Chongqing Changan Automobile

Changan's net profit rose 1,472% yoy to CNY 1,971 mil in 2Q2020

By Helgi Analytics - September 28, 2020

Chongqing Changan Automobile made a net profit of CNY 1,971 mil with revenues of CNY 21,218 mil in 2Q2020, up by 1% and u...

Changan's Total Cash From Operations rose 196% yoy to CNY 2,801 mil in 2Q2020

By Helgi Analytics - September 28, 2020

Chongqing Changan Automobile's operating cash flow stood at CNY 2,801 mil in 2Q2020, up 196% when compared to the previous year. ...

Changan's Sales rose 53.0% yoy to CNY 21,218 mil in 2Q2020

By Helgi Analytics - September 28, 2020

Chongqing Changan Automobile generated sales of CNY 21,218 mil in 2Q2020, up 53% compared to the previous year. Historicall...

Profit Statement 2017 2018 2019
Sales CNY mil 80,012 66,298 70,595
Gross Profit CNY mil 10,649 9,715 10,363
EBITDA CNY mil 1,683 1,827 2,886
EBIT CNY mil -280 -557 -189
Financing Cost CNY mil 48.3 11.7 40.1
Pre-Tax Profit CNY mil 7,181 658 -2,242
Net Profit CNY mil 7,137 681 -2,647
Dividends CNY mil 2,142 86.4 0
Balance Sheet 2017 2018 2019
Total Assets CNY mil 106,125 93,489 97,617
Non-Current Assets CNY mil 43,369 50,276 48,010
Current Assets CNY mil 62,757 43,213 49,607
Working Capital CNY mil 13,727 12,972 12,114
Shareholders' Equity CNY mil 47,463 46,153 43,934
Liabilities CNY mil 58,662 47,336 53,683
Total Debt CNY mil 18,208 15,005 13,715
Net Debt CNY mil -3,244 5,356 1,935
Ratios 2017 2018 2019
ROE % 15.7 1.45 -5.88
ROCE % 12.4 1.13 -4.29
Gross Margin % 13.3 14.7 14.7
EBITDA Margin % 2.10 2.76 4.09
EBIT Margin % -0.350 -0.840 -0.267
Net Margin % 8.92 1.03 -3.75
Net Debt/EBITDA -1.93 2.93 0.671
Net Debt/Equity % -6.83 11.6 4.41
Cost of Financing % 0.234 0.070 0.279
Valuation 2017 2018 2019
Market Capitalisation USD mil 5,287 2,140 6,163
Enterprise Value (EV) USD mil 4,789 2,922 6,441
Number Of Shares mil 4,803 4,803 4,803
Share Price CNY 11.9 6.58 10.0
EV/EBITDA 19.1 10.7 15.4
EV/Sales 0.403 0.295 0.631
Price/Earnings (P/E) 8.02 47.0 -18.2
Price/Book Value (P/BV) 1.21 0.684 1.10
Dividend Yield % 5.38 6.78 0.179

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overview Unit 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                                  
Sales CNY mil                                     37,875 50,849 63,830 78,542 80,012    
Gross Profit CNY mil ...                                   5,405 7,583 10,423 14,055 10,649    
EBIT CNY mil                                     -1,504 -860 -60.8 -492 -280    
Net Profit CNY mil                                     3,369 7,561 9,953 10,285 7,137    
                                                     
ROE % ...                                   19.8 34.2 33.4 26.5 15.7    
EBIT Margin %                                     -3.97 -1.69 -0.095 -0.627 -0.350    
Net Margin %                                     8.89 14.9 15.6 13.1 8.92    
Employees ...                                   30,877 34,260 37,457 41,173 39,138    
balance sheet                                                  
Total Assets CNY mil                                     54,612 69,687 89,414 106,510 106,125    
Non-Current Assets CNY mil                                     32,451 33,757 37,790 40,513 43,369    
Current Assets CNY mil                                     22,161 35,930 51,624 65,998 62,757    
                                                     
Shareholders' Equity CNY mil                                     18,719 25,455 34,174 43,353 47,463    
Liabilities CNY mil                                     35,893 44,232 55,240 63,157 58,662    
Non-Current Liabilities CNY mil                                     6,269 4,909 4,962 3,163 4,059    
Current Liabilities CNY mil                                     29,625 39,323 50,279 59,994 54,603    
                                                     
