Financials Chengdu Kanghua Biological Products Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
62.82 ^CNY	-0.29%		+8.31%	-18.98%

Apr. 23	Chengdu Kanghua Biological Products Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 01	Chengdu Kanghua Biological Products Co., Ltd. Proposes Final Cash Dividend for the Year 2023	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	28,094	19,145	11,318	10,371	8,330	-	-
Enterprise Value (EV) ¹	28,094	19,145	11,318	10,371	8,330	8,330	8,330
P/E ratio	68.9 x	23.1 x	19 x	20.4 x	11.9 x	10.4 x	9.84 x
Yield	-	-	0.59%	2.58%	2.24%	2.56%	2.87%
Capitalization / Revenue	27 x	14.8 x	7.82 x	6.57 x	4.61 x	3.97 x	3.69 x
EV / Revenue	27 x	14.8 x	7.82 x	6.57 x	4.61 x	3.97 x	3.69 x
EV / EBITDA	56.3 x	20.4 x	15.6 x	16.3 x	9.3 x	8.29 x	8.3 x
EV / FCF	-	-	-50,473,210 x	-	-	-	-
FCF Yield	-	-	-0%	-	-	-	-
Price to Book	14.2 x	7.17 x	3.7 x	2.97 x	2.14 x	1.76 x	1.6 x
Nbr of stocks (in thousands)	135,000	135,000	133,749	133,749	132,599	-	-
Reference price ²	208.1	141.8	84.62	77.54	62.82	62.82	62.82
Announcement Date	1/19/21	4/21/22	3/29/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	1,039	1,292	1,447	1,577	1,808	2,098	2,256
EBITDA ¹	-	499	937.6	725.4	637.9	896	1,005	1,004
EBIT ¹	-	485.1	915.8	685.5	576.6	824.3	934.9	991
Operating Margin	-	46.7%	70.85%	47.38%	36.55%	45.59%	44.57%	43.92%
Earnings before Tax (EBT) ¹	-	483.9	915.6	683.8	574	822.9	933.4	989
Net income ¹	186.7	408	829.5	598.1	509.2	710.3	814.7	860
Net margin	-	39.29%	64.18%	41.34%	32.28%	39.29%	38.84%	38.11%
EPS ²	1.844	3.023	6.144	4.464	3.807	5.275	6.048	6.385
Free Cash Flow	-	-	-	-224.2	-	-	-	-
FCF margin	-	-	-	-15.5%	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	0.5000	2.000	1.410	1.610	1.800
Announcement Date	6/2/20	1/19/21	4/21/22	3/29/23	3/29/24	-	-	-

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	-	-	-	-224	-	-	-	-
ROE (net income / shareholders' equity)	-	32.2%	35.6%	21%	15.3%	18%	16.9%	16.3%
ROA (Net income/ Total Assets)	-	-	32.1%	-	12.9%	15.4%	15.4%	14.8%
Assets ¹	-	-	2,583	-	3,960	4,613	5,291	5,811
Book Value Per Share ²	-	14.60	19.80	22.80	26.10	29.40	35.70	39.40
Cash Flow per Share ²	-	2.740	0.9700	1.450	4.260	5.510	7.730	7.510
Capex ¹	-	136	315	419	157	136	161	113
Capex / Sales	-	13.06%	24.37%	28.98%	9.97%	7.49%	7.69%	5.01%
Announcement Date	6/2/20	1/19/21	4/21/22	3/29/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

62.82 CNY

Average target price

102 CNY

Spread / Average Target

+62.38%

	1st Jan change	Capi.
CHENGDU KANGHUA BIOLOGICAL PRODUCTS CO., LTD.	-18.98%	1.15B
CSL LIMITED	-4.24%	86.85B
SAMSUNG BIOLOGICS CO.,LTD.	+2.76%	40.16B
BIOGEN INC.	-16.98%	31.28B
UCB	+57.86%	25.27B
BIOMARIN PHARMACEUTICAL INC.	-16.24%	15.33B
BEIJING WANTAI BIOLOGICAL PHARMACY ENTERPRISE CO., LTD.	-9.12%	11.96B
CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO., LTD.	-42.56%	11.61B
INCYTE CORPORATION	-17.10%	11.69B
SWEDISH ORPHAN BIOVITRUM AB	+6.89%	8.83B