Financials Shandong Hi-Speed Road&Bridge Group 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
5.63 ^CNY	+0.72%		-6.17%	-0.18%

Apr. 19	Shandong Hi-Speed Road&Bridge Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 15	Shandong Hi-Speed Road&Bridge Group Co., Ltd. Proposes Final Cash Dividend for the Year 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,242	7,396	9,629	10,722	8,802	8,788	-	-
Enterprise Value (EV) ¹	5,242	7,396	9,629	10,722	8,802	8,788	8,788	8,788
P/E ratio	8.46 x	4.23 x	4.51 x	4.55 x	5.21 x	3.62 x	3.36 x	3.09 x
Yield	1.71%	2.11%	-	-	-	-	-	-
Capitalization / Revenue	0.23 x	0.21 x	0.17 x	0.16 x	0.12 x	0.11 x	0.11 x	0.1 x
EV / Revenue	0.23 x	0.21 x	0.17 x	0.16 x	0.12 x	0.11 x	0.11 x	0.1 x
EV / EBITDA	4.28 x	3.41 x	2.42 x	2.26 x	1.99 x	1.41 x	1.32 x	1.22 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.95 x	0.86 x	0.91 x	0.84 x	0.39 x	0.37 x	0.34 x	0.3 x
Nbr of stocks (in thousands)	1,120,139	1,556,959	1,558,028	1,560,629	1,560,629	1,560,996	-	-
Reference price ²	4.680	4.750	6.180	6.870	5.640	5.630	5.630	5.630
Announcement Date	1/16/20	1/28/21	1/25/22	1/17/23	4/14/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,260	34,437	57,522	65,019	73,024	77,885	83,654	90,190
EBITDA ¹	1,226	2,167	3,985	4,741	4,425	6,245	6,662	7,186
EBIT ¹	1,068	1,822	3,394	3,879	3,728	3,925	4,190	4,581
Operating Margin	4.59%	5.29%	5.9%	5.97%	5.11%	5.04%	5.01%	5.08%
Earnings before Tax (EBT) ¹	1,070	1,817	3,392	3,889	3,717	3,928	4,198	4,589
Net income ¹	619.8	1,339	2,135	2,505	2,289	2,426	2,618	2,840
Net margin	2.66%	3.89%	3.71%	3.85%	3.13%	3.12%	3.13%	3.15%
EPS ²	0.5533	1.122	1.370	1.510	1.082	1.553	1.677	1.820
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share	0.0800	0.1000	-	-	-	-	-	-
Announcement Date	1/16/20	1/28/21	1/25/22	1/17/23	4/14/24	-	-	-

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)	11%	16.5%	22.2%	20.4%	14.5%	10.5%	10.3%	9.94%
ROA (Net income/ Total Assets)	2.18%	2.89%	-	-	-	-	-	-
Assets ¹	28,417	46,399	-	-	-	-	-	-
Book Value Per Share ²	4.920	5.550	6.820	8.210	14.50	15.10	16.70	18.60
Cash Flow per Share ²	0.0400	0.6300	-1.510	0.1000	-2.530	0.7400	1.640	1.600
Capex ¹	411	469	-	441	1,537	2,307	2,471	2,632
Capex / Sales	1.77%	1.36%	-	0.68%	2.1%	2.96%	2.95%	2.92%
Announcement Date	1/16/20	1/28/21	1/25/22	1/17/23	4/14/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.63 CNY

Average target price

7.725 CNY

Spread / Average Target

+37.21%

	1st Jan change	Capi.
SHANDONG HI-SPEED ROAD&BRIDGE GROUP CO., LTD.	-0.18%	1.21B
IRB INFRASTRUCTURE DEVELOPERS LIMITED	+65.58%	4.98B
STERLING INFRASTRUCTURE, INC.	+20.43%	3.3B
CONSTRUCTION PARTNERS, INC.	+21.25%	2.79B
G R INFRAPROJECTS LIMITED	+19.07%	1.58B
ZHEJIANG COMMUNICATIONS TECHNOLOGY CO., LTD.	+7.12%	1.4B
NATIONAL HIGHWAYS INFRA TRUST	+6.75%	903M
DILIP BUILDCON LIMITED	+17.75%	794M
SHANGHAI PUDONG CONSTRUCTION CO.,LTD.	-6.03%	793M
SHREM INVIT	+1.72%	701M