Net Debt/EBITDA                                     -122 7.27 1.85 0.110 -1.93    
Net Debt/Equity %                                     58.2 22.8 8.67 0.337 -6.83    
Cost of Financing % ...                                   1.57 1.27 0.641 0.558 0.234    
cash flow                                                  
Total Cash From Operations CNY mil                                     2,961 11,321 13,659 11,963 7,483    
Total Cash From Investing CNY mil                                     -3,855 -2,515 -4,090 -4,362 -4,545    
Total Cash From Financing CNY mil                                     952 -3,384 -1,206 -2,327 -4,455    
Net Change In Cash CNY mil                                     50.6 5,420 8,363 5,268 -1,542    
valuation                                                  
Market Capitalisation USD mil ...                                   8,897 10,560 10,288 6,869 5,287    
Enterprise Value (EV) USD mil ...                                   10,696 11,496 10,745 6,890 4,789    
Number Of Shares mil                                     4,663 4,663 4,663 4,686 4,803    
Share Price CNY ... ...                                 9.70 14.0 14.7 13.5 11.9    
Price/Earnings (P/E) ... ...                                 13.5 8.66 6.87 6.18 8.02    
Price/Cash Earnings (P/CE) ... ...                                 9.45 7.10 5.89 5.23 6.30    
EV/EBITDA ...                                   -739 88.2 42.6 34.7 19.1    
Price/Book Value (P/BV) ... ...                                 2.42 2.57 2.00 1.46 1.21    
Dividend Yield % ... ...                                 0.516 0.713 1.70 4.73 5.38    
income statement Unit 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                                  
Sales CNY mil                                     37,875 50,849 63,830 78,542 80,012    
Cost of Goods & Services CNY mil ...                                   32,470 43,266 53,407 64,488 69,363    
Gross Profit CNY mil ...                                   5,405 7,583 10,423 14,055 10,649    
Selling, General & Admin CNY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...         5,045 6,228 7,384 7,556 5,894    
Research & Development CNY mil ...       ...       ...     ... ...           1,627 2,012 2,563 3,203 3,631    
Other Operating Expense CNY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...         356 340 628 4,121 3,278    
Staff Cost CNY mil ... ... ... ...         ...     ... ... ...         1,138 1,520 2,025 1,930 1,517    
Other Operating Cost (Income) CNY mil ... ... ... ... ...       ...       ... ...         0 0 0 0 1,613    
EBITDA CNY mil                                     -88.9 799 1,600 1,333 1,683    
Depreciation CNY mil                                     1,415 1,658 1,661 1,826 1,963    
EBIT CNY mil                                     -1,504 -860 -60.8 -492 -280    
Net Financing Cost CNY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...         63.3 38.2 -181 -287 -561    
Financing Cost CNY mil                                     211 191 115 122 48.3    
Financing Income CNY mil ... ... ... ... ... ... ... ...                     147 153 296 410 610    
FX (Gain) Loss CNY mil                                     -0.793 12.8 6.26 39.8 7.81    
(Income) / Loss from Affiliates CNY mil         ...       ...                   -4,475 -7,991 -9,440 -9,564 -6,855    
Extraordinary Cost CNY mil                                     -4,894 -8,589 -10,188 -10,965 -7,509    
Pre-Tax Profit CNY mil                                     3,179 7,539 10,012 10,350 7,181    
Tax CNY mil                                     -153 20.9 89.3 73.2 -27.5    
Minorities CNY mil                                     -37.1 -43.1 -30.2 -8.69 71.2    
Net Profit CNY mil                                     3,369 7,561 9,953 10,285 7,137    
Net Profit Avail. to Common CNY mil                                     3,369 7,561 9,953 10,285 7,137    
Dividends CNY mil                                     466 1,166 2,984 3,083 2,142    
growth rates                                                  
Total Revenue Growth % ...                                   32.0 34.3 25.5 23.0 1.87    
Operating Cost Growth % ...                                   23.8 22.2 24.2 38.8 -13.8    
Staff Cost Growth % ... ... ... ... ...       ... ...   ... ... ... ...       22.7 33.6 33.3 -4.69 -21.4    
EBITDA Growth % ...                                   -513 -998 100 -16.7 26.2    
EBIT Growth % ...                                   64.0 -42.9 -92.9 710 -43.2    
Pre-Tax Profit Growth % ...                                   139 137 32.8 3.38 -30.6    
Net Profit Growth % ...                                   133 124 31.6 3.34 -30.6    
ratios                                                  
ROE % ...                                   19.8 34.2 33.4 26.5 15.7    
ROA % ...                                   6.69 12.2 12.5 10.5 6.71    
ROCE % ...                                   8.95 17.4 19.8 18.2 12.4    
Gross Margin % ...                                   14.3 14.9 16.3 17.9 13.3    
EBITDA Margin %                                     -0.235 1.57 2.51 1.70 2.10    
EBIT Margin %                                     -3.97 -1.69 -0.095 -0.627 -0.350    
Net Margin %                                     8.89 14.9 15.6 13.1 8.92    
Payout Ratio %                                     13.8 15.4 30.0 30.0 30.0    
Cost of Financing % ...                                   1.57 1.27 0.641 0.558 0.234    
Net Debt/EBITDA                                     -122 7.27 1.85 0.110 -1.93    
balance sheet Unit 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                                  
Cash & Cash Equivalents CNY mil                                     3,943 9,363 17,726 22,993 21,451    
Receivables CNY mil                                     11,977 18,539 23,559 30,501 30,963    
Inventories CNY mil                                     4,735 6,572 8,129 7,304 4,666    
Other ST Assets CNY mil                                     1,506 1,456 2,211 5,199 5,676    
Current Assets CNY mil                                     22,161 35,930 51,624 65,998 62,757    
Property, Plant & Equipment CNY mil                                     16,944 17,606 18,925 21,425 24,382    
LT Investments & Receivables CNY mil                                     376 554 539 440 549    
Intangible Assets CNY mil ... ...                                 1,530 1,750 1,996 2,443 2,791    
Goodwill CNY mil ... ... ... ... ... ... ... ... ...                   9.80 9.80 9.80 9.80 9.80    
Non-Current Assets CNY mil                                     32,451 33,757 37,790 40,513 43,369    
Total Assets CNY mil                                     54,612 69,687 89,414 106,510 106,125    
                                                     
