Stock 000963 HUADONG MEDICINE CO., LTD
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Financials Huadong Medicine Co., Ltd

Equities

000963

CNE0000011S1

Pharmaceuticals

End-of-day quote Shenzhen S.E.
Other stock markets
 03:30:00 30/04/2024 am IST 		5-day change 1st Jan Change
32.94 CNY -0.09% Intraday chart for Huadong Medicine Co., Ltd +3.52% -20.55%
25/04 Huadong Medicine Co., Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
18/04 Huadong Medicine's 2023 Profit Jumps 14% MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 42,660 46,475 70,342 82,087 72,565 57,650 - -
Enterprise Value (EV) 1 41,966 44,913 67,931 80,237 69,604 53,680 51,892 51,063
P/E ratio 15.1 x 16.5 x 30.6 x 32.8 x 25.6 x 17.8 x 14.1 x 12.8 x
Yield 1.15% 0.87% 0.72% 0.62% 1.4% 1.6% 1.81% 2.06%
Capitalization / Revenue 1.2 x 1.38 x 2.04 x 2.18 x 1.79 x 1.27 x 1.16 x 1.1 x
EV / Revenue 1.18 x 1.33 x 1.97 x 2.13 x 1.71 x 1.19 x 1.04 x 0.98 x
EV / EBITDA 11 x 11.5 x 20.1 x 21.7 x 16.6 x 11.3 x 9.03 x 7.89 x
EV / FCF - - - 66.6 x 29.8 x 23.8 x 17.7 x 14.9 x
FCF Yield - - - 1.5% 3.35% 4.21% 5.63% 6.71%
Price to Book 3.47 x 3.18 x 4.24 x 4.42 x 3.46 x 2.47 x 2.12 x 1.92 x
Nbr of stocks (in thousands) 17,49,810 17,49,810 17,49,810 17,53,995 17,50,240 17,50,142 - -
Reference price 2 24.38 26.56 40.20 46.80 41.46 32.94 32.94 32.94
Announcement Date 27/04/20 20/04/21 27/04/22 13/04/23 17/04/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 35,446 33,683 34,563 37,715 40,624 45,229 49,836 52,352
EBITDA 1 3,811 3,916 3,371 3,691 4,190 4,771 5,747 6,473
EBIT 1 3,397 3,477 2,856 3,061 3,453 4,061 4,983 5,453
Operating Margin 9.58% 10.32% 8.26% 8.12% 8.5% 8.98% 10% 10.42%
Earnings before Tax (EBT) 1 3,470 3,453 2,828 3,031 3,466 3,905 4,925 5,452
Net income 1 2,813 2,820 2,302 2,499 2,839 3,237 4,088 4,495
Net margin 7.94% 8.37% 6.66% 6.63% 6.99% 7.16% 8.2% 8.59%
EPS 2 1.610 1.612 1.315 1.428 1.621 1.847 2.331 2.564
Free Cash Flow 1 - - - 1,204 2,333 2,259 2,924 3,427
FCF margin - - - 3.19% 5.74% 4.99% 5.87% 6.55%
FCF Conversion (EBITDA) - - - 32.62% 55.69% 47.35% 50.88% 52.94%
FCF Conversion (Net income) - - - 48.18% 82.2% 69.79% 71.52% 76.24%
Dividend per Share 2 0.2800 0.2300 0.2900 0.2900 0.5800 0.5261 0.5964 0.6784
Announcement Date 27/04/20 20/04/21 27/04/22 13/04/23 17/04/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 8,636 8,933 9,265 9,661 9,856 10,115 10,271 10,009 10,229 10,411 11,315 11,379 11,548 11,433 -
EBITDA - - - - - - - - - - - - - - -
EBIT 1 586.7 887.7 758.4 740.4 674.9 953.9 844.5 910.1 744.4 1,072 1,013 1,042 878.4 1,208 -
Operating Margin 6.79% 9.94% 8.19% 7.66% 6.85% 9.43% 8.22% 9.09% 7.28% 10.3% 8.95% 9.16% 7.61% 10.56% -
Earnings before Tax (EBT) 1 - - - - 666.6 - 835.9 903 777.9 1,068 937.1 973.6 776.3 - -
Net income 1 - - - - 517.7 - 678.5 755.2 649.8 862.4 782.6 812.5 728.6 - -
Net margin - - - - 5.25% - 6.61% 7.55% 6.35% 8.28% 6.92% 7.14% 6.31% - -
EPS 2 0.2400 0.4025 0.3700 0.3600 0.3000 0.4315 0.3900 0.4300 0.3700 0.4928 0.4480 0.4866 0.4226 0.5500 -
Dividend per Share 2 - - - - - - - - - - - - 0.6370 - -
Announcement Date 27/04/22 27/04/22 09/08/22 25/10/22 13/04/23 20/04/23 15/08/23 24/10/23 17/04/24 25/04/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 694 1,562 2,411 1,849 2,961 3,969 5,757 6,587
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 - - - 1,204 2,333 2,259 2,924 3,427
ROE (net income / shareholders' equity) 25.3% 21% 14.8% 14.2% 14% 14.5% 15.2% 15%
ROA (Net income/ Total Assets) 13.8% 12.4% 8.99% - - 9.48% 10% 11.1%
Assets 1 20,341 22,833 25,599 - - 34,146 40,883 40,496
Book Value Per Share 2 7.030 8.360 9.480 10.60 12.00 13.30 15.60 17.20
Cash Flow per Share 2 1.140 1.950 1.810 1.360 2.240 2.130 2.490 2.940
Capex 1 1,296 1,099 740 1,178 1,596 1,564 1,617 1,920
Capex / Sales 3.65% 3.26% 2.14% 3.12% 3.93% 3.46% 3.24% 3.67%
Announcement Date 27/04/20 20/04/21 27/04/22 13/04/23 17/04/24 - - -
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 Huadong Medicine Co., Ltd

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
17
Last Close Price
32.94 CNY
Average target price
46.5 CNY
Spread / Average Target
+41.18%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Pharmaceuticals Wholesale

1st Jan change Capi.
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Pharmaceuticals Wholesale
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