Financials Huaan Securities Co., Ltd.

Equities

600909

CNE100002GR2

Investment Banking & Brokerage Services

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
4.84 ^CNY	-1.63%		+4.99%	-0.82%

Apr. 26	Huaan Securities Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 19	Zhejiang Shibao Company Limited announced that it has received CNY 349.999996 million in funding from a group of investors	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	26,433	28,968	25,414	21,562	22,925	22,737	-	-
Enterprise Value (EV) ¹	26,433	28,968	25,414	21,562	22,925	22,737	22,737	22,737
P/E ratio	-	23.5 x	17.5 x	19.1 x	18.1 x	16.7 x	15.6 x	14.7 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	8.18 x	8.63 x	7.3 x	6.83 x	6.27 x	5.94 x	5.65 x	5.33 x
EV / Revenue	8.18 x	8.63 x	7.3 x	6.83 x	6.27 x	5.94 x	5.65 x	5.33 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	-	2.05 x	1.3 x	1.09 x	1.09 x	1.02 x	0.97 x	0.92 x
Nbr of stocks (in thousands)	3,621,000	3,621,038	4,697,658	4,697,662	4,697,663	4,697,666	-	-
Reference price ²	7.300	8.000	5.410	4.590	4.880	4.840	4.840	4.840
Announcement Date	3/29/20	3/1/21	3/4/22	2/6/23	1/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,232	3,357	3,483	3,159	3,654	3,827	4,026	4,262
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	-	1,645	1,794	1,380	1,544	1,603	1,702	1,820
Operating Margin	-	49.02%	51.