Financials Changzhou Xingyu Automotive Lighting Systems Co.,Ltd.

Equities

601799

CNE1000011H2

Auto, Truck & Motorcycle Parts

End-of-day quote Shanghai S.E. 06:00:00 2024-04-28 pm EDT 5-day change 1st Jan Change
133.6 CNY +3.95% Intraday chart for Changzhou Xingyu Automotive Lighting Systems Co.,Ltd. +0.01% +1.89%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 26,229 55,369 58,350 36,387 37,455 38,164 - -
Enterprise Value (EV) 1 25,184 54,524 56,955 34,901 35,364 35,749 34,367 34,115
P/E ratio 33.2 x 47.8 x 59.9 x 38.7 x 34 x 26 x 19.7 x 15.9 x
Yield 1.05% 0.65% 0.54% 0.86% 0.92% 1.08% 1.34% 1.36%
Capitalization / Revenue 4.31 x 7.56 x 7.38 x 4.41 x 3.65 x 3.04 x 2.44 x 2.01 x
EV / Revenue 4.13 x 7.45 x 7.2 x 4.23 x 3.45 x 2.85 x 2.2 x 1.8 x
EV / EBITDA 22.2 x 33.6 x 41.5 x 24.5 x 21.3 x 18.3 x 13.9 x 12 x
EV / FCF 96 x - -77.3 x 76.5 x -105 x 14.7 x 32.9 x 27.6 x
FCF Yield 1.04% - -1.29% 1.31% -0.95% 6.78% 3.04% 3.63%
Price to Book 5.37 x 9.6 x 7.24 x 4.27 x 4.1 x 3.72 x 3.15 x 2.77 x
Nbr of stocks (in thousands) 276,155 276,155 285,679 285,679 285,679 285,679 - -
Reference price 2 94.98 200.5 204.2 127.4 131.1 133.6 133.6 133.6
Announcement Date 4/17/20 3/9/21 3/25/22 3/29/23 3/27/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 6,092 7,323 7,909 8,248 10,248 12,542 15,619 18,991
EBITDA 1 1,136 1,624 1,374 1,426 1,659 1,958 2,476 2,841
EBIT 1 948 1,367 1,080 1,054 1,199 1,618 2,127 2,617
Operating Margin 15.56% 18.67% 13.66% 12.78% 11.7% 12.9% 13.62% 13.78%
Earnings before Tax (EBT) 1 948.3 1,365 1,078 1,050 1,203 1,617 2,159 2,642
Net income 1 789.9 1,160 949.4 941.4 1,102 1,467 1,939 2,399
Net margin 12.97% 15.83% 12% 11.41% 10.75% 11.7% 12.41% 12.63%
EPS 2 2.860 4.199 3.409 3.295 3.858 5.136 6.787 8.396
Free Cash Flow 1 262.5 - -737.1 456.2 -335.6 2,425 1,045 1,237
FCF margin 4.31% - -9.32% 5.53% -3.27% 19.34% 6.69% 6.51%
FCF Conversion (EBITDA) 23.09% - - 31.98% - 123.86% 42.21% 43.54%
FCF Conversion (Net income) 33.23% - - 48.45% - 165.3% 53.89% 51.56%
Dividend per Share 2 1.000 1.300 1.100 1.100 1.200 1.437 1.788 1.812
Announcement Date 4/17/20 3/9/21 3/25/22 3/29/23 3/27/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 2025 Q1 2025 Q2
Net sales 1 2,251 2,132 1,586 2,246 2,284 1,923 2,502 2,812 3,012 2,412 3,601 3,344 3,087 2,960 3,852
EBITDA 1 - 333.3 246.2 347.6 - - - - - - 492.2 464.7 437.3 - -
EBIT 1 235.8 310.8 198 332.1 213.2 217.6 298.9 349.2 333.7 274 384.4 357 329.5 - -
Operating Margin 10.48% 14.57% 12.48% 14.79% 9.33% 11.32% 11.95% 12.42% 11.08% 11.36% 10.67% 10.67% 10.67% - -
Earnings before Tax (EBT) 1 235.4 309.1 197.7 331 212.1 217.5 298.9 353 333.8 271.1 419.4 389.4 359.5 - -
Net income 1 210.9 269.6 187.9 296.4 187.5 203.6 263 314.9 320.5 242.8 377.5 350.5 323.5 - -
Net margin 9.37% 12.64% 11.85% 13.2% 8.21% 10.59% 10.51% 11.2% 10.64% 10.06% 10.48% 10.48% 10.48% - -
EPS 2 0.7600 0.9436 0.6600 1.040 0.6600 0.7128 0.9300 1.110 1.110 0.8555 1.156 1.283 1.351 1.130 1.370
Dividend per Share 2 1.100 - - - 1.100 - - - - - - - 1.464 - -
Announcement Date 3/25/22 4/27/22 8/25/22 10/27/22 3/29/23 4/27/23 8/25/23 10/25/23 3/27/24 4/25/24 - - - - -
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 1,046 846 1,395 1,486 2,092 2,415 3,797 4,049
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 262 - -737 456 -336 2,425 1,045 1,237
ROE (net income / shareholders' equity) 17.2% 21.8% 12.3% 11.6% 12.6% 14.6% 16.1% 17.1%
ROA (Net income/ Total Assets) 10% 11.6% 7.25% - - 9.27% 9.73% 10.2%
Assets 1 7,901 9,991 13,097 - - 15,831 19,921 23,520
Book Value Per Share 2 17.70 20.90 28.20 29.80 32.00 35.90 42.40 48.20
Cash Flow per Share 2 3.910 6.790 1.870 4.930 2.440 7.580 7.560 7.660
Capex 1 818 792 1,257 952 1,033 934 1,038 414
Capex / Sales 13.42% 10.81% 15.89% 11.54% 10.08% 7.45% 6.65% 2.18%
Announcement Date 4/17/20 3/9/21 3/25/22 3/29/23 3/27/24 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
133.6 CNY
Average target price
160.8 CNY
Spread / Average Target
+20.40%
Consensus
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