Financials Zhejiang Medicine Co., Ltd.

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
9.97 ^CNY	+3.85%		+8.02%	-7.08%

Apr. 25	Zhejiang Medicine Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
2023	Zhejiang Medicine Wins Nod to Trial Digestive Acid Drug	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,793	13,033	16,368	11,203	10,281	9,553	-	-
Enterprise Value (EV) ¹	12,793	13,033	16,368	11,203	10,281	9,553	9,553	9,553
P/E ratio	37.1 x	18.1 x	15.7 x	20.9 x	23.8 x	20.3 x	15.1 x	12.9 x
Yield	7.49%	1.69%	1.93%	1.45%	1.4%	1.6%	2.31%	3.21%
Capitalization / Revenue	1.82 x	1.78 x	1.79 x	1.38 x	1.32 x	1.11 x	1.01 x	0.9 x
EV / Revenue	1.82 x	1.78 x	1.79 x	1.38 x	1.32 x	1.11 x	1.01 x	0.9 x
EV / EBITDA	-	9.39 x	9.26 x	9.41 x	9.29 x	6.61 x	5.42 x	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.64 x	1.71 x	1.88 x	1.22 x	1.08 x	0.97 x	0.92 x	0.88 x
Nbr of stocks (in thousands)	958,301	958,301	958,301	958,301	958,148	958,148	-	-
Reference price ²	13.35	13.60	17.08	11.69	10.73	9.970	9.970	9.970
Announcement Date	4/23/20	4/22/21	4/26/22	4/25/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,044	7,327	9,129	8,116	7,794	8,620	9,482	10,599
EBITDA ¹	-	1,388	1,767	1,190	1,107	1,446	1,763	-
EBIT ¹	409	882.6	1,179	504.6	380.2	529.5	757.5	785
Operating Margin	5.81%	12.05%	12.92%	6.22%	4.88%	6.14%	7.99%	7.41%
Earnings before Tax (EBT) ¹	397.5	851	1,154	491.4	363.3	521	749	768
Net income ¹	342.8	717.4	1,045	539.6	429.6	475.5	637	746
Net margin	4.87%	9.79%	11.45%	6.65%	5.51%	5.52%	6.72%	7.04%
EPS ²	0.3600	0.7500	1.090	0.5600	0.4500	0.4900	0.6600	0.7700
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	1.000	0.2300	0.3300	0.1700	0.1500	0.1600	0.2300	0.3200
Announcement Date	4/23/20	4/22/21	4/26/22	4/25/23	4/25/24	-	-	-

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	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	4.44%	9.26%	12.6%	5.99%	4.54%	4.85%	6.15%	6.8%
ROA (Net income/ Total Assets)	3.36%	6.88%	9.08%	4.32%	-	2.9%	3.85%	3.5%
Assets ¹	10,205	10,432	11,516	12,483	-	16,397	16,545	21,314
Book Value Per Share ²	8.140	7.950	9.100	9.590	9.980	10.30	10.80	11.30
Cash Flow per Share ²	0.4600	1.300	1.180	0.5400	0.6600	0.9300	1.160	0.8900
Capex ¹	571	508	933	969	622	1,094	1,144	1,100
Capex / Sales	8.11%	6.93%	10.22%	11.94%	7.99%	12.69%	12.06%	10.38%
Announcement Date	4/23/20	4/22/21	4/26/22	4/25/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

9.97 CNY

Average target price

11 CNY

Spread / Average Target

+10.33%