SZSE: 002714 - Muyuan Foods Co., Ltd.

Yield per half year: -9.6%
Dividend yield: +1.78%
Sector: Consumer Discretionary

Reporting Muyuan Foods Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥		240.78	168.08	164.34	184.27	331.58	480.2	424.57	289.21	232.21	224.13
Выручка, млрд ¥		3	5.61	10.04	13.39	20.22	56.28	78.89	124.83	110.86	132.43
Чистая прибыль, млрд ¥		0.5959	2.32	2.37	0.5202	6.11	27.45	6.9	13.27	-4.26	17.17
EV, млрд ¥		242.48	172.24	166.95	190.64	329.12	496.93	464.96	326.84	300.16	273.73
EBIT, млрд ¥		0.6316	2.96	2.67	1.01	6.68	30.9	9.86	17.74
EBITDA, млрд ¥				3.57	2.36	8.56	34.87	18.3	29.52		34.46
Баланс стоимость, млрд ¥	1.95	3.52	5.66	12.74	12.29	23.11	50.41	54.35	71.78	62.83
FCF, млрд ¥				-4.49	-3.69	-3.13	-22.89	-19.56	7.27	-7.12
Операционный денежный поток, млрд ¥	0.4554	0.9154	1.28	1.79	1.36	9.99	23.19	16.3	23.01	9.89
Операционная прибыль, млрд ¥	0.1221	0.6316	2.39	2.68	1.02	6.79	31.06	9.86	17.74	-0.4546
Операционные расходы, млрд ¥		2.37	3.21	7.36	12.37	13.43	25.21	69.03	107.09	111.32
CAPEX, млрд ¥	0.7348	1.8	4.36	6.28	5.05	13.12	46.07	35.85	15.74	17.02

	2014Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q4	2020Q4	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
Капитализация, млрд ¥	212.65	213.85	109.09	237.95	125.87	439.78	381.74			317.31				264.69				203.33
Выручка, млрд ¥									14.74	22.61	18.28	25.99	36.51	44.05	24.2	27.67	31.1	27.84
Чистая прибыль, млрд ¥									-0.8217	-1.8	-5.76	-1.63	8.2	11.75	-1.2	-1.58	0.9369	-2.42
EV, млрд ¥	214.09	215.64	113.25	240.56	132.21	437.32	398.46			357.7				302.32				271.27
EBIT, млрд ¥									-1.34	-2.09	-5.81	-0.9085	9.19	13.18	-1.19	-1.49	1.26	-2.44
EBITDA, млрд ¥									-0.6753	-1.85	-5.07	-1.11	10.17	13.43	-0.4363	-1.03	2.2	1.05
Баланс стоимость, млрд ¥									56.2	54.35	50.5	47.99	56.49	71.78	70.31	64.16	65.22	62.83
FCF, млрд ¥									-5.81	-4.63	-5.97	-1.81	6.03	9.03	-7.91	-2.69	3.44	0.0312
Операционный денежный поток, млрд ¥								8.44	0.0951	3	-0.0582	0.2486	9.67	13.15	2.81	2.81	7.73
Операционная прибыль, млрд ¥									-1.34	-2.09	-5.81	-0.9085	9.19	13.18	-1.19	-1.49	1.26	-2.44
Операционные расходы, млрд ¥									0.7207	1.06	0.8947	0.9194	1.03	1.25	0.966	0.9774	1.04	1.83
CAPEX, млрд ¥									5.9	7.63	5.91	2.06	3.64	4.13	4.29	4.29	4.29	3.17

