TANGSHAN SANYOU CHEMICAL INDUSTRIES CO.,LTD

Financials Tangshan Sanyou Chemical Industries Co.,Ltd

Equities

600409

CNE000001F39

Commodity Chemicals

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-19 pm EDT			5-day change	1st Jan Change
5.96 ^CNY	+1.88%		+5.67%	+8.56%

Apr. 25	Tangshan Sanyou Chemical Industries Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
2023	Sanyou Chemical to Invest 838 Million Yuan in Electronic-Grade Chemical Factory	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,047	21,160	17,960	13,645	11,333	12,304	-	-
Enterprise Value (EV) ¹	13,047	21,160	17,960	13,645	11,333	12,304	12,304	12,304
P/E ratio	19.1 x	29.5 x	10.7 x	13.8 x	20 x	21.3 x	15.3 x	12.4 x
Yield	2.63%	2.39%	2.82%	2.21%	1.51%	1.34%	1.85%	2.18%
Capitalization / Revenue	0.64 x	1.19 x	0.77 x	0.58 x	0.52 x	0.54 x	0.48 x	0.44 x
EV / Revenue	0.64 x	1.19 x	0.77 x	0.58 x	0.52 x	0.54 x	0.48 x	0.44 x
EV / EBITDA	6.48 x	10.6 x	5.14 x	4.76 x	4.36 x	4.46 x	4.01 x	3.53 x
EV / FCF	-	-	11,867,961 x	-	-	-	-	-
FCF Yield	-	-	0%	-	-	-	-	-
Price to Book	1.16 x	1.82 x	1.4 x	1.03 x	0.84 x	0.88 x	0.84 x	0.8 x
Nbr of stocks (in thousands)	2,064,349	2,064,349	2,064,349	2,064,349	2,064,349	2,064,349	-	-
Reference price ²	6.320	10.25	8.700	6.610	5.490	5.960	5.960	5.960
Announcement Date	4/25/20	4/8/21	2/16/22	4/13/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	20,515	17,780	23,182	23,680	21,920	22,592	25,671	28,015
EBITDA ¹	2,014	1,995	3,497	2,869	2,602	2,758	3,072	3,486
EBIT ¹	915.3	857.4	2,316	1,710	1,432	2,250	2,775	3,404
Operating Margin	4.46%	4.82%	9.99%	7.22%	6.53%	9.96%	10.81%	12.15%
Earnings before Tax (EBT) ¹	936.4	885.5	2,306	1,689	1,415	2,239	2,758	3,387
Net income ¹	682.9	717.1	1,671	988.7	565.7	573.3	806.3	992.3
Net margin	3.33%	4.03%	7.21%	4.18%	2.58%	2.54%	3.14%	3.54%
EPS ²	0.3308	0.3474	0.8094	0.4789	0.2740	0.2800	0.3900	0.4800
Free Cash Flow	-	-	1,513	-	-	-	-	-
FCF margin	-	-	6.53%	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	43.27%	-	-	-	-	-
FCF Conversion (Net income)	-	-	90.57%	-	-	-	-	-
Dividend per Share ²	0.1660	0.2450	0.2450	0.1460	0.0830	0.0800	0.1100	0.1300
Announcement Date	4/25/20	4/8/21	2/16/22	4/13/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	1,513	-	-	-	-	-
ROE (net income / shareholders' equity)	6.14%	6.28%	13.8%	7.63%	4.23%	4.09%	5.5%	6.44%
ROA (Net income/ Total Assets)	2.72%	2.92%	6.65%	3.69%	-	2.85%	3.5%	3.8%
Assets ¹	25,070	24,548	25,141	26,798	-	20,116	23,038	26,114
Book Value Per Share ²	5.450	5.640	6.200	6.430	6.570	6.760	7.070	7.440
Cash Flow per Share ²	0.4700	1.010	0.7700	1.170	0.8100	1.180	1.490	1.570
Capex ¹	248	124	61.6	367	328	714	556	606
Capex / Sales	1.21%	0.7%	0.27%	1.55%	1.5%	3.16%	2.17%	2.16%
Announcement Date	4/25/20	4/8/21	2/16/22	4/13/23	4/25/24	-	-	-

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

Ratings for Tangshan Sanyou Chemical Industries Co.,Ltd

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.96 CNY

Average target price

7.35 CNY

Spread / Average Target

+23.32%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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