Financials XCMG Construction Machinery Co., Ltd.

Equities

000425

CNE000000FH0

Heavy Machinery & Vehicles

End-of-day quote Shenzhen S.E. Other stock markets 03:30:00 30/04/2024 am IST			5-day change	1st Jan Change
7.03 ^CNY	+1.74%		+2.03%	+28.75%

30/04	XCMG Construction Machinery Co., Ltd. Proposes Final Dividend for the Year 2023	CI
29/04	XCMG Construction Machinery Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	42,850	42,067	46,924	59,908	63,871	83,067	-	-
Enterprise Value (EV) ¹	36,339	33,026	39,474	78,080	84,141	1,06,774	1,10,336	1,14,497
P/E ratio	12.7 x	11.9 x	8.49 x	14.1 x	12.1 x	12.5 x	9.22 x	7.42 x
Yield	1.1%	1.86%	-	2.96%	3.3%	3.11%	4.29%	5.55%
Capitalization / Revenue	0.72 x	0.57 x	0.56 x	0.64 x	0.69 x	0.82 x	0.7 x	0.61 x
EV / Revenue	0.61 x	0.45 x	0.47 x	0.83 x	0.91 x	1.05 x	0.93 x	0.84 x
EV / EBITDA	7.06 x	6.05 x	5.21 x	9.02 x	8.76 x	8.2 x	7.02 x	6.09 x
EV / FCF	11.3 x	-	-	-12.4 x	-36.1 x	-67.5 x	-109 x	-154 x
FCF Yield	8.88%	-	-	-8.07%	-2.77%	-1.48%	-0.92%	-0.65%
Price to Book	-	1.33 x	1.29 x	1.12 x	1.15 x	1.37 x	1.23 x	1.12 x
Nbr of stocks (in thousands)	78,33,668	78,33,668	78,33,668	1,18,16,166	1,16,98,005	1,18,16,086	-	-
Reference price ²	5.470	5.370	5.990	5.070	5.460	7.030	7.030	7.030
Announcement Date	29/04/20	14/04/21	18/04/22	28/04/23	29/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	59,176	73,968	84,328	93,817	92,848	1,01,257	1,18,326	1,36,339
EBITDA ¹	5,146	5,455	7,583	8,652	9,608	13,022	15,717	18,816
EBIT ¹	4,083	4,275	6,182	5,083	5,640	7,495	10,413	12,635
Operating Margin	6.9%	5.78%	7.33%	5.42%	6.07%	7.4%	8.8%	9.27%
Earnings before Tax (EBT) ¹	4,102	4,296	6,288	5,013	5,678	7,370	10,014	12,309
Net income ¹	3,621	3,729	5,615	4,307	5,326	6,645	9,007	11,214
Net margin	6.12%	5.04%	6.66%	4.59%	5.74%	6.56%	7.61%	8.23%
EPS ²	0.4320	0.4505	0.7052	0.3600	0.4500	0.5624	0.7624	0.9475
Free Cash Flow ¹	3,228	-	-	-6,302	-2,332	-1,581	-1,014	-742
FCF margin	5.45%	-	-	-6.72%	-2.51%	-1.56%	-0.86%	-0.54%
FCF Conversion (EBITDA)	62.72%	-	-	-	-	-	-	-
FCF Conversion (Net income)	89.15%	-	-	-	-	-	-	-
Dividend per Share ²	0.0600	0.1000	-	0.1500	0.1800	0.2183	0.3014	0.3900
Announcement Date	29/04/20	14/04/21	18/04/22	28/04/23	29/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	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	-	14,532	20,034	18,170	36,850	18,763	23,813	27,465	20,393	21,178	24,174	30,442	23,270	20,984	35,676	34,565
EBITDA ¹	-	929.8	1,361	1,080	2,962	3,250	-	-	-	-	-	4,677	2,162	2,780	5,497	5,705
EBIT ¹	-	1,071	1,589	996.2	2,703	-205.6	1,680	2,210	1,503	248.5	1,881	3,565	1,050	1,667	4,274	4,482
Operating Margin	-	7.37%	7.93%	5.48%	7.34%	-1.1%	7.05%	8.05%	7.37%	1.17%	7.78%	11.71%	4.51%	7.94%	11.98%	12.97%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	2,062	1,005	1,405	915.1	2,355	-368.8	1,523	2,066	1,250	487.1	1,600	2,530	441.9	1,889	2,805	3,234
Net margin	-	6.92%	7.02%	5.04%	6.39%	-1.97%	6.4%	7.52%	6.13%	2.3%	6.62%	8.31%	1.9%	9%	7.86%	9.36%
EPS ²	0.2500	0.1300	0.1790	0.1200	0.1000	-0.0400	0.1290	0.1700	0.1100	0.0400	0.1350	0.2141	0.0374	0.1598	0.2374	0.2737
Dividend per Share ²	-	-	-	-	-	0.1500	-	-	-	-	-	-	-	0.2015	-	-
Announcement Date	30/08/20	18/04/22	29/04/22	30/08/22	25/10/22	28/04/23	28/04/23	30/08/23	30/10/23	29/04/24	29/04/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	18,172	20,269	23,707	27,269	31,430
Net Cash position ¹	6,511	9,041	7,450	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	2.1 x	2.11 x	1.821 x	1.735 x	1.67 x
Free Cash Flow ¹	3,228	-	-	-6,302	-2,332	-1,581	-1,014	-742
ROE (net income / shareholders' equity)	12.6%	11.7%	16.2%	8.13%	9.86%	11.2%	13.7%	15.2%
ROA (Net income/ Total Assets)	-	4.41%	5.56%	-	-	3.93%	4.73%	5.2%
Assets ¹	-	84,543	1,00,913	-	-	1,69,090	1,90,628	2,15,655
Book Value Per Share ²	-	4.050	4.650	4.510	4.750	5.140	5.720	6.280
Cash Flow per Share ²	0.6600	0.3600	1.030	0.1300	0.3000	0.9900	1.220	1.440
Capex ¹	1,908	1,947	3,075	7,885	5,903	4,243	4,929	5,349
Capex / Sales	3.22%	2.63%	3.65%	8.4%	6.36%	4.19%	4.17%	3.92%
Announcement Date	29/04/20	14/04/21	18/04/22	28/04/23	29/04/24	-	-	-

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 XCMG Construction Machinery Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.03 CNY

Average target price

7.448 CNY

Spread / Average Target

+5.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Construction Machinery

	1st Jan change	Capi.
XCMG CONSTRUCTION MACHINERY CO., LTD.	+28.75%	11.48B
CATERPILLAR INC.	+13.89%	165B
SANY HEAVY INDUSTRY CO.,LTD	+18.45%	19.04B
ZOOMLION HEAVY INDUSTRY SCIENCE AND TECHNOLOGY CO., LTD.	+30.32%	9.51B
DOOSAN BOBCAT INC.	+2.18%	3.81B
CHINA RAILWAY CONSTRUCTION HEAVY INDUSTRY CORPORATION LIMITED	+1.51%	2.97B
GUANGXI LIUGONG MACHINERY CO., LTD.	+56.38%	2.84B
ACTION CONSTRUCTION EQUIPMENT LIMITED	+77.80%	2.11B
TAKEUCHI MFG. CO., LTD.	+35.82%	1.81B
SHANTUI CONSTRUCTION MACHINERY CO., LTD.	+63.77%	1.68B

Construction Machinery