Financials Changzhou Architectural Research Institute Group Co.,Ltd

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-13 pm EDT			5-day change	1st Jan Change
15.54 ^CNY	+0.39%		-2.63%	-13.18%

Apr. 26	Changzhou Architectural Research Institute Group Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 26	Changzhou Architectural Research Institute Group Co.,Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2022	2023	2024	2025
Capitalization ¹	4,469	3,227	2,800	-
Enterprise Value (EV) ¹	4,469	3,227	2,800	2,800
P/E ratio	23 x	32.5 x	13.1 x	10.5 x
Yield	1.41%	-	-	-
Capitalization / Revenue	3.88 x	2.37 x	1.49 x	1.18 x
EV / Revenue	3.88 x	2.37 x	1.49 x	1.18 x
EV / EBITDA	21.2 x	17.3 x	7.23 x	5.68 x
EV / FCF	-	-	-	-
FCF Yield	-	-	-	-
Price to Book	1.76 x	1.24 x	0.85 x	0.78 x
Nbr of stocks (in thousands)	180,000	180,300	180,163	-
Reference price ²	24.83	17.90	15.54	15.54
Announcement Date	4/23/23	4/26/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2021	2022	2023	2024	2025
Net sales ¹	-	1,152	1,359	1,876	2,372
EBITDA ¹	-	210.6	186.3	387.3	493.2
EBIT ¹	-	170.3	127.3	249.5	311
Operating Margin	-	14.78%	9.37%	13.3%	13.11%
Earnings before Tax (EBT) ¹	-	172	128.6	250.1	310.7
Net income ¹	161.8	162.5	100.6	221.3	274.9
Net margin	-	14.11%	7.4%	11.8%	11.59%
EPS ²	1.200	1.080	0.5500	1.190	1.480
Free Cash Flow	-	-	-	-	-
FCF margin	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-
Dividend per Share	-	0.3500	-	-	-
Announcement Date	8/10/22	4/23/23	4/26/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-
Net Cash position	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow	-	-	-	-	-
ROE (net income / shareholders' equity)	-	11.4%	3.83%	6.55%	7.48%
ROA (Net income/ Total Assets)	-	7.13%	-	-	-
Assets ¹	-	2,280	-	-	-
Book Value Per Share ²	-	14.10	14.50	18.20	19.80
Cash Flow per Share ²	-	0.1000	-0.2000	0.4300	0.4400
Capex	-	101	-	-	-
Capex / Sales	-	8.8%	-	-	-
Announcement Date	8/10/22	4/23/23	4/26/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

15.54 CNY

Average target price

29.1 CNY

Spread / Average Target

+87.26%

	1st Jan change	Capi.
CHANGZHOU ARCHITECTURAL RESEARCH INSTITUTE GROUP CO.,LTD	-13.18%	386M
VINCI	+1.93%	71.31B
QUANTA SERVICES, INC.	+21.00%	38.86B
CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED	+14.76%	31.94B
FERROVIAL SE	+10.78%	27.7B
CHINA RAILWAY GROUP LIMITED	+19.01%	21.72B
WSP GLOBAL INC.	+17.22%	19.92B
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+35.34%	18.01B
EMCOR GROUP, INC.	+73.62%	17.56B
CHINA RAILWAY CONSTRUCTION CORPORATION LIMITED	+15.90%	15.63B