Financials Baoxiniao Holding Co., Ltd.

Equities

002154

CNE1000006D1

Apparel & Accessories

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
5.83 ^CNY	-1.69%		-0.51%	+2.64%

May. 09	Baoxiniao Holding Co., Ltd. Implements Cash Dividend on A Shares for 2023, Payable on 16 May 2024	CI
Apr. 26	Baoxiniao Holding 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	3,921	4,055	6,125	6,012	8,289	8,508	-	-
Enterprise Value (EV) ¹	3,921	4,055	6,125	6,012	8,289	8,508	8,508	8,508
P/E ratio	18.9 x	11.1 x	13.2 x	13.3 x	11.8 x	10.5 x	9.11 x	7.99 x
Yield	-	1.8%	5.37%	4.85%	4.4%	4.69%	5.26%	6.43%
Capitalization / Revenue	1.2 x	1.07 x	1.38 x	1.39 x	1.58 x	1.43 x	1.26 x	1.14 x
EV / Revenue	1.2 x	1.07 x	1.38 x	1.39 x	1.58 x	1.43 x	1.26 x	1.14 x
EV / EBITDA	8.53 x	-	7.88 x	7.98 x	7.99 x	7.41 x	6.8 x	5.28 x
EV / FCF	-	-	-	18.5 x	9.89 x	11.3 x	13.6 x	10.2 x
FCF Yield	-	-	-	5.42%	10.1%	8.87%	7.36%	9.85%
Price to Book	1.39 x	1.26 x	1.47 x	1.53 x	1.91 x	1.8 x	1.67 x	1.5 x
Nbr of stocks (in thousands)	1,217,612	1,217,612	1,217,612	1,459,334	1,459,334	1,459,334	-	-
Reference price ²	3.220	3.330	5.030	4.120	5.680	5.830	5.830	5.830
Announcement Date	4/25/20	4/13/21	4/15/22	4/14/23	4/11/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,273	3,788	4,451	4,313	5,254	5,932	6,751	7,470
EBITDA ¹	459.9	-	777.2	753.1	1,038	1,148	1,250	1,612
EBIT ¹	275.7	515.7	625.1	603.5	889.9	1,038	1,199	1,363
Operating Margin	8.42%	13.62%	14.04%	13.99%	16.94%	17.49%	17.76%	18.25%
Earnings before Tax (EBT) ¹	282.1	512.8	615.8	606.8	898.5	1,042	1,205	1,368
Net income ¹	210.1	366.5	464.4	458.8	697.9	808.7	937.6	1,069
Net margin	6.42%	9.68%	10.43%	10.64%	13.28%	13.63%	13.89%	14.31%
EPS ²	0.1700	0.3000	0.3800	0.3100	0.4800	0.5540	0.6400	0.7300
Free Cash Flow ¹	-	-	-	325.9	838	755	626	838
FCF margin	-	-	-	7.56%	15.95%	12.73%	9.27%	11.22%
FCF Conversion (EBITDA)	-	-	-	43.27%	80.77%	65.74%	50.06%	51.97%
FCF Conversion (Net income)	-	-	-	71.03%	120.09%	93.36%	66.77%	78.4%
Dividend per Share ²	-	0.0600	0.2700	0.2000	0.2500	0.2733	0.3067	0.3750
Announcement Date	4/25/20	4/13/21	4/15/22	4/14/23	4/11/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1	2023 S1
Net sales	-	2,471
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income ¹	255.6	407.6
Net margin	-	16.5%
EPS	-	-
Dividend per Share	-	-
Announcement Date	4/24/23	8/18/23

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	326	838	755	626	838
ROE (net income / shareholders' equity)	8.07%	12%	13.4%	11.2%	17%	17.3%	18.7%	18.8%
ROA (Net income/ Total Assets)	4.88%	7.9%	8.46%	7.58%	-	10.8%	11.5%	11.6%
Assets ¹	4,307	4,638	5,488	6,054	-	7,464	8,142	9,207
Book Value Per Share ²	2.320	2.650	3.420	2.700	2.970	3.230	3.490	3.890
Cash Flow per Share ²	0.3300	0.5900	0.5100	0.3500	0.7900	0.5200	0.7700	0.6200
Capex ¹	114	43.1	103	189	316	187	160	151
Capex / Sales	3.49%	1.14%	2.32%	4.39%	6.01%	3.15%	2.37%	2.01%
Announcement Date	4/25/20	4/13/21	4/15/22	4/14/23	4/11/24	-	-	-

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 Baoxiniao Holding Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.83 CNY

Average target price

8.09 CNY

Spread / Average Target

+38.77%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Men's Clothing

	1st Jan change	Capi.
BAOXINIAO HOLDING CO., LTD.	+2.64%	1.18B
HLA GROUP CORP., LTD.	+26.01%	6.21B
OXFORD INDUSTRIES, INC.	+9.24%	1.71B
JIANGSU HONGDOU INDUSTRIAL CO.,LTD	-3.94%	853M
JOEONE CO.,LTD	+3.31%	819M
FUJIAN SEPTWOLVES INDUSTRY CO., LTD.	+1.05%	565M
THOB AL ASEEL COMPANY	+8.53%	547M
SUPERIOR GROUP OF COMPANIES, INC.	+40.96%	318M
CREDO BRANDS MARKETING LIMITED	-41.08%	133M
ZHEJIANG BUSEN GARMENTS CO., LTD.	-28.06%	108M

Men's Clothing