Financials Huaming Power Equipment Co.,Ltd

Equities

002270

CNE100000CR5

Heavy Electrical Equipment

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
20.34 ^CNY	+2.68%		-0.10%	+44.05%

Apr. 11	Huaming Power Equipment Co.,Ltd Announces Profit Distribution Proposal for 2023	CI
Apr. 10	Huaming Power Equipment Co.,Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,524	6,901	12,655	18,229	-	-
Enterprise Value (EV) ¹	7,524	6,901	11,946	17,663	17,639	18,186
P/E ratio	18 x	18.3 x	23.1 x	27 x	21.9 x	18.5 x
Yield	-	3.9%	3.9%	3.05%	3%	4.07%
Capitalization / Revenue	-	4.03 x	6.45 x	7.69 x	6.53 x	5.55 x
EV / Revenue	-	4.03 x	6.09 x	7.45 x	6.32 x	5.53 x
EV / EBITDA	-	14.5 x	17.1 x	20.6 x	16.7 x	14.7 x
EV / FCF	-	-	21.3 x	29.2 x	28 x	21.6 x
FCF Yield	-	-	4.69%	3.43%	3.58%	4.63%
Price to Book	-	2.07 x	3.78 x	5.36 x	4.81 x	4.6 x
Nbr of stocks (in thousands)	759,239	896,225	896,225	896,225	-	-
Reference price ²	9.910	7.700	14.12	20.34	20.34	20.34
Announcement Date	4/20/22	2/20/23	4/10/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	-	1,712	1,961	2,369	2,792	3,287
EBITDA ¹	-	476.6	697.3	857.2	1,055	1,236
EBIT ¹	-	406.9	622	769.7	953.2	1,125
Operating Margin	-	23.77%	31.72%	32.49%	34.14%	34.21%
Earnings before Tax (EBT) ¹	-	418.9	645.8	805.8	989.5	1,162
Net income ¹	416.9	359.4	542.4	676.8	831	984.4
Net margin	-	21%	27.66%	28.57%	29.76%	29.94%
EPS ²	0.5500	0.4200	0.6100	0.7544	0.9267	1.099
Free Cash Flow ¹	-	-	560.4	605.7	631	842
FCF margin	-	-	28.58%	25.56%	22.6%	25.61%
FCF Conversion (EBITDA)	-	-	80.37%	70.66%	59.82%	68.15%
FCF Conversion (Net income)	-	-	103.33%	89.48%	75.94%	85.54%
Dividend per Share ²	-	0.3000	0.5500	0.6207	0.6107	0.8271
Announcement Date	4/20/22	2/20/23	4/10/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q3	2023 Q4	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	-	506.5	594.3	651.8	647.6	524.2
EBITDA	-	-	-	-	-	-
EBIT ¹	-	88.82	224.9	249.1	114.5	186.3
Operating Margin	-	17.54%	37.83%	38.22%	17.68%	35.54%
Earnings before Tax (EBT)	-	-	-	-	-	-
Net income ¹	172.4	83.13	210	211.6	119.8	157.7
Net margin	-	16.41%	35.33%	32.47%	18.5%	30.08%
EPS ²	0.1920	0.1000	0.2343	0.2362	0.1337	-
Dividend per Share ²	-	-	-	-	0.8203	-
Announcement Date	10/23/23	4/10/24	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	-	-	708	566	590	43
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-	-	560	606	631	842
ROE (net income / shareholders' equity)	-	11%	16.1%	20%	22.4%	25.8%
ROA (Net income/ Total Assets)	-	-	-	14.2%	16%	17.8%
Assets ¹	-	-	-	4,778	5,195	5,521
Book Value Per Share ²	-	3.720	3.740	3.790	4.230	4.420
Cash Flow per Share ²	-	0.5500	0.6900	0.6900	0.8800	1.080
Capex ¹	-	-	61.2	77.8	120	114
Capex / Sales	-	-	3.12%	3.28%	4.29%	3.46%
Announcement Date	4/20/22	2/20/23	4/10/24	-	-	-

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 Huaming Power Equipment Co.,Ltd

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

20.34 CNY

Average target price

21.67 CNY

Spread / Average Target

+6.52%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Electrical Switchgear

	1st Jan change	Capi.
HUAMING POWER EQUIPMENT CO.,LTD	+44.05%	2.52B
CHANGGAO ELECTRIC GROUP CO., LTD.	-3.38%	575M
JILIN JINGUAN ELECTRIC CO.,LTD	-26.97%	499M
HANGZHOU ZHONGHENG ELECTRIC CO., LTD	-19.87%	473M
LANZHOU GREATWALL ELECTRICAL CO., LTD	-32.96%	253M
KWANG MYUNG ELECTRIC CO.,LTD	+13.56%	82.26M

Industrial Electrical Switchgear