Financials JINHUI LIQUOR Co.,Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-14 pm EDT			5-day change	1st Jan Change
21.98 ^CNY	-0.50%		-0.63%	-10.72%

Apr. 19	JINHUI LIQUOR Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 03	Tranche Update on JINHUI LIQUOR Co.,Ltd.'s Equity Buyback Plan announced on March 16, 2024.	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,910	20,539	19,585	13,569	12,489	11,150	-	-
Enterprise Value (EV) ¹	6,910	20,539	19,585	13,569	12,489	11,150	11,150	11,150
P/E ratio	24.9 x	62.3 x	60.3 x	48.6 x	37.9 x	27.3 x	21 x	17.4 x
Yield	1.37%	0.59%	0.57%	1.12%	1.58%	1.79%	2.47%	2.84%
Capitalization / Revenue	4.23 x	11.9 x	11 x	6.75 x	4.9 x	3.62 x	3.04 x	2.57 x
EV / Revenue	4.23 x	11.9 x	11 x	6.75 x	4.9 x	3.62 x	3.04 x	2.57 x
EV / EBITDA	-	38.6 x	38.7 x	32.2 x	26.1 x	19.4 x	15.8 x	12.9 x
EV / FCF	-	-	88.5 x	51.7 x	32.5 x	27.5 x	26.6 x	20.8 x
FCF Yield	-	-	1.13%	1.93%	3.08%	3.63%	3.76%	4.81%
Price to Book	2.72 x	7.39 x	6.57 x	4.31 x	3.75 x	3.11 x	2.84 x	2.58 x
Nbr of stocks (in thousands)	507,260	507,260	507,260	507,260	507,260	507,260	-	-
Reference price ²	13.62	40.49	38.61	26.75	24.62	21.98	21.98	21.98
Announcement Date	3/30/20	3/19/21	3/15/22	3/22/23	3/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,634	1,731	1,788	2,012	2,548	3,076	3,669	4,337
EBITDA ¹	-	532.3	506.6	421	478.9	575.2	706.8	866.8
EBIT ¹	350	434.5	400.9	313.7	396.6	484.6	623.8	750.6
Operating Margin	21.41%	25.1%	22.41%	15.59%	15.57%	15.75%	17%	17.31%
Earnings before Tax (EBT) ¹	344.5	421.1	390.1	302.9	379.7	474	614.9	740.6
Net income ¹	270.6	331.3	324.8	280.2	328.9	408.7	531.2	642.4
Net margin	16.56%	19.14%	18.16%	13.93%	12.91%	13.28%	14.48%	14.81%
EPS ²	0.5462	0.6500	0.6400	0.5500	0.6500	0.8060	1.046	1.267
Free Cash Flow ¹	-	-	221.3	262.3	384.1	405	419	536
FCF margin	-	-	12.37%	13.04%	15.08%	13.17%	11.42%	12.36%
FCF Conversion (EBITDA)	-	-	43.68%	62.31%	80.2%	70.41%	59.28%	61.84%
FCF Conversion (Net income)	-	-	68.13%	93.61%	116.79%	99.11%	78.87%	83.44%
Dividend per Share ²	0.1862	0.2400	0.2200	0.3000	0.3890	0.3925	0.5420	0.6233
Announcement Date	3/30/20	3/19/21	3/15/22	3/22/23	3/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	221	262	384	405	419	536
ROE (net income / shareholders' equity)	11.8%	12.5%	11.3%	9.17%	10.2%	11.5%	13.7%	14.9%
ROA (Net income/ Total Assets)	-	-	-	-	7.74%	8.88%	10.2%	11.7%
Assets ¹	-	-	-	-	4,249	4,605	5,220	5,506
Book Value Per Share ²	5.010	5.480	5.880	6.210	6.560	7.070	7.730	8.510
Cash Flow per Share ²	0.7300	0.6600	0.5500	0.6300	0.8900	0.7500	1.050	1.130
Capex ¹	188	142	58	56.9	66.1	76.2	80	103
Capex / Sales	11.5%	8.2%	3.24%	2.83%	2.59%	2.48%	2.18%	2.37%
Announcement Date	3/30/20	3/19/21	3/15/22	3/22/23	3/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

21.98 CNY

Average target price

26.97 CNY

Spread / Average Target

+22.69%

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