Financials Hebei Hengshui Laobaigan Liquor 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
19.87 ^CNY	+2.95%		+10.82%	-11.88%

Apr. 26	Hebei Hengshui Laobaigan Liquor Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 26	Hebei Hengshui Laobaigan Liquor 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	10,086	28,247	25,070	25,183	20,628	18,176	-
Enterprise Value (EV) ¹	10,086	28,247	25,070	25,183	20,628	18,176	18,176
P/E ratio	25 x	89.9 x	65 x	35.3 x	30.9 x	21.4 x	15.9 x
Yield	1.33%	0.48%	-	1.09%	2%	1.58%	2.64%
Capitalization / Revenue	2.5 x	7.85 x	-	5.41 x	3.92 x	2.98 x	2.56 x
EV / Revenue	2.5 x	7.85 x	-	5.41 x	3.92 x	2.98 x	2.56 x
EV / EBITDA	16.9 x	50.3 x	-	23.1 x	19.5 x	14.1 x	10.9 x
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	3.07 x	8.15 x	-	5.79 x	4.29 x	3.62 x	3.44 x
Nbr of stocks (in thousands)	897,287	897,287	897,287	914,747	914,747	914,747	-
Reference price ²	11.24	31.48	27.94	27.53	22.55	19.87	19.87
Announcement Date	4/25/20	4/28/21	4/28/22	4/26/23	4/26/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	4,030	3,598	-	4,653	5,257	6,099	7,089
EBITDA ¹	597.9	562	-	1,092	1,058	1,285	1,667
EBIT ¹	474.8	434.6	-	934.7	884.4	1,128	1,522
Operating Margin	11.78%	12.08%	-	20.09%	16.82%	18.49%	21.47%
Earnings before Tax (EBT) ¹	493.3	430.9	-	935	890.5	1,128	1,523
Net income ¹	404.3	312.6	389.2	707.6	665.9	847.2	1,146
Net margin	10.03%	8.69%	-	15.21%	12.67%	13.89%	16.17%
EPS ²	0.4500	0.3500	0.4300	0.7800	0.7300	0.9275	1.253
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	0.1500	0.1500	-	0.3000	0.4500	0.3133	0.5250
Announcement Date	4/25/20	4/28/21	4/28/22	4/26/23	4/26/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	13%	9.26%	-	17.5%	14.4%	17.4%	22.6%
ROA (Net income/ Total Assets)	6.88%	4.91%	-	-	-	8.6%	10.6%
Assets ¹	5,876	6,369	-	-	-	9,852	10,863
Book Value Per Share ²	3.670	3.860	-	4.750	5.260	5.490	5.770
Cash Flow per Share ²	0.4300	0.6100	-	0.6800	0.8700	0.8200	1.240
Capex ¹	272	349	-	44.6	148	333	125
Capex / Sales	6.76%	9.71%	-	0.96%	2.81%	5.46%	1.76%
Announcement Date	4/25/20	4/28/21	4/28/22	4/26/23	4/26/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

19.87 CNY

Average target price

28.73 CNY

Spread / Average Target

+44.59%

	1st Jan change	Capi.
HEBEI HENGSHUI LAOBAIGAN LIQUOR CO., LTD.	-11.88%	2.51B
KWEICHOW MOUTAI CO., LTD.	-0.96%	296B
WULIANGYE YIBIN CO.,LTD.	+8.51%	81.55B
SHANXI XINGHUACUN FEN WINE FACTORY CO.,LTD.	+9.34%	42.47B
LUZHOU LAOJIAO CO.,LTD	+3.90%	37.87B
JIANGSU YANGHE BREWERY JOINT-STOCK CO., LTD.	-8.93%	20.67B
ANHUI GUJING DISTILLERY CO., LTD.	+13.62%	16.62B
DAVIDE CAMPARI-MILANO N.V.	-8.10%	12.04B
UNITED SPIRITS LIMITED	+7.26%	10.21B
JIANGSU KING'S LUCK BREWERY JOINT-STOCK CO.,LTD.	+21.13%	10.16B