Trade Payables CNY mil                                     7,964 13,039 14,974 19,881 21,903    
Short-Term Debt CNY mil                                     11,596 13,199 18,713 23,119 18,201    
Other ST Liabilities CNY mil                                     7,273 9,946 12,899 8,918 9,865    
Current Liabilities CNY mil                                     29,625 39,323 50,279 59,994 54,603    
Long-Term Debt CNY mil                                     3,237 1,971 1,975 20.0 6.58    
Other LT Liabilities CNY mil                                     3,031 2,938 2,987 3,143 4,053    
Non-Current Liabilities CNY mil                                     6,269 4,909 4,962 3,163 4,059    
Liabilities CNY mil                                     35,893 44,232 55,240 63,157 58,662    
Preferred Equity and Hybrid Capital CNY mil                                     0 0 0 0 0    
Share Capital CNY mil                                     8,228 7,788 7,788 9,772 9,772    
Treasury Stock CNY mil                                     0 0 0 0 0    
Equity Before Minority Interest CNY mil                                     18,857 25,637 34,385 43,574 47,599    
Minority Interest CNY mil                                     -138 -182 -212 -221 -136    
Equity CNY mil                                     18,719 25,455 34,174 43,353 47,463    
growth rates                                                  
Total Asset Growth % ...                                   18.4 27.6 28.3 19.1 -0.362    
Shareholders' Equity Growth % ...                                   21.6 36.0 34.2 26.9 9.48    
Net Debt Growth % ...                                   28.9 -46.7 -49.0 -95.1 -2,322    
Total Debt Growth % ...                                   23.3 2.27 36.4 11.8 -21.3    
ratios                                                  
Total Debt CNY mil                                     14,833 15,170 20,688 23,139 18,208    
Net Debt CNY mil                                     10,890 5,807 2,962 146 -3,244    
Working Capital CNY mil                                     8,748 12,072 16,714 17,925 13,727    
Capital Employed CNY mil                                     41,199 45,830 54,504 58,438 57,095    
Net Debt/Equity %                                     58.2 22.8 8.67 0.337 -6.83    
Current Ratio                                     0.748 0.914 1.03 1.10 1.15    
Quick Ratio                                     0.537 0.710 0.821 0.892 0.960    
cash flow Unit 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                                                  
Net Profit CNY mil                                     3,369 7,561 9,953 10,285 7,137    
Depreciation CNY mil                                     1,415 1,658 1,661 1,826 1,963    
Non-Cash Items CNY mil                                     -2,697 -210 -746 462 1,886    
Change in Working Capital CNY mil                                     698 2,092 2,552 -1,068 -4,102    
Total Cash From Operations CNY mil                                     2,961 11,321 13,659 11,963 7,483    
                                                     
