Shanghai Zhenhua Heavy Industries Co., Ltd.

SSE

900947

Stock

Yield per half year: +8.9%
Dividend yield: 0%
Sector: Industrials

Reporting Shanghai Zhenhua Heavy Industries Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Выручка, млрд ¥	24.35	21.86	21.81	24.6	22.66	25.98	30.19	32.93	34.46	34.46	29.24	8.75
Чистая прибыль, млрд ¥	0.2124	0.3002	0.443	0.5149	0.4222	0.4398	0.3719	0.52	0.5335	0.5335	0.4575	4.79
EV, млрд ¥			40.09	39.52	40.59	35.91	29.51	21.85	23.33	23.33	30.24	-10.48
EBIT, млрд ¥	2.75	1.11	1.95	1.83	1	0.0556	1.33				1.23	-7.37
EBITDA, млрд ¥		2.92	3.54	3.62	3.18	3.01	2.97	1.82		2.97	2.92	-12.85
OIBDA, млрд ¥					4.21	3.15	4.44				3.93	1.79
Баланс стоимость, млрд ¥	15.2	15.01	15.19	15.54	14.57	14.99	15.17	15.76	15.87	15.87	15.27	1.72
FCF, млрд ¥		-0.0018	-2.55	-0.4455	-0.8195	0.8542	2.08	4.44	4.21	4.21	2.15	-238.72
Операционный денежный поток, млрд ¥	1.66	1.33	0.5539	1.29	0.8194	2.12	2.57	5.18	5.28	5.28	3.19	45.15
Операционная прибыль, млрд ¥	1.82	1.07	0.5061	0.4654	1.45	0.5798	1.84	1.89	1.65	1.65	1.48	2.62
Операционные расходы, млрд ¥	21.74	19.92	20.02	22.71	21.21	25.4	28.35	31.04	32.8	32.8	27.76	9.11
CAPEX, млрд ¥	1.16	1.33	3.11	1.74	1.64	1.27	0.4888	0.747	1.06	1.06	1.04	-8.36

	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
Выручка, млрд ¥								11.21	6.02	7.39	9.1	10.42	8.44	8.78	8.13	9.09	8.52	8.59	0.19
Чистая прибыль, млрд ¥								0.3046	0.1295	0.1503	0.0397	0.2004	0.1699	0.1366	0.1264	0.1007	0.2553	0.1578	8.49
EV, млрд ¥								29.55	28.67	25.13	23.28	21.78	24.98	25.68	26.84	23.33	22.2	24.61	-2.33
EBIT, млрд ¥	0.0392	-0.2816	0.4149	-0.1168	0.4282	-0.1051	0.1658	0.8755	0.297	0.0118								0.2490	-164.57
EBITDA, млрд ¥	0.319	0.3365	0.385	0.6593	0.3133	0.3374	0.3401	0.7027	0.4383	0.4963								0.4630	8.02
Баланс стоимость, млрд ¥								15.17	15.28	15.51	15.53	15.76	15.93	15.79	15.71	15.87	16.15	15.89	0.27
FCF, млрд ¥								1.83	-1.08	2.27	-0.2803	3.53	0.0186	0.9809	0.7945	2.42	1.71	1.18	147.00
Операционный денежный поток, млрд ¥	0.0216	-0.518	0.5755	2.04	-0.8912	0.7611	0.6597	2.04	-0.9236	2.32								0.9714	24.97
Операционная прибыль, млрд ¥								0.9645	0.3388	0.3198	0.5625	0.6677	0.4032	0.5214	0.4382	0.2911	0.4569	0.4222	2.53
Операционные расходы, млрд ¥								10.25	5.68	7.07	8.54	9.75	8.04	8.26	7.7	8.8	8.06	8.17	0.05
CAPEX, млрд ¥								0.204	0.153	0.0512	0.0611	0.4816	0.1589	0.053	0.0568	0.7932	0.1624	0.2449	0.44

