Stock 002678 GUANGZHOU PEARL RIVER PIANO GROUP CO.,LTD
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Financials Guangzhou Pearl River Piano Group Co.,Ltd

Equities

002678

CNE100001DS9

Recreational Products

End-of-day quote Shenzhen S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
4.17 CNY -0.71% Intraday chart for Guangzhou Pearl River Piano Group Co.,Ltd +4.77% -27.73%
Apr. 01 Guangzhou Pearl River Piano Group Co.,Ltd Proposes Final Cash Dividend for the Year 2023 CI
Mar. 29 Guangzhou Pearl River Piano Group Co.,Ltd Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 7,770 11,315 10,011 9,780 8,140 7,855
Enterprise Value (EV) 1 6,679 10,194 8,521 8,171 6,615 6,729
P/E ratio 44 x 59.5 x 56.7 x 51.4 x 66.3 x 1,443 x
Yield 1.14% 0.42% 0.5% 0.6% 0.47% 0.03%
Capitalization / Revenue 3.93 x 5.51 x 5.71 x 4.84 x 4.9 x 6.96 x
EV / Revenue 3.38 x 4.96 x 4.86 x 4.04 x 3.98 x 5.97 x
EV / EBITDA 28.8 x 34.6 x 33.9 x 29 x 32.6 x 315 x
EV / FCF -50.4 x 14 x 26.6 x 44.1 x -37.8 x -15.7 x
FCF Yield -1.98% 7.14% 3.75% 2.27% -2.65% -6.39%
Price to Book 2.36 x 3.33 x 2.84 x 2.68 x 2.19 x 2.12 x
Nbr of stocks (in thousands) 1,358,320 1,358,320 1,358,320 1,358,320 1,363,410 1,361,374
Reference price 2 5.720 8.330 7.370 7.200 5.970 5.770
Announcement Date 3/29/19 4/17/20 4/14/21 3/29/22 3/30/23 3/29/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,975 2,053 1,752 2,020 1,660 1,128
EBITDA 1 231.7 294.8 251.3 281.7 203 21.34
EBIT 1 167.3 186.4 149.1 174.2 90.72 -97.38
Operating Margin 8.47% 9.08% 8.51% 8.62% 5.46% -8.63%
Earnings before Tax (EBT) 1 200.4 213 196.2 222 135.5 5.397
Net income 1 176.3 189.8 170.6 186.1 123.2 5.879
Net margin 8.93% 9.24% 9.74% 9.21% 7.42% 0.52%
EPS 2 0.1300 0.1400 0.1300 0.1400 0.0900 0.004000
Free Cash Flow 1 -132.5 728.3 319.9 185.3 -175.1 -429.7
FCF margin -6.71% 35.47% 18.26% 9.17% -10.55% -38.09%
FCF Conversion (EBITDA) - 247.01% 127.33% 65.8% - -
FCF Conversion (Net income) - 383.77% 187.52% 99.61% - -
Dividend per Share 2 0.0650 0.0350 0.0370 0.0430 0.0280 0.002000
Announcement Date 3/29/19 4/17/20 4/14/21 3/29/22 3/30/23 3/29/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 1,091 1,121 1,490 1,609 1,524 1,126
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 -132 728 320 185 -175 -430
ROE (net income / shareholders' equity) 5.31% 5.54% 4.96% 5.28% 3.37% 0.05%
ROA (Net income/ Total Assets) 2.45% 2.63% 2.01% 2.22% 1.12% -1.26%
Assets 1 7,202 7,207 8,484 8,390 11,019 -467.2
Book Value Per Share 2 2.420 2.500 2.590 2.680 2.730 2.720
Cash Flow per Share 2 0.5100 0.8000 1.420 1.200 1.090 0.8500
Capex 1 328 118 114 76.2 123 56.5
Capex / Sales 16.62% 5.76% 6.52% 3.77% 7.43% 5.01%
Announcement Date 3/29/19 4/17/20 4/14/21 3/29/22 3/30/23 3/29/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Musical Instruments

1st Jan change Capi.
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Musical Instruments
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