Financials Hytera Communications Corporation Limited

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
4.25 ^CNY	+1.92%		+16.12%	-28.57%

Apr. 29	Hytera Communications Corporation Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 26	Hytera Communications Corporation Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	14,329	15,471	11,295	10,025	9,280	7,727	7,727	-
Enterprise Value (EV) ¹	18,819	19,998	11,295	10,025	9,280	10,806	7,727	7,727
P/E ratio	30.3 x	210 x	123 x	-15.3 x	23.2 x	-27.9 x	13.5 x	10 x
Yield	0.44%	-	0.18%	-	-	-	-	-
Capitalization / Revenue	2.07 x	1.79 x	1.8 x	-	1.64 x	1.91 x	1.13 x	0.98 x
EV / Revenue	2.07 x	1.79 x	1.8 x	-	1.64 x	1.91 x	1.13 x	0.98 x
EV / EBITDA	14.9 x	29.3 x	19.2 x	-	10.9 x	15.7 x	5.3 x	5.76 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	2.38 x	2.52 x	1.83 x	-	1.5 x	1.84 x	1.09 x	0.98 x
Nbr of stocks (in thousands)	1,816,080	1,839,574	1,839,574	1,816,080	1,816,080	1,818,214	1,818,214	-
Reference price ²	7.890	8.410	6.140	5.520	5.110	4.250	4.250	4.250
Announcement Date	2/27/19	2/28/20	4/15/21	4/7/22	3/31/23	4/27/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	6,935	8,652	6,265	-	5,653	5,653	6,851	7,854
EBITDA ¹	959.1	528.3	586.8	-	852.1	690.4	1,458	1,342
EBIT ¹	511.2	13.69	25.51	-	356.5	203.1	568	764.5
Operating Margin	7.37%	0.16%	0.41%	-	6.31%	3.59%	8.29%	9.73%
Earnings before Tax (EBT) ¹	517.3	11.5	22.1	-	347.4	-390.1	576.1	776
Net income ¹	476.8	80.81	98.35	-661.7	407.5	-387.9	576.5	776.5
Net margin	6.88%	0.93%	1.57%	-	7.21%	-6.86%	8.41%	9.89%
EPS ²	0.2600	0.0400	0.0500	-0.3600	0.2200	-0.2135	0.3150	0.4250
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share	0.0350	-	0.0110	-	-	-	-	-
Announcement Date	2/27/19	2/28/20	4/15/21	4/7/22	3/31/23	4/27/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	4,490	4,527	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.681 x	8.569 x	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	8.1%	1.32%	1.61%	-	6.9%	-6.42%	8.27%	10.1%
ROA (Net income/ Total Assets)	3.3%	0.51%	0.62%	-	-	-	-	-
Assets ¹	14,449	15,721	15,863	-	-	-	-	-
Book Value Per Share ²	3.320	3.340	3.360	-	3.420	3.230	3.910	4.350
Cash Flow per Share ²	0.0500	0.5900	0.3700	-	0.3400	0.3800	0.1900	0.5300
Capex ¹	1,731	751	665	-	-	322	375	428
Capex / Sales	24.97%	8.68%	10.61%	-	-	5.7%	5.47%	5.45%
Announcement Date	2/27/19	2/28/20	4/15/21	4/7/22	3/31/23	4/27/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.25 CNY

Average target price

7.57 CNY

Spread / Average Target

+78.12%

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