Financials Weichai Power Co., Ltd.

Equities

2338

CNE1000004L9

Auto, Truck & Motorcycle Parts

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
16.4 ^HKD	0.00%		-4.32%	+25.77%

Mar. 29	Jefferies Adjusts Weichai Power’s Price Target to 19.30 Yuan From 18.10 Yuan, Keeps at Buy	MT
Mar. 26	Weichai Power's 2023 EPS, Revenue Beat Forecasts	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	123,654	119,998	145,537	86,046	114,554	147,753	-	-
Enterprise Value (EV) ¹	111,519	95,517	102,316	59,867	65,391	80,441	66,419	48,532
P/E ratio	12.8 x	11.3 x	11.3 x	16.2 x	11.4 x	10.9 x	9.78 x	8.83 x
Yield	1.95%	1.15%	2.98%	-	4.38%	4.07%	4.51%	5%
Capitalization / Revenue	0.71 x	0.61 x	0.72 x	0.49 x	0.54 x	0.66 x	0.61 x	0.56 x
EV / Revenue	0.64 x	0.48 x	0.5 x	0.34 x	0.31 x	0.36 x	0.28 x	0.19 x
EV / EBITDA	5.02 x	4.48 x	4.19 x	3.53 x	2.64 x	3.03 x	2.38 x	1.66 x
EV / FCF	6.03 x	5.55 x	11.4 x	-6.72 x	3.18 x	4.81 x	2.75 x	1.5 x
FCF Yield	16.6%	18%	8.77%	-14.9%	31.4%	20.8%	36.3%	66.4%
Price to Book	2.58 x	2.03 x	2.03 x	-	1.29 x	1.51 x	1.39 x	1.27 x
Nbr of stocks (in thousands)	7,933,874	7,933,874	8,726,557	8,639,291	8,639,291	8,639,291	-	-
Reference price ²	14.69	13.10	12.43	9.256	11.85	15.18	15.18	15.18
Announcement Date	3/26/20	3/30/21	3/30/22	3/30/23	3/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	174,361	197,491	203,548	175,158	213,958	224,458	241,070	261,566
EBITDA ¹	22,227	21,319	24,426	16,982	24,814	26,572	27,960	29,243
EBIT ¹	14,156	12,461	13,889	5,834	12,905	15,255	17,121	18,504
Operating Margin	8.12%	6.31%	6.82%	3.33%	6.03%	6.8%	7.1%	7.07%
Earnings before Tax (EBT) ¹	14,352	12,682	14,055	6,085	13,151	16,582	19,051	20,880
Net income ¹	9,105	9,207	9,254	4,905	9,014	11,931	13,236	14,654
Net margin	5.22%	4.66%	4.55%	2.8%	4.21%	5.32%	5.49%	5.6%
EPS ²	1.150	1.160	1.100	0.5700	1.040	1.399	1.552	1.718
Free Cash Flow ¹	18,483	17,217	8,975	-8,912	20,561	16,736	24,124	32,248
FCF margin	10.6%	8.72%	4.41%	-5.09%	9.61%	7.46%	10.01%	12.33%
FCF Conversion (EBITDA)	83.16%	80.76%	36.74%	-	82.86%	62.99%	86.28%	110.28%
FCF Conversion (Net income)	203%	187%	96.98%	-	228.1%	140.28%	182.26%	220.06%
Dividend per Share ²	0.2860	0.1500	0.3700	-	0.5190	0.6176	0.6851	0.7591
Announcement Date	3/26/20	3/30/21	3/30/22	3/30/23	3/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	-	94,495	102,997	126,388	40,041	37,119	77,160	-	45,636	86,740	43,783	44,634	53,434	52,701	54,248	53,575	58,775	58,661	53,130	60,464	64,200
EBITDA ¹	-	-	-	-	3,892	2,839	-	-	3,062	-	2,260	-	-	-	-	-	7,583	7,196	5,813	5,666	-
EBIT ¹	-	-	-	-	2,400	1,604	4,004	-	1,802	3,364	443.6	2,026	2,574	3,016	3,807	3,509	4,606	4,219	2,836	2,689	-
Operating Margin	-	-	-	-	5.99%	4.32%	5.19%	-	3.95%	3.88%	1.01%	4.54%	4.82%	5.72%	7.02%	6.55%	7.84%	7.19%	5.34%	4.45%	-
Earnings before Tax (EBT) ¹	-	-	-	-	2,453	1,629	-	-	1,839	-	532.7	2,135	2,651	3,097	3,891	3,513	4,975	4,689	3,312	3,225	-
Net income ¹	3,817	4,680	-	-	1,469	1,354	2,823	-	1,335	2,387	925.2	1,593	1,856	2,043	2,602	2,513	3,031	3,301	2,183	2,291	-
Net margin	-	4.95%	-	-	3.67%	3.65%	3.66%	-	2.93%	2.75%	2.11%	3.57%	3.47%	3.88%	4.8%	4.69%	5.16%	5.63%	4.11%	3.79%	-
EPS ²	-	0.5900	0.5700	0.8000	0.1700	0.1300	0.3000	0.1200	-	-	0.1100	0.1900	0.2100	0.2400	0.3000	0.2900	0.3284	0.3341	0.3101	0.3063	-
Dividend per Share ²	-	-	-	-	-	0.1850	-	-	0.1000	-	-	-	-	0.2260	-	0.2930	-	-	-	0.6438	-
Announcement Date	3/26/20	8/27/20	3/30/21	8/30/21	10/29/21	3/30/22	3/30/22	4/29/22	8/30/22	8/30/22	10/30/22	3/30/23	4/28/23	8/30/23	10/30/23	3/25/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	12,136	24,481	43,222	26,178	49,163	67,312	81,334	99,221
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	18,483	17,217	8,975	-8,912	20,561	16,736	24,124	32,248
ROE (net income / shareholders' equity)	21.3%	19.2%	15.1%	6.66%	11.7%	14.4%	14.6%	14.8%
ROA (Net income/ Total Assets)	4.12%	3.63%	3.38%	1.67%	2.87%	3.5%	3.79%	4.15%
Assets ¹	221,048	253,780	274,053	293,661	313,953	340,990	348,860	352,837
Book Value Per Share ²	5.700	6.450	6.130	-	9.180	10.00	10.90	11.90
Cash Flow per Share ²	3.010	2.890	1.750	-	3.180	3.050	3.110	3.240
Capex ¹	5,351	5,711	5,683	6,563	6,910	9,244	9,658	9,904
Capex / Sales	3.07%	2.89%	2.79%	3.75%	3.23%	4.12%	4.01%	3.79%
Announcement Date	3/26/20	3/30/21	3/30/22	3/30/23	3/25/24	-	-	-

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 Weichai Power Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

15.18 CNY

Average target price

17.47 CNY

Spread / Average Target

+15.09%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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	1st Jan change	Capi.
WEICHAI POWER CO., LTD.	+25.77%	20.39B
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SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED	+28.58%	10.66B
BOSCH LIMITED	+30.12%	10.21B
AUTOLIV, INC.	+10.98%	9.95B

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