Financials Huafu Fashion Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
4.77 ^CNY	-1.65%		+10.42%	+10.93%

Apr. 26	Huafu Fashion Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Apr. 26	Huafu Fashion Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,543	6,347	7,772	5,147	7,050	7,821	-	-
Enterprise Value (EV) ¹	17,370	13,016	13,966	11,159	12,640	11,338	11,367	7,821
P/E ratio	27.2 x	-14.4 x	12 x	-14.5 x	108 x	79.5 x	16.7 x	26.5 x
Yield	1.92%	-	3.94%	5.9%	-	2.18%	2.64%	-
Capitalization / Revenue	0.66 x	0.45 x	0.47 x	0.36 x	0.52 x	0.5 x	0.47 x	0.46 x
EV / Revenue	1.09 x	0.91 x	0.84 x	0.77 x	0.93 x	0.73 x	0.68 x	0.46 x
EV / EBITDA	17.7 x	195 x	11.2 x	61.3 x	18.7 x	8.22 x	7.19 x	-
EV / FCF	15,535,687 x	4,649,824,378 x	63,759,709 x	16,386,269 x	-	-	-	-
FCF Yield	0%	0%	0%	0%	-	-	-	-
Price to Book	1.77 x	1.2 x	1.11 x	0.82 x	1.19 x	1.3 x	1.11 x	1.2 x
Nbr of stocks (in thousands)	1,436,394	1,426,403	1,700,681	1,687,657	1,639,606	1,639,606	-	-
Reference price ²	7.340	4.450	4.570	3.050	4.300	4.770	4.770	4.770
Announcement Date	4/14/20	4/11/21	4/27/22	4/28/23	4/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	15,887	14,232	16,708	14,460	13,663	15,531	16,607	17,174
EBITDA ¹	978.7	66.83	1,245	182.1	677.2	1,379	1,580	-
EBIT ¹	443.9	-476.8	681.3	-397.2	107.6	176	549.5	522
Operating Margin	2.79%	-3.35%	4.08%	-2.75%	0.79%	1.13%	3.31%	3.04%
Earnings before Tax (EBT) ¹	452.2	-473.9	693.1	-387.2	118.6	514.8	588.3	527
Net income ¹	402.3	-444.2	569.7	-351	66.78	104	486.4	305
Net margin	2.53%	-3.12%	3.41%	-2.43%	0.49%	0.67%	2.93%	1.78%
EPS ²	0.2700	-0.3100	0.3800	-0.2100	0.0400	0.0600	0.2854	0.1800
Free Cash Flow	1,118	2.799	219	681	-	-	-	-
FCF margin	7.04%	0.02%	1.31%	4.71%	-	-	-	-
FCF Conversion (EBITDA)	114.24%	4.19%	17.59%	373.89%	-	-	-	-
FCF Conversion (Net income)	277.92%	-	38.44%	-	-	-	-	-
Dividend per Share ²	0.1410	-	0.1800	0.1800	-	0.1041	0.1258	-
Announcement Date	4/14/20	4/11/21	4/27/22	4/28/23	4/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,826	6,668	6,194	6,012	5,590	3,517	3,546	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.975 x	99.78 x	4.974 x	33.01 x	8.254 x	2.551 x	2.244 x	-
Free Cash Flow	1,118	2.8	219	681	-	-	-	-
ROE (net income / shareholders' equity)	6.07%	-7.09%	9.21%	-5.14%	1.07%	1.65%	6.49%	4.5%
ROA (Net income/ Total Assets)	2.19%	-2.47%	3.02%	-1.83%	-	0.62%	2.14%	1.77%
Assets ¹	18,399	17,970	18,874	19,141	-	16,774	22,728	17,232
Book Value Per Share ²	4.150	3.700	4.120	3.700	3.620	3.680	4.300	3.980
Cash Flow per Share ²	-	0.5500	0.4200	0.5300	0.5000	0.3700	1.310	0.3900
Capex ¹	681	826	501	212	498	455	563	455
Capex / Sales	4.29%	5.8%	3%	1.47%	3.65%	2.93%	3.39%	2.65%
Announcement Date	4/14/20	4/11/21	4/27/22	4/28/23	4/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4.77 CNY

Average target price

3.995 CNY

Spread / Average Target

-16.25%

	1st Jan change	Capi.
HUAFU FASHION CO., LTD.	+10.93%	1.08B
CHINA JUSHI CO., LTD.	+21.36%	6.6B
VARDHMAN TEXTILES LIMITED	+13.96%	1.53B
ZHEJIANG TAIHUA NEW MATERIAL CO.,LTD	-7.56%	1.28B
BROS EASTERN.,LTD	+18.07%	1.18B
TAINAN SPINNING CO., LTD.	+24.05%	1.02B
ZHEJIANG XINAO TEXTILES INC.	+6.04%	762M
THE JAPAN WOOL TEXTILE CO., LTD.	+0.97%	607M
ZHEWEN PICTURES GROUP CO.,LTD	-17.65%	561M
TEXHONG INTERNATIONAL GROUP LIMITED	+2.74%	529M