Financials Caitong Securities Co.,Ltd.

Equities

601108

CNE100002V44

Investment Banking & Brokerage Services

End-of-day quote Shanghai S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
7.73 CNY +5.89% Intraday chart for Caitong Securities Co.,Ltd. +5.60% -0.39%

Valuation

Fiscal Period: December 2018 2020 2021 2022 2023 2024 2025
Capitalization 1 25,913 45,401 39,910 33,063 35,896 35,896 -
Enterprise Value (EV) 1 25,913 45,401 39,910 33,063 36,035 35,896 35,896
P/E ratio 32.8 x - 16.4 x 20.9 x 16.5 x 14.3 x 12.7 x
Yield - - 1.8% - - - -
Capitalization / Revenue 8.18 x 7 x 6.23 x - 5.53 x 5.13 x 4.74 x
EV / Revenue 8.18 x 7 x 6.23 x - 5.53 x 5.13 x 4.74 x
EV / EBITDA - - - - - - -
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Price to Book - - 1.61 x - 1.04 x 1 x 0.94 x
Nbr of stocks (in thousands) 3,589,000 3,589,000 3,589,013 4,643,732 4,643,740 4,643,740 -
Reference price 2 7.220 12.65 11.12 7.120 7.730 7.730 7.730
Announcement Date 4/26/19 1/27/21 4/28/22 4/27/23 4/25/24 - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2020 2021 2022 2023 2024 2025
Net sales 1 3,168 6,485 6,408 - 6,517 6,991 7,573
EBITDA - - - - - - -
EBIT 1 - - 3,048 - 2,629 2,989 3,371
Operating Margin - - 47.57% - 40.34% 42.75% 44.51%
Earnings before Tax (EBT) - - 3,029 - - - -
Net income 1 - 2,249 2,566 1,517 2,252 2,493 2,814
Net margin - 34.68% 40.05% - 34.55% 35.66% 37.16%
EPS 2 0.2200 - 0.6800 0.3400 0.4700 0.5400 0.6100
Free Cash Flow - - - - - - -
FCF margin - - - - - - -
FCF Conversion (EBITDA) - - - - - - -
FCF Conversion (Net income) - - - - - - -
Dividend per Share - - 0.2000 - - - -
Announcement Date 4/26/19 1/27/21 4/28/22 4/27/23 4/25/24 - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2020 2021 2022 2023 2024 2025
Net Debt - - - - - - -
Net Cash position - - - - - - -
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow - - - - - - -
ROE (net income / shareholders' equity) - - 10.7% - 6.67% 6.92% 7.39%
ROA (Net income/ Total Assets) - - 2.48% - - - -
Assets 1 - - 103,542 - - - -
Book Value Per Share 2 - - 6.890 - 7.450 7.760 8.200
Cash Flow per Share - - - - - - -
Capex - - - - - - -
Capex / Sales - - - - - - -
Announcement Date 4/26/19 1/27/21 4/28/22 4/27/23 4/25/24 - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
1
Last Close Price
7.73 CNY
Average target price
8.5 CNY
Spread / Average Target
+9.96%
Consensus

Annual profits - Rate of surprise

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