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥			0.8363	0.9839	4.2	2.78	10.93	14.59	12.2	20.79	19.43	17.58
Short Term Investments ¥		0.12	0.49		-1.51	-1.6	-4.02	-7.76	0.001	0.003	0.0212
Long term investments ¥			0.0468	0.1903	0.2574	0.2765	0.2963
Total Receivables ¥		0.0072	0.0086	0.046	0.0925	0.1026	0.5314	2.57	1.49	2.83	1.39
Total Current Assets ¥		1.51	2.51	3.72	8.74	9.78	19.59	38.95	48.75	62.58	63.58
Чистые активы, млрд ¥	1.67	2.35	4.15	8.33	13.5	18.69	31.3	80.81	125.98	127.82
Активы, млрд ¥		4.12	7.07	12.93	24.04	29.84	52.89	122.63	177.27	192.95	195.4
Short Term Debt ¥		1.26	1.99	3.09	3.85	6.66	5.57	19.38	30.04	38.86	68.3
Long Term Debt ¥		0.5202	0.5468	2.06	2.97	2.5	2.91	11.93	22.55	19.57	19.07
Задолженность, млрд ¥		2.17	3.55	7.27	11.31	16.13	21.18	56.52	108.66	104.88	120.57
Чистый долг, млрд ¥		1.44	1.7	4.09	2.58	6.34	-2.46	16.72	47.21	42.02	74.67
Долг, млрд ¥			2.53	5.14	6.81	9.16	8.47	31.32	52.59	58.42	87.37	78.98
Interest income ¥				0.0077	0.0133	0.0265	0.042	0.2499	0.083	0.1596	0.2498
Расходы на обслуживание долга ¥						0.5517	0.56	0.8991	1.79	2.46	2.77	2.41
Чист. проц. доходы, млрд ¥				-0.1722	-0.312	-0.5383	-0.5275	-0.726	-2.18	-2.77	-2.99
Себестоимость, млрд ¥		2.25	2.26	3.04	7.05	12.07	12.95	22.13	65.68	102.99	107.41
Товарно материальные запасы ¥		1.04	1.16	2.62	4.19	5.81	7.17	21.18	34.48	38.25	41.93

	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
Наличность, млрд ¥											9.95	12.2	16.12	13.57	15.11	20.79	23.21	17.55	15.76	19.43
Short Term Investments ¥											0	0.001	0.0013	0.000125	0.0264	0.003	0.000133	0.0284	0.0278	0.0212
Long term investments ¥	0.2683	0.2691	0.2765	0.2824	0.2938	0.2923	0.2963
Total Receivables ¥											2.47	1.49	1.71	3.57	3.33	2.83	1.92	0.9886	1.43	1.39
Total Current Assets ¥											46.67	48.75	54.37	53.08	56.58	62.58	67.93	61.76	59.33	63.58
Чистые активы, млрд ¥								80.81	101.43	113.28	119.45	125.98	127.08	126.22	125.86	127.82			127.26
Активы, млрд ¥											169.21	177.27	184.03	181.65	185.01	192.95	198.09	191.92	189.55	195.4
Short Term Debt ¥											25.3	30.04	39.52	37.61	37.91	38.86	49.68	53.55	53.21	68.3
Long Term Debt ¥											23.86	22.55	21.02	20.49	19.88	19.57	18.79	21.21	21.14	19.07
Задолженность, млрд ¥											97.75	108.66	119.96	120.77	113.72	104.88	111.66	115.26	113.07	120.57
Чистый долг, млрд ¥											46.31	47.21	51.19	50.17	48.07	42.02	49.6	61.43	62.94	74.67
Долг, млрд ¥											49.16	52.59	60.54	58.1	57.78	58.42	68.46	74.76	74.35	87.37
Interest income ¥											0.021	0.0213	0.0257	0.0353	0.0372	0.2578	0.0616	0.2093	0.3501	0.4522
Расходы на обслуживание долга ¥											0.7852	0.2228	0.714	0.5103	0.9654	0.268	0.7569	0.5706	1.1	0.3481
Чист. проц. доходы, млрд ¥											-0.5636	-0.6329	-0.7092	-0.7009	-0.7197	-0.6448	-0.7101	-0.7301	-0.8103	-0.7391
Амортизация, млрд ¥											0.6676	0.2367	0.7352	-0.2023	0.9816	0.2476	0.7542	0.46	0.9409	3.49
Себестоимость, млрд ¥											14.8	22.97	22.49	25.98	25.47	29.05	23.74	27.39	28	28.44
Товарно материальные запасы ¥											33.68	34.48	35.79	35.27	37.48	38.25	41.86	42.19	40.58	41.93

