Financials MeiHua Holdings Group 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
10.61 ^CNY	+1.05%		-0.84%	+11.10%

Apr. 09	Meihua Holdings Group's Attributable Profit Slides 6% in Q1; Shares Slide 3%	MT
Apr. 09	Meihua Holdings Logs 6.49 Billion Yuan in Food Sales Revenue in Q1; Shares Down 3%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,712	14,232	23,346	30,972	27,916	30,491	-	-
Enterprise Value (EV) ¹	13,712	14,232	23,346	30,972	27,916	30,491	30,491	30,491
P/E ratio	13.9 x	14.6 x	10.1 x	7.12 x	9.01 x	9.5 x	8.67 x	8 x
Yield	-	6.44%	5.22%	-	4.37%	3.68%	3.77%	4.05%
Capitalization / Revenue	0.94 x	0.83 x	1.02 x	1.11 x	1.01 x	1.01 x	0.95 x	0.89 x
EV / Revenue	0.94 x	0.83 x	1.02 x	1.11 x	1.01 x	1.01 x	0.95 x	0.89 x
EV / EBITDA	4.86 x	-	5.41 x	4.72 x	5.38 x	5.87 x	5.5 x	5.15 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.54 x	1.59 x	2.28 x	2.29 x	1.98 x	1.88 x	1.61 x	1.39 x
Nbr of stocks (in thousands)	3,081,343	3,054,174	3,043,851	3,042,465	2,923,093	2,873,792	-	-
Reference price ²	4.450	4.660	7.670	10.18	9.550	10.61	10.61	10.61
Announcement Date	4/15/20	4/8/21	3/1/22	3/6/23	3/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,554	17,050	22,837	27,937	27,761	30,094	31,972	34,235
EBITDA ¹	2,823	-	4,314	6,565	5,188	5,198	5,546	5,925
EBIT ¹	1,174	1,186	2,871	5,160	3,813	3,872	4,254	4,602
Operating Margin	8.07%	6.96%	12.57%	18.47%	13.74%	12.87%	13.31%	13.44%
Earnings before Tax (EBT) ¹	1,168	1,178	2,825	5,153	3,723	3,849	4,231	4,580
Net income ¹	988.6	982.1	2,351	4,406	3,181	3,279	3,604	3,901
Net margin	6.79%	5.76%	10.3%	15.77%	11.46%	10.9%	11.27%	11.4%
EPS ²	0.3200	0.3200	0.7600	1.430	1.060	1.117	1.223	1.327
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	0.3000	0.4000	-	0.4170	0.3900	0.4000	0.4300
Announcement Date	4/15/20	4/8/21	3/1/22	3/6/23	3/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	10.7%	11%	24.4%	36%	23.5%	19.8%	18.6%	17.4%
ROA (Net income/ Total Assets)	5.15%	-	11.9%	-	-	12.8%	12.3%	11.9%
Assets ¹	19,193	-	19,830	-	-	25,708	29,253	32,867
Book Value Per Share ²	2.890	2.930	3.360	4.440	4.810	5.640	6.600	7.660
Cash Flow per Share ²	0.9000	0.5400	1.190	1.860	1.780	1.590	1.630	1.890
Capex ¹	1,142	786	897	1,459	1,329	1,721	1,889	1,239
Capex / Sales	7.85%	4.61%	3.93%	5.22%	4.79%	5.72%	5.91%	3.62%
Announcement Date	4/15/20	4/8/21	3/1/22	3/6/23	3/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

10.61 CNY

Average target price

13.78 CNY

Spread / Average Target

+29.88%

	1st Jan change	Capi.
MEIHUA HOLDINGS GROUP CO.,LTD	+11.10%	4.21B
FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD.	+2.35%	29.8B
INTERNATIONAL FLAVORS & FRAGRANCES INC.	+4.50%	21.6B
KIKKOMAN CORPORATION	+13.39%	11.83B
LANCASTER COLONY CORPORATION	+12.40%	5.15B
ANGEL YEAST CO., LTD	-16.49%	3.48B
TATE & LYLE PLC	-3.79%	3.14B
JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO.,LTD	+4.73%	3.11B
KEWPIE CORPORATION	+27.19%	2.79B
ANHUI HUAHENG BIOTECHNOLOGY CO., LTD.	-14.60%	2.34B