ZHEJIANG SANHUA INTELLIGENT CONTROLS CO.,LTD

Financials Zhejiang Sanhua Intelligent Controls Co.,Ltd

Equities

002050

CNE000001M22

Industrial Machinery & Equipment

End-of-day quote Shenzhen S.E. Other stock markets 03:30:00 06/05/2024 am IST			5-day change	1st Jan Change
22.58 ^CNY	+3.06%		+1.90%	-23.20%

30/04	Zhejiang Sanhua Intelligent Controls Co.,Ltd Proposes Final Cash Dividend for the Year 2023	CI
29/04	Zhejiang Sanhua Intelligent Controls 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	47,658	87,639	90,451	76,100	1,05,387	83,708	-	-
Enterprise Value (EV) ¹	46,905	86,371	89,699	76,663	1,02,486	80,079	78,806	77,281
P/E ratio	33.3 x	60.1 x	53.8 x	29.5 x	36.3 x	24.5 x	19.1 x	17.3 x
Yield	0.87%	1.01%	0.59%	0.94%	0.85%	1.35%	1.64%	1.96%
Capitalization / Revenue	4.22 x	7.24 x	5.65 x	3.56 x	4.29 x	2.92 x	2.34 x	2.16 x
EV / Revenue	4.16 x	7.13 x	5.6 x	3.59 x	4.17 x	2.79 x	2.2 x	1.99 x
EV / EBITDA	23 x	40.6 x	36.3 x	21 x	23.9 x	16.2 x	13.1 x	11.4 x
EV / FCF	45 x	90.3 x	-241 x	-221 x	65.3 x	73.7 x	48 x	32.9 x
FCF Yield	2.22%	1.11%	-0.41%	-0.45%	1.53%	1.36%	2.08%	3.04%
Price to Book	5.16 x	8.8 x	8.1 x	6.08 x	6.13 x	4.31 x	3.67 x	3.2 x
Nbr of stocks (in thousands)	35,75,042	35,55,332	35,75,158	35,86,255	35,84,607	37,07,161	-	-
Reference price ²	13.33	24.65	25.30	21.22	29.40	22.58	22.58	22.58
Announcement Date	14/02/20	26/03/21	09/03/22	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	11,287	12,110	16,021	21,348	24,558	28,671	35,822	38,775
EBITDA ¹	2,036	2,127	2,474	3,642	4,296	4,951	6,031	6,750
EBIT ¹	1,664	1,702	1,987	3,067	3,553	4,117	5,150	5,805
Operating Margin	14.74%	14.05%	12.4%	14.37%	14.47%	14.36%	14.38%	14.97%
Earnings before Tax (EBT) ¹	1,663	1,692	1,977	3,051	3,553	4,113	5,185	5,797
Net income ¹	1,421	1,462	1,684	2,573	2,921	3,425	4,382	4,830
Net margin	12.59%	12.07%	10.51%	12.05%	11.89%	11.94%	12.23%	12.46%
EPS ²	0.4000	0.4100	0.4700	0.7200	0.8100	0.9210	1.181	1.304
Free Cash Flow ¹	1,042	956.8	-371.6	-347.5	1,570	1,087	1,642	2,348
FCF margin	9.23%	7.9%	-2.32%	-1.63%	6.39%	3.79%	4.58%	6.05%
FCF Conversion (EBITDA)	51.17%	44.99%	-	-	36.54%	21.95%	27.22%	34.78%
FCF Conversion (Net income)	73.29%	65.44%	-	-	53.73%	31.73%	37.47%	48.6%
Dividend per Share ²	0.1154	0.2500	0.1500	0.2000	0.2500	0.3048	0.3703	0.4431
Announcement Date	14/02/20	26/03/21	09/03/22	28/04/23	29/04/24	-	-	-

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	4,301	4,804	5,356	5,439	5,749	5,679	6,850	6,447	5,582	6,440	7,664	7,310	7,448	-	-
EBITDA ¹	560.6	635.8	809	909.6	-	-	-	-	-	-	1,387	1,238	1,238	-	-
EBIT ¹	409.8	552.3	685.9	732.2	1,096	701.8	976.8	940.8	933.5	797.7	1,081	1,033	1,094	-	-
Operating Margin	9.53%	11.5%	12.81%	13.46%	19.07%	12.36%	14.26%	14.59%	16.72%	12.39%	14.11%	14.14%	14.69%	-	-
Earnings before Tax (EBT) ¹	403.4	553.5	686	732.2	1,080	-	976	943.3	932	-	1,186	1,059	1,059	-	-
Net income ¹	390.9	453	550.2	624.5	945.7	-	793.5	764.9	761.4	-	968.6	864.8	864.8	-	-
Net margin	9.09%	9.43%	10.27%	11.48%	16.45%	-	11.58%	11.86%	13.64%	-	12.64%	11.83%	11.61%	-	-
EPS ²	0.1100	0.1300	0.1400	0.1700	0.2800	0.1700	0.2200	0.2000	0.2200	0.1700	0.2498	0.2372	0.2572	0.2300	0.3000
Dividend per Share ²	0.1500	-	-	-	0.2000	-	-	-	-	-	-	-	0.3522	-	-
Announcement Date	09/03/22	25/04/22	12/08/22	26/10/22	28/04/23	28/04/23	22/08/23	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	-	-	-	562	-	-	-	-
Net Cash position ¹	753	1,268	753	-	2,902	3,629	4,902	6,427
Leverage (Debt/EBITDA)	-	-	-	0.1544 x	-	-	-	-
Free Cash Flow ¹	1,042	957	-372	-348	1,570	1,087	1,642	2,348
ROE (net income / shareholders' equity)	16.1%	15%	16%	21.4%	19.2%	17.8%	20%	19%
ROA (Net income/ Total Assets)	9.9%	9.19%	8.29%	-	-	10.1%	10.3%	10.4%
Assets ¹	14,361	15,912	20,317	-	-	33,977	42,504	46,244
Book Value Per Share ²	2.580	2.800	3.120	3.490	4.790	5.240	6.150	7.060
Cash Flow per Share ²	0.5300	0.5800	0.4300	0.7000	1.000	0.7200	1.240	1.130
Capex ¹	859	1,131	1,927	2,857	2,154	2,275	1,752	2,168
Capex / Sales	7.61%	9.34%	12.03%	13.38%	8.77%	7.93%	4.89%	5.59%
Announcement Date	14/02/20	26/03/21	09/03/22	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 Zhejiang Sanhua Intelligent Controls Co.,Ltd

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

22.58 CNY

Average target price

29.75 CNY

Spread / Average Target

+31.77%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Valve Manufacturing

	1st Jan change	Capi.
ZHEJIANG SANHUA INTELLIGENT CONTROLS CO.,LTD	-23.20%	11.22B
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Industrial Valve Manufacturing