Financials Weichai Power Co., Ltd. Shenzhen S.E.

Equities

000338

CNE1000000D4

Auto, Truck & Motorcycle Parts

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
17.39 ^CNY	-1.97%		-4.24%	+27.40%

May. 01	Weichai Power's Q1 Profit Rises 40% as Revenue Jumps	MT
Apr. 29	Weichai Power Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	123,654	119,998	145,537	86,046	114,554	145,491	-	-
Enterprise Value (EV) ¹	111,519	95,517	102,316	59,867	65,391	74,324	62,997	44,162
P/E ratio	12.8 x	11.3 x	11.3 x	16.2 x	11.4 x	11.2 x	9.44 x	8.28 x
Yield	1.95%	1.15%	2.98%	-	4.38%	3.56%	4.65%	5.1%
Capitalization / Revenue	0.71 x	0.61 x	0.72 x	0.49 x	0.54 x	0.62 x	0.57 x	0.53 x
EV / Revenue	0.64 x	0.48 x	0.5 x	0.34 x	0.31 x	0.32 x	0.25 x	0.16 x
EV / EBITDA	5.02 x	4.48 x	4.19 x	3.53 x	2.64 x	2.72 x	2.04 x	1.31 x
EV / FCF	6.03 x	5.55 x	11.4 x	-6.72 x	3.18 x	4.44 x	2.61 x	1.37 x
FCF Yield	16.6%	18%	8.77%	-14.9%	31.4%	22.5%	38.3%	73%
Price to Book	2.58 x	2.03 x	2.03 x	-	1.29 x	1.5 x	1.39 x	1.26 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	14.95	14.95	14.95
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	233,001	255,732	275,963
EBITDA ¹	22,227	21,319	24,426	16,982	24,814	27,342	30,905	33,761
EBIT ¹	14,156	12,461	13,889	5,834	12,905	15,772	18,904	21,361
Operating Margin	8.12%	6.31%	6.82%	3.33%	6.03%	6.77%	7.39%	7.74%
Earnings before Tax (EBT) ¹	14,352	12,682	14,055	6,085	13,151	16,984	19,828	22,734
Net income ¹	9,105	9,207	9,254	4,905	9,014	11,469	13,564	15,288
Net margin	5.22%	4.66%	4.55%	2.8%	4.21%	4.92%	5.3%	5.54%
EPS ²	1.150	1.160	1.100	0.5700	1.040	1.329	1.583	1.804
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%	7.18%	9.43%	11.69%
FCF Conversion (EBITDA)	83.16%	80.76%	36.74%	-	82.86%	61.21%	78.06%	95.52%
FCF Conversion (Net income)	203%	187%	96.98%	-	228.1%	145.92%	177.86%	210.94%
Dividend per Share ²	0.2860	0.1500	0.3700	-	0.5190	0.5327	0.6954	0.7630
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 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	2025 Q2
Net sales ¹	-	94,495	102,997	126,388	37,119	77,160	-	45,636	86,740	43,783	44,634	53,434	52,701	54,248	53,575	56,380	59,412	46,651	62,017	64,200	63,300
EBITDA ¹	-	-	-	-	2,839	-	-	3,062	-	2,260	-	-	-	-	-	-	7,195	5,812	5,665	-	-
EBIT ¹	-	-	-	-	1,604	4,004	-	1,802	3,364	443.6	2,026	2,574	3,016	3,807	3,509	4,111	4,218	2,835	2,688	-	-
Operating Margin	-	-	-	-	4.32%	5.19%	-	3.95%	3.88%	1.01%	4.54%	4.82%	5.72%	7.02%	6.55%	7.29%	7.1%	6.08%	4.33%	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	1,629	-	-	1,839	-	532.7	2,135	2,651	3,097	3,891	3,513	4,177	4,688	3,312	3,224	-	-
Net income ¹	3,817	4,680	-	-	1,354	2,823	-	1,335	2,387	925.2	1,593	1,856	2,043	2,602	2,513	2,600	3,300	2,182	2,290	-	-
Net margin	-	4.95%	-	-	3.65%	3.66%	-	2.93%	2.75%	2.11%	3.57%	3.47%	3.88%	4.8%	4.69%	4.61%	5.55%	4.68%	3.69%	-	-
EPS ²	-	0.5900	0.5700	0.8000	0.1300	0.3000	0.1200	-	-	0.1100	0.1900	0.2100	0.2400	0.3000	0.2900	-	0.2900	0.3700	0.3500	-	-
Dividend per Share ²	-	-	-	-	0.1850	-	-	0.1000	-	-	-	-	0.2260	-	0.2930	-	-	-	0.6437	-	-
Announcement Date	3/26/20	8/27/20	3/30/21	8/30/21	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	4/29/24	-	-	-	-	-

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	71,167	82,494	101,329
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%	13.7%	14.3%	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	327,803	357,485	368,094
Book Value Per Share ²	5.700	6.450	6.130	-	9.180	9.950	10.80	11.90
Cash Flow per Share ²	3.010	2.890	1.750	-	3.180	3.050	3.430	3.190
Capex ¹	5,351	5,711	5,683	6,563	6,910	8,950	9,658	9,904
Capex / Sales	3.07%	2.89%	2.79%	3.75%	3.23%	3.84%	3.78%	3.59%
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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

14.95 CNY

Average target price

17.61 CNY

Spread / Average Target

+17.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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