Financials Guoyuan Securities Company Limited

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
6.79 ^CNY	+6.59%		+5.43%	-0.59%

Mar. 26	Guoyuan Securities Company Limited Proposes Final Cash Dividend for the Year 2023	CI
Jan. 15	Guoyuan Securities 2023 Profit Jumps 8% as Revenue Rises 19%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	31,198	39,099	33,601	27,623	29,805	29,630	-	-
Enterprise Value (EV) ¹	31,198	39,099	33,601	27,623	29,805	29,630	29,630	29,630
P/E ratio	34.3 x	23 x	17.9 x	16.2 x	-	15.7 x	13.9 x	13.1 x
Yield	1.62%	1.12%	3.64%	2.37%	2.2%	2.65%	3.09%	-
Capitalization / Revenue	9.75 x	8.54 x	5.53 x	5.16 x	-	4.56 x	4.12 x	4.01 x
EV / Revenue	9.75 x	8.54 x	5.53 x	5.16 x	-	4.56 x	4.12 x	4.01 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.26 x	1.27 x	1.04 x	0.84 x	0.86 x	0.81 x	0.77 x	0.74 x
Nbr of stocks (in thousands)	3,365,447	4,363,778	4,363,778	4,363,778	4,363,778	4,363,778	-	-
Reference price ²	9.270	8.960	7.700	6.330	6.830	6.790	6.790	6.790
Announcement Date	1/14/20	2/7/21	1/16/22	1/12/23	1/13/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,199	4,580	6,076	5,358	-	6,502	7,197	7,398
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	1,105	1,758	2,410	2,064	-	2,223	2,508	2,668
Operating Margin	34.53%	38.4%	39.66%	38.53%	-	34.19%	34.84%	36.06%
Earnings before Tax (EBT) ¹	1,151	1,736	-	2,067	-	2,118	2,387	2,664
Net income ¹	914.4	1,360	1,870	1,718	-	1,801	2,198	2,265
Net margin	28.58%	29.7%	30.78%	32.07%	-	27.7%	30.55%	30.62%
EPS ²	0.2700	0.3900	0.4300	0.3900	-	0.4324	0.4884	0.5200
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.1500	0.1000	0.2800	0.1500	0.1500	0.1800	0.2100	-
Announcement Date	1/14/20	2/7/21	1/16/22	1/12/23	1/13/24	-	-	-

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)	3.66%	5.23%	5.93%	5.32%	5.55%	4.52%	4.99%	5.31%
ROA (Net income/ Total Assets)	1.13%	1.58%	-	-	-	-	-	-
Assets ¹	80,632	86,245	-	-	-	-	-	-
Book Value Per Share ²	7.380	7.070	7.390	7.550	7.920	8.340	8.780	9.180
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	1/14/20	2/7/21	1/16/22	1/12/23	1/13/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6.79 CNY

Average target price

7.98 CNY

Spread / Average Target

+17.53%

	1st Jan change	Capi.
GUOYUAN SECURITIES COMPANY LIMITED	-0.59%	4.09B
EAST MONEY INFORMATION CO.,LTD.	-6.55%	28.58B
GUOTAI JUNAN SECURITIES CO., LTD.	-6.85%	15.75B
CHINA GALAXY SECURITIES CO., LTD.	+6.30%	14.3B
INTERACTIVE BROKERS GROUP, INC.	+40.11%	12.44B
XP INC.	-19.22%	11.55B
ORIENT SECURITIES COMPANY LIMITED	-3.68%	9.03B
CINDA SECURITIES CO., LTD.	-13.34%	6.98B
ZHESHANG SECURITIES CO., LTD.	+5.18%	5.82B
SDIC CAPITAL CO.,LTD	-3.56%	5.76B