Financials Jinxin Fertility Group Limited

Equities

1951

KYG5140J1013

Healthcare Facilities & Services

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
2.6 ^HKD	+5.69%		+14.54%	-22.39%

Mar. 29	Jinxin Fertility Logs 185% Profit Surge in 2023 as Revenue Rises 18%	MT
Mar. 27	Jinxin Fertility Group Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 25 July 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	22,669	32,282	17,756	16,027	6,637	6,637	-
Enterprise Value (EV) ¹	19,555	30,220	18,550	16,799	8,285	7,792	7,185
P/E ratio	49 x	133 x	50.7 x	127 x	25.4 x	14.8 x	12.2 x
Yield	0.67%	-	0.85%	-	1.46%	3.77%	3.3%
Capitalization / Revenue	13.8 x	22.6 x	9.66 x	6.78 x	2.97 x	2.07 x	1.78 x
EV / Revenue	11.9 x	21.2 x	10.1 x	7.1 x	2.97 x	2.43 x	1.93 x
EV / EBITDA	29 x	62.4 x	29.8 x	35.1 x	10.6 x	8.57 x	6.47 x
EV / FCF	43.7 x	112 x	54.9 x	-40.2 x	28.4 x	13.7 x	9.95 x
FCF Yield	2.29%	0.89%	1.82%	-2.49%	3.52%	7.32%	10.1%
Price to Book	2.72 x	4.38 x	2.08 x	1.85 x	0.69 x	0.63 x	0.61 x
Nbr of stocks (in thousands)	2,434,384	2,427,584	2,501,853	2,516,853	2,757,706	2,757,706	-
Reference price ²	9.312	13.30	7.097	6.368	2.407	2.407	2.407
Announcement Date	3/30/20	3/28/21	3/30/22	3/30/23	3/27/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,648	1,426	1,839	2,364	2,789	3,212	3,732
EBITDA ¹	675.5	484.4	622.5	479.1	781.2	909.3	1,110
EBIT ¹	528.9	305.4	489.2	230.5	539	612.5	709.3
Operating Margin	32.08%	21.42%	26.6%	9.75%	19.33%	19.07%	19.01%
Earnings before Tax (EBT) ¹	547.9	349.1	457.9	154.3	464.3	572.5	677.7
Net income ¹	409.6	251.6	339.9	121.1	344.7	441.2	521.4
Net margin	24.85%	17.64%	18.48%	5.12%	12.36%	13.74%	13.97%
EPS ²	0.1900	0.1000	0.1400	0.0500	0.1200	0.1622	0.1969
Free Cash Flow ¹	448	268.9	338.1	-417.7	228.7	570.4	722.3
FCF margin	27.17%	18.86%	18.39%	-17.66%	8.05%	17.76%	19.36%
FCF Conversion (EBITDA)	66.32%	55.51%	54.32%	-	27.05%	62.73%	65.06%
FCF Conversion (Net income)	109.36%	106.86%	99.48%	-	56.76%	129.28%	138.54%
Dividend per Share ²	0.0622	-	0.0600	-	0.0351	0.0908	0.0795
Announcement Date	3/30/20	3/28/21	3/30/22	3/30/23	3/27/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2023 S1	2023 S2
Net sales ¹	-	1,334	1,455
EBITDA	-	-	-
EBIT ¹	-	319	219.9
Operating Margin	-	23.92%	15.12%
Earnings before Tax (EBT) ¹	-	-	185
Net income ¹	155.6	223.8	133
Net margin	-	16.78%	8.9%
EPS ²	0.0600	0.0800	0.0400
Dividend per Share	-	-	-
Announcement Date	9/24/21	8/29/23	3/27/24

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	794	773	-	1,155	548
Net Cash position ¹	3,114	2,062	-	-	137	-	-
Leverage (Debt/EBITDA)	-	-	1.276 x	1.613 x	-	1.27 x	0.4932 x
Free Cash Flow ¹	448	269	338	-418	229	570	722
ROE (net income / shareholders' equity)	5.44%	3.4%	4.29%	3.19%	4.48%	4.28%	4.86%
ROA (Net income/ Total Assets)	4.58%	2.94%	3.09%	1.95%	2.74%	3.15%	3.51%
Assets ¹	8,941	8,557	10,994	6,198	14,704	13,991	14,855
Book Value Per Share ²	3.420	3.030	3.410	3.430	3.470	3.820	3.930
Cash Flow per Share ²	0.2100	0.1300	0.1400	0.2100	0.1900	0.1700	0.4800
Capex ¹	4.61	39.1	5.31	959	320	587	318
Capex / Sales	0.28%	2.74%	0.29%	40.58%	11.25%	18.28%	8.52%
Announcement Date	3/30/20	3/28/21	3/30/22	3/30/23	3/27/24	-	-

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 Jinxin Fertility Group Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.407 CNY

Average target price

4.184 CNY

Spread / Average Target

+73.85%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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