CHINA BAOAN GROUP CO., LTD.

Financials China Baoan Group Co., Ltd.

Equities

000009

CNE000000222

Specialty Chemicals

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-12 pm EDT			5-day change	1st Jan Change
10.48 ^CNY	-1.32%		-2.69%	-10.73%

Apr. 29	China Baoan Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 15	China Baoan Group Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	9,264	15,965	19,421	37,218	31,183	30,280
Enterprise Value (EV) ¹	14,593	21,180	22,156	42,107	36,654	35,553
P/E ratio	43.3 x	53 x	29.3 x	35.9 x	27 x	40 x
Yield	0.46%	0.32%	0.4%	0.24%	0.29%	0.38%
Capitalization / Revenue	0.79 x	1.33 x	1.82 x	2.11 x	0.97 x	0.99 x
EV / Revenue	1.24 x	1.76 x	2.08 x	2.39 x	1.14 x	1.16 x
EV / EBITDA	7.17 x	12.1 x	16.6 x	19 x	13.2 x	10.2 x
EV / FCF	10.9 x	65.1 x	-127 x	-14.8 x	-23.9 x	30.5 x
FCF Yield	9.22%	1.54%	-0.79%	-6.74%	-4.19%	3.28%
Price to Book	1.76 x	2.88 x	2.81 x	4.65 x	3.41 x	3.05 x
Nbr of stocks (in thousands)	2,579,214	2,579,214	2,579,214	2,579,214	2,579,214	2,579,214
Reference price ²	3.592	6.190	7.530	14.43	12.09	11.74
Announcement Date	4/29/19	4/28/20	3/26/21	3/30/22	4/14/23	4/15/24

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	11,768	12,004	10,664	17,606	32,033	30,706
EBITDA ¹	2,035	1,747	1,338	2,221	2,782	3,492
EBIT ¹	1,597	1,261	837.6	1,676	2,105	2,572
Operating Margin	13.57%	10.5%	7.86%	9.52%	6.57%	8.38%
Earnings before Tax (EBT) ¹	1,035	1,164	1,423	2,158	2,869	2,244
Net income ¹	213.8	301.1	661.8	1,036	1,157	756.5
Net margin	1.82%	2.51%	6.21%	5.88%	3.61%	2.46%
EPS ²	0.0829	0.1168	0.2566	0.4015	0.4484	0.2933
Free Cash Flow ¹	1,345	325.2	-174.6	-2,840	-1,536	1,166
FCF margin	11.43%	2.71%	-1.64%	-16.13%	-4.79%	3.8%
FCF Conversion (EBITDA)	66.07%	18.62%	-	-	-	33.4%
FCF Conversion (Net income)	629.12%	107.99%	-	-	-	154.14%
Dividend per Share ²	0.0167	0.0200	0.0300	0.0350	0.0350	0.0450
Announcement Date	4/29/19	4/28/20	3/26/21	3/30/22	4/14/23	4/15/24

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	5,329	5,215	2,735	4,889	5,471	5,273
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.618 x	2.986 x	2.044 x	2.202 x	1.966 x	1.51 x
Free Cash Flow ¹	1,345	325	-175	-2,840	-1,536	1,166
ROE (net income / shareholders' equity)	6.52%	6.73%	8.92%	12.2%	14.3%	8.43%
ROA (Net income/ Total Assets)	3.5%	2.62%	1.69%	3.01%	2.94%	3.14%
Assets ¹	6,102	11,478	39,232	34,421	39,279	24,112
Book Value Per Share ²	2.040	2.150	2.680	3.100	3.540	3.850
Cash Flow per Share ²	1.830	2.130	2.610	2.550	4.080	3.660
Capex ¹	1,171	681	1,033	2,011	3,689	2,889
Capex / Sales	9.95%	5.67%	9.68%	11.42%	11.52%	9.41%
Announcement Date	4/29/19	4/28/20	3/26/21	3/30/22	4/14/23	4/15/24

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Composites

	1st Jan change	Capi.
CHINA BAOAN GROUP CO., LTD.	-10.73%	3.74B
ZHONGFU SHENYING CARBON FIBER CO.,LTD.	-12.83%	3.29B
SCHWEITER TECHNOLOGIES AG	-13.68%	707M
JIANGSU LIBA ENTERPRISE JOINT-STOCK CO., LTD.	+1.61%	488M
ZHEJIANG HUASHENG TECHNOLOGY CO.,LTD	+4.71%	343M
CHANGZHOU ZHONGYING SCIENCE & TECHNOLOGY CO., LTD	-26.46%	326M
NANOXPLORE INC.	-0.82%	302M
CHANGZHOU TIANSHENG NEW MATERIALS GROUP CO., LTD.	-12.53%	283M

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Financials China Baoan Group Co., Ltd.

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