Financials Guosen Securities Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-06-06 pm EDT			5-day change	1st Jan Change
9.28 ^CNY	+0.54%		+3.80%	+8.67%

May. 31	Guosen Securities Co., Ltd. Approves Cash Dividend for 2023	CI
May. 13	Guosen Securities Co., Ltd. Approves the 2023 Profit Distribution Plan	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	102,910	131,114	110,351	85,358	82,090	89,203	-	-
Enterprise Value (EV) ¹	102,910	131,114	110,351	85,358	82,090	89,203	89,203	89,203
P/E ratio	22 x	18.9 x	11.8 x	17.1 x	15.8 x	14.6 x	13.3 x	12.5 x
Yield	1.59%	1.69%	4.36%	3.04%	3.16%	2.26%	2.37%	-
Capitalization / Revenue	7.3 x	6.98 x	4.63 x	5.38 x	4.74 x	5.56 x	5.21 x	4.75 x
EV / Revenue	7.3 x	6.98 x	4.63 x	5.38 x	4.74 x	5.56 x	5.21 x	4.75 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.83 x	1.85 x	1.14 x	0.8 x	1.02 x	1.05 x	0.88 x	0.93 x
Nbr of stocks (in thousands)	8,200,000	9,612,429	9,612,429	9,612,429	9,612,429	9,612,429	-	-
Reference price ²	12.55	13.64	11.48	8.880	8.540	9.280	9.280	9.280
Announcement Date	2/19/20	4/1/21	4/18/22	4/28/23	4/16/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,090	18,784	23,818	15,876	17,317	16,057	17,132	18,769
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	6,461	8,633	12,294	6,095	6,847	6,282	6,914	7,569
Operating Margin	45.86%	45.96%	51.62%	38.39%	39.54%	39.13%	40.36%	40.33%
Earnings before Tax (EBT) ¹	6,245	8,344	12,634	6,222	6,855	7,116	7,914	9,011
Net income ¹	4,924	6,616	10,115	6,088	6,427	6,314	7,011	7,109
Net margin	34.95%	35.22%	42.47%	38.35%	37.12%	39.33%	40.93%	37.88%
EPS ²	0.5700	0.7200	0.9700	0.5200	0.5400	0.6340	0.6977	0.7400
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.2000	0.2300	0.5000	0.2700	0.2700	0.2100	0.2200	-
Announcement Date	2/19/20	4/1/21	4/18/22	4/28/23	4/16/24	-	-	-

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)	9.48%	10.6%	12.7%	6.5%	6.57%	6.15%	6.49%	6.55%
ROA (Net income/ Total Assets)	-	-	-	-	-	1.26%	1.34%	1.36%
Assets ¹	-	-	-	-	-	501,151	523,238	522,755
Book Value Per Share ²	6.860	7.380	10.10	11.10	8.370	8.850	10.50	9.990
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	2/19/20	4/1/21	4/18/22	4/28/23	4/16/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

9.28 CNY

Average target price

8.75 CNY

Spread / Average Target

-5.71%

	1st Jan change	Capi.
GUOSEN SECURITIES CO., LTD.	+8.67%	12.31B
MORGAN STANLEY	+4.17%	158B
THE GOLDMAN SACHS GROUP, INC.	+17.92%	155B
CHARLES SCHWAB	+7.46%	135B
CITIGROUP INC.	+20.10%	118B
CITIC SECURITIES COMPANY LIMITED	-9.77%	35.14B
RAYMOND JAMES FINANCIAL, INC.	+7.65%	24.88B
LPL FINANCIAL HOLDINGS INC.	+23.04%	20.92B
CSC FINANCIAL CO., LTD.	-9.28%	19.56B
NOMURA HOLDINGS, INC.	+51.91%	18.33B