GF SECURITIES CO., LTD. Financials GF Securities Co., Ltd.
Equities
000776
CNE0000008L2
Investment Management & Fund Operators
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 12.47 CNY | -0.40% |
|
-3.11% | -12.74% |
| May. 15 | GF Securities to Raise Subsidiary's Capital to HK$5.24 Billion | MT |
| May. 15 | Shenzhen Sunrise New Energy Co., Ltd. cancelled the transaction announced on May 5, 2023 | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 104,233 | 112,072 | 166,157 | 108,344 | 98,797 | 84,801 | - | - |
| Enterprise Value (EV) 1 | 191,484 | 206,557 | 308,349 | 283,935 | 317,836 | 309,947 | 84,801 | 84,801 |
| P/E ratio | 15.3 x | 12.3 x | 17.3 x | 15.2 x | 17.2 x | 13.3 x | 11.3 x | 11.4 x |
| Yield | 2.31% | 2.76% | 2.03% | 2.26% | 2.1% | 2.54% | 2.83% | 2.22% |
| Capitalization / Revenue | 3.75 x | 3.85 x | 4.85 x | 3.6 x | 3.08 x | 3.45 x | 3.06 x | 3.04 x |
| EV / Revenue | 6.9 x | 7.09 x | 9 x | 9.42 x | 9.9 x | 12.6 x | 3.06 x | 3.04 x |
| EV / EBITDA | 18.3 x | 14.6 x | 19.5 x | - | 16.4 x | 35.3 x | 8.8 x | - |
| EV / FCF | - | - | - | - | - | - | - | - |
| FCF Yield | - | - | - | - | - | - | - | - |
| Price to Book | 1.27 x | 1.26 x | 1.76 x | 0.98 x | 0.8 x | 0.7 x | 0.69 x | 0.66 x |
| Nbr of stocks (in thousands) | 7,621,088 | 7,621,088 | 7,621,088 | 7,605,846 | 7,605,846 | 7,605,846 | - | - |
| Reference price 2 | 15.17 | 16.28 | 24.59 | 15.49 | 14.29 | 12.47 | 12.47 | 12.47 |
| Announcement Date | 3/27/20 | 1/31/21 | 3/30/22 | 3/30/23 | 3/28/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 27,762 | 29,115 | 34,250 | 30,129 | 32,093 | 24,606 | 27,725 | 27,900 |
| EBITDA 1 | 10,462 | 14,135 | 15,784 | - | 19,369 | 8,789 | 9,640 | - |
| EBIT 1 | 9,812 | 13,590 | 15,025 | 10,448 | 11,677 | 8,912 | 10,551 | 10,563 |
| Operating Margin | 35.34% | 46.68% | 43.87% | 34.68% | 36.39% | 36.22% | 38.06% | 37.86% |
| Earnings before Tax (EBT) 1 | 10,276 | 13,573 | 14,964 | 10,388 | 8,744 | 9,166 | 10,723 | 10,406 |
| Net income 1 | 7,539 | 10,042 | 10,854 | 7,929 | 6,978 | 7,151 | 8,389 | 8,492 |
| Net margin | 27.16% | 34.49% | 31.69% | 26.32% | 21.74% | 29.06% | 30.26% | 30.44% |
| EPS 2 | 0.9900 | 1.320 | 1.420 | 1.020 | 0.8300 | 0.9343 | 1.103 | 1.089 |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| FCF margin | - | - | - | - | - | - | - | - |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | - | - | - | - | - | - | - |
| Dividend per Share 2 | 0.3500 | 0.4500 | 0.5000 | 0.3500 | 0.3000 | 0.3170 | 0.3533 | 0.2773 |
| Announcement Date | 3/27/20 | 1/31/21 | 3/30/22 | 3/30/23 | 3/28/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2021 Q4 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 17,257 | - | - | 4,811 | - | 13,316 | - | 11,608 | 18,085 | 4,776 | 14,079 | 4,949 | 5,718 | 5,532 | 5,861 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | - | - | - | - | - | 4,859 | - | - | 5,595 | 1,447 | 4,257 | 1,824 | 1,935 | 1,791 | 2,085 |
| Operating Margin | - | - | - | - | - | 36.49% | - | - | 30.94% | 30.29% | 30.24% | 36.86% | 33.85% | 32.38% | 35.58% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net income | 5,752 | - | - | 1,036 | - | - | - | 2,382 | 4,538 | 1,272 | 1,168 | - | - | - | - |
| Net margin | 33.33% | - | - | 21.54% | - | - | - | 20.52% | 25.09% | 26.62% | 8.29% | - | - | - | - |
| EPS 2 | - | 0.2900 | 0.3800 | 0.1200 | 0.3500 | 0.4700 | 0.2700 | 0.2900 | - | 0.1400 | 0.1300 | 0.1700 | 0.2650 | 0.2550 | 0.2750 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 8/28/20 | 3/30/22 | 8/30/22 | 10/28/22 | 3/30/23 | 3/30/23 | 4/28/23 | 8/30/23 | 8/30/23 | 10/30/23 | 3/28/24 | 4/29/24 | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 87,251 | 94,486 | 142,192 | 175,592 | 219,040 | 225,146 | - | - |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 8.34 x | 6.685 x | 9.008 x | - | 11.31 x | 25.62 x | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| ROE (net income / shareholders' equity) | 8.48% | 10.6% | 10.7% | 7.23% | 5.66% | 5.48% | 5.92% | 6.1% |
| ROA (Net income/ Total Assets) | 1.92% | 2.36% | 2.19% | 1.38% | 1.07% | 1.08% | 1.09% | 1.14% |
| Assets 1 | 391,836 | 425,889 | 495,622 | 576,549 | 649,702 | 662,750 | 766,215 | 742,266 |
| Book Value Per Share 2 | 12.00 | 12.90 | 14.00 | 15.80 | 17.80 | 17.80 | 18.00 | 18.90 |
| Cash Flow per Share | - | - | 1.480 | 6.560 | - | - | - | - |
| Capex | - | - | - | - | - | - | - | - |
| Capex / Sales | - | - | - | - | - | - | - | - |
| Announcement Date | 3/27/20 | 1/31/21 | 3/30/22 | 3/30/23 | 3/28/24 | - | - | - |
1CNY in Million2CNY
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
12.47
CNY
Average target price
16.38
CNY
Spread / Average Target
+31.34%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -12.74% | 11.7B | |
| -5.31% | 114B | |
| +8.89% | 102B | |
| +7.51% | 64.37B | |
| +21.23% | 63.93B | |
| +15.87% | 45.1B | |
| +12.32% | 42.37B | |
| +20.86% | 35.9B | |
| +7.30% | 25.8B | |
| -3.49% | 22.52B |
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- Financials GF Securities Co., Ltd.
