Financials Huafu Fashion Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-06-02 pm EDT			5-day change	1st Jan Change
4.12 ^CNY	-2.83%		-10.04%	-4.19%

May. 15	Huafu Fashion Purchases Cloud Services from China Telecom's Unit for 26 Million Yuan	MT
May. 15	Huafu Fashion Nixes Plan to Issue Convertible Bonds	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,543	6,347	7,772	5,147	7,050	6,807	-	-
Enterprise Value (EV) ¹	17,370	13,016	13,966	11,159	12,640	10,323	10,352	6,807
P/E ratio	27.2 x	-14.4 x	12 x	-14.5 x	108 x	84.8 x	18.2 x	23.6 x
Yield	1.92%	-	3.94%	5.9%	-	2.46%	2.97%	-
Capitalization / Revenue	0.66 x	0.45 x	0.47 x	0.36 x	0.52 x	0.47 x	0.43 x	0.4 x
EV / Revenue	1.09 x	0.91 x	0.84 x	0.77 x	0.93 x	0.71 x	0.65 x	0.4 x
EV / EBITDA	17.7 x	195 x	11.2 x	61.3 x	18.7 x	12.8 x	7.81 x	5.61 x
EV / FCF	15,535,687 x	4,649,824,378 x	63,759,709 x	16,386,269 x	-	-	-	-
FCF Yield	0%	0%	0%	0%	-	-	-	-
Price to Book	1.77 x	1.2 x	1.11 x	0.82 x	1.19 x	1.16 x	1.03 x	1.07 x
Nbr of stocks (in thousands)	1,436,394	1,426,403	1,700,681	1,687,657	1,639,606	1,605,357	-	-
Reference price ²	7.340	4.450	4.570	3.050	4.300	4.240	4.240	4.240
Announcement Date	4/14/20	4/11/21	4/27/22	4/28/23	4/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	15,887	14,232	16,708	14,460	13,663	14,492	15,907	17,071
EBITDA ¹	978.7	66.83	1,245	182.1	677.2	808	1,325	1,214
EBIT ¹	443.9	-476.8	681.3	-397.2	107.6	128.5	447.3	429.5
Operating Margin	2.79%	-3.35%	4.08%	-2.75%	0.79%	0.89%	2.81%	2.52%
Earnings before Tax (EBT) ¹	452.2	-473.9	693.1	-387.2	118.6	92	486	441
Net income ¹	402.3	-444.2	569.7	-351	66.78	87.76	396.1	304.4
Net margin	2.53%	-3.12%	3.41%	-2.43%	0.49%	0.61%	2.49%	1.78%
EPS ²	0.2700	-0.3100	0.3800	-0.2100	0.0400	0.0500	0.2329	0.1800
Free Cash Flow	1,118	2.799	219	681	-	-	-	-
FCF margin	7.04%	0.02%	1.31%	4.71%	-	-	-	-
FCF Conversion (EBITDA)	114.24%	4.19%	17.59%	373.89%	-	-	-	-
FCF Conversion (Net income)	277.92%	-	38.44%	-	-	-	-	-
Dividend per Share ²	0.1410	-	0.1800	0.1800	-	0.1041	0.1258	-
Announcement Date	4/14/20	4/11/21	4/27/22	4/28/23	4/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,826	6,668	6,194	6,012	5,590	3,517	3,546	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.975 x	99.78 x	4.974 x	33.01 x	8.254 x	4.352 x	2.676 x	-
Free Cash Flow	1,118	2.8	219	681	-	-	-	-
ROE (net income / shareholders' equity)	6.07%	-7.09%	9.21%	-5.14%	1.07%	1.43%	5.47%	4.5%
ROA (Net income/ Total Assets)	2.19%	-2.47%	3.02%	-1.83%	-	0.51%	1.57%	1.74%
Assets ¹	18,399	17,970	18,874	19,141	-	17,207	25,177	17,545
Book Value Per Share ²	4.150	3.700	4.120	3.700	3.620	3.670	4.100	3.970
Cash Flow per Share ²	-	0.5500	0.4200	0.5300	0.5000	0.3700	1.310	0.3900
Capex ¹	681	826	501	212	498	363	563	563
Capex / Sales	4.29%	5.8%	3%	1.47%	3.65%	2.5%	3.54%	3.3%
Announcement Date	4/14/20	4/11/21	4/27/22	4/28/23	4/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4.24 CNY

Average target price

4.895 CNY

Spread / Average Target

+15.45%

	1st Jan change	Capi.
HUAFU FASHION CO., LTD.	-1.40%	940M
CHINA JUSHI CO., LTD.	+16.58%	6.33B
VARDHMAN TEXTILES LIMITED	+18.56%	1.57B
ZHEJIANG TAIHUA NEW MATERIAL GROUP CO., LTD.	-4.24%	1.33B
BROS EASTERN.,LTD	+14.78%	1.14B
TAINAN SPINNING CO., LTD.	+16.14%	935M
ZHEJIANG XINAO TEXTILES INC.	+6.74%	767M
THE JAPAN WOOL TEXTILE CO., LTD.	+1.34%	593M
TEXHONG INTERNATIONAL GROUP LIMITED	+1.83%	518M
ZHEWEN PICTURES GROUP CO.,LTD	-24.24%	516M