Financials Changzhou Almaden Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
20.46 ^CNY	+2.30%		+4.33%	-23.51%

Apr. 26	Changzhou Almaden Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Feb. 07	Changzhou Almaden Co., Ltd. agreed to acquire Fengyang Silicon Valley Intelligence Co., Ltd. from Shanghai Lingda Information Technology Consulting Co., Ltd. and Yancheng Daling Enterprise Management Consulting Center (Limited Partnership) for CNY 1.4 billion	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	2,451	3,568	7,038	6,800	5,952	3,950	3,950	-
Enterprise Value (EV) ¹	2,451	3,568	7,038	6,800	5,952	5,164	3,950	3,950
P/E ratio	30.6 x	-36.6 x	51.2 x	114 x	71.8 x	62.2 x	20.7 x	14.2 x
Yield	-	-	-	-	0.66%	1.87%	0.83%	1.27%
Capitalization / Revenue	1.6 x	3.01 x	3.9 x	3.35 x	1.88 x	1.42 x	0.85 x	0.67 x
EV / Revenue	1.6 x	3.01 x	3.9 x	3.35 x	1.88 x	1.42 x	0.85 x	0.67 x
EV / EBITDA	9.28 x	-	-	29.1 x	23.3 x	20.6 x	10.4 x	7.33 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.11 x	-	3 x	2.08 x	1.86 x	1.64 x	1.09 x	0.99 x
Nbr of stocks (in thousands)	160,000	160,000	160,000	199,063	197,469	193,063	193,063	-
Reference price ²	15.32	22.30	43.99	34.16	30.14	20.46	20.46	20.46
Announcement Date	4/24/19	2/28/20	2/26/21	3/29/22	4/27/23	4/26/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,530	1,185	1,803	2,032	3,168	3,628	4,672	5,927
EBITDA ¹	264.1	-	-	233.9	255.9	250.7	380.4	538.8
EBIT ¹	78.49	-	161.7	60.98	89.79	86.1	226.8	330.1
Operating Margin	5.13%	-	8.97%	3%	2.83%	2.37%	4.85%	5.57%
Earnings before Tax (EBT) ¹	79.72	-	168.9	58.1	86.35	84.02	226.7	330.3
Net income ¹	79.23	-	137.7	54	83.59	83.51	196.2	286.2
Net margin	5.18%	-	7.64%	2.66%	2.64%	2.3%	4.2%	4.83%
EPS ²	0.5000	-0.6100	0.8600	0.3000	0.4200	0.4300	0.9867	1.437
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	0.2000	0.5000	0.1700	0.2600
Announcement Date	4/24/19	2/28/20	2/26/21	3/29/22	4/27/23	4/26/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	3.64%	-	6.2%	1.92%	2.53%	2.59%	5.31%	7.02%
ROA (Net income/ Total Assets)	-	-	3.55%	1.21%	1.69%	2%	3.1%	3.7%
Assets ¹	-	-	3,881	4,473	4,938	5,784	6,330	7,734
Book Value Per Share ²	13.90	-	14.70	16.50	16.20	16.30	18.70	20.70
Cash Flow per Share ²	0.0200	-	1.510	-0.8000	0.5100	0.5900	1.220	2.270
Capex ¹	149	-	-	161	240	467	580	727
Capex / Sales	9.76%	-	-	7.91%	7.58%	12.88%	12.41%	12.26%
Announcement Date	4/24/19	2/28/20	2/26/21	3/29/22	4/27/23	4/26/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

20.46 CNY

Average target price

30.84 CNY

Spread / Average Target

+50.73%

	1st Jan change	Capi.
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