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	3.6	5.77	3.7	3.31	2.95	4.57	2.4	5.11	5.87	5.87	4.18	14.75
Short Term Investments ¥	0.0046	0.0084	0.0529	1.74	1.6	1.15	0.8775	0.7122	0.5342	0.5342	0.9748	-19.70
Total Receivables ¥	17.75	20.75	7.27	7.87	7.23	6.45	7.19	7.27	7.37	7.37	7.10	0.38
Total Current Assets ¥	29.59	35.23	34.71	35.57	40.8	40.38	38.85	45.51	46.94	46.94	42.50	2.84
Чистые активы, млрд ¥	19.05	19.22	21.71	25.84	24.34	24.72	25.51	42.58		38.85	28.60	10.51
Активы, млрд ¥	60.82	67.52	70.6	74.41	79.32	78.33	78.21	84.86	85.77	85.77	81.30	1.58
Short Term Debt ¥	21.49	25.47	16.55	22	17.8	5.98	1.79	4.78	2.3	2.3	6.53	-33.59
Long Term Debt ¥	5.54	8.55	17.07	10.16	16.85	24.94	21.02	15.11	17.79	17.79	19.14	1.09
Задолженность, млрд ¥	44.34	50.69	52.99	55.84	62.25	60.68	60.09	66	67.45	67.45	63.29	1.62
Чистый долг, млрд ¥		26.36	27.96	27.1	31.7	26.35	20.42	14.78	14.22	14.22	21.49	-14.81
Долг, млрд ¥	27.03	34.02	33.62	32.16	34.65	30.92	22.81	19.89	20.08	20.08	25.67	-10.34
Interest income ¥	0.3087	0.2932	0.3326	0.3315	0.3691	0.3563	0.4136	0.4298			0.3801	5.33
Расходы на обслуживание долга ¥			1.6	1.7	1.34	1.09	1.04	0.9659	0.8129	0.8129	1.05	-9.51
Чист. проц. доходы, млрд ¥	-0.8494	-0.939	-1.33	-1.48	-1.03	-0.7724	-0.6764	-0.5907		0.4298	-0.9099	-16.78
Goodwill, млрд ¥	0.1492	0.2652	0.2666	0.2684	0.2611	0.2586	0.2682	0.2702			0.2653	0.13
Себестоимость, млрд ¥	19.73	18.02	18.08	20.59	19.41	23.5	26.15	28.48	30.06	30.06	25.52	9.14
Товарно материальные запасы ¥	6.78	7.07	8.8	8.56	22.33	22.07	21.51	24.28	24.55	24.55	22.95	1.91

	2019Q3	2019Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
Наличность, млрд ¥										2.4	4.03	5.57	4.07	5.11	4.68	5.76	3.76	5.87	4.4	4.89	-1.23
Short Term Investments ¥										0.8775	0.952	0.8022	0.7063	0.7122	0.541	0.4984	0.5122	0.5342	0.4995	0.5171	-1.58
Total Receivables ¥										12.83	13.62	13.35	7.34	7.27	6.72	6.92	7.35	7.37	7.9	7.25	3.29
Total Current Assets ¥										38.85	42.58	47.3	44.79	45.51	45.16	45.25	41.89	46.94	44.86	44.82	-0.13
Чистые активы, млрд ¥			24.28	24.25	24.17	24.72	24.6	25.65	25.65	25.51	25.23	25.59								25.53	-0.05
Активы, млрд ¥										78.21	81.4	86.67	84.47	84.86	84.69	84.51	81.25	85.77	83.41	83.93	-0.30
Short Term Debt ¥										1.79	2.94	3.87	4.1	4.78	4.13	4.12	4.42	2.3	1.82	3.36	-15.12
Long Term Debt ¥										21.02	20.52	17.73	15.24	15.11	17.78	19.98	17.56	17.79	15.18	17.66	-3.11
Задолженность, млрд ¥										60.09	63.12	68.09	65.91	66	65.6	65.48	63.13	67.45	64.77	65.29	-0.25
Чистый долг, млрд ¥										20.42	19.42	16.02	15.27	14.78	17.23	18.34	18.22	14.22	12.6	16.12	-6.07
Долг, млрд ¥	33.32	32.16										21.59	19.34	19.89	21.92	24.1	21.98	20.08	17	21.02	-4.96
Interest income ¥					0.1374	0.0582	0.0768	0.1211	0.0748	0.6862	0.0828	0.2956	0.516	0.733						0.4627	1.33
Расходы на обслуживание долга ¥										0.2834	0.2428	0.2828	0.2151	0.2253	0.2641	0.1546	0.1997	0.1945	0.1788	0.1983	-7.50
Чист. проц. доходы, млрд ¥						-0.2347	-0.1655	-0.1629	0.1147	-0.4627	-0.1897	-0.137	-0.044	-0.22	0.0974					-0.0987	-187.52
Goodwill, млрд ¥					0.26	0.2586	0.2582	0.2641	0.2705	0.2682	0.2659	0.2726	0.2716	0.2702						0.2697	0.15
Себестоимость, млрд ¥										9.34	5.16	6.56	7.98	8.78	7.55	7.6	7.08	7.84	7.61	7.54	0.16
Товарно материальные запасы ¥										21.51	22.29	25.95	24.95	24.28	25.39	25.07	23.19	24.55	24.37	24.51	-0.82

