Financials XCMG Construction Machinery Co., Ltd.

Equities

000425

CNE000000FH0

Heavy Machinery & Vehicles

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
6.89 ^CNY	-1.15%		-6.26%	+26.19%

2023	XCMG Machinery Xgc28000 Crawler Crane Completes Installation of the World's First Offshore Floating Wind Power and Aquaculture Project	CI
2023	XCMG Construction Machinery’s Q3 Profit Surges 24%; Revenue Slides 4%	MT

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	25,303	42,850	42,067	46,924	59,908	80,599	80,599	-
Enterprise Value (EV) ¹	18,320	36,339	33,026	39,474	78,080	108,431	111,148	112,968
P/E ratio	12.4 x	12.7 x	11.9 x	8.49 x	14.1 x	13.3 x	10.7 x	8.04 x
Yield	1.86%	1.1%	1.86%	-	2.96%	2.95%	3.47%	4.63%
Capitalization / Revenue	0.57 x	0.72 x	0.57 x	0.56 x	0.64 x	0.85 x	0.76 x	0.65 x
EV / Revenue	0.41 x	0.61 x	0.45 x	0.47 x	0.83 x	1.14 x	1.05 x	0.92 x
EV / EBITDA	5.79 x	7.06 x	6.05 x	5.21 x	9.02 x	9.48 x	8.1 x	6.57 x
EV / FCF	12.1 x	11.3 x	-	-	-12.4 x	-17.3 x	-26 x	-55.5 x
FCF Yield	8.3%	8.88%	-	-	-8.07%	-5.78%	-3.84%	-1.8%
Price to Book	0.84 x	-	1.33 x	1.29 x	1.12 x	1.41 x	1.31 x	1.19 x
Nbr of stocks (in thousands)	7,833,668	7,833,668	7,833,668	7,833,668	11,816,166	11,698,005	11,698,005	-
Reference price ²	3.230	5.470	5.370	5.990	5.070	6.890	6.890	6.890
Announcement Date	4/14/19	4/29/20	4/14/21	4/18/22	4/28/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	44,410	59,176	73,968	84,328	93,817	95,231	106,209	123,191
EBITDA ¹	3,162	5,146	5,455	7,583	8,652	11,435	13,729	17,205
EBIT ¹	2,109	4,083	4,275	6,182	5,083	7,291	9,281	12,417
Operating Margin	4.75%	6.9%	5.78%	7.33%	5.42%	7.66%	8.74%	10.08%
Earnings before Tax (EBT) ¹	2,215	4,102	4,296	6,288	5,013	7,127	9,096	11,996
Net income ¹	2,046	3,621	3,729	5,615	4,307	6,101	7,591	10,119
Net margin	4.61%	6.12%	5.04%	6.66%	4.59%	6.41%	7.15%	8.21%
EPS ²	0.2600	0.4320	0.4505	0.7052	0.3600	0.5164	0.6423	0.8565
Free Cash Flow ¹	1,520	3,228	-	-	-6,302	-6,267	-4,270	-2,035
FCF margin	3.42%	5.45%	-	-	-6.72%	-6.58%	-4.02%	-1.65%
FCF Conversion (EBITDA)	48.07%	62.72%	-	-	-	-	-	-
FCF Conversion (Net income)	74.3%	89.15%	-	-	-	-	-	-
Dividend per Share ²	0.0600	0.0600	0.1000	-	0.1500	0.2033	0.2393	0.3191
Announcement Date	4/14/19	4/29/20	4/14/21	4/18/22	4/28/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q2	2021 Q3	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
Net sales ¹	-	28,256	16,562	14,532	20,034	18,170	36,850	18,763	23,813	27,465	20,393	18,920	31,420	30,442	23,270	20,984
EBITDA ¹	-	2,271	1,263	929.8	1,361	1,080	2,962	3,250	-	-	-	2,350	4,477	4,677	2,162	2,780
EBIT ¹	-	2,319	785.1	1,071	1,589	996.2	2,703	-205.6	1,680	2,210	1,503	1,348	3,365	3,565	1,050	1,667
Operating Margin	-	8.21%	4.74%	7.37%	7.93%	5.48%	7.34%	-1.1%	7.05%	8.05%	7.37%	7.13%	10.71%	11.71%	4.51%	7.94%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	2,062	2,076	806.2	1,005	1,405	915.1	2,355	-368.8	1,523	2,066	1,250	1,568	2,065	2,530	441.9	1,889
Net margin	-	7.35%	4.87%	6.92%	7.02%	5.04%	6.39%	-1.97%	6.4%	7.52%	6.13%	8.29%	6.57%	8.31%	1.9%	9%
EPS ²	0.2500	0.2600	0.1000	0.1300	0.1790	0.1200	0.1000	-0.0400	0.1290	0.1700	0.1100	0.1327	0.1748	0.2141	0.0374	0.1598
Dividend per Share ²	-	-	-	-	-	-	-	0.1500	-	-	-	0.1616	-	-	-	0.2015
Announcement Date	8/30/20	8/30/21	10/29/21	4/18/22	4/29/22	8/30/22	10/25/22	4/28/23	4/28/23	8/30/23	10/30/23	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	18,172	27,832	30,548	32,369
Net Cash position ¹	6,983	6,511	9,041	7,450	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	2.1 x	2.434 x	2.225 x	1.881 x
Free Cash Flow ¹	1,520	3,228	-	-	-6,302	-6,267	-4,270	-2,035
ROE (net income / shareholders' equity)	8.28%	12.6%	11.7%	16.2%	8.13%	10.7%	12.7%	15.1%
ROA (Net income/ Total Assets)	3.69%	-	4.41%	5.56%	-	3.2%	3.8%	5%
Assets ¹	55,515	-	84,543	100,913	-	190,662	199,762	202,371
Book Value Per Share ²	3.850	-	4.050	4.650	4.510	4.870	5.250	5.800
Cash Flow per Share ²	0.4200	0.6600	0.3600	1.030	0.1300	0.9800	0.2800	1.790
Capex ¹	1,616	1,908	1,947	3,075	7,885	6,440	5,182	5,099
Capex / Sales	3.64%	3.22%	2.63%	3.65%	8.4%	6.76%	4.88%	4.14%
Announcement Date	4/14/19	4/29/20	4/14/21	4/18/22	4/28/23	-	-	-

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 XCMG Construction Machinery Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.89 CNY

Average target price

7.457 CNY

Spread / Average Target

+8.22%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Construction Machinery

	1st Jan change	Capi.
XCMG CONSTRUCTION MACHINERY CO., LTD.	+26.19%	11.12B
CATERPILLAR INC.	+16.14%	171B
SANY HEAVY INDUSTRY CO.,LTD	+16.49%	18.7B
ZOOMLION HEAVY INDUSTRY SCIENCE AND TECHNOLOGY CO., LTD.	+32.01%	9.69B
DOOSAN BOBCAT INC.	+3.17%	3.78B
CHINA RAILWAY CONSTRUCTION HEAVY INDUSTRY CORPORATION LIMITED	-0.76%	2.9B
GUANGXI LIUGONG MACHINERY CO., LTD.	+58.46%	2.88B
ACTION CONSTRUCTION EQUIPMENT LIMITED	+84.29%	2.18B
TAKEUCHI MFG. CO., LTD.	+37.22%	1.78B
SHANTUI CONSTRUCTION MACHINERY CO., LTD.	+67.00%	1.71B

Construction Machinery