SHANDONG HUALU-HENGSHENG CHEMICAL CO., LTD.

Financials Shandong Hualu-Hengsheng Chemical Co., Ltd.

Equities

600426

CNE000001BM7

Commodity Chemicals

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
28.4 ^CNY	-0.84%		-0.94%	+2.94%

Apr. 24	Shandong Hualu-Hengsheng Chemical Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 01	Shandong Hualu-Hengsheng Chemical's Profit Falls 43%, Revenue Drops 10%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	32,322	60,674	66,103	70,388	58,582	60,302	-	-
Enterprise Value (EV) ¹	34,025	62,031	66,594	72,269	64,371	67,473	63,170	57,503
P/E ratio	13.2 x	33.7 x	9.12 x	11.2 x	16.3 x	13.2 x	9.99 x	9.71 x
Yield	1.76%	0.8%	2.56%	2.41%	2.17%	2.41%	2.91%	2.86%
Capitalization / Revenue	2.28 x	4.63 x	2.48 x	2.33 x	2.15 x	1.81 x	1.58 x	1.54 x
EV / Revenue	2.4 x	4.73 x	2.5 x	2.39 x	2.36 x	2.02 x	1.66 x	1.47 x
EV / EBITDA	7.82 x	18.1 x	6.71 x	7.66 x	9.93 x	8.08 x	6.36 x	5.47 x
EV / FCF	-	-	53.4 x	1,049 x	-16.1 x	118 x	32.6 x	13.7 x
FCF Yield	-	-	1.87%	0.1%	-6.2%	0.85%	3.06%	7.31%
Price to Book	2.27 x	3.92 x	2.97 x	2.61 x	2.03 x	1.88 x	1.6 x	1.46 x
Nbr of stocks (in thousands)	2,114,658	2,114,658	2,111,915	2,123,320	2,123,320	2,123,320	-	-
Reference price ²	15.28	28.69	31.30	33.15	27.59	28.40	28.40	28.40
Announcement Date	3/26/20	3/26/21	2/28/22	3/29/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,190	13,115	26,636	30,245	27,260	33,390	38,153	39,208
EBITDA ¹	4,351	3,436	9,926	9,436	6,481	8,352	9,938	10,506
EBIT ¹	2,899	2,127	8,509	7,604	4,428	5,528	7,369	7,471
Operating Margin	20.43%	16.22%	31.95%	25.14%	16.25%	16.56%	19.31%	19.05%
Earnings before Tax (EBT) ¹	2,896	2,123	8,527	7,411	4,281	5,474	7,325	7,400
Net income ¹	2,453	1,798	7,254	6,289	3,576	4,582	6,038	6,211
Net margin	17.29%	13.71%	27.23%	20.79%	13.12%	13.72%	15.82%	15.84%
EPS ²	1.160	0.8508	3.432	2.965	1.689	2.155	2.843	2.925
Free Cash Flow ¹	-	-	1,246	68.9	-3,989	573	1,935	4,206
FCF margin	-	-	4.68%	0.23%	-14.63%	1.72%	5.07%	10.73%
FCF Conversion (EBITDA)	-	-	12.55%	0.73%	-	6.86%	19.47%	40.03%
FCF Conversion (Net income)	-	-	17.18%	1.1%	-	12.51%	32.05%	67.72%
Dividend per Share ²	0.2692	0.2308	0.8000	0.8000	0.6000	0.6840	0.8270	0.8110
Announcement Date	3/26/20	3/26/21	2/28/22	3/29/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	8,401	8,115	8,418	6,475	7,237	6,053	6,306	6,987	7,914	7,978	8,511	8,511	10,638	-	-
EBITDA	-	3,218	2,901	1,534	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,906	2,852	2,449	1,178	1,125	915.2	1,083	1,399	1,032	1,370	1,586	1,586	1,859	-	-
Operating Margin	22.68%	35.14%	29.09%	18.2%	15.54%	15.12%	17.17%	20.02%	13.04%	17.17%	18.64%	18.64%	17.47%	-	-
Earnings before Tax (EBT) ¹	1,922	-	-	-	908.5	915.9	1,086	1,400	879.2	1,372	1,533	1,536	1,799	-	-
Net income ¹	1,642	2,429	2,081	1,025	755.1	781.7	927.9	1,218	648.7	1,065	1,297	1,299	1,238	-	-
Net margin	19.55%	29.93%	24.72%	15.82%	10.43%	12.91%	14.72%	17.43%	8.2%	13.35%	15.24%	15.27%	11.64%	-	-
EPS ²	0.7700	1.150	0.9800	0.4800	0.3600	0.3680	0.4400	0.5700	0.3100	0.5020	0.6109	0.6120	0.5830	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	0.1500	0.1500	0.1500	0.1180	0.1180
Announcement Date	2/28/22	4/29/22	8/30/22	10/27/22	3/29/23	4/25/23	8/30/23	10/27/23	3/29/24	4/24/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,703	1,357	492	1,881	5,789	7,171	2,867	-
Net Cash position ¹	-	-	-	-	-	-	-	2,799
Leverage (Debt/EBITDA)	0.3915 x	0.3949 x	0.0495 x	0.1993 x	0.8932 x	0.8586 x	0.2885 x	-
Free Cash Flow ¹	-	-	1,246	68.9	-3,989	573	1,935	4,206
ROE (net income / shareholders' equity)	18.7%	12.1%	38.6%	25.6%	12.8%	14.7%	16.2%	14.9%
ROA (Net income/ Total Assets)	13.3%	9.29%	29.5%	19.8%	-	10.1%	10.4%	10.6%
Assets ¹	18,422	19,369	24,601	31,829	-	45,361	58,334	58,778
Book Value Per Share ²	6.730	7.310	10.50	12.70	13.60	15.10	17.70	19.40
Cash Flow per Share ²	1.770	1.420	2.320	3.300	2.220	3.580	4.080	4.240
Capex ¹	1,856	2,595	3,660	6,931	8,705	5,496	3,956	3,302
Capex / Sales	13.08%	19.79%	13.74%	22.91%	31.93%	16.46%	10.37%	8.42%
Announcement Date	3/26/20	3/26/21	2/28/22	3/29/23	3/29/24	-	-	-

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 Shandong Hualu-Hengsheng Chemical Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

28.4 CNY

Average target price

36.02 CNY

Spread / Average Target

+26.83%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Commodity Chemicals

	1st Jan change	Capi.
SHANDONG HUALU-HENGSHENG CHEMICAL CO., LTD.	+2.94%	8.32B
AIR LIQUIDE	+5.14%	103B
SAUDI BASIC INDUSTRIES CORPORATION	-5.63%	63.04B
PT CHANDRA ASRI PACIFIC TBK	+39.52%	39.06B
WANHUA CHEMICAL GROUP CO., LTD.	+12.91%	37.58B
LYONDELLBASELL INDUSTRIES N.V.	+7.41%	33.26B
WESTLAKE CORPORATION	+6.85%	19.22B
NINGXIA BAOFENG ENERGY GROUP CO., LTD.	+12.86%	16.83B
RONGSHENG PETROCHEMICAL CO., LTD.	+7.73%	15.03B
HENGLI PETROCHEMICAL CO.,LTD.	+16.93%	14.96B

Other Commodity Chemicals