Capital Expenditures CNY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...         -2,590 -2,211 -3,017 -4,642 -3,283    
Net Change in LT Investment CNY mil             ...   ...     ... ... ... ... ... ... ... ... ... ... 0 -1,263   ...
Net Cash From Acquisitions CNY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...         0 -440 0 0 0    
Other Investing Activities CNY mil                                     -1,265 136 -1,073 280 0    
Total Cash From Investing CNY mil                                     -3,855 -2,515 -4,090 -4,362 -4,545    
                                                     
Dividends Paid CNY mil                 ...     ...             -233 -466 -1,169 -2,988 -3,080    
Issuance Of Shares CNY mil                 ...                   100 0 0 1,984 0    
Issuance Of Debt CNY mil                                     912 -3,198 -40.0 158 -1,984    
Other Financing Activities CNY mil                                     173 280 3.57 -1,481 609    
Total Cash From Financing CNY mil                                     952 -3,384 -1,206 -2,327 -4,455    
                                                     
Effect of FX Rates CNY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...         -7.61 -1.60 -0.130 -6.61 -25.6    
Net Change In Cash CNY mil                                     50.6 5,420 8,363 5,268 -1,542    
ratios                                                  
Days Sales Outstanding days                                     115 133 135 142 141    
Days Sales Of Inventory days ...                                   53.2 55.4 55.6 41.3 24.6    
Days Payable Outstanding days ...                                   89.5 110 102 113 115    
Cash Conversion Cycle days ...                                   79.1 78.5 87.9 70.6 50.5    
Cash Earnings CNY mil                                     4,784 9,219 11,613 12,111 9,100    
Free Cash Flow CNY mil                                     -894 8,806 9,569 7,601 2,938    
Capital Expenditures (As % of Sales) %                                     6.84 4.35 4.73 5.91 4.10    
other ratios Unit 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                                   
Employees ...                                   30,877 34,260 37,457 41,173 39,138    
Cost Per Employee USD per month ... ... ... ...         ...     ... ... ...         500 603 710 581 480    
Cost Per Employee (Local Currency) CNY per month ... ... ... ...         ...     ... ... ...         3,071 3,697 4,506 3,907 3,231    
Operating Cost (As % of Sales) %                                     18.2 16.6 16.4 18.5 15.7    
Research & Development (As % of Sales) % ...       ...       ...     ... ...           4.30 3.96 4.02 4.08 4.54    
Staff Cost (As % of Sales) % ... ... ... ...         ...     ... ... ...         3.00 2.99 3.17 2.46 1.90    
Effective Tax Rate %                                     -4.81 0.277 0.892 0.708 -0.384    
Total Revenue Growth (5-year average) % ... ... ... ... ...                           23.7 15.2 14.2 24.7 22.8    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...                 10.4 11.0 13.2 21.5 19.6    
valuation Unit 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                                   
Market Capitalisation USD mil ...                                   8,897 10,560 10,288 6,869 5,287    
Enterprise Value (EV) USD mil ...                                   10,696 11,496 10,745 6,890 4,789    
Number Of Shares mil                                     4,663 4,663 4,663 4,686 4,803    
Share Price CNY ... ...                                 9.70 14.0 14.7 13.5 11.9    
EV/EBITDA ...                                   -739 88.2 42.6 34.7 19.1    
Price/Earnings (P/E) ... ...                                 13.5 8.66 6.87 6.18 8.02    
Price/Cash Earnings (P/CE) ... ...                                 9.45 7.10 5.89 5.23 6.30    
P/FCF ... ...                                 -50.6 7.43 7.15 8.34 19.5    
Price/Book Value (P/BV) ... ...                                 2.42 2.57 2.00 1.46 1.21    
Dividend Yield % ... ...                                 0.516 0.713 1.70 4.73 5.38    
