Stock 603677 QIJING MACHINERY CO., LTD.
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Financials Qijing Machinery Co., Ltd.

Equities

603677

CNE100002Z16

Appliances, Tools & Housewares

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
12.17 CNY -0.25% Intraday chart for Qijing Machinery Co., Ltd. -4.47% -16.30%
Apr. 23 Qijing Machinery Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Mar. 20 Qijing Machinery Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 2,732 2,419 2,181 2,432 2,152 2,794
Enterprise Value (EV) 1 2,829 2,502 2,173 2,504 2,183 2,764
P/E ratio 34 x 31.2 x 39.1 x 27.5 x 33.6 x 40.4 x
Yield 1.44% 2.24% 2.64% 2.37% 1.34% 1.38%
Capitalization / Revenue 1.98 x 1.45 x 1.4 x 1.21 x 1.19 x 1.58 x
EV / Revenue 2.05 x 1.5 x 1.39 x 1.25 x 1.21 x 1.56 x
EV / EBITDA 19.7 x 16.3 x 14.3 x 13.9 x 15.8 x 16.7 x
EV / FCF -25.5 x 22.7 x 14.9 x -22.1 x 64.3 x 62.8 x
FCF Yield -3.92% 4.41% 6.72% -4.53% 1.55% 1.59%
Price to Book 2.62 x 2.25 x 2.1 x 2.2 x 1.93 x 2.41 x
Nbr of stocks (in thousands) 196,150 193,649 192,129 192,139 192,143 192,146
Reference price 2 13.93 12.49 11.35 12.66 11.20 14.54
Announcement Date 3/5/19 2/21/20 3/16/21 3/23/22 3/23/23 3/20/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,381 1,666 1,559 2,005 1,804 1,772
EBITDA 1 143.5 153.2 151.5 180 137.9 165.3
EBIT 1 97.37 97.13 87.18 107.9 59.53 84.15
Operating Margin 7.05% 5.83% 5.59% 5.38% 3.3% 4.75%
Earnings before Tax (EBT) 1 97.37 90.35 61.5 96.24 66.1 73.66
Net income 1 77.69 76.32 56.21 88.91 64.03 69.15
Net margin 5.62% 4.58% 3.6% 4.43% 3.55% 3.9%
EPS 2 0.4100 0.4000 0.2900 0.4600 0.3332 0.3599
Free Cash Flow 1 -110.8 110.4 146.1 -113.5 33.94 43.99
FCF margin -8.02% 6.62% 9.37% -5.66% 1.88% 2.48%
FCF Conversion (EBITDA) - 72.07% 96.4% - 24.61% 26.61%
FCF Conversion (Net income) - 144.65% 259.88% - 53.01% 63.61%
Dividend per Share 2 0.2000 0.2800 0.3000 0.3000 0.1500 0.2000
Announcement Date 3/5/19 2/21/20 3/16/21 3/23/22 3/23/23 3/20/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 96.6 83.8 - 71.2 30.9 -
Net Cash position 1 - - 7.68 - - 29.4
Leverage (Debt/EBITDA) 0.673 x 0.547 x - 0.3956 x 0.2244 x -
Free Cash Flow 1 -111 110 146 -113 33.9 44
ROE (net income / shareholders' equity) 8.06% 7.22% 5.32% 8.29% 5.76% 6.08%
ROA (Net income/ Total Assets) 3.58% 3.21% 3.04% 3.49% 1.83% 2.53%
Assets 1 2,168 2,375 1,848 2,547 3,498 2,731
Book Value Per Share 2 5.310 5.550 5.400 5.760 5.810 6.020
Cash Flow per Share 2 1.010 0.4400 1.180 1.640 1.560 1.880
Capex 1 149 164 83.2 128 84.2 95
Capex / Sales 10.76% 9.87% 5.33% 6.4% 4.67% 5.36%
Announcement Date 3/5/19 2/21/20 3/16/21 3/23/22 3/23/23 3/20/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Household Appliances

1st Jan change Capi.
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Household Appliances
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