Financials Jiangsu Lihua Animal Husbandry Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
21.55 ^CNY	-2.66%		+4.71%	+2.77%

Apr. 21	Jiangsu Lihua Animal Husbandry Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 08	Lihua Animal Husbandry's Chicken Sales Revenue Rises, Pig Sales Income Drops in February	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	23,990	12,528	15,271	15,748	17,356	17,836	-	-
Enterprise Value (EV) ¹	23,990	12,826	16,900	17,066	19,372	19,791	19,308	17,836
P/E ratio	12 x	49.3 x	-38.6 x	16.2 x	-39.7 x	18.5 x	12.2 x	18.7 x
Yield	-	0.48%	-	2.34%	-	1.35%	2.1%	1.62%
Capitalization / Revenue	2.7 x	1.45 x	1.37 x	1.09 x	1.13 x	1.02 x	0.9 x	0.86 x
EV / Revenue	2.7 x	1.49 x	1.52 x	1.18 x	1.26 x	1.13 x	0.97 x	0.86 x
EV / EBITDA	-	18.6 x	126 x	11.1 x	62.2 x	8.56 x	7 x	8.36 x
EV / FCF	-	-	-8.42 x	-31.6 x	-23.3 x	-78.5 x	104 x	34.2 x
FCF Yield	-	-	-11.9%	-3.17%	-4.29%	-1.27%	0.96%	2.93%
Price to Book	3.52 x	1.88 x	2.44 x	1.87 x	2.26 x	2.05 x	1.81 x	1.73 x
Nbr of stocks (in thousands)	726,984	726,984	726,984	827,645	827,645	827,645	-	-
Reference price ²	33.00	17.23	21.01	19.03	20.97	21.55	21.55	21.55
Announcement Date	2/21/20	3/5/21	4/22/22	4/21/23	4/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,870	8,621	11,132	14,447	15,354	17,486	19,904	20,648
EBITDA ¹	-	690.9	134.6	1,541	311.7	2,312	2,759	2,135
EBIT ¹	1,971	271.7	-386.8	915.4	-402.3	1,015	1,503	983.5
Operating Margin	22.22%	3.15%	-3.47%	6.34%	-2.62%	5.8%	7.55%	4.76%
Earnings before Tax (EBT) ¹	1,964	254.2	-395.5	900.7	-438.8	968.7	1,469	957.7
Net income ¹	1,964	254.1	-395.6	890.8	-437.4	963.7	1,460	952.1
Net margin	22.14%	2.95%	-3.55%	6.17%	-2.85%	5.51%	7.34%	4.61%
EPS ²	2.749	0.3495	-0.5442	1.171	-0.5285	1.165	1.762	1.150
Free Cash Flow ¹	-	-	-2,008	-540.5	-831.5	-252	186	522
FCF margin	-	-	-18.04%	-3.74%	-5.42%	-1.44%	0.93%	2.53%
FCF Conversion (EBITDA)	-	-	-	-	-	-	6.74%	24.45%
FCF Conversion (Net income)	-	-	-	-	-	-	12.74%	54.83%
Dividend per Share ²	-	0.0833	-	0.4444	-	0.2900	0.4523	0.3500
Announcement Date	2/21/20	3/5/21	4/22/22	4/21/23	4/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	298	1,629	1,318	2,016	1,956	1,472	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	0.431 x	12.1 x	0.8549 x	6.469 x	0.8457 x	0.5335 x	-
Free Cash Flow ¹	-	-	-2,008	-540	-832	-252	186	522
ROE (net income / shareholders' equity)	33.8%	3.8%	-6.14%	12.5%	-5.43%	11.1%	14.6%	9.11%
ROA (Net income/ Total Assets)	-	2.85%	-39.1%	-	-	7.72%	11.1%	5.52%
Assets ¹	-	8,909	1,011	-	-	12,483	13,155	17,249
Book Value Per Share ²	9.390	9.190	8.610	10.20	9.290	10.50	11.90	12.40
Cash Flow per Share ²	3.330	0.2800	0.9400	2.230	1.750	1.470	2.530	2.050
Capex ¹	-	2,216	2,689	2,386	2,282	1,703	1,675	-
Capex / Sales	-	25.7%	24.16%	16.52%	14.86%	9.74%	8.42%	-
Announcement Date	2/21/20	3/5/21	4/22/22	4/21/23	4/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

21.55 CNY

Average target price

14.5 CNY

Spread / Average Target

-32.71%

	1st Jan change	Capi.
JIANGSU LIHUA ANIMAL HUSBANDRY CO., LTD.	+2.77%	2.46B
CAL-MAINE FOODS, INC.	-0.91%	2.79B
FUJIAN SUNNER DEVELOPMENT CO., LTD.	-13.27%	2.56B
DEKON FOOD AND AGRICULTURE GROUP	-1.85%	2.51B
SHANDONG YISHENG LIVESTOCK & POULTRY BREEDING CO., LTD.	-9.67%	1.48B
PENGDU AGRICULTURE & ANIMAL HUSBANDRY CO.,LTD.	-37.50%	880M
INGHAMS GROUP LIMITED	-7.95%	858M
HENAN HUAYING AGRICULTURAL DEVELOPMENT CO., LTD.	-28.99%	497M
SHANDONG MINHE ANIMAL HUSBANDRY CO., LTD.	-20.41%	464M
MHP SE	+7.49%	353M