BEIJING TONGRENTANG CO., LTD |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 42.9 CNY | +5.07% |
|
+1.66% | -20.11% |
| Mar. 28 | Beijing Tongrentang Co., Ltd Reports Earnings Results for the Full Year Ended December 31, 2023 | CI |
| Mar. 06 | China Approves Tong Ren Tang Group's Clinical Trial of Heart Failure Drug | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 38,648 | 32,778 | 61,689 | 61,277 | 73,648 | 58,836 | - | - |
| Enterprise Value (EV) 1 | 32,633 | 26,164 | 53,862 | 51,671 | 63,563 | 46,619 | 45,025 | 42,269 |
| P/E ratio | 39.2 x | 31.8 x | 50.3 x | 43 x | 44.1 x | 30.3 x | 26.3 x | 23.2 x |
| Yield | 0.92% | 1.13% | 0.64% | 0.72% | 0.93% | 1.14% | 1.19% | 1.5% |
| Capitalization / Revenue | 2.91 x | 2.56 x | 4.22 x | 3.99 x | 4.12 x | 2.91 x | 2.59 x | 2.34 x |
| EV / Revenue | 2.46 x | 2.04 x | 3.69 x | 3.36 x | 3.56 x | 2.3 x | 1.98 x | 1.68 x |
| EV / EBITDA | 14.2 x | 10.8 x | 19.8 x | 16.6 x | 18.2 x | 11.7 x | 9.89 x | 8.42 x |
| EV / FCF | 17.9 x | 25.2 x | 18.2 x | 18.7 x | 41.1 x | 20.9 x | 19.1 x | 14 x |
| FCF Yield | 5.58% | 3.97% | 5.49% | 5.35% | 2.43% | 4.77% | 5.25% | 7.14% |
| Price to Book | 4.18 x | 3.33 x | 5.8 x | 5.19 x | 5.64 x | 4.06 x | 3.72 x | 3.27 x |
| Nbr of stocks (in thousands) | 1,371,470 | 1,371,470 | 1,371,470 | 1,371,470 | 1,371,470 | 1,371,470 | - | - |
| Reference price 2 | 28.18 | 23.90 | 44.98 | 44.68 | 53.70 | 42.90 | 42.90 | 42.90 |
| Announcement Date | 4/2/20 | 3/29/21 | 3/25/22 | 3/27/23 | 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 | 13,277 | 12,826 | 14,603 | 15,372 | 17,861 | 20,237 | 22,692 | 25,148 |
| EBITDA 1 | 2,296 | 2,430 | 2,725 | 3,120 | 3,486 | 3,985 | 4,553 | 5,017 |
| EBIT 1 | 1,968 | 2,005 | 2,328 | 2,721 | 3,084 | 3,628 | 4,209 | 4,725 |
| Operating Margin | 14.82% | 15.63% | 15.94% | 17.7% | 17.27% | 17.93% | 18.55% | 18.79% |
| Earnings before Tax (EBT) 1 | 1,967 | 1,983 | 2,327 | 2,717 | 3,081 | 3,610 | 4,202 | 4,713 |
| Net income 1 | 985.4 | 1,031 | 1,227 | 1,426 | 1,669 | 1,942 | 2,257 | 2,535 |
| Net margin | 7.42% | 8.04% | 8.4% | 9.28% | 9.34% | 9.6% | 9.95% | 10.08% |
| EPS 2 | 0.7190 | 0.7520 | 0.8950 | 1.040 | 1.217 | 1.416 | 1.632 | 1.849 |
| Free Cash Flow 1 | 1,821 | 1,039 | 2,958 | 2,766 | 1,546 | 2,226 | 2,363 | 3,019 |
| FCF margin | 13.71% | 8.1% | 20.25% | 17.99% | 8.66% | 11% | 10.41% | 12% |
| FCF Conversion (EBITDA) | 79.3% | 42.76% | 108.56% | 88.63% | 44.37% | 55.86% | 51.89% | 60.17% |
| FCF Conversion (Net income) | 184.75% | 100.71% | 240.98% | 193.96% | 92.66% | 114.6% | 104.7% | 119.1% |
| Dividend per Share 2 | 0.2600 | 0.2700 | 0.2900 | 0.3200 | 0.5000 | 0.4911 | 0.5101 | 0.6450 |
| Announcement Date | 4/2/20 | 3/29/21 | 3/25/22 | 3/27/23 | 3/28/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | - | - | - | - | - | 4,472 | 5,143 | 4,618 | 3,961 | 4,140 | 5,423 | 4,792 | 4,289 | 5,216 | - |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | - | - | - | - | - | 908.7 | 995.8 | 872.3 | 729.8 | 486.5 | 1,042 | 1,003 | 810.8 | 697.5 | - |
| Operating Margin | - | - | - | - | - | 20.32% | 19.36% | 18.89% | 18.43% | 11.75% | 19.21% | 20.92% | 18.9% | 13.37% | - |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EPS 2 | 0.2100 | 0.2300 | 0.2920 | 0.2500 | 0.1900 | 0.3100 | 0.3820 | 0.3370 | 0.2900 | 0.2100 | 0.3300 | 0.3800 | 0.3400 | 0.2800 | 0.2300 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 10/29/21 | 3/25/22 | 4/29/22 | 8/30/22 | 10/27/22 | 3/27/23 | 4/28/23 | 8/4/23 | 10/30/23 | 3/28/24 | - | - | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 6,015 | 6,614 | 7,827 | 9,607 | 10,085 | 12,217 | 13,811 | 16,567 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 1,821 | 1,039 | 2,958 | 2,766 | 1,546 | 2,226 | 2,363 | 3,019 |
| ROE (net income / shareholders' equity) | 10.3% | 10.8% | 12% | 12.7% | 13.4% | 13.6% | 14.2% | 14.2% |
| ROA (Net income/ Total Assets) | 4.76% | 4.82% | 5.23% | 5.47% | - | 6.73% | 7.05% | 7.8% |
| Assets 1 | 20,698 | 21,381 | 23,455 | 26,059 | - | 28,848 | 32,012 | 32,498 |
| Book Value Per Share 2 | 6.730 | 7.170 | 7.750 | 8.610 | 9.520 | 10.60 | 11.50 | 13.10 |
| Cash Flow per Share 2 | 1.660 | 1.590 | 2.500 | 2.260 | 1.360 | 2.060 | 2.850 | 1.950 |
| Capex 1 | 453 | 1,136 | 469 | 329 | 323 | 465 | 491 | 521 |
| Capex / Sales | 3.41% | 8.86% | 3.21% | 2.14% | 1.81% | 2.3% | 2.17% | 2.07% |
| Announcement Date | 4/2/20 | 3/29/21 | 3/25/22 | 3/27/23 | 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
C-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
42.9
CNY
Average target price
53.25
CNY
Spread / Average Target
+24.14%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -20.11% | 8.12B | |
| +25.83% | 661B | |
| +27.17% | 566B | |
| -6.76% | 352B | |
| +20.34% | 332B | |
| +3.00% | 283B | |
| +14.32% | 231B | |
| +4.55% | 200B | |
| -9.53% | 195B | |
| -6.26% | 145B |
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- 600085 Stock
- Financials Beijing Tongrentang Co., Ltd
