Financials Wellhope Foods Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
6.98 ^CNY	+0.14%		+5.12%	-18.46%

Apr. 26	Wellhope Foods Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 29	Wellhope Foods Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,911	10,899	9,441	10,848	7,691	6,271	-	-
Enterprise Value (EV) ¹	10,911	11,508	11,190	13,135	9,905	6,576	5,388	4,610
P/E ratio	8.83 x	8.82 x	78.8 x	21.5 x	-17.1 x	13 x	7.95 x	6.29 x
Yield	1.86%	1.86%	-	1.01%	-	1.16%	2.36%	2.89%
Capitalization / Revenue	0.61 x	0.46 x	0.32 x	0.33 x	0.21 x	0.17 x	0.15 x	0.14 x
EV / Revenue	0.61 x	0.48 x	0.38 x	0.4 x	0.28 x	0.18 x	0.13 x	0.1 x
EV / EBITDA	5.83 x	6.09 x	16.9 x	11.6 x	102 x	4.9 x	3.26 x	2.64 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.91 x	1.61 x	1.46 x	1.55 x	1.18 x	0.9 x	0.83 x	0.77 x
Nbr of stocks (in thousands)	922,304	922,060	921,960	916,218	898,477	898,477	-	-
Reference price ²	11.83	11.82	10.24	11.84	8.560	6.980	6.980	6.980
Announcement Date	3/30/20	3/30/21	1/26/22	3/30/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,792	23,818	29,469	32,812	35,970	37,543	41,093	44,076
EBITDA ¹	1,872	1,889	662.3	1,128	96.85	1,341	1,655	1,746
EBIT ¹	1,595	1,525	207.7	656.6	-489.6	715	1,016	1,201
Operating Margin	8.96%	6.4%	0.7%	2%	-1.36%	1.9%	2.47%	2.72%
Earnings before Tax (EBT) ¹	1,582	1,509	176	628.3	-480.9	623.8	972.5	1,160
Net income ¹	1,199	1,235	118.5	513.5	-457	491.3	807.8	1,021
Net margin	6.74%	5.19%	0.4%	1.57%	-1.27%	1.31%	1.97%	2.32%
EPS ²	1.340	1.340	0.1300	0.5500	-0.5000	0.5349	0.8780	1.109
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.2200	0.2200	-	0.1200	-	0.0810	0.1648	0.2016
Announcement Date	3/30/20	3/30/21	1/26/22	3/30/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	610	1,749	2,287	2,214	305	-	-
Net Cash position ¹	-	-	-	-	-	-	883	1,661
Leverage (Debt/EBITDA)	-	0.3228 x	2.641 x	2.028 x	22.86 x	0.2271 x	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	24.6%	19.9%	1.8%	7.48%	-6.58%	6.78%	10.2%	11.4%
ROA (Net income/ Total Assets)	14.9%	11.9%	0.9%	3.62%	-	3.75%	4.93%	6.39%
Assets ¹	8,040	10,398	13,141	14,182	-	13,103	16,375	15,992
Book Value Per Share ²	6.180	7.320	7.010	7.620	7.240	7.720	8.430	9.030
Cash Flow per Share ²	1.210	0.8300	0.3200	0.2100	1.040	1.330	1.630	1.550
Capex ¹	747	1,343	1,087	742	408	495	543	560
Capex / Sales	4.2%	5.64%	3.69%	2.26%	1.13%	1.32%	1.32%	1.27%
Announcement Date	3/30/20	3/30/21	1/26/22	3/30/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.98 CNY

Average target price

9.28 CNY

Spread / Average Target

+32.95%

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