Free Cash Flow Yield % ...                                   -1.63 13.6 14.7 16.5 8.26    
Earnings Per Share (EPS) CNY                                     0.720 1.62 2.13 2.19 1.49    
Cash Earnings Per Share CNY                                     1.03 1.98 2.49 2.58 1.89    
Free Cash Flow Per Share CNY                                     -0.192 1.89 2.05 1.62 0.612    
Book Value Per Share CNY                                     4.01 5.46 7.33 9.25 9.88    
Dividend Per Share CNY                                     0.050 0.100 0.250 0.640 0.642    
EV/Sales ...                                   1.74 1.39 1.07 0.590 0.403    
EV/EBIT ...                                   -43.7 -82.0 -1,123 -94.0 -115    
EV/Free Cash Flow ...                                   -73.5 8.00 7.13 6.09 11.0    
EV/Capital Employed ...                                   1.57 1.56 1.28 0.819 0.546    
Earnings Per Share Growth % ...                                   132 125 31.8 2.60 -32.0    
Cash Earnings Per Share Growth % ...                                   102 92.7 26.0 3.77 -26.7    
Book Value Per Share Growth % ...                                   22.7 36.0 34.2 26.2 6.83    
sales of vehicles Unit 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                                   
Price Per Vehicle Sold CNY ... ... ... ...                             17,865 19,987 22,989 25,639 27,855    
EBIT Per Vehicle Sold CNY ... ... ... ...                             -710 -338 -21.9 -161 -97.4    
Net Profit Per Vehicle Sold CNY ... ... ... ...                             1,589 2,972 3,585 3,357 2,485    
Price Per Vehicle Sold (USD) USD ... ... ... ...                             2,906 3,261 3,621 3,815 4,139    
EBIT Per Vehicle Sold (USD) USD ... ... ... ...                             -115 -55.1 -3.45 -23.9 -14.5    
Net Profit Per Vehicle Sold (USD) USD ... ... ... ...                             258 485 565 500 369    
Market Value per Vehicle Sold (USD) USD ... ... ... ...                             4,197 4,151 3,705 2,242 1,841    
Production of Vehicles vehicles ... ... ... ...                             2,110,000 2,630,000 2,781,370 3,042,100 2,814,790    
Sales of Vehicles vehicles ... ... ... ...                             2,120,020 2,544,060 2,776,510 3,063,400 2,872,460    
Sales of Passenger Vehicles vehicles ... ... ... ... ... ... ... ... ...                   ... ... ... ... ... ... ...
Sales of Light Commercial Vehicles vehicles ... ... ... ... ... ... ... ... ...                   ... ... ... ... ... ... ...
Sales of Heavy Commercial Vehicles vehicles ... ... ... ... ... ... ... ... ... ...               ... ... ... ... ... ... ... ...
Sales of Buses vehicles ... ... ... ... ... ... ... ... ...                   ... ... ... ... ... ... ...
sales geography Unit 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                                   
Sales of Vehicles in Asia Pacific vehicles ... ... ... ...         ...   ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...

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Changan's Cash & Cash Equivalents remain unchanged yoy at CNY mil in 2Q2020

By Helgi Analytics - October 12, 2020

Chongqing Changan Automobile's total assets reached CNY 102,802 mil at the end of 2Q2020, up 11% compared to the previous year. Current assets amounted to CNY 54,303 mil, or 52.8% of total assets while cash stood at CNY 20,994 mil at the en...

Changan's net profit fell 489% yoy to CNY -2,647 mil in 2019

By Helgi Analytics - September 28, 2020

Chongqing Changan Automobile made a net profit of CNY -2,647 mil with revenues of CNY 70,595 mil in 2019, down by 489% and up by 6.48%, respectively, compared to the previous year. This translates into a net margin of -3.75%. Historically, between 19...

Changan's employees rose 2.04% yoy to 36,764 in 2019

By Helgi Analytics - September 28, 2020

Chongqing Changan Automobile employed 36,764 employees in 2019, up 2.04% compared to the previous year. Historically, between 1996 and 2019, the firm's workforce hit a high of 41,173 employees in 2016 and a low of 7,077 employees in 2002. Average per...

