Financials Shanghai Baolong Automotive Corporation

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
40.98 ^CNY	-1.37%		-2.20%	-27.34%

Apr. 26	Shanghai Baolong Automotive Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 01	Baolong Automotive Secures Order to Produce 850 Million Yuan Worth of Equipment	MT

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	3,451	5,236	4,645	12,136	9,873	8,689	8,689	-
Enterprise Value (EV) ¹	3,451	5,236	4,645	12,136	9,873	11,949	8,689	8,689
P/E ratio	21.9 x	30 x	25.1 x	41.7 x	45.5 x	31 x	17.4 x	12.3 x
Yield	-	-	-	0.34%	0.66%	1.13%	1.76%	1.98%
Capitalization / Revenue	1.5 x	1.58 x	1.39 x	3.11 x	2.07 x	2.03 x	1.12 x	0.89 x
EV / Revenue	1.5 x	1.58 x	1.39 x	3.11 x	2.07 x	2.03 x	1.12 x	0.89 x
EV / EBITDA	-	13.9 x	-	22.8 x	20.4 x	17.2 x	8.17 x	6.57 x
EV / FCF	-	-	-	-70.6 x	-	-31.2 x	28.3 x	15.8 x
FCF Yield	-	-	-	-1.42%	-	-3.2%	3.53%	6.33%
Price to Book	3.57 x	5.06 x	4.04 x	5.52 x	3.95 x	4.05 x	2.58 x	2.25 x
Nbr of stocks (in thousands)	167,025	166,078	165,133	207,806	208,730	212,035	212,035	-
Reference price ²	20.66	31.53	28.13	58.40	47.30	40.98	40.98	40.98
Announcement Date	4/11/19	4/29/20	4/27/21	4/27/22	4/26/23	4/26/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	2,305	3,321	3,331	3,898	4,778	5,897	7,760	9,811
EBITDA ¹	-	375.6	-	531.7	483.5	693.4	1,063	1,322
EBIT ¹	261.5	259	203.2	379.4	305.1	482.6	659.3	933.8
Operating Margin	11.34%	7.8%	6.1%	9.73%	6.39%	8.18%	8.5%	9.52%
Earnings before Tax (EBT) ¹	261.4	261.3	196.6	378.3	303.3	482.2	659.1	933.7
Net income ¹	154.9	172.3	183.2	268.4	214.1	378.8	498.9	704.9
Net margin	6.72%	5.19%	5.5%	6.89%	4.48%	6.42%	6.43%	7.18%
EPS ²	0.9441	1.050	1.120	1.400	1.040	1.820	2.354	3.332
Free Cash Flow ¹	-	-	-	-171.9	-	-382.6	306.6	549.7
FCF margin	-	-	-	-4.41%	-	-6.49%	3.95%	5.6%
FCF Conversion (EBITDA)	-	-	-	-	-	85.95%	28.83%	41.57%
FCF Conversion (Net income)	-	-	-	-	-	173.18%	61.46%	77.98%
Dividend per Share ²	-	-	-	0.2000	0.3100	0.6400	0.7200	0.8133
Announcement Date	4/11/19	4/29/20	4/27/21	4/27/22	4/26/23	4/26/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	-172	-	-383	307	550
ROE (net income / shareholders' equity)	12%	16.8%	16.6%	14.5%	9.11%	14.1%	15.3%	18.6%
ROA (Net income/ Total Assets)	-	-	-	5.92%	3.64%	5.36%	5.58%	6.73%
Assets ¹	-	-	-	4,531	5,882	7,759	8,935	10,482
Book Value Per Share ²	5.780	6.230	6.970	10.60	12.00	13.90	15.90	18.20
Cash Flow per Share ²	1.950	1.210	1.390	0.6300	0.8400	2.070	3.410	3.730
Capex ¹	-	-	-	303	568	820	498	523
Capex / Sales	-	-	-	7.78%	11.9%	13.91%	6.42%	5.34%
Announcement Date	4/11/19	4/29/20	4/27/21	4/27/22	4/26/23	4/26/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

40.98 CNY

Average target price

64.82 CNY

Spread / Average Target

+58.17%

	1st Jan change	Capi.
SHANGHAI BAOLONG AUTOMOTIVE CORPORATION	-27.34%	1.2B
DENSO CORPORATION	+25.18%	49.76B
WEICHAI POWER CO., LTD.	+21.17%	20.09B
APTIV PLC	-22.26%	19.36B
FUYAO GLASS INDUSTRY GROUP CO., LTD.	+33.27%	17.44B
HYUNDAI MOBIS CO.,LTD	-3.59%	14.97B
MAGNA INTERNATIONAL INC.	-16.27%	13.75B
CONTINENTAL AG	-20.90%	13.01B
SUMITOMO ELECTRIC INDUSTRIES, LTD.	+33.97%	12.09B
SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED	+28.58%	10.65B