LEPU MEDICAL TECHNOLOGY (BEIJING) CO., LTD.

Financials Lepu Medical Technology (Beijing) Co., Ltd.

Equities

300003

CNE100000H44

Medical Equipment, Supplies & Distribution

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-05 pm EDT			5-day change	1st Jan Change
14.87 ^CNY	+0.81%		+1.36%	-7.98%

Apr. 30	Beijing Yuding Additive Manufacturing Research Institute Co., Ltd. announced that it has received funding from CGII Private Fund Co., Ltd, Xi'an CAS Star Technology Incubator Co., Ltd., SDIC Unity Capital Co., Ltd., Lepu Medical Technology Co., Ltd., China Xiong'an Group Fund Management Co., Ltd.	CI
Apr. 19	Lepu Medical Technology Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	58,527	48,711	40,557	42,506	30,095	27,623	-	-
Enterprise Value (EV) ¹	61,854	51,615	41,476	41,218	30,515	23,869	23,054	22,013
P/E ratio	33.9 x	26.8 x	23.8 x	18.9 x	23.9 x	14 x	12.2 x	10.6 x
Yield	0.6%	0.84%	1.22%	1.48%	2.05%	2.37%	2.48%	2.91%
Capitalization / Revenue	7.51 x	6.06 x	3.8 x	4.01 x	3.77 x	3.11 x	2.73 x	2.4 x
EV / Revenue	7.93 x	6.42 x	3.89 x	3.89 x	3.82 x	2.68 x	2.28 x	1.91 x
EV / EBITDA	27.1 x	19.9 x	15.9 x	13.2 x	14.6 x	8.01 x	6.89 x	5.78 x
EV / FCF	43,129,841 x	33,642,681 x	19,943,434 x	21,830,981 x	-	-	-	-
FCF Yield	0%	0%	0%	0%	-	-	-	-
Price to Book	7.88 x	4.97 x	3.63 x	2.89 x	1.93 x	1.58 x	1.43 x	1.27 x
Nbr of stocks (in thousands)	1,769,250	1,792,178	1,792,178	1,850,513	1,862,337	1,857,638	-	-
Reference price ²	33.08	27.18	22.63	22.97	16.16	14.87	14.87	14.87
Announcement Date	2/21/20	2/26/21	4/25/22	4/25/23	4/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,796	8,039	10,660	10,609	7,980	8,893	10,133	11,507
EBITDA ¹	2,286	2,592	2,610	3,112	2,084	2,982	3,346	3,810
EBIT ¹	1,961	2,149	2,145	2,623	1,547	2,459	2,799	3,221
Operating Margin	25.16%	26.74%	20.12%	24.72%	19.39%	27.65%	27.62%	28%
Earnings before Tax (EBT) ¹	2,063	2,203	2,146	2,612	1,554	2,426	2,777	3,204
Net income ¹	1,725	1,802	1,719	2,203	1,258	1,985	2,279	2,628
Net margin	22.13%	22.42%	16.13%	20.76%	15.77%	22.32%	22.49%	22.84%
EPS ²	0.9746	1.014	0.9510	1.212	0.6757	1.063	1.219	1.409
Free Cash Flow	1,434	1,534	2,080	1,888	-	-	-	-
FCF margin	18.4%	19.09%	19.51%	17.8%	-	-	-	-
FCF Conversion (EBITDA)	62.73%	59.18%	79.69%	60.66%	-	-	-	-
FCF Conversion (Net income)	83.12%	85.14%	120.96%	85.71%	-	-	-	-
Dividend per Share ²	0.2000	0.2280	0.2750	0.3410	0.3314	0.3523	0.3692	0.4323
Announcement Date	2/21/20	2/26/21	4/25/22	4/25/23	4/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	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	2,025	2,784	2,428	2,848	2,437	1,864	1,958	1,721	1,922	2,279	2,518	2,208	2,080	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-244.2	847	624	467.7	699.8	413.8	417.8	15.73	609.2	643.7	697.6	601.1	590.3	-
Operating Margin	-12.06%	30.42%	25.7%	16.42%	28.72%	22.2%	21.34%	0.91%	31.7%	28.24%	27.71%	27.23%	28.38%	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	414.9	-	-18.39	-	585.9	661.2	462.9	-	-
Net income ¹	-	-	-	-	-	364.6	-	-95.4	-	487	549.6	404.9	-	-
Net margin	-	-	-	-	-	19.56%	-	-5.54%	-	21.37%	21.83%	18.34%	-	-
EPS ²	-0.1000	0.4000	0.3100	0.2000	0.3177	0.1900	0.2200	-0.0500	0.2585	0.2706	0.3024	0.2586	0.2600	-
Dividend per Share ²	-	-	-	0.3410	-	-	-	-	-	-	-	0.4070	-	-
Announcement Date	4/25/22	8/26/22	10/27/22	4/25/23	4/25/23	8/25/23	10/25/23	4/19/24	4/19/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,327	2,904	919	-	420	-	-	-
Net Cash position ¹	-	-	-	1,288	-	3,755	4,569	5,610
Leverage (Debt/EBITDA)	1.455 x	1.12 x	0.3521 x	-	0.2015 x	-	-	-
Free Cash Flow	1,434	1,534	2,080	1,888	-	-	-	-
ROE (net income / shareholders' equity)	25%	21.1%	16%	17.6%	8.23%	11.3%	11.6%	11.9%
ROA (Net income/ Total Assets)	11.1%	11.1%	8.85%	9.75%	-	7.6%	7.9%	-
Assets ¹	15,520	16,246	19,428	22,591	-	26,119	28,850	-
Book Value Per Share ²	4.200	5.470	6.240	7.940	8.380	9.380	10.40	11.70
Cash Flow per Share ²	1.120	1.160	1.700	1.480	0.5300	1.420	1.450	1.660
Capex ¹	556	555	982	903	836	872	897	940
Capex / Sales	7.13%	6.91%	9.22%	8.51%	10.48%	9.81%	8.86%	8.17%
Announcement Date	2/21/20	2/26/21	4/25/22	4/25/23	4/19/24	-	-	-

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

Ratings for Lepu Medical Technology (Beijing) Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

14.87 CNY

Average target price

20.69 CNY

Spread / Average Target

+39.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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TERUMO CORPORATION	+15.23%	25.86B

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