Stock 000028 CHINA NATIONAL ACCORD MEDICINES CORPORATION LTD.
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Financials China National Accord Medicines Corporation Ltd.

Equities

000028

CNE0000009N6

Pharmaceuticals

End-of-day quote Shenzhen S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
35.11 CNY -2.42% Intraday chart for China National Accord Medicines Corporation Ltd. -0.31% +21.11%
Apr. 25 China National Accord Medicines Corporation Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Apr. 08 China National Accord Medicines Corporation Ltd. Proposes Final Cash Dividend for the Year 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 18,279 18,131 14,706 13,164 14,937 18,002 - -
Enterprise Value (EV) 1 10,850 15,079 12,430 9,339 12,067 20,482 21,353 18,002
P/E ratio 15.3 x 14 x 11.9 x 9.48 x 10.1 x 11 x 10.3 x 9.36 x
Yield 0.88% 1.75% 1.62% 2.43% 2.35% 2.16% 2.35% 2.42%
Capitalization / Revenue 0.35 x 0.3 x 0.22 x 0.18 x 0.2 x 0.22 x 0.21 x 0.2 x
EV / Revenue 0.21 x 0.25 x 0.18 x 0.13 x 0.16 x 0.25 x 0.25 x 0.2 x
EV / EBITDA 4.14 x 6.05 x 5.29 x 3.42 x 4.18 x 6.53 x 6.46 x 5.19 x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.52 x 1.41 x 1.06 x 0.87 x 0.93 x 1.04 x 0.98 x 0.91 x
Nbr of stocks (in thousands) 556,565 556,565 556,565 556,565 556,565 556,565 - -
Reference price 2 34.89 35.23 28.45 25.30 28.99 35.11 35.11 35.11
Announcement Date 3/24/20 3/15/21 3/15/22 3/15/23 3/15/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 52,046 59,649 68,358 73,443 75,477 80,705 85,878 90,328
EBITDA 1 2,619 2,490 2,349 2,731 2,885 3,137 3,306 3,470
EBIT 1 1,720 2,164 1,952 2,306 2,467 2,820 2,880 3,146
Operating Margin 3.3% 3.63% 2.86% 3.14% 3.27% 3.49% 3.35% 3.48%
Earnings before Tax (EBT) 1 1,857 2,157 1,975 2,311 2,473 2,820 2,912 3,188
Net income 1 1,271 1,402 1,336 1,487 1,599 1,776 1,892 2,087
Net margin 2.44% 2.35% 1.96% 2.02% 2.12% 2.2% 2.2% 2.31%
EPS 2 2.285 2.515 2.400 2.669 2.870 3.190 3.401 3.750
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.3077 0.6154 0.4615 0.6154 0.6800 0.7600 0.8238 0.8500
Announcement Date 3/24/20 3/15/21 3/15/22 3/15/23 3/15/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 18,148 17,151 18,978 18,488 18,826 18,687 19,701 18,198 18,892 19,090 20,938 19,341 20,078 20,992 22,131
EBITDA 520.2 448.4 687.7 599.2 - - - - - - - - - - -
EBIT 359.3 375.1 657.3 531.9 741.8 576.4 718.8 527.8 - - - - - - -
Operating Margin 1.98% 2.19% 3.46% 2.88% 3.94% 3.08% 3.65% 2.9% - - - - - - -
Earnings before Tax (EBT) 375.1 376.8 657.8 534.8 741.7 578.5 713.2 528.8 - - - - - - -
Net income 262.3 252.4 421.9 373.4 439.1 362.2 468 359.4 - - - - - - -
Net margin 1.45% 1.47% 2.22% 2.02% 2.33% 1.94% 2.38% 1.97% - - - - - - -
EPS 2 0.4692 0.4538 0.7538 0.6769 0.7846 0.6538 0.8362 0.6500 0.7300 0.7000 0.8000 0.7900 0.7200 - -
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 3/15/22 4/19/22 8/30/22 10/24/22 3/15/23 4/17/23 8/28/23 10/26/23 3/15/24 4/25/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - 2,481 3,352 -
Net Cash position 1 7,429 3,051 2,276 3,825 2,870 - - -
Leverage (Debt/EBITDA) - - - - - 0.7908 x 1.014 x -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 10.4% 10.5% 9.29% 9.59% 9.56% 9.8% 9.63% 9.63%
ROA (Net income/ Total Assets) 4.07% 3.83% 3.24% 3.48% - 3.53% 3.67% 3.8%
Assets 1 31,225 36,557 41,189 42,699 - 50,264 51,609 54,921
Book Value Per Share 2 23.00 25.10 26.80 29.00 31.30 33.80 35.80 38.70
Cash Flow per Share 2 3.590 2.700 2.970 4.600 5.280 4.890 3.640 3.870
Capex 1 245 285 369 322 284 461 404 373
Capex / Sales 0.47% 0.48% 0.54% 0.44% 0.38% 0.57% 0.47% 0.41%
Announcement Date 3/24/20 3/15/21 3/15/22 3/15/23 3/15/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China National Accord Medicines Corporation Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
D+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
35.11 CNY
Average target price
38.77 CNY
Spread / Average Target
+10.43%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Pharmaceuticals Wholesale

1st Jan change Capi.
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Pharmaceuticals Wholesale
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