Share

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	0.04	0.0437	0.0125	0.0141	0.0801	0.0835	0.0706	0.0987	0.1013		0.1013	0.0868	4.81
Цена акции ао		0.563	0.335	0.33	0.258	0.285	0.248	0.192	0.235	0.257	0.257	0.2434	-2.05
Число акций ао, млн			5268.35	5268.35	5268.35	5268.35	5268.35	5268.35	5268.35		5268.35	5268.35	0.00
FCF/акцию			-0.4843	-0.0846	-0.1556	0.1621	0.3948	0.8422	0.7999		0.7999	0.4087	-238.74

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS					0.0578	0.0036	0.0285	0.0075	0.038	0.0322	0.0259	0.024	0.0191	0.0485		0.0299	8.54
Цена акции ао	0.28	0.2686	0.2508	0.2623	0.249	0.2568	0.2491	0.2311	0.1992						0.257	0.2386	0.02
FCF/акцию					0.3483	-0.2044	0.4301	-0.0532	0.6697	0.0035	0.1862	0.1508	0.4593	0.3255		0.2251	147.57

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	1.4	2	2.92	3.31	2.9	2.93	2.47	3.36	3.37		3.37	6.49	3.01	3.05
ROA, %	0.3492	0.4446	0.6275	0.692	0.5323	0.5615	0.4752	0.6377	0.6254		0.6254	2.97	0.5664	3.28
ROIC, %	3.46	3.92	4.65	5.38	3.14	3.87	3.58	4.57					4.11	-3.21
ROS, %		1.37	2.03	2.09	1.86	1.69	1.23	1.58	1.55	1.55	1.55	5.92	1.52	-1.71
ROCE, %	16.67	6.6	11.07	9.84	5.88	0.315	3.17			0	0	-1.47	6.05	-22.13
Ebit margin, %				7.43	4.43	0.214	4.39			0	0	-0.43	4.12	-12.33
Рентаб EBITDA, %		13.36	16.22	14.73	14.04	11.58	9.84	5.78		8.62	8.62	16.05	9.97	-9.30
Чистая рентаб, %	0.8724	1.37	2.03	2.09	1.86	1.69	1.23	1.58	1.55		1.55	5.92	1.58	-3.58
Operation Margin, %		4.89	2.32	1.89	6.39	2.23	6.11	5.74	4.8	4.8	4.8	9.09	4.74	16.57

	2019Q3	2019Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	5 quarters average	CAGR 5
ROE, %										2.01	0.8475	0.9864	0.2588	1.3	1.09	0.8694	0.8013	0.6367	1.61			6.49	1.00	8.11
ROA, %										0.3895	0.1591	0.1789	0.0464	0.2366	0.2004	0.1615	0.1525	0.1205	0.3019			2.97	0.1874	8.54
ROIC, %	1.55	1.46										1.15	1.12	0.8094	0.9999	0.8753	1.76	0.7017	1.31				1.13	5.55
ROS, %												2.03	0.4366	1.92	2.01	1.56	1.55	1.11	3	1.55	1.55	5.92	1.75	0.00
ROCE, %			0.2275	-1.63	2.39	-0.662	2.42	-0.5969	0.9115	4.83	1.62	0.0283										-1.47	1.36	-154.35
Ebit margin, %												0.1596										-0.43	0.1596	0.00
Рентаб EBITDA, %					6.68	6.6	6.57	4.37	5.25	6.27	7.28	6.72								8.62	8.62	16.05	7.50	6.57
Чистая рентаб, %										2.72	2.15	2.03	0.4366	1.92	2.01	1.56	1.55	1.11	3			5.92	1.85	8.34
Operation Margin, %												4.33	6.18	6.41	4.77	5.94	5.39	3.2	5.36	4.8	4.8	9.09	4.71	-2.29

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E		27.4	24.12	21.06	21.73	24.46	13.59	17.08		17.08	34.97	19.58	-4.10
P/BV		0.6891	0.6687	0.5207	0.5416	0.5019	0.3746	0.4974		0.4974	2.95	0.4872	-0.91
P/S		0.5565	0.5049	0.3924	0.368	0.3013	0.2146	0.2645		0.2645	1.95	0.3082	-7.59
P/FCF							0	0	0	0	-3.68
E/P							0	0	0	0	0.05
EV/EBIT			21.62	40.44	645.8	22.26		0	0	0	0.21	182.53	0.73
EV/EBITDA		11.33	10.91	12.76	11.94	9.93	15.58			9.93	10.29	12.22	7.39
EV/S			1.61	1.79	1.38	0.9775	0.6635	0.6771	0.6771	0.6771	2.09	0.8750	-13.27
EV/FCF			-88.71	-49.53	42.04	14.19	4.92	5.54	5.54	5.54	-2.52	14.45	-33.32
Debt/EBITDA	11.64	9.5	8.87	10.89	10.28	7.68	0	0	6.76	6.76	7.98	8.90	-5.29
Netdebt/Ebitda	9.02	7.9	7.48	9.97	8.76	6.87	6.88	4.98	4.79	4.79	-30.01	6.46	-11.37
Debt/Ratio	0.5038	0.4762	0.4321	0.4368	0.3947	0.2917	0.2343	0.2342	0.2342	0.2342	0.17	0.2778	-9.91
Debt/Equity	2.27	2.21	2.07	2.38	2.06	1.5	1.26	1.27	3.68	3.68	4.01	1.95	12.30
Debt/Net Income	113.32	75.89	62.45	82.05	70.3	61.34	38.25	37.64	37.64	37.64	-3.70	49.03	-11.75
PEG									335.18	335.18	805.71	335.18	0.00
Бета							2.32	1.14	0.3481	0.3481	-0.16	1.27	-46.86
Индекс Альтмана							1.68	2.11	2.17	2.17	5.02	1.99	8.91

