Financials Hengli Petrochemical Co.,Ltd.

Equities

600346

CNE0000018V0

Commodity Chemicals

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
15.4 ^CNY	-1.16%		-4.29%	+16.93%

Apr. 24	Aramco Inks MOU for Potential Acquisition of 10% of Hengli Petrochemical	MT
Apr. 22	Aramco in Talks to Acquire 10% Stake in Hengli Petrochemical	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	113,189	196,884	161,688	109,317	92,705	108,402	-	-
Enterprise Value (EV) ¹	199,398	289,818	258,838	218,254	223,350	225,770	215,392	201,442
P/E ratio	11.2 x	14.6 x	10.4 x	47.1 x	13.4 x	11.1 x	9.1 x	8.07 x
Yield	2.49%	2.75%	4.4%	-	4.18%	5.01%	5.29%	5.87%
Capitalization / Revenue	1.12 x	1.29 x	0.82 x	0.49 x	0.39 x	0.42 x	0.42 x	0.4 x
EV / Revenue	1.98 x	1.9 x	1.31 x	0.98 x	0.95 x	0.87 x	0.84 x	0.74 x
EV / EBITDA	11.5 x	11.3 x	9.22 x	18.4 x	12 x	7.8 x	6.79 x	5.77 x
EV / FCF	-8.03 x	1,421 x	49 x	887 x	-13.8 x	11.4 x	7.67 x	-
FCF Yield	-12.5%	0.07%	2.04%	0.11%	-7.25%	8.73%	13%	-
Price to Book	3.12 x	4.2 x	2.83 x	2.07 x	1.55 x	1.72 x	1.5 x	1.33 x
Nbr of stocks (in thousands)	7,039,100	7,039,100	7,039,100	7,039,100	7,039,100	7,039,100	-	-
Reference price ²	16.08	27.97	22.97	15.53	13.17	15.40	15.40	15.40
Announcement Date	4/16/20	4/5/21	4/6/22	4/27/23	4/9/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	100,782	152,373	197,997	222,324	234,791	258,109	257,168	272,373
EBITDA ¹	17,299	25,616	28,059	11,834	18,598	28,949	31,745	34,909
EBIT ¹	13,223	18,051	19,791	2,325	8,900	14,971	16,833	17,478
Operating Margin	13.12%	11.85%	10%	1.05%	3.79%	5.8%	6.55%	6.42%
Earnings before Tax (EBT) ¹	13,212	18,037	19,828	2,410	8,873	12,733	15,474	17,315
Net income ¹	10,025	13,462	15,531	2,318	6,905	9,772	11,922	13,428
Net margin	9.95%	8.83%	7.84%	1.04%	2.94%	3.79%	4.64%	4.93%
EPS ²	1.440	1.920	2.210	0.3300	0.9800	1.390	1.693	1.909
Free Cash Flow ¹	-24,837	203.9	5,287	246.2	-16,186	19,720	28,069	-
FCF margin	-24.64%	0.13%	2.67%	0.11%	-6.89%	7.64%	10.91%	-
FCF Conversion (EBITDA)	-	0.8%	18.84%	2.08%	-	68.12%	88.42%	-
FCF Conversion (Net income)	-	1.51%	34.04%	10.62%	-	201.8%	235.43%	-
Dividend per Share ²	0.4000	0.7700	1.010	-	0.5500	0.7721	0.8148	0.9043
Announcement Date	4/16/20	4/5/21	4/6/22	4/27/23	4/9/24	-	-	-

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	46,508	53,397	65,759	51,202	51,966	56,144	53,285	63,683	61,678	58,390	66,447	66,261	59,183	63,000	59,800
EBITDA	6,287	8,497	8,926	-	-6,551	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,538	5,365	5,378	-2,538	-5,711	-	2,693	4,919	1,594	2,716	5,131	4,234	2,873	-	-
Operating Margin	7.61%	10.05%	8.18%	-4.96%	-10.99%	-	5.05%	7.72%	2.58%	4.65%	7.72%	6.39%	4.85%	-	-
Earnings before Tax (EBT) ¹	3,573	5,367	5,386	-2,708	-5,635	-	2,692	3,338	1,556	2,719	3,743	2,849	1,970	-	-
Net income ¹	2,819	4,223	3,803	-1,939	-3,768	1,020	2,029	2,652	1,204	2,139	2,807	2,137	1,590	-	-
Net margin	6.06%	7.91%	5.78%	-3.79%	-7.25%	1.82%	3.81%	4.16%	1.95%	3.66%	4.22%	3.23%	2.69%	-	-
EPS ²	0.4000	0.6000	0.5400	-0.2800	-0.5300	-	0.2900	0.3800	0.1700	0.3000	0.3988	0.3036	0.2258	-	-
Dividend per Share ²	1.010	-	-	-	-	-	-	-	-	-	0.1701	0.1701	0.1701	-	-
Announcement Date	4/6/22	4/29/22	8/15/22	10/28/22	4/27/23	4/27/23	8/22/23	10/27/23	4/9/24	4/22/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	86,209	92,934	97,150	108,937	130,645	117,368	106,989	93,040
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.983 x	3.628 x	3.462 x	9.205 x	7.025 x	4.054 x	3.37 x	2.665 x
Free Cash Flow ¹	-24,837	204	5,287	246	-16,186	19,720	28,069	-
ROE (net income / shareholders' equity)	31.8%	32.6%	29.8%	4.3%	12.2%	15.5%	16.6%	16.3%
ROA (Net income/ Total Assets)	6.69%	7.37%	7.74%	-	2.39%	3.66%	4.17%	4.26%
Assets ¹	149,808	182,706	200,662	-	288,992	267,184	286,168	314,967
Book Value Per Share ²	5.160	6.660	8.130	7.510	8.520	8.970	10.20	11.50
Cash Flow per Share ²	2.410	3.430	2.650	3.690	3.340	3.390	3.850	4.460
Capex ¹	41,774	23,929	13,383	25,708	39,722	16,049	13,254	6,499
Capex / Sales	41.45%	15.7%	6.76%	11.56%	16.92%	6.22%	5.15%	2.39%
Announcement Date	4/16/20	4/5/21	4/6/22	4/27/23	4/9/24	-	-	-

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 Hengli Petrochemical Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

15.4 CNY

Average target price

17.76 CNY

Spread / Average Target

+15.32%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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