Financials Changzhou Almaden Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-23 pm EDT			5-day change	1st Jan Change
19.98 ^CNY	+0.25%		+0.65%	-25.31%

May. 22	Changzhou Almaden Co., Ltd. Implements Final Profit Distribution Plan of A Shares for 2022, Payable on 28 May 2024	CI
Apr. 26	Changzhou Almaden Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,568	7,038	6,800	5,952	5,164	3,857	-	-
Enterprise Value (EV) ¹	3,568	7,038	6,800	5,952	5,164	3,857	3,857	3,857
P/E ratio	-36.6 x	51.2 x	114 x	71.8 x	62.2 x	27.4 x	16.2 x	17.9 x
Yield	-	-	-	0.66%	1.87%	0.85%	1.3%	-
Capitalization / Revenue	3.01 x	3.9 x	3.35 x	1.88 x	1.42 x	1.02 x	0.73 x	0.74 x
EV / Revenue	3.01 x	3.9 x	3.35 x	1.88 x	1.42 x	1.02 x	0.73 x	0.74 x
EV / EBITDA	-	-	29.1 x	23.3 x	20.6 x	10.5 x	8.77 x	7.16 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	-	3 x	2.08 x	1.86 x	1.64 x	1.18 x	1 x	1.1 x
Nbr of stocks (in thousands)	160,000	160,000	199,063	197,469	193,063	193,063	-	-
Reference price ²	22.30	43.99	34.16	30.14	26.75	19.98	19.98	19.98
Announcement Date	2/28/20	2/26/21	3/29/22	4/27/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,185	1,803	2,032	3,168	3,628	3,780	5,278	5,190
EBITDA ¹	-	-	233.9	255.9	250.7	369.1	439.6	538.5
EBIT ¹	-	161.7	60.98	89.79	86.1	161.5	271.4	243.9
Operating Margin	-	8.97%	3%	2.83%	2.37%	4.27%	5.14%	4.7%
Earnings before Tax (EBT) ¹	-	168.9	58.1	86.35	84.02	160.3	270.6	242.7
Net income ¹	-	137.7	54	83.59	83.51	145.7	245.4	221.8
Net margin	-	7.64%	2.66%	2.64%	2.3%	3.86%	4.65%	4.27%
EPS ²	-0.6100	0.8600	0.3000	0.4200	0.4300	0.7300	1.233	1.115
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	0.2000	0.5000	0.1700	0.2600	-
Announcement Date	2/28/20	2/26/21	3/29/22	4/27/23	4/26/24	-	-	-

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)	-	6.2%	1.92%	2.53%	2.59%	4.35%	6.12%	6.2%
ROA (Net income/ Total Assets)	-	3.55%	1.21%	1.69%	-	3.1%	3.7%	-
Assets ¹	-	3,881	4,473	4,938	-	4,701	6,633	-
Book Value Per Share ²	-	14.70	16.50	16.20	16.30	17.00	19.90	18.20
Cash Flow per Share ²	-	1.510	-0.8000	0.5100	0.5900	1.490	2.170	3.630
Capex ¹	-	-	161	240	467	337	492	870
Capex / Sales	-	-	7.91%	7.58%	12.88%	8.93%	9.32%	16.77%
Announcement Date	2/28/20	2/26/21	3/29/22	4/27/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

19.98 CNY

Average target price

24.52 CNY

Spread / Average Target

+22.72%

	1st Jan change	Capi.
CHANGZHOU ALMADEN CO., LTD.	-25.31%	533M
FIRST SOLAR, INC.	+60.63%	29.62B
LONGI GREEN ENERGY TECHNOLOGY CO., LTD.	-18.08%	19.63B
TONGWEI CO.,LTD	-9.07%	14.15B
JINKO SOLAR CO., LTD.	-9.59%	11.07B
NEXTRACKER INC.	+21.17%	7.75B
XINJIANG DAQO NEW ENERGY CO.,LTD.	-14.41%	7.47B
FLAT GLASS GROUP CO., LTD.	+20.33%	7.37B
JA SOLAR TECHNOLOGY CO., LTD.	-27.41%	6.83B
TCL ZHONGHUAN RENEWABLE ENERGY TECHNOLOGY CO.,LTD.	-27.24%	6.35B