Financials Baoji Titanium Industry Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
26.07 ^CNY	+0.58%		+4.32%	-16.95%

Apr. 25	Guangdong Land’s Managing Director Steps Down; Successor Named	MT
Mar. 29	Baoji Titanium Industry Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,451	22,413	34,295	19,522	14,997	12,456	-	-
Enterprise Value (EV) ¹	10,451	22,413	34,295	19,522	14,997	12,456	12,456	12,456
P/E ratio	43.5 x	61.8 x	60.7 x	35 x	27.6 x	19.5 x	12.8 x	14.4 x
Yield	0.82%	2.02%	1.18%	1.1%	1.12%	2.3%	2.78%	3.84%
Capitalization / Revenue	2.5 x	5.17 x	6.54 x	2.94 x	2.16 x	1.63 x	1.33 x	1.35 x
EV / Revenue	2.5 x	5.17 x	6.54 x	2.94 x	2.16 x	1.63 x	1.33 x	1.35 x
EV / EBITDA	19.4 x	32.4 x	-	19.4 x	14.4 x	9.54 x	7.32 x	7.58 x
EV / FCF	-	-	-194 x	-24.8 x	-1,443 x	21.4 x	19.9 x	-
FCF Yield	-	-	-0.52%	-4.04%	-0.07%	4.66%	5.02%	-
Price to Book	2.8 x	5.59 x	5.68 x	3.15 x	2.3 x	1.78 x	1.58 x	1.55 x
Nbr of stocks (in thousands)	430,266	430,266	477,778	477,778	477,778	477,778	-	-
Reference price ²	24.29	52.09	71.78	40.86	31.39	26.07	26.07	26.07
Announcement Date	3/19/20	4/8/21	4/1/22	4/25/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,188	4,338	5,246	6,635	6,927	7,628	9,396	9,204
EBITDA ¹	538.1	690.8	-	1,005	1,040	1,305	1,701	1,644
EBIT ¹	316.5	473.6	685.7	740.2	750.5	875.1	1,328	1,169
Operating Margin	7.56%	10.92%	13.07%	11.16%	10.83%	11.47%	14.13%	12.7%
Earnings before Tax (EBT) ¹	325.2	472.2	688.4	746.7	750.4	876.1	1,328	1,170
Net income ¹	240	362.7	560.3	557.2	544.2	640.8	871.6	865.4
Net margin	5.73%	8.36%	10.68%	8.4%	7.86%	8.4%	9.28%	9.4%
EPS ²	0.5578	0.8429	1.182	1.166	1.139	1.340	2.030	1.810
Free Cash Flow ¹	-	-	-177.2	-788.6	-10.4	581	625	-
FCF margin	-	-	-3.38%	-11.89%	-0.15%	7.62%	6.65%	-
FCF Conversion (EBITDA)	-	-	-	-	-	44.52%	36.75%	-
FCF Conversion (Net income)	-	-	-	-	-	90.67%	71.71%	-
Dividend per Share ²	0.2000	1.050	0.8500	0.4500	0.3500	0.6000	0.7250	1.000
Announcement Date	3/19/20	4/8/21	4/1/22	4/25/23	3/29/24	-	-	-

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 ¹	-	-	-177	-789	-10.4	581	625	-
ROE (net income / shareholders' equity)	6.6%	9.4%	9.28%	9.11%	8.55%	9.74%	12.5%	11.2%
ROA (Net income/ Total Assets)	3.12%	4.3%	-	4.47%	-	4.25%	5.95%	5.25%
Assets ¹	7,688	8,426	-	12,459	-	15,077	14,661	16,485
Book Value Per Share ²	8.680	9.320	12.60	13.00	13.70	14.60	16.50	16.90
Cash Flow per Share ²	0.1200	0.9400	0.4300	-0.9100	0.3200	-0.5000	2.190	0.5300
Capex ¹	48.3	134	381	353	161	247	303	405
Capex / Sales	1.15%	3.09%	7.27%	5.32%	2.32%	3.24%	3.23%	4.4%
Announcement Date	3/19/20	4/8/21	4/1/22	4/25/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

26.07 CNY

Average target price

32.12 CNY

Spread / Average Target

+23.21%

	1st Jan change	Capi.
BAOJI TITANIUM INDUSTRY CO., LTD.	-16.95%	1.72B
VSMPO-AVISMA CORPORATION	-.--%	7.15B
ZHEJIANG HUAYOU COBALT CO., LTD	-14.21%	6.62B
PANGANG GROUP VANADIUM & TITANIUM RESOURCES CO., LTD.	-1.83%	4.13B
YUNNAN COPPER CO.,LTD	+30.12%	3.92B
CHINA RARE EARTH RESOURCES AND TECHNOLOGY CO., LTD.	+4.59%	3.92B
AURUBIS AG	-0.08%	3.46B
CHINA NONFERROUS MINING CORPORATION LIMITED	+34.50%	3.44B
WESTERN SUPERCONDUCTING TECHNOLOGIES CO., LTD.	-27.97%	3.44B
ZHE JIANG HAI LIANG CO., LTD	-16.86%	2.56B