Financials Luzhou Laojiao Co.,Ltd

Equities

000568

CNE000000GF2

Distillers & Wineries

End-of-day quote Shenzhen S.E. Other stock markets 10/09/2024			5-day change	1st Jan Change
107.19 ^CNY	-0.66%		-6.16%	-40.26%

02/09	Luzhou Laojiao's H1 Profit Rises 13%, Operating Income Up 16%	MT
30/08	Luzhou Laojiao Co.,Ltd Reports Earnings Results for the Half Year Ended June 30, 2024	CI

Projected Income Statement: Luzhou Laojiao Co.,Ltd

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	15,817	16,653	20,642	25,124	30,233	34,672	39,803	44,548
Change	-	5.28%	23.96%	21.71%	20.34%	14.68%	14.8%	11.92%
EBITDA ¹	6,287	8,268	11,142	14,476	18,509	20,784	23,594	26,348
Change	-	31.52%	34.76%	29.92%	27.86%	12.29%	13.52%	11.67%
EBIT ¹	6,119	7,959	10,590	13,847	17,842	19,874	22,775	25,672
Change	-	30.07%	33.06%	30.75%	28.85%	11.39%	14.6%	12.72%
Interest Paid ¹	-139.6	-190.4	-216.9	-231.4	-371.2	-300	-365	-395
Earnings before Tax (EBT) ¹	6,104	7,939	10,551	13,855	17,806	20,245	23,221	26,153
Change	-	30.07%	32.9%	31.31%	28.52%	13.7%	14.7%	12.63%
Net income ¹	4,642	6,006	7,956	10,365	13,246	15,116	17,430	19,544
Change	-	29.38%	32.47%	30.29%	27.79%	14.11%	15.31%	12.13%
Announcement Date	28/04/20	29/03/21	11/03/22	28/04/23	26/04/24	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	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	2025 Q3	2025 Q4
Net sales ¹	3,464	4,340	3,552	4,082	3,964	5,054	5,004	4,313	4,793	6,532	6,312	5,352	5,860	7,599	7,610	6,983	7,350	8,291	9,188	7,716	8,085	9,276	10,863	9,968	10,492	11,835
Change	-	25.29%	-18.15%	14.91%	-2.88%	27.48%	-0.99%	-13.8%	11.11%	36.3%	-3.38%	-15.2%	9.49%	29.66%	0.15%	-8.24%	5.25%	12.8%	10.83%	-16.02%	4.77%	14.74%	17.1%	-8.24%	5.26%	12.8%
EBITDA	1,343	979.6	2,253	1,915	-	1,938	2,846	2,692	2,691	2,524	-	3,469	3,646	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-27.06%	129.97%	-14.97%	-100%	-	46.87%	-5.42%	-0.04%	-6.17%	-100%	-	5.11%	-100%	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,386	1,068	2,309	1,978	-	1,603	2,879	2,716	2,734	2,262	3,877	3,489	3,600	2,881	4,925	4,574	4,645	3,698	6,112	4,804	4,846	3,762	-	-	-	-
Change	-	-22.94%	116.16%	-14.31%	-100%	-	79.53%	-5.65%	0.65%	-17.26%	71.39%	-10%	3.19%	-19.97%	70.95%	-7.13%	1.54%	-20.39%	65.29%	-21.4%	0.88%	-22.38%	-100%	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	1,356	1,070	2,291	1,967	-	1,595	2,883	2,729	2,691	2,247	-	3,494	3,603	2,877	-	4,577	4,658	3,641	-	-	-	-	-	-	-	-
Change	-	-21.04%	114.08%	-14.14%	-100%	-	80.72%	-5.34%	-1.38%	-16.5%	-100%	-	3.11%	-20.15%	-100%	-	1.78%	-21.85%	-100%	-	-	-	-	-	-	-
Net income	1,046	846.7	1,707	1,513	-	1,190	2,167	2,060	-	1,680	-	2,656	2,685	2,148	-	3,378	3,476	2,680	-	3,454	-	-	-	-	-	-
Change	-	-19.02%	101.62%	-11.35%	-100%	-	82.03%	-4.95%	-100%	-	-100%	-	1.1%	-20.01%	-100%	-	2.9%	-22.89%	-100%	-	-100%	-	-	-	-	-
Announcement Date	30/10/19	28/04/20	28/04/20	27/08/20	28/10/20	29/03/21	29/04/21	27/08/21	28/10/21	11/03/22	28/04/22	28/08/22	27/10/22	28/04/23	28/04/23	28/08/23	30/10/23	26/04/24	27/04/24	30/08/24	-	-	-	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2021 S2
Net sales ¹	11,325
Change	-
EBITDA	-
Change	-
EBIT ¹	4,996
Change	-
Charge d'intérêts	-
Earnings before Tax (EBT) ¹	4,939
Change	-
Net income ¹	3,729
Change	-
Announcement Date	11/03/22

