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GF SECURITIES CO., LTD. Financials GF Securities Co., Ltd.
Equities
000776
CNE0000008L2
Investment Banking & Brokerage Services
|
End-of-day quote
Other stock markets
|
|
5-day change | 1st Jan Change | |
| 14.22 CNY | -0.28% | -2.00% | -8.20% | |
| Nov. 30 | Yan Palace Bird's Nest Launches Up to HK$352 Million Hong Kong IPO | MT |
| Nov. 27 | China's money market shows signs of liquidity tightness towards month-end | RE |
Valuation
| Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 90 929 | 104 233 | 112 072 | 166 157 | 108 344 | 99 049 | - | - |
| Enterprise Value (EV) 1 | 170 603 | 191 484 | 206 557 | 308 349 | 283 935 | 282 528 | 301 026 | 99 049 |
| P/E ratio | 22,6x | 15,3x | 12,3x | 17,3x | 15,2x | 12,5x | 10,6x | 9,46x |
| Yield | - | 2,31% | 2,76% | 2,03% | 2,26% | 2,66% | 3,09% | 3,20% |
| Capitalization / Revenue | 5,95x | 3,75x | 3,85x | 4,85x | 3,60x | 3,78x | 3,18x | 2,98x |
| EV / Revenue | 11,2x | 6,90x | 7,09x | 9,00x | 9,42x | 10,8x | 9,66x | 2,98x |
| EV / EBITDA | 26 688 105x | 18 302 736x | 14 613 591x | 19 534 952x | - | - | - | - |
| EV / FCF | - | - | - | - | - | - | - | - |
| FCF Yield | - | - | - | - | - | - | - | - |
| Price to Book | 1,14x | 1,27x | 1,26x | 1,76x | 0,98x | 0,90x | 0,83x | 0,79x |
| Nbr of stocks (in thousands) | 7 621 088 | 7 621 088 | 7 621 088 | 7 621 088 | 7 605 846 | 7 605 846 | - | - |
| Reference price 2 | 12,7 | 15,2 | 16,3 | 24,6 | 15,5 | 14,2 | 14,2 | 14,2 |
| Announcement Date | 3/26/19 | 3/27/20 | 1/31/21 | 3/30/22 | 3/30/23 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 15 270 | 27 762 | 29 115 | 34 250 | 30 129 | 26 177 | 31 157 | 33 196 |
| EBITDA | 6 392 | 10 462 | 14 135 | 15 784 | - | - | - | - |
| EBIT 1 | 6 052 | 9 812 | 13 590 | 15 025 | 10 448 | 11 391 | 14 346 | 15 003 |
| Operating Margin | 39,6% | 35,3% | 46,7% | 43,9% | 34,7% | 43,5% | 46,0% | 45,2% |
| Earnings before Tax (EBT) 1 | 6 004 | 10 276 | 13 573 | 14 964 | 10 388 | 11 534 | 14 179 | 14 931 |
| Net income 1 | 4 300 | 7 539 | 10 042 | 10 854 | 7 929 | 8 448 | 10 543 | 11 349 |
| Net margin | 28,2% | 27,2% | 34,5% | 31,7% | 26,3% | 32,3% | 33,8% | 34,2% |
| EPS 2 | 0,56 | 0,99 | 1,32 | 1,42 | 1,02 | 1,14 | 1,34 | 1,50 |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| FCF margin | - | - | - | - | - | - | - | - |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | - | - | - | - | - | - | - |
| Dividend per Share 2 | - | 0,35 | 0,45 | 0,50 | 0,35 | 0,38 | 0,44 | 0,45 |
| Announcement Date | 3/26/19 | 3/27/20 | 1/31/21 | 3/30/22 | 3/30/23 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period : December | 2019 S1 | 2020 S1 | 2022 Q3 | 2022 S2 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 11 942 | 17 257 | 4 811 | 13 316 | 11 608 | 18 085 | 4 776 | 6 681 |
| EBITDA | - | - | - | - | - | - | - | - |
| EBIT 1 | - | - | - | 4 859 | - | 5 595 | 1 447 | 2 440 |
| Operating Margin | - | - | - | 36,5% | - | 30,9% | 30,3% | 36,5% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - |
| Net income | 4 140 | 5 752 | 1 036 | - | 2 382 | 4 538 | 1 272 | - |
| Net margin | 34,7% | 33,3% | 21,5% | - | 20,5% | 25,1% | 26,6% | - |
| EPS 2 | - | - | 0,12 | 0,47 | 0,29 | - | 0,14 | 0,25 |
| Dividend per Share | - | - | - | - | - | - | - | - |
| Announcement Date | 8/29/19 | 8/28/20 | 10/28/22 | 3/30/23 | 8/30/23 | 8/30/23 | 10/30/23 | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 79 674 | 87 251 | 94 486 | 142 192 | 175 592 | 183 478 | 201 976 | - |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 12,5x | 8,34x | 6,68x | 9,01x | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| ROE (net income / shareholders' equity) | 5,07% | 8,48% | 10,6% | 10,7% | 7,23% | 7,01% | 8,32% | 8,57% |
| Shareholders' equity 1 | 84 815 | 88 902 | 94 735 | 101 726 | 109 672 | 120 446 | 126 676 | 132 375 |
| ROA (Net income/ Total Assets) | 1,15% | 1,92% | 2,36% | 2,19% | 1,38% | 1,41% | 1,79% | 1,64% |
| Assets 1 | 372 951 | 391 836 | 425 889 | 495 622 | 576 549 | 600 592 | 587 580 | 693 176 |
| Book Value Per Share 2 | 11,2 | 12,0 | 12,9 | 14,0 | 15,8 | 15,9 | 17,1 | 18,0 |
| Cash Flow per Share | - | - | - | 1,48 | 6,56 | - | - | - |
| Capex | - | - | - | - | - | - | - | - |
| Capex / Sales | - | - | - | - | - | - | - | - |
| Announcement Date | 3/26/19 | 3/27/20 | 1/31/21 | 3/30/22 | 3/30/23 | - | - | - |
1CNY in Million2CNY
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating :
Investor Rating :
ESG Refinitiv :
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
14.22CNY
Average target price
18.04CNY
Spread / Average Target
+26.86%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -8.20% | 13 826 M $ | |
| -11.11% | 31 791 M $ | |
| +8.46% | 16 899 M $ | |
| +6.04% | 15 053 M $ | |
| +55.35% | 13 061 M $ | |
| -2.91% | 9 458 M $ | |
| 0.00% | 9 190 M $ | |
| +14.93% | 8 898 M $ | |
| +7.51% | 6 162 M $ | |
| +4.83% | 5 582 M $ |
- Stock
- Equities
- Stock GF Securities Co., Ltd. - Shenzhen Stock Exchange
- Financials GF Securities Co., Ltd.