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
EPS	0.0176	0.1432		0.8937	0.181	1.15		6.22	2.45	1.65		3.22
Цена акции ао			23.28	52.86	28.75	88.79	77.1	53.36	48.75	41.18	36.16	36.16
Число акций ао, млн		4144.14	4408.71	4946.35	4860.26	4961.38	5157.15	5843.71	5295.56	5379.89		5414
FCF/акцию				-0.9076	-0.7591	-0.6312	-4.44	-3.35	1.37	-1.32

	2014Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q4	2020Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
EPS								-0.16	0.57	-0.99	-0.29	1.57	2.16	2.22	-0.3014	0.1786	-0.45
Цена акции ао								47.84	54.3	56.38	52.98	58.79	49.98	48.82	44.76	41.51	37.79
Число акций ао, млн	4071.41	4144.14	4408.71	4946.35	4860.26	4961.38	5157.15		5843.71				5295.56				5379.89
FCF/акцию							-2		-0.7917				1.7				0.0058

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %		16.92	41.01	18.57	4.23	26.46	54.46	12.7	18.48	-6.79			28.4	19.45
ROA, %		8.43	17.96	9.84	1.74	11.56	22.39	3.89	6.88	-2.18			7.5	4.72
ROIC, %	6.54	12.23	24.65	17.71	9.3	22.16	36.53	13.44	13.13	1.53
ROS, %				23.56	3.89	30.24	48.78	8.75	10.63	-3.85	12.97	12.97	12.97	11.67
ROCE, %		17.93	52.23	20.95	7.36	21.06	46.74	14.37	20.14
Рентаб EBITDA, %				35.56	17.62	42.32	61.96	23.19	23.65				16.92	12.96
Чистая рентаб, %		19.84	41.42	23.56	3.89	30.24	48.78	8.75	10.63	-3.85			12.97	11.67
Operation Margin, %				26.69	7.63	33.58	55.2	12.5	14.21	-0.4101	0	0	0	0.00
Доходность FCF, %				-2.73	-2	-0.9445	-4.77	-4.61	2.51	-3.07

	2020Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	Industry average	5 quarters average	CAGR 5
ROE, %		-1.46	-3.31	-11.4	-3.39	14.51	16.37	-1.71	-2.46	1.44	-3.85	19.45
ROA, %		-0.4856	-1.02	-3.13	-0.8965	4.43	6.09	-0.606	-0.8239	0.4943	-1.24	4.72
ROIC, %		-0.2922	-1.1	-4.65	0.2142	7.78	9.56	2.54	2.26	4.05	-1.19
ROS, %		-5.57	-7.96	-31.51	-6.27	22.45	26.68	-4.96	-5.71	3.01	-8.7	11.67
ROCE, %		-1.88	-3.05	-9.07	-1.49	12.89	14.97	-1.38	-1.95	1.65	-3.25
Рентаб EBITDA, %		-4.58	-8.2	-27.76	-4.27	27.86	30.48	-1.8	-3.73	7.07	3.78	12.96
Чистая рентаб, %		-5.57	-7.96	-31.51	-6.27	22.45	26.68	-4.96	-5.71	3.01	-8.7	11.67
Operation Margin, %		-9.11	-9.25	-31.78	-3.5	25.17	29.92	-4.92	-5.39	4.05	-8.75	0.00
Доходность FCF, %	-2.7		-1.46				3.41				0.0153

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	404.1	72.39	69.47	354.22	54.23	17.49	61.5	21.8	-54.47			12.74	15.93
P/BV	68.37	29.69	12.9	14.99	14.35	9.53	7.81	4.03	3.7			3.19	3.46
P/S	80.17	29.98	16.36	13.76	16.4	8.53	5.38	2.32	2.09			1.72	2.05
P/FCF			-36.61	-49.94	-105.88	-20.98	-21.71	39.77	-32.6	0	0	0	0.00
E/P			0.0144	0.0028	0.0184	0.0572	0.0163	0.0459	-0.0184	0.0766	0.0766	0.0766	0.06
EV/EBITDA			46.75	80.8	38.46	14.25	25.41	11.07				12.42	10.31
EV/Ebit										0	0	0
EV/S			16.62	14.24	16.28	8.83	5.89	2.62	2.71	2.07	2.07	2.07	2.38
EV/FCF			-37.19	-51.67	-105.09	-21.71	-23.77	44.95	-42.14	0	0	0	0.00
Debt/EBITDA			1.91	3.88	0.9901	0.8981	2.87	1.98	2.29	2.29	2.29	2.29	5.05
Netdebt/Ebitda			0.7213	2.69	-0.2875	0.4796	2.58	1.42	0	0	0	0	0.00
Debt/Ratio			0.2833	0.3068	0.1602	0.2554	0.2967	0.3028	0.4471	0	0	0	0.00
Debt/Equity			0.5349	0.745	0.3667	0.6213	0.9676	0.8139	1.39	0	0	0	0.00
Debt/Net Income			2.88	17.6	1.39	1.14	7.62	4.4	-20.49	4.6	4.6	4.6	-19.89
Бета								0.61	0	-0.125	0	0	0.00
Индекс Альтмана			12.39	9.91	0.9691	9.31	5.32	4.87	0	0	0	0	0.00

	2014Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q4	2020Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	Industry average	5 quarters average	CAGR 5
P/E	2743.97	674.9	194.82	430.04	740.34	93.03	59.06		-176.24				22.52				-83.99	15.93
P/BV	109.15	60.72	19.27	18.68	10.24	19.03	7.57		5.84				3.69				3.24	3.46
P/S	246.98	202.26	63.95	82.47	29.92	51.81	22.31		14.04				6.01				7.3	2.05
P/FCF							-37.07		-68.59				29.33				6520.69	0.00
E/P	0.000364	0.0015	0.0051	0.0023	0.0014	0.0107	0.0169		-0.0057				0.0444				-0.0119	0.06
EV/EBITDA	1700.04	550.37	167	363.74	403.41	88.66	53.01		-192.93				22.51				257.94	10.31
EV/S	248.65	203.96	66.39	83.38	31.43	51.52	23.28		15.82				6.86				9.74	2.38
EV/FCF							-38.69		-77.32				33.5				8699.71	0.00
Debt/EBITDA								-72.8	-28.37	-11.93	-52.31	5.68	4.35	-156.91	-72.48	33.79	83.08	5.05
Netdebt/Ebitda								-68.57	-25.46	-10.09	-45.17	4.73	3.13	-113.67	-59.55	28.61	71	0.00
Debt/Ratio								0.2905	0.2967	0.3289	0.3198	0.3123	0.3028	0.3456	0.3896	0.3923	0.4471	0.00
Debt/Equity								0.8747	0.9676	1.2	1.21	1.02	0.8139	0.9738	1.17	1.14	1.39	0.00
Debt/Net Income								-59.83	-29.21	-10.51	-35.67	7.05	4.97	-57.03	-47.28	79.36	-36.09	-19.89
Индекс Альтмана	63.26	38.17	11.71	15.26	7.02	2.94	7.05		3.83				4.01					0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	0.1635	0.1449	0.342	1.1	1.47	0.8838	2.4	7.47	3.83	6.56
Дивиденд		0.0071	0.0412	0.1613	0.1611	0.021	0.2311	1.04	0.248	0.7382	0.74
Див доход, ао, %		0.0123	0.1081	0.4855	0.4248	0.0314	0.2482	1.44	0.4541	1.71	1.78	2.41
Дивиденды / прибыль, %		24.32	14.73	46.32	283.38	14.45	8.74	108.14	28.9	-153.92	7.7	28.60

	2014Q3	2015Q2	2016Q3	2017Q3	2018Q3	2019Q3	2020Q2	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд									0.5138	0.622	0.5932	1.86	0.6935	0.6912	4.72	4.72	4.72	0.6386
Дивиденд	0.0137	0.0071	0.0412	0.1613	0.1611	0.021	0.2311	1.04				0.248					0.7382
Див доход, ао, %	0.0274	0.0095	0.1458	0.4833	0.6571	0.0292	0.2154	1.17				0.4682					1.78		2.41
Дивиденды / прибыль, %									-62.53	-34.54	-10.3	-113.95	8.46	5.88	-393.08	-298.44	503.67	-26.38	28.60

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2018	2019	2020	2022	2023	2024	CAGR 5
Всего задолженность	13.59	18.17	43.54
Персонал, чел				137520	137520	140403

	CAGR 5

	CAGR 5