Financials Shanghai Huace Navigation Technology Ltd

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
30.41 ^CNY	+1.27%		+2.36%	-1.97%

Apr. 24	Shanghai Huace Navigation Technology Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 21	Shanghai Huace Navigation Technology Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,287	7,761	17,414	14,876	16,849	16,573	-	-
Enterprise Value (EV) ¹	5,287	7,761	17,414	14,876	16,849	16,573	16,573	16,573
P/E ratio	37.7 x	39.4 x	56.7 x	41.2 x	37.2 x	29.1 x	22.8 x	19.3 x
Yield	-	-	0.65%	0.97%	1.13%	1.32%	1.62%	1.95%
Capitalization / Revenue	4.62 x	5.51 x	9.15 x	6.65 x	6.29 x	4.93 x	3.79 x	3.22 x
EV / Revenue	4.62 x	5.51 x	9.15 x	6.65 x	6.29 x	4.93 x	3.79 x	3.22 x
EV / EBITDA	27.4 x	29.5 x	49.9 x	35 x	30.1 x	23.9 x	19.2 x	18 x
EV / FCF	-	-	165 x	41,977 x	55.1 x	48 x	28 x	28.4 x
FCF Yield	-	-	0.61%	0%	1.81%	2.08%	3.57%	3.52%
Price to Book	5.34 x	7.15 x	7.96 x	5.87 x	5.61 x	4.85 x	4.19 x	3.65 x
Nbr of stocks (in thousands)	478,005	478,005	529,977	535,121	543,168	544,990	-	-
Reference price ²	11.06	16.24	32.86	27.80	31.02	30.41	30.41	30.41
Announcement Date	2/28/20	1/28/21	2/20/22	2/3/23	2/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,146	1,410	1,903	2,236	2,678	3,360	4,376	5,141
EBITDA ¹	193.1	262.7	348.9	425.5	560	693.1	862.7	921.2
EBIT ¹	162	220.8	295.9	349.2	455.9	579.9	728.9	861.9
Operating Margin	14.14%	15.67%	15.55%	15.62%	17.02%	17.26%	16.66%	16.76%
Earnings before Tax (EBT) ¹	162.2	219	291.6	353.2	457.1	578.5	737.1	873.9
Net income ¹	138.7	196.9	294.3	361.1	449.1	569.1	726.4	859
Net margin	12.11%	13.97%	15.47%	16.15%	16.77%	16.94%	16.6%	16.71%
EPS ²	0.2934	0.4121	0.5793	0.6740	0.8330	1.045	1.336	1.577
Free Cash Flow ¹	-	-	105.6	0.3544	305.8	345	592	583
FCF margin	-	-	5.55%	0.02%	11.42%	10.27%	13.53%	11.34%
FCF Conversion (EBITDA)	-	-	30.26%	0.08%	54.61%	49.78%	68.62%	63.29%
FCF Conversion (Net income)	-	-	35.86%	0.1%	68.09%	60.63%	81.5%	67.87%
Dividend per Share ²	-	-	0.2143	0.2700	0.3500	0.4000	0.4933	0.5933
Announcement Date	2/28/20	1/28/21	2/20/22	2/3/23	2/21/24	-	-	-

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	-	-	106	0.35	306	345	592	583
ROE (net income / shareholders' equity)	14.8%	18.5%	17.8%	15.3%	16.3%	16.7%	18.4%	18.9%
ROA (Net income/ Total Assets)	-	11.6%	11.2%	9.73%	10.7%	11.6%	12.1%	12.9%
Assets ¹	-	1,698	2,639	3,711	4,215	4,908	5,997	6,641
Book Value Per Share ²	2.070	2.270	4.130	4.730	5.520	6.270	7.260	8.340
Cash Flow per Share ²	0.3500	0.4800	0.5100	0.6600	0.8200	1.110	1.230	1.350
Capex ¹	117	116	166	353	140	157	129	167
Capex / Sales	10.25%	8.21%	8.72%	15.8%	5.21%	4.68%	2.94%	3.25%
Announcement Date	2/28/20	1/28/21	2/20/22	2/3/23	2/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

30.41 CNY

Average target price

38.05 CNY

Spread / Average Target

+25.11%

	1st Jan change	Capi.
SHANGHAI HUACE NAVIGATION TECHNOLOGY LTD	-1.97%	2.27B
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OHB SE	+1.65%	899M
DCX SYSTEMS LIMITED	-7.66%	801M
INSTITUTE FOR Q-SHU PIONEERS OF SPACE, INC.	+134.54%	731M
PLANET LABS PBC	-19.91%	590M
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