%
EPS ²	1.160	1.040	1.230	1.820	2.160	2.579	2.946	3.526
Free Cash Flow ¹	2,388	3,538	3,162	2,487	3,242	-1,703	4,704	5,832
FCF margin	11.32%	17.78%	13.4%	8.85%	9.78%	-4.29%	10.31%	10.95%
FCF Conversion (EBITDA)	43.91%	65.65%	50.37%	31.54%	35.35%	-	38.98%	42.25%
FCF Conversion (Net income)	82.41%	136.06%	100.52%	52.29%	57.6%	-	61.29%	63.39%
Dividend per Share ²	0.7500	0.7500	1.000	1.250	1.300	1.524	1.806	2.065
Announcement Date	27/03/20	29/03/21	17/03/22	16/03/23	15/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	10,817	8,121	11,785	11,543	6,450	12,060	6,548	6,356	12,904	7,536	7,659	15,195	7,052	7,979	15,031	8,795	9,335	8,836	9,666	18,435	10,408	11,230	21,563	9,750	11,031
EBITDA ¹	-	1,937	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,569	-	2,672	2,980	-	-	-
EBIT ¹	1,552	869.6	-	-	983.1	1,932	1,075	1,648	2,134	1,900	1,073	2,895	1,155	2,056	3,178	1,590	1,437	1,706	1,887	3,512	2,021	2,210	4,099	-	-
Operating Margin	14.35%	10.71%	-	-	15.24%	16.02%	16.41%	25.94%	16.54%	25.21%	14.01%	19.05%	16.38%	25.77%	21.14%	18.07%	15.39%	19.3%	19.53%	19.05%	19.42%	19.68%	19.01%	-	-
Earnings before Tax (EBT) ¹	1,477	1,168	-	-	750.3	-	-	1,603	-	1,908	1,002	-	1,114	2,206	-	1,575	1,821	1,695	1,982	-	2,062	2,300	-	-	-
Net income ¹	1,393	963.7	1,637	1,769	550.3	1,377	-	1,510	2,382	1,519	854.8	-	914.5	1,921	2,836	1,290	1,503	1,388	1,665	-	1,732	1,932	-	-	-
Net margin	12.87%	11.87%	13.89%	15.33%	8.53%	11.42%	-	23.76%	18.46%	20.15%	11.16%	-	12.97%	24.08%	18.87%	14.66%	16.1%	15.71%	17.23%	-	16.64%	17.2%	-	-	-
EPS ²	-	-	-	-	0.2100	-	0.3300	0.5800	-	0.5800	0.3300	-	0.3500	0.7400	-	0.4900	0.5800	0.5300	0.6340	-	0.6818	0.7301	-	-	-
Dividend per Share ²	-	-	-	-	1.000	-	-	-	-	-	-	-	-	-	-	-	1.300	-	-	-	-	1.531	-	-	-
Announcement Date	27/03/20	21/08/20	29/03/21	05/08/21	17/03/22	17/03/22	14/04/22	30/08/22	30/08/22	20/10/22	16/03/23	16/03/23	27/04/23	17/08/23	17/08/23	16/10/23	15/03/24	25/04/24	-	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,452	810	-	839	-	-	-	-
Net Cash position ¹	-	-	3,050	-	4,389	2,970	5,967	10,298
Leverage (Debt/EBITDA)	0.4509 x	0.1503 x	-	0.1064 x	-	-	-	-
Free Cash Flow ¹	2,388	3,538	3,162	2,487	3,242	-1,703	4,704	5,832
ROE (net income / shareholders' equity)	14.1%	12.1%	12%	16.4%	19%	19.6%	19.8%	20.4%
ROA (Net income/ Total Assets)	7.91%	6.73%	7.02%	9.36%	12%	11.1%	11.4%	11.7%
Assets ¹	36,649	38,627	44,810	50,808	47,085	60,464	67,396	78,882
Book Value Per Share ²	8.520	8.610	10.20	11.10	12.00	13.60	15.30	18.00
Cash Flow per Share ²	2.040	2.100	2.140	2.260	2.920	2.680	3.620	3.930
Capex ¹	2,739	1,739	2,329	3,104	4,382	7,520	5,178	4,519
Capex / Sales	12.98%	8.74%	9.87%	11.05%	13.22%	18.93%	11.35%	8.49%
Announcement Date	27/03/20	29/03/21	17/03/22	16/03/23	15/03/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Fuyao Glass Industry Group Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

45.74 CNY

Average target price

56 CNY

Spread / Average Target

+22.43%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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