Financials China Automotive Engineering Research Institute Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
19.6 ^CNY	+4.26%		+4.59%	-11.15%

Apr. 25	China Automotive Engineering Research Institute Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Jan. 16	China Automotive Engineering Research Institute Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	8,030	14,640	18,410	19,474	22,154	19,682	-
Enterprise Value (EV) ¹	8,030	14,640	18,410	19,474	22,154	17,638	17,311
P/E ratio	17.3 x	26 x	26.6 x	27.7 x	26.6 x	19.3 x	16 x
Yield	3.02%	-	1.61%	1.55%	1.5%	2.08%	2.49%
Capitalization / Revenue	2.92 x	4.28 x	4.8 x	5.92 x	5.53 x	4.08 x	3.43 x
EV / Revenue	2.92 x	4.28 x	4.8 x	5.92 x	5.53 x	3.66 x	3.02 x
EV / EBITDA	11 x	15.8 x	16.4 x	-	16.9 x	11.6 x	9.54 x
EV / FCF	-	-	33 x	-	-	35.1 x	23.5 x
FCF Yield	-	-	3.03%	-	-	2.85%	4.25%
Price to Book	1.71 x	2.9 x	3.36 x	3.28 x	3.39 x	2.74 x	2.46 x
Nbr of stocks (in thousands)	969,817	988,526	989,235	1,004,848	1,004,253	1,004,181	-
Reference price ²	8.280	14.81	18.61	19.38	22.06	19.60	19.60
Announcement Date	1/7/20	1/9/21	1/14/22	1/10/23	1/17/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	2,755	3,418	3,835	3,291	4,007	4,822	5,734
EBITDA ¹	728.6	925.3	1,121	-	1,312	1,526	1,814
EBIT ¹	549.3	673.5	840.2	828	972.4	1,200	1,414
Operating Margin	19.94%	19.7%	21.91%	25.16%	24.27%	24.89%	24.66%
Earnings before Tax (EBT) ¹	550.7	671.5	843	823.7	971.8	1,208	1,422
Net income ¹	466.9	558.4	691.7	689.1	825.2	1,018	1,227
Net margin	16.95%	16.34%	18.04%	20.94%	20.6%	21.12%	21.4%
EPS ²	0.4800	0.5700	0.7000	0.7000	0.8300	1.016	1.223
Free Cash Flow ¹	-	-	557.1	-	-	502	736
FCF margin	-	-	14.53%	-	-	10.41%	12.84%
FCF Conversion (EBITDA)	-	-	49.72%	-	-	32.91%	40.57%
FCF Conversion (Net income)	-	-	80.54%	-	-	49.29%	59.98%
Dividend per Share ²	0.2500	-	0.3000	0.3000	0.3300	0.4075	0.4880
Announcement Date	1/7/20	1/9/21	1/14/22	1/10/23	1/17/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-
Net Cash position ¹	-	-	-	-	-	2,044	2,371
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	557	-	-	502	736
ROE (net income / shareholders' equity)	10.3%	11.6%	13.6%	12.4%	13.6%	14.9%	16.1%
ROA (Net income/ Total Assets)	-	-	-	-	-	11%	11.9%
Assets ¹	-	-	-	-	-	9,301	10,311
Book Value Per Share ²	4.840	5.100	5.540	5.920	6.510	7.160	7.970
Cash Flow per Share ²	0.6700	0.7200	0.7200	-	0.8600	1.380	1.520
Capex ¹	436	338	152	-	497	880	920
Capex / Sales	15.81%	9.88%	3.96%	-	12.41%	18.25%	16.04%
Announcement Date	1/7/20	1/9/21	1/14/22	1/10/23	1/17/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

19.6 CNY

Average target price

23.35 CNY

Spread / Average Target

+19.13%

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