CHINA NATIONAL MEDICINES CORPORATION LTD.

Financials China National Medicines Corporation Ltd.

Equities

600511

CNE000001D56

Pharmaceuticals

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
34.94 ^CNY	+0.32%		-2.35%	+22.08%

Apr. 25	China National Medicines Corporation Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 21	China Stocks Muted at Close as Recovery Optimism Fades; Sinopharm Jumps 6% on Upbeat 2023 Earnings	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	20,590	37,205	23,789	21,051	21,594	26,362	-	-
Enterprise Value (EV) ¹	20,590	37,205	23,789	21,051	21,594	26,362	26,362	26,362
P/E ratio	13 x	26.9 x	13.6 x	10.7 x	10.1 x	11 x	9.88 x	9.04 x
Yield	2.34%	1.12%	2.22%	2.8%	2.98%	2.72%	2.92%	3.21%
Capitalization / Revenue	0.46 x	0.92 x	0.51 x	0.46 x	0.43 x	0.49 x	0.44 x	0.4 x
EV / Revenue	0.46 x	0.92 x	0.51 x	0.46 x	0.43 x	0.49 x	0.44 x	0.4 x
EV / EBITDA	8.11 x	18.4 x	9.31 x	7.5 x	7.04 x	9.38 x	7.97 x	7.09 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.95 x	3.25 x	1.86 x	1.48 x	1.37 x	1.5 x	1.34 x	1.23 x
Nbr of stocks (in thousands)	754,503	754,503	754,503	754,503	754,503	754,503	-	-
Reference price ²	27.29	49.31	31.53	27.90	28.62	34.94	34.94	34.94
Announcement Date	3/27/20	3/18/21	3/16/22	3/22/23	3/20/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	44,644	40,379	46,469	45,499	49,696	53,361	59,995	65,201
EBITDA ¹	2,539	2,022	2,554	2,807	3,066	2,810	3,306	3,720
EBIT ¹	2,436	1,913	2,447	2,695	2,944	3,286	3,654	3,984
Operating Margin	5.46%	4.74%	5.27%	5.92%	5.92%	6.16%	6.09%	6.11%
Earnings before Tax (EBT) ¹	2,427	1,917	2,445	2,688	2,931	3,273	3,645	3,972
Net income ¹	1,604	1,383	1,754	1,964	2,146	2,396	2,666	2,916
Net margin	3.59%	3.42%	3.77%	4.32%	4.32%	4.49%	4.44%	4.47%
EPS ²	2.105	1.833	2.325	2.603	2.844	3.180	3.535	3.865
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.6380	0.5500	0.7000	0.7820	0.8540	0.9500	1.020	1.120
Announcement Date	3/27/20	3/18/21	3/16/22	3/22/23	3/20/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	13,166	12,122	14,076	13,505	14,351	13,338	15,343
EBITDA	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income	477.7	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-
EPS	0.6332	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	10/24/23	3/20/24	4/25/24	-	-	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	16.3%	12.7%	14.6%	14.7%	13.7%	14.4%	13.8%	13.8%
ROA (Net income/ Total Assets)	7.02%	5.63%	6.7%	6.82%	-	6.93%	7.03%	7%
Assets ¹	22,851	24,551	26,190	28,809	-	34,558	37,912	41,664
Book Value Per Share ²	14.00	15.20	16.90	18.80	20.90	23.20	26.10	28.30
Cash Flow per Share ²	2.350	1.730	2.590	3.170	3.610	2.280	3.210	3.740
Capex ¹	84.8	67.8	94.3	126	145	168	129	86
Capex / Sales	0.19%	0.17%	0.2%	0.28%	0.29%	0.31%	0.22%	0.13%
Announcement Date	3/27/20	3/18/21	3/16/22	3/22/23	3/20/24	-	-	-

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 Medicines Corporation Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

34.94 CNY

Average target price

44.3 CNY

Spread / Average Target

+26.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Pharmaceuticals Wholesale

	1st Jan change	Capi.
CHINA NATIONAL MEDICINES CORPORATION LTD.	+22.08%	3.64B
MCKESSON CORPORATION	+16.78%	71.39B
CARDINAL HEALTH, INC.	+2.16%	25.1B
SINOPHARM GROUP CO. LTD.	-1.22%	8.59B
SHANGHAI PHARMACEUTICALS HOLDING CO., LTD	+6.69%	8.19B
HUADONG MEDICINE CO., LTD	-20.96%	7.91B
JOINTOWN PHARMACEUTICAL GROUP CO., LTD	+17.12%	4.31B
EBOS GROUP LIMITED	-3.38%	3.93B
GALENICA AG	-2.96%	3.86B
MEDIPAL HOLDINGS CORPORATION	+7.96%	3.29B

Pharmaceuticals Wholesale