¹CNY in Million

Estimates

Forecast Balance Sheet: Luzhou Laojiao Co.,Ltd

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-7,263	-7,565	-9,437	-11,500	-14,374	-19,224	-26,962	-30,801
Change	-	-204.16%	-224.75%	-221.86%	-224.99%	-233.74%	-240.25%	-214.24%
Announcement Date	28/04/20	29/03/21	11/03/22	28/04/23	26/04/24	-	-	-

¹CNY in Million

Estimates

Cash Flow Forecast: Luzhou Laojiao Co.,Ltd

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	4,572	2,123	1,976	968.9	1,432	1,902	1,678	1,630
Change	-	-53.56%	-6.94%	-50.96%	47.79%	32.82%	-11.77%	-2.87%
Free Cash Flow (FCF) ¹	269.4	2,793	5,723	7,294	9,216	13,938	16,985	18,650
Change	-	936.58%	104.9%	27.45%	26.36%	51.23%	21.86%	9.8%
Announcement Date	28/04/20	29/03/21	11/03/22	28/04/23	26/04/24	-	-	-

¹CNY in Million

Estimates

Forecast Financial Ratios: Luzhou Laojiao Co.,Ltd

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	39.75%	49.65%	53.98%	57.62%	61.22%	59.94%	59.28%	59.15%
EBIT Margin (%)	38.69%	47.8%	51.3%	55.12%	59.01%	57.32%	57.22%	57.63%
EBT Margin (%)	38.59%	47.67%	51.11%	55.15%	58.9%	58.39%	58.34%	58.71%
Net margin (%)	29.35%	36.06%	38.54%	41.26%	43.81%	43.6%	43.79%	43.87%
FCF margin (%)	1.7%	16.77%	27.72%	29.03%	30.48%	40.2%	42.67%	41.86%
FCF / Net Income (%)	5.8%	46.5%	71.93%	70.37%	69.58%	92.21%	97.45%	95.42%
Profitability
ROA	18.02%	18.79%	20.07%	-	29.74%	21.45%	21.88%	21.35%
ROE	25.5%	28.27%	31.15%	33.32%	35.07%	32.12%	30.88%	30.19%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	28.91%	12.75%	9.57%	3.86%	4.74%	5.49%	4.22%	3.66%
CAPEX / EBITDA (%)	72.73%	25.68%	17.73%	6.69%	7.74%	9.15%	7.11%	6.19%
CAPEX / FCF (%)	1,696.93%	76.02%	34.53%	13.28%	15.54%	13.65%	9.88%	8.74%
Items per share
Cash flow per share ¹	3.305	3.356	5.256	5.614	7.234	11.99	11.34	13.79
Change	-	1.54%	56.6%	6.81%	28.87%	65.68%	-5.38%	21.59%
Dividend per Share ¹	1.59	2.051	3.244	4.225	5.4	5.88	6.956	8.031
Change	-	28.99%	58.17%	30.24%	27.81%	8.9%	18.3%	15.45%
Book Value Per Share ¹	13.25	15.75	19.14	23.24	28.12	33.73	39.8	46.4
Change	-	18.9%	21.52%	21.4%	20.99%	19.96%	17.99%	16.58%
EPS ¹	3.17	4.1	5.43	7.06	9.02	10.27	11.83	13.24
Change	-	29.34%	32.44%	30.02%	27.76%	13.82%	15.26%	11.87%
Nbr of stocks (in thousands)	14,64,752	14,64,752	14,64,752	14,71,895	14,71,988	14,71,967	14,71,967	14,71,967
Announcement Date	28/04/20	29/03/21	11/03/22	28/04/23	26/04/24	-	-	-