Financials Guosen Securities Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
9.17 ^CNY	+0.55%		+2.46%	+7.38%

Apr. 26	Zheshang Development Issues Bonds of Up to 500 Million Yuan	MT
Apr. 22	Willas-Array Electronics Receives Takeover Bids from Guosen Securities, Evolve Capital	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	102,910	131,114	110,351	85,358	82,090	87,665	-	-
Enterprise Value (EV) ¹	102,910	131,114	110,351	85,358	82,090	87,665	87,665	87,665
P/E ratio	22 x	18.9 x	11.8 x	17.1 x	-	12.7 x	12.4 x	10.5 x
Yield	1.59%	1.69%	4.36%	3.04%	3.16%	2.3%	2.41%	-
Capitalization / Revenue	7.3 x	6.98 x	4.63 x	5.38 x	-	5.35 x	4.99 x	4.31 x
EV / Revenue	7.3 x	6.98 x	4.63 x	5.38 x	-	5.35 x	4.99 x	4.31 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.83 x	1.85 x	1.14 x	0.8 x	1.02 x	1.01 x	0.8 x	0.85 x
Nbr of stocks (in thousands)	8,200,000	9,612,429	9,612,429	9,612,429	9,612,429	9,612,429	-	-
Reference price ²	12.55	13.64	11.48	8.880	8.540	9.120	9.120	9.120
Announcement Date	2/19/20	4/1/21	4/18/22	4/28/23	4/16/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,090	18,784	23,818	15,876	-	16,372	17,559	20,332
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	6,461	8,633	12,294	6,095	-	7,116	7,914	9,011
Operating Margin	45.86%	45.96%	51.62%	38.39%	-	43.46%	45.07%	44.32%
Earnings before Tax (EBT) ¹	6,245	8,344	12,634	6,222	-	7,116	7,914	9,011
Net income ¹	4,924	6,616	10,115	6,088	-	6,922	7,728	8,380
Net margin	34.95%	35.22%	42.47%	38.35%	-	42.28%	44.01%	41.22%
EPS ²	0.5700	0.7200	0.9700	0.5200	-	0.7200	0.7369	0.8700
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.2000	0.2300	0.5000	0.2700	0.2700	0.2100	0.2200	-
Announcement Date	2/19/20	4/1/21	4/18/22	4/28/23	4/16/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	9.48%	10.6%	12.7%	6.5%	6.57%	-	-	-
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	6.860	7.380	10.10	11.10	8.370	9.060	11.40	10.70
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	2/19/20	4/1/21	4/18/22	4/28/23	4/16/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

9.12 CNY

Average target price

8 CNY

Spread / Average Target

-12.28%

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