Financials Shanghai Huace Navigation Technology Ltd

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
30.23 ^CNY	+2.16%		+8.04%	-2.55%

Apr. 24	Shanghai Huace Navigation Technology Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 21	Shanghai Huace Navigation Technology Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,287	7,761	17,414	14,876	16,849	16,475	-	-
Enterprise Value (EV) ¹	5,287	7,761	17,414	14,876	16,849	16,475	16,475	16,475
P/E ratio	37.7 x	39.4 x	56.7 x	41.2 x	37.2 x	28.9 x	22.5 x	19.2 x
Yield	-	-	0.65%	0.97%	1.13%	1.32%	1.63%	1.96%
Capitalization / Revenue	4.62 x	5.51 x	9.15 x	6.65 x	6.29 x	4.91 x	3.72 x	3.28 x
EV / Revenue	4.62 x	5.51 x	9.15 x	6.65 x	6.29 x	4.91 x	3.72 x	3.28 x
EV / EBITDA	27.4 x	29.5 x	49.9 x	35 x	30.1 x	23.8 x	19 x	17.6 x
EV / FCF	-	-	165 x	41,977 x	55.1 x	47.8 x	27.8 x	28.3 x
FCF Yield	-	-	0.61%	0%	1.81%	2.09%	3.59%	3.54%
Price to Book	5.34 x	7.15 x	7.96 x	5.87 x	5.61 x	4.96 x	4.24 x	3.72 x
Nbr of stocks (in thousands)	478,005	478,005	529,977	535,121	543,168	544,976	-	-
Reference price ²	11.06	16.24	32.86	27.80	31.02	30.23	30.23	30.23
Announcement Date	2/28/20	1/28/21	2/20/22	2/3/23	2/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,146	1,410	1,903	2,236	2,678	3,353	4,428	5,022
EBITDA ¹	193.1	262.7	348.9	425.5	560	693.6	867.7	936
EBIT ¹	162	220.8	295.9	349.2	455.9	576.5	728.1	855.5
Operating Margin	14.14%	15.67%	15.55%	15.62%	17.02%	17.19%	16.44%	17.04%
Earnings before Tax (EBT) ¹	162.2	219	291.6	353.2	457.1	573.6	736.1	872.5
Net income ¹	138.7	196.9	294.3	361.1	449.1	569.5	729.8	857
Net margin	12.11%	13.97%	15.47%	16.15%	16.77%	16.98%	16.48%	17.06%
EPS ²	0.2934	0.4121	0.5793	0.6740	0.8330	1.047	1.342	1.572
Free Cash Flow ¹	-	-	105.6	0.3544	305.8	345	592	583
FCF margin	-	-	5.55%	0.02%	11.42%	10.29%	13.37%	11.61%
FCF Conversion (EBITDA)	-	-	30.26%	0.08%	54.61%	49.74%	68.23%	62.29%
FCF Conversion (Net income)	-	-	35.86%	0.1%	68.09%	60.58%	81.11%	68.03%
Dividend per Share ²	-	-	0.2143	0.2700	0.3500	0.4000	0.4933	0.5933
Announcement Date	2/28/20	1/28/21	2/20/22	2/3/23	2/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	106	0.35	306	345	592	583
ROE (net income / shareholders' equity)	14.8%	18.5%	17.8%	15.3%	16.3%	17.1%	18.8%	19.4%
ROA (Net income/ Total Assets)	-	11.6%	11.2%	9.73%	10.7%	11.6%	12.1%	12.9%
Assets ¹	-	1,698	2,639	3,711	4,215	4,911	6,026	6,625
Book Value Per Share ²	2.070	2.270	4.130	4.730	5.520	6.100	7.140	8.120
Cash Flow per Share ²	0.3500	0.4800	0.5100	0.6600	0.8200	0.9400	1.190	1.340
Capex ¹	117	116	166	353	140	160	129	188
Capex / Sales	10.25%	8.21%	8.72%	15.8%	5.21%	4.78%	2.92%	3.74%
Announcement Date	2/28/20	1/28/21	2/20/22	2/3/23	2/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

29.59 CNY

Average target price

38.05 CNY

Spread / Average Target

+28.58%

	1st Jan change	Capi.
SHANGHAI HUACE NAVIGATION TECHNOLOGY LTD	-4.61%	2.23B
THALES	+18.25%	35.01B
CHINA SPACESAT CO.,LTD.	-2.56%	4.01B
NARUIDA TECHNOLOGY CO., LTD.	+16.15%	1.39B
OHB SE	+1.89%	885M
INSTITUTE FOR Q-SHU PIONEERS OF SPACE, INC.	+176.03%	808M
CHENGDU M&S ELECTRONICS TECHNOLOGY CO.,LTD.	-48.58%	557M
PLANET LABS PBC	-29.55%	514M
DCX SYSTEMS LIMITED	-4.91%	433M
SATREC INITIATIVE CO., LTD.	+62.84%	401M