Financials Jiangsu Yanghe Distillery Co., Ltd.

Equities

002304

CNE100000HB8

Distillers & Wineries

End-of-day quote Shenzhen S.E. Other stock markets 03:30:00 28/06/2024 am IST			5-day change	1st Jan Change
80.74 ^CNY	-1.87%		-5.29%	-26.53%

18/06	Jiangsu Yanghe Distillery Co., Ltd. Announces Final Dividend on Share A for 2023, Payable 26 June 2024	CI
11/06	Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Approves Cash Dividend for the Year 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,66,522	3,53,975	2,46,655	2,40,321	1,64,497	1,21,630	-	-
Enterprise Value (EV) ¹	1,62,222	3,46,732	2,25,707	2,15,969	1,38,709	92,408	90,335	86,884
P/E ratio	22.6 x	47.3 x	32.9 x	25.8 x	16.5 x	11.2 x	10.1 x	9.23 x
Yield	2.71%	1.27%	1.82%	2.33%	4.24%	6.1%	6.73%	7.51%
Capitalization / Revenue	7.2 x	16.8 x	9.73 x	7.98 x	4.97 x	3.38 x	3.07 x	2.8 x
EV / Revenue	7.01 x	16.4 x	8.9 x	7.17 x	4.19 x	2.57 x	2.28 x	2 x
EV / EBITDA	15.4 x	32.5 x	21 x	16.3 x	9.95 x	6.43 x	5.73 x	5.03 x
EV / FCF	24.9 x	95.6 x	15.1 x	69.4 x	27.6 x	8.96 x	8.89 x	6.81 x
FCF Yield	4.01%	1.05%	6.6%	1.44%	3.62%	11.2%	11.2%	14.7%
Price to Book	4.56 x	9.24 x	5.84 x	5.09 x	3.19 x	2.14 x	1.96 x	1.78 x
Nbr of stocks (in thousands)	15,06,988	14,99,959	14,97,327	14,97,327	14,96,784	15,06,445	-	-
Reference price ²	110.5	236.0	164.7	160.5	109.9	80.74	80.74	80.74
Announcement Date	28/02/20	26/02/21	28/04/22	25/04/23	26/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,126	21,101	25,350	30,105	33,126	35,947	39,594	43,392
EBITDA ¹	10,538	10,678	10,743	13,251	13,945	14,360	15,779	17,260
EBIT ¹	9,762	9,895	9,989	12,509	13,243	14,012	15,460	17,025
Operating Margin	42.21%	46.89%	39.4%	41.55%	39.98%	38.98%	39.05%	39.24%
Earnings before Tax (EBT) ¹	9,771	9,879	9,946	12,503	13,218	14,396	15,865	17,465
Net income ¹	7,383	7,482	7,508	9,378	10,016	10,852	12,028	13,160
Net margin	31.92%	35.46%	29.62%	31.15%	30.24%	30.19%	30.38%	30.33%
EPS ²	4.899	4.984	5.014	6.225	6.649	7.200	7.987	8.746
Free Cash Flow ¹	6,505	3,626	14,901	3,114	5,020	10,312	10,157	12,757
FCF margin	28.13%	17.18%	58.78%	10.34%	15.16%	28.69%	25.65%	29.4%
FCF Conversion (EBITDA)	61.73%	33.96%	138.71%	23.5%	36%	71.81%	64.37%	73.91%
FCF Conversion (Net income)	88.11%	48.46%	198.47%	33.21%	50.12%	95.02%	84.44%	96.94%
Dividend per Share ²	3.000	3.000	3.000	3.740	4.660	4.925	5.434	6.065
Announcement Date	28/02/20	26/02/21	28/04/22	25/04/23	26/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	15,543	3,408	9,807	13,026	5,882	-	7,575	3,622	15,046	6,827	8,410	2,843	13,088	16,255	7,168	9,083	3,127	-	-
EBITDA	-	-	-	-	-	2,320	-	3,079	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	241	2,484	6,612	2,545	-	3,062	290.3	7,688	2,742	3,149	-335.6	4,103	8,072	2,543	3,079	31.13	-	-
Operating Margin	-	-	7.07%	25.33%	50.76%	43.27%	-	40.43%	8.01%	51.09%	40.16%	37.44%	-11.81%	31.35%	49.66%	35.48%	33.9%	1%	-	-
Earnings before Tax (EBT)	-	-	224.1	2,453	-	2,537	-	3,060	295.5	-	2,743	3,126	-342.1	4,092	-	-	-	-	-	-
Net income ¹	5,401	5,661	295.2	1,846	-	1,908	6,893	2,178	306	-	2,096	2,341	-187.5	-	-	2,050	2,447	265.5	-	-
Net margin	-	36.42%	8.66%	18.83%	-	32.44%	-	28.76%	8.45%	-	30.71%	27.84%	-6.6%	-	-	28.6%	26.94%	8.49%	-	-
EPS ²	-	-	0.1900	1.233	3.309	1.270	4.576	1.440	0.2100	3.828	1.392	1.550	-0.1200	-	4.020	1.420	1.635	0.1354	-	-
Dividend per Share ²	-	-	3.000	-	-	-	-	-	3.740	-	-	-	4.660	-	-	-	-	5.068	-	-
Announcement Date	28/08/20	27/08/21	28/04/22	28/04/22	28/04/22	26/08/22	26/08/22	27/10/22	25/04/23	25/04/23	28/08/23	27/10/23	26/04/24	-	26/04/24	-	-	-	-	-

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	4,300	7,243	20,947	24,352	25,788	29,223	31,295	34,746
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	6,505	3,626	14,901	3,114	5,020	10,312	10,157	12,757
ROE (net income / shareholders' equity)	21.2%	20.2%	18.6%	21%	20.3%	19.7%	20.2%	20.4%
ROA (Net income/ Total Assets)	14.3%	13.9%	12.3%	13.8%	14.5%	14.6%	15.2%	16.2%
Assets ¹	51,509	53,680	60,832	67,882	68,883	74,447	79,013	81,312
Book Value Per Share ²	24.20	25.50	28.20	31.50	34.50	37.60	41.20	45.30
Cash Flow per Share ²	4.510	2.640	10.20	2.420	4.070	7.220	7.380	10.50
Capex ¹	293	353	417	534	1,110	814	847	807
Capex / Sales	1.27%	1.67%	1.65%	1.77%	3.35%	2.26%	2.14%	1.86%
Announcement Date	28/02/20	26/02/21	28/04/22	25/04/23	26/04/24	-	-	-

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 Jiangsu Yanghe Distillery Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

80.74 CNY

Average target price

122.4 CNY

Spread / Average Target

+51.62%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Distilleries