Financials Wushang 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
7.38 ^CNY	+1.65%		+2.50%	-13.38%

Apr. 01	Wushang Group Co., Ltd. Proposes Final Cash Dividend for 2023	CI
Mar. 30	Wushang Group 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	10,212	8,959	8,082	8,613	6,552	5,675	-	-
Enterprise Value (EV) ¹	10,212	8,959	8,082	8,613	6,552	5,675	5,675	5,675
P/E ratio	8.3 x	16.4 x	10.7 x	28 x	31.6 x	18.9 x	16.8 x	21.1 x
Yield	1.66%	1.29%	1.52%	0.45%	0.59%	0.95%	0.41%	0.81%
Capitalization / Revenue	0.58 x	1.17 x	1.13 x	1.36 x	0.91 x	0.72 x	0.66 x	0.56 x
EV / Revenue	0.58 x	1.17 x	1.13 x	1.36 x	0.91 x	0.72 x	0.66 x	0.56 x
EV / EBITDA	5.29 x	-	-	10 x	5.61 x	3.16 x	3.04 x	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.07 x	0.9 x	0.76 x	0.8 x	0.59 x	0.5 x	0.49 x	0.49 x
Nbr of stocks (in thousands)	768,993	768,993	768,993	768,993	768,993	768,993	-	-
Reference price ²	13.28	11.65	10.51	11.20	8.520	7.380	7.380	7.380
Announcement Date	4/9/20	3/29/21	3/30/22	3/30/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,756	7,639	7,127	6,337	7,178	7,933	8,538	10,143
EBITDA ¹	1,932	-	-	861.7	1,169	1,797	1,865	-
EBIT ¹	1,551	724.3	-	449.6	364.4	447	506	369
Operating Margin	8.74%	9.48%	-	7.09%	5.08%	5.63%	5.93%	3.64%
Earnings before Tax (EBT) ¹	1,610	725.2	-	440.6	352.3	434.5	494	357
Net income ¹	1,225	547.4	752.4	304.7	209.1	298.2	337.8	268
Net margin	6.9%	7.17%	10.56%	4.81%	2.91%	3.76%	3.96%	2.64%
EPS ²	1.600	0.7100	0.9800	0.4000	0.2700	0.3900	0.4400	0.3500
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.2200	0.1500	0.1600	0.0500	0.0500	0.0700	0.0300	0.0600
Announcement Date	4/9/20	3/29/21	3/30/22	3/30/23	3/29/24	-	-	-

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)	13.8%	5.65%	-	2.83%	1.91%	2.68%	2.95%	2.3%
ROA (Net income/ Total Assets)	5.27%	2.36%	-	1.03%	-	0.95%	1.05%	0.8%
Assets ¹	23,240	23,196	-	29,466	-	31,392	32,173	33,500
Book Value Per Share ²	12.40	12.90	13.90	14.10	14.40	14.70	15.10	15.20
Cash Flow per Share ²	1.840	1.600	2.830	0.8100	3.130	1.120	1.990	1.970
Capex ¹	1,447	1,238	3,794	2,469	1,327	919	919	1,000
Capex / Sales	8.15%	16.21%	53.24%	38.96%	18.48%	11.58%	10.76%	9.86%
Announcement Date	4/9/20	3/29/21	3/30/22	3/30/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7.38 CNY

Average target price

9.9 CNY

Spread / Average Target

+34.15%

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