Financials XCMG Construction Machinery Co., Ltd.

Equities

000425

CNE000000FH0

Heavy Machinery & Vehicles

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
6.91 ^CNY	+0.29%		-2.12%	+26.56%

Apr. 29	XCMG Construction Machinery Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	XCMG Machinery Xgc28000 Crawler Crane Completes Installation of the World's First Offshore Floating Wind Power and Aquaculture Project	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	42,850	42,067	46,924	59,908	63,871	80,833	-
Enterprise Value (EV) ¹	36,339	33,026	39,474	78,080	84,141	111,382	113,202
P/E ratio	12.7 x	11.9 x	8.49 x	14.1 x	12.1 x	10.8 x	8.07 x
Yield	1.1%	1.86%	-	2.96%	3.3%	3.46%	4.62%
Capitalization / Revenue	0.72 x	0.57 x	0.56 x	0.64 x	0.69 x	0.76 x	0.66 x
EV / Revenue	0.61 x	0.45 x	0.47 x	0.83 x	0.91 x	1.05 x	0.92 x
EV / EBITDA	7.06 x	6.05 x	5.21 x	9.02 x	8.76 x	8.11 x	6.58 x
EV / FCF	11.3 x	-	-	-12.4 x	-36.1 x	-26.1 x	-55.6 x
FCF Yield	8.88%	-	-	-8.07%	-2.77%	-3.83%	-1.8%
Price to Book	-	1.33 x	1.29 x	1.12 x	1.15 x	1.32 x	1.19 x
Nbr of stocks (in thousands)	7,833,668	7,833,668	7,833,668	11,816,166	11,698,005	11,698,005	-
Reference price ²	5.470	5.370	5.990	5.070	5.460	6.910	6.910
Announcement Date	4/29/20	4/14/21	4/18/22	4/28/23	4/29/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	59,176	73,968	84,328	93,817	92,848	106,209	123,191
EBITDA ¹	5,146	5,455	7,583	8,652	9,608	13,729	17,205
EBIT ¹	4,083	4,275	6,182	5,083	5,640	9,281	12,417
Operating Margin	6.9%	5.78%	7.33%	5.42%	6.07%	8.74%	10.08%
Earnings before Tax (EBT) ¹	4,102	4,296	6,288	5,013	5,678	9,096	11,996
Net income ¹	3,621	3,729	5,615	4,307	5,326	7,591	10,119
Net margin	6.12%	5.04%	6.66%	4.59%	5.74%	7.15%	8.21%
EPS ²	0.4320	0.4505	0.7052	0.3600	0.4500	0.6423	0.8565
Free Cash Flow ¹	3,228	-	-	-6,302	-2,332	-4,270	-2,035
FCF margin	5.45%	-	-	-6.72%	-2.51%	-4.02%	-1.65%
FCF Conversion (EBITDA)	62.72%	-	-	-	-	-	-
FCF Conversion (Net income)	89.15%	-	-	-	-	-	-
Dividend per Share ²	0.0600	0.1000	-	0.1500	0.1800	0.2393	0.3191
Announcement Date	4/29/20	4/14/21	4/18/22	4/28/23	4/29/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	-	16,562	14,532	20,034	18,170	36,850	18,763	23,813	27,465	20,393	21,178	24,174	30,442	23,270	20,984	35,676
EBITDA ¹	-	1,263	929.8	1,361	1,080	2,962	3,250	-	-	-	-	4,477	4,677	2,162	2,780	5,497
EBIT ¹	-	785.1	1,071	1,589	996.2	2,703	-205.6	1,680	2,210	1,503	248.5	1,881	3,565	1,050	1,667	4,274
Operating Margin	-	4.74%	7.37%	7.93%	5.48%	7.34%	-1.1%	7.05%	8.05%	7.37%	1.17%	7.78%	11.71%	4.51%	7.94%	11.98%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	2,062	806.2	1,005	1,405	915.1	2,355	-368.8	1,523	2,066	1,250	487.1	1,600	2,530	441.9	1,889	2,805
Net margin	-	4.87%	6.92%	7.02%	5.04%	6.39%	-1.97%	6.4%	7.52%	6.13%	2.3%	6.62%	8.31%	1.9%	9%	7.86%
EPS ²	0.2500	0.1000	0.1300	0.1790	0.1200	0.1000	-0.0400	0.1290	0.1700	0.1100	0.0400	0.1350	0.2141	0.0374	0.1598	0.2374
Dividend per Share ²	-	-	-	-	-	-	0.1500	-	-	-	-	-	-	-	0.2015	-
Announcement Date	8/30/20	10/29/21	4/18/22	4/29/22	8/30/22	10/25/22	4/28/23	4/28/23	8/30/23	10/30/23	4/29/24	4/29/24	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	18,172	20,269	30,548	32,369
Net Cash position ¹	6,511	9,041	7,450	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	2.1 x	2.11 x	2.225 x	1.881 x
Free Cash Flow ¹	3,228	-	-	-6,302	-2,332	-4,270	-2,035
ROE (net income / shareholders' equity)	12.6%	11.7%	16.2%	8.13%	9.86%	12.7%	15.1%
ROA (Net income/ Total Assets)	-	4.41%	5.56%	-	-	3.8%	5%
Assets ¹	-	84,543	100,913	-	-	199,762	202,371
Book Value Per Share ²	-	4.050	4.650	4.510	4.750	5.250	5.800
Cash Flow per Share ²	0.6600	0.3600	1.030	0.1300	0.3000	0.2800	1.790
Capex ¹	1,908	1,947	3,075	7,885	5,903	5,182	5,099
Capex / Sales	3.22%	2.63%	3.65%	8.4%	6.36%	4.88%	4.14%
Announcement Date	4/29/20	4/14/21	4/18/22	4/28/23	4/29/24	-	-

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 XCMG Construction Machinery Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.91 CNY

Average target price

7.457 CNY

Spread / Average Target

+7.91%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Construction Machinery

	1st Jan change	Capi.
XCMG CONSTRUCTION MACHINERY CO., LTD.	+26.56%	11.17B
CATERPILLAR INC.	+15.96%	175B
ZOOMLION HEAVY INDUSTRY SCIENCE AND TECHNOLOGY CO., LTD.	+30.17%	9.54B
DOOSAN BOBCAT INC.	+4.96%	3.85B
CHINA RAILWAY CONSTRUCTION HEAVY INDUSTRY CORPORATION LIMITED	+2.52%	3B
GUANGXI LIUGONG MACHINERY CO., LTD.	+54.30%	2.8B
ACTION CONSTRUCTION EQUIPMENT LIMITED	+83.18%	2.19B
TAKEUCHI MFG. CO., LTD.	+40.49%	1.79B
SHANTUI CONSTRUCTION MACHINERY CO., LTD.	+59.31%	1.63B
SUNWARD INTELLIGENT EQUIPMENT CO., LTD.	+38.50%	1.26B

Construction Machinery