Financials Chongqing Zaisheng Technology Co., Ltd.

Equities

603601

CNE100001V29

Specialty Chemicals

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
3.21 ^CNY	-1.53%		+8.45%	-25.35%

Apr. 24	Chongqing Zaisheng Technology Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
2023	Chongqing Zaisheng Technology Co., Ltd. Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,377	9,814	8,982	5,376	4,393	3,279	-	-
Enterprise Value (EV) ¹	5,377	9,814	9,069	5,552	4,393	3,279	3,279	3,279
P/E ratio	32.1 x	27.5 x	36.1 x	35.6 x	115 x	27.5 x	16.9 x	16.3 x
Yield	-	1.1%	0.85%	0.85%	-	-	-	-
Capitalization / Revenue	4.29 x	5.21 x	5.55 x	3.32 x	2.65 x	1.9 x	1.5 x	1.41 x
EV / Revenue	4.29 x	5.21 x	5.55 x	3.32 x	2.65 x	1.9 x	1.5 x	1.41 x
EV / EBITDA	21.9 x	-	24.3 x	19.5 x	23 x	12.9 x	10 x	8.69 x
EV / FCF	-	-	-898,322,707 x	-	-	-	-	-
FCF Yield	-	-	-0%	-	-	-	-	-
Price to Book	3.77 x	5.39 x	4.5 x	2.57 x	2.1 x	1.44 x	1.3 x	1.29 x
Nbr of stocks (in thousands)	983,942	1,006,560	1,013,316	1,018,261	1,021,644	1,021,649	-	-
Reference price ²	5.464	9.750	8.864	5.280	4.300	3.210	3.210	3.210
Announcement Date	4/22/20	4/19/21	3/9/22	4/25/23	4/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,252	1,884	1,620	1,618	1,656	1,730	2,185	2,330
EBITDA ¹	246	-	369.4	276	191.3	254.7	327.3	377.3
EBIT ¹	186.5	470.4	269.9	155	55.45	154	236.4	265.8
Operating Margin	14.89%	24.96%	16.66%	9.58%	3.35%	8.9%	10.82%	11.41%
Earnings before Tax (EBT) ¹	185	470.7	270	155.1	56	154.2	236.6	266.1
Net income ¹	170.9	359.7	249.5	151	38.13	120.3	194.1	198.9
Net margin	13.65%	19.09%	15.4%	9.33%	2.3%	6.95%	8.88%	8.54%
EPS ²	0.1703	0.3551	0.2456	0.1483	0.0374	0.1167	0.1900	0.1967
Free Cash Flow	-	-	-9.999	-	-	-	-	-
FCF margin	-	-	-0.62%	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share	-	0.1071	0.0750	0.0450	-	-	-	-
Announcement Date	4/22/20	4/19/21	3/9/22	4/25/23	4/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4
Net sales ¹	463.5	368.2	422.2	407.5	420.5
EBITDA	-	-	-	-	-
EBIT ¹	68.88	67.31	53.63	37.74	-3.651
Operating Margin	14.86%	18.28%	12.7%	9.26%	-0.87%
Earnings before Tax (EBT)	-	-	-	-	-
Net income	-	-	-	-	-
Net margin	-	-	-	-	-
EPS ²	-	0.0815	0.0300	0.0300	0.0100
Dividend per Share	-	-	-	-	-
Announcement Date	3/9/22	4/29/22	8/29/22	10/28/22	4/25/23

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	86.8	175	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	0.2351 x	0.6355 x	-	-	-	-
Free Cash Flow	-	-	-10	-	-	-	-	-
ROE (net income / shareholders' equity)	12.5%	21.6%	13.1%	7.39%	1.74%	5.27%	7.6%	7.84%
ROA (Net income/ Total Assets)	-	-	8.79%	-	-	4.4%	5%	5.3%
Assets ¹	-	-	2,837	-	-	2,735	3,882	3,753
Book Value Per Share ²	1.450	1.810	1.970	2.060	2.050	2.230	2.460	2.480
Cash Flow per Share ²	0.3500	0.2900	0.1500	0.2600	0	0.5100	0.1300	0.5500
Capex ¹	113	93.2	159	-	59.5	46.4	93.5	113
Capex / Sales	9%	4.95%	9.8%	-	3.59%	2.68%	4.28%	4.86%
Announcement Date	4/22/20	4/19/21	3/9/22	4/25/23	4/24/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Chongqing Zaisheng Technology Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.21 CNY

Average target price

3.735 CNY

Spread / Average Target

+16.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Cellular Fiber