Financials CRRC Corporation Limited Hong Kong S.E.

Equities

1766

CNE100000BG0

Heavy Machinery & Vehicles

Market Closed - Hong Kong S.E. Other stock markets 04:08:39 2024-05-28 am EDT			5-day change	1st Jan Change
4.88 ^HKD	+1.67%		+0.62%	+41.86%

May. 23	CRRC Corporation Limited Announces Final Ordinary Dividend for the Year Ended 31 December 2023, Payable on 14 August 2024	CI
Apr. 29	CRRC Corporation Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	195,895	139,008	160,086	136,494	141,613	189,356	-	-
Enterprise Value (EV) ¹	168,645	131,569	138,268	107,830	105,051	146,404	135,434	125,370
P/E ratio	17.9 x	14 x	16.9 x	12.5 x	12.8 x	15 x	13.4 x	12.1 x
Yield	2.1%	3.39%	2.96%	3.91%	3.8%	3.21%	3.57%	3.88%
Capitalization / Revenue	0.86 x	0.61 x	0.71 x	0.61 x	0.6 x	0.76 x	0.71 x	0.67 x
EV / Revenue	0.74 x	0.58 x	0.61 x	0.48 x	0.45 x	0.59 x	0.51 x	0.45 x
EV / EBITDA	7.39 x	5.86 x	6.09 x	4.29 x	4.51 x	6.43 x	5.28 x	4.85 x
EV / FCF	11.7 x	-15.3 x	9.41 x	6.08 x	15.5 x	6.37 x	9.06 x	7.46 x
FCF Yield	8.58%	-6.54%	10.6%	16.5%	6.44%	15.7%	11%	13.4%
Price to Book	1.51 x	1.07 x	1.18 x	0.95 x	0.94 x	1.19 x	1.13 x	1.08 x
Nbr of stocks (in thousands)	28,698,864	28,698,864	28,698,864	28,698,864	28,698,864	28,698,864	-	-
Reference price ²	7.140	5.310	6.090	5.110	5.260	6.970	6.970	6.970
Announcement Date	3/30/20	3/30/21	3/30/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	229,011	227,656	225,732	222,939	234,262	247,749	266,247	281,416
EBITDA ¹	22,813	22,469	22,687	25,130	23,289	22,775	25,656	25,875
EBIT ¹	15,823	15,318	12,831	15,980	16,026	15,292	17,817	18,935
Operating Margin	6.91%	6.73%	5.68%	7.17%	6.84%	6.17%	6.69%	6.73%
Earnings before Tax (EBT) ¹	16,608	15,991	13,755	16,120	16,373	17,853	20,266	21,875
Net income ¹	11,795	11,331	10,303	11,653	11,712	13,202	14,905	16,478
Net margin	5.15%	4.98%	4.56%	5.23%	5%	5.33%	5.6%	5.86%
EPS ²	0.4000	0.3800	0.3600	0.4100	0.4100	0.4659	0.5191	0.5752
Free Cash Flow ¹	14,466	-8,601	14,686	17,743	6,770	22,974	14,945	16,808
FCF margin	6.32%	-3.78%	6.51%	7.96%	2.89%	9.27%	5.61%	5.97%
FCF Conversion (EBITDA)	63.41%	-	64.73%	70.6%	29.07%	100.87%	58.25%	64.96%
FCF Conversion (Net income)	122.64%	-	142.55%	152.25%	57.8%	174.02%	100.27%	102%
Dividend per Share ²	0.1500	0.1800	0.1800	0.2000	0.2000	0.2238	0.2488	0.2701
Announcement Date	3/30/20	3/30/21	3/30/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	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	132,864	-	81,272	30,648	50,650	-	54,266	87,375	32,379	54,925	55,732	91,226	32,183	57,671	58,519	97,466	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,169	-	4,180	-	3,891	-	4,125	7,221	1,226	4,010	3,871	6,919	1,909	2,711	2,984	5,274	-	-
Operating Margin	6.9%	-	5.14%	-	7.68%	-	7.6%	8.26%	3.79%	7.3%	6.95%	7.58%	5.93%	4.7%	5.1%	5.41%	-	-
Earnings before Tax (EBT)	9,790	-	-	-	-	-	4,231	7,041	1,317	-	-	-	-	-	-	-	-	-
Net income ¹	7,014	3,693	3,842	-	2,911	3,131	2,897	5,626	615.3	2,845	2,691	5,560	1,008	3,254	3,254	3,904	-	-
Net margin	5.28%	-	4.73%	-	5.75%	-	5.34%	6.44%	1.9%	5.18%	4.83%	6.09%	3.13%	5.64%	5.56%	4.01%	-	-
EPS ²	-	0.1300	0.1300	0.0100	0.1000	-	0.1000	0.2000	0.0200	0.1000	0.0900	0.2000	0.0400	0.1100	0.1200	0.1550	-	-
Dividend per Share ²	-	-	0.1800	-	-	-	-	0.2000	-	-	-	-	-	-	-	0.2222	-	-
Announcement Date	3/30/20	8/28/20	3/30/22	4/29/22	8/26/22	8/26/22	10/28/22	3/30/23	4/28/23	8/25/23	10/27/23	3/28/24	4/29/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	27,250	13,715	21,818	35,138	36,562	42,952	53,922	63,986
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	14,466	-1,720	14,686	16,536	6,770	22,974	14,945	16,808
ROE (net income / shareholders' equity)	8.92%	8.13%	7.07%	7.68%	7.41%	8.17%	8.53%	8.99%
ROA (Net income/ Total Assets)	3.18%	2.92%	2.52%	2.68%	2.56%	2.85%	3.08%	3.34%
Assets ¹	370,548	387,970	409,597	434,506	456,948	463,597	483,449	493,359
Book Value Per Share ²	4.740	4.980	5.180	5.400	5.610	5.850	6.140	6.460
Cash Flow per Share ²	0.7800	-0.0700	0.7100	0.8300	0.5100	0.8300	0.9600	1.070
Capex ¹	8,065	7,775	5,907	7,417	7,952	7,551	9,145	9,507
Capex / Sales	3.52%	3.42%	2.62%	3.33%	3.39%	3.05%	3.43%	3.38%
Announcement Date	3/30/20	3/30/21	3/30/22	3/30/23	3/28/24	-	-	-

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 CRRC Corporation Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6.97 CNY

Average target price

7.806 CNY

Spread / Average Target

+11.99%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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