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	5 quarters average	CAGR 5
P/E						24.55	19.03	14.32	12.84	13.46	13.83	13.43	13.61	17.08	15.5			34.97	14.69	2.31
P/BV						0.5039	0.5059	0.4905	0.4316	0.371	0.4059	0.3859	0.4754	0.4974	0.5148			2.95	0.4559	4.87
P/S						0.3024	0.2942	0.293	0.2376	0.2125	0.2192	0.1998	0.2408	0.2645	0.2779			1.95	0.2404	4.86
EV/EBIT								2130.68										0.21	2130.68	0.00
EV/EBITDA			21.31	21.61	19.31	17.45	15.77	12.71										10.29	17.37	-10.07
EV/S								3.4	2.56	2.09	2.96	2.92	3.3	2.57	2.61	0.6771	0.6771	2.09	1.97	-27.15
EV/FCF								11.09	-83.06	6.17	1345.71	26.18	33.78	9.64	12.94	5.54	5.54	-2.52	13.49	-30.34
Debt/EBITDA								43.52								6.76	6.76	7.98	19.01	-46.24
Netdebt/Ebitda	82.08	39.97	88.56	81.39	67.09	29.05	44.31	32.28								4.79	4.79	-30.01	23.04	-30.27
Debt/Ratio								0.2492	0.229	0.2343	0.2588	0.2852	0.2706	0.2342	0.2038	0.2342	0.2342	0.17	0.2354	-2.85
Debt/Equity								1.39	1.25	1.26	1.38	1.53	1.4	1.27	1.05	3.68	3.68	4.01	2.22	21.32
Debt/Net Income								143.63	486.66	99.26	129.03	176.38	173.96	199.51	66.57	37.64	37.64	-3.70	103.06	-26.37
PEG																335.18	335.18	805.71	335.18	0.00
Бета															0.4531	-0.0456	0.3481	-0.16	0.2519	-8.41
Индекс Альтмана															2.11	2.17	2.17	5.02	2.15	0.94

Dividends

IFRS

Reporting Annual Quarterly

	2006	2007	2008	2009	2010	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд						1.25	1.62	1.83	2.05	1.62	1.12	0.987	1.11			1.36		1.38	-11.55
Дивиденд	0.016	0.0126	0.0156	0.0042			0.0121	0.0076	0.0073	0.0071		0.0075				0		0.0083	-9.12
Див доход, ао, %			1.13	0.4667	0.1671		2.31	1.68	2.03	2.71	0.3731	2.9				0	0.10	1.94	11.54
Дивиденды / прибыль, %						587.29	540.56	412.41	398.52	383.76	255.43	359.55	189.81	207.87		207.87	88.56	279.28	-11.54
Dividend Coverage Ratio															0.3923	0.3923		0.3923	0.00

	2005Q3	2006Q3	2007Q3	2008Q2	2009Q2	2017Q3	2018Q3	2019Q3	2020Q3	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд											0.3003	0.2715	0.2758	0.3515	0.0881	0.2086	0.2125	0.5364	0.1516	0.1773				0.2573	-3.20
Дивиденд	0.0047	0.016	0.0126	0.0156	0.0042	0.0121	0.0076	0.0073	0.0071	0.0075														0.0083	-9.12
Див доход, ао, %	0.6096	1.49	0.5736	0.9454	0.3975	2.31	1.78	2.06	2.82	2.85													0.10	2.36	4.29
Дивиденды / прибыль, %											98.6	209.57	183.46	884.54	43.99	122.79	155.51	424.44	150.61	69.45			88.56	184.56	-10.77
Dividend Coverage Ratio																					0.3923	0.3923		0.3923	0.00

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IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	LTM	CAGR 5
CAPEX/Выручка, %	7.23	4.87	1.62	2.27	3.08	3.08	-15.69
Персонал, чел				8 110	8 110		0.00

	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	CAGR 5
CAPEX/Выручка, %	1.88	0.6036	0.6986	8.72	1.91	0.32

	CAGR 5