Changan's price/earnings (P/E) fell 139% yoy to -18.2 in 2019

By Helgi Analytics - September 28, 2020

Chongqing Changan Automobile stock traded at CNY 10.0 per share at the end 2019 translating into a market capitalization of USD 6,163 mil. Since the end of 2014, stock has depreciated by 28.5% representing an annual average growth of -6.50%. In absolute...

Changan's P/FCF rose 34,028% yoy to 1,023 in 2019

By Helgi Analytics - September 28, 2020

Chongqing Changan Automobile stock traded at CNY 10.0 per share at the end 2019 translating into a market capitalization of USD 6,163 mil. Since the end of 2014, the stock has depreciated by 28.5% representing an annual average growth of -6.50%. At the e...

Changan's Net Margin fell 465% yoy to -3.75% in 2019

By Helgi Analytics - September 28, 2020

Chongqing Changan Automobile made a net profit of CNY -2,647 mil with revenues of CNY 70,595 mil in 2019, down by 489% and up by 6.48%, respectively, compared to the previous year. This translates into a net margin of -3.75%. Historically, between 1995 ...

Changan's ROCE fell 479% yoy to -4.29% in 2019

By Helgi Analytics - September 28, 2020

Chongqing Changan Automobile made a net profit of CNY -2,647 mil in 2019, down 489% compared to the previous year. Historically, between 1995 and 2019, the company's net profit reached a high of CNY 10,285 mil in 2016 and a low of CNY -2,647 mil in 2019. ...

Changan's Cash & Cash Equivalents rose 22.1% yoy to CNY 11,780 mil in 2019

By Helgi Analytics - September 28, 2020

Chongqing Changan Automobile's total assets reached CNY 97,617 mil at the end of 2019, up 4.42% compared to the previous year. Current assets amounted to CNY 49,607 mil, or 50.8% of total assets while cash stood at CNY 11,780 mil at the end...

Changan's Share Price rose 52.5% yoy to CNY 10.0 in 2019

By Helgi Analytics - September 28, 2020

Chongqing Changan Automobile stock traded at CNY 10.0 per share at the end 2019 implying a market capitalization of USD 6,163 mil. Since the end of 2014, stock has appreciated by -28.5% implying an annual average growth of -6.50% In absolute terms, the value of ...

Changan's Net Debt/EBITDA fell 77.1% yoy to 0.671 in 2019

By Helgi Analytics - September 28, 2020

Chongqing Changan Automobile's net debt stood at CNY 1,935 mil and accounted for 4.41% of equity at the end of 2019. The ratio is down 7.20 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 105% in 1995 a...

More News

Chang'an Automobile (Chana) is an automobile manufacturer in Chongqing, China, and a state-owned enterprise with China Weaponry Equipment as its parent. Its production is primarily composed of no-frills passenger cars and mini-vehicles, microvans and microtrucks that see commercial use. Also known as Chana, the company is currently one of the "top 4" Chinese automakers along with Dongfeng Motor, FAW Group, and the Shanghai Automotive Industry Corporation. Although this datum only allowed the company to achieve fourth place, in terms of production, Chang'an made more than 1,837,000 whole vehicles in 2011. Foreign automakers that have joined joint ventures with Chang'an include Ford, Suzuki, and PSA Peugeot Citroen.

Chongqing Changan Automobile Logo

Finance

Chongqing Changan Automobile has been growing its sales by 6.78% a year on average in the last 5 years. EBITDA has grown on average by 29.3% a year during that time to total of CNY 2,886 mil in 2019, or 4.09% of sales. That’s compared to 2.63% average margin seen in last five years.

The company netted CNY -2,647 mil in 2019 implying ROE of -5.88% and ROCE of -4.29%. Again, the average figures were 14.2% and 9.45%, respectively when looking at the previous 5 years.

Chongqing Changan Automobile’s net debt amounted to CNY 1,935 mil at the end of 2019, or 4.41% of equity. When compared to EBITDA, net debt was 0.671x, down when compared to average of 0.727x seen in the last 5 years.

Valuation

Chongqing Changan Automobile stock traded at CNY 10.0 per share at the end of 2019 resulting in a market capitalization of USD 6,163 mil. Over the previous five years, stock price fell by 28.5% or -6.50% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 15.4x and price to earnings (PE) of -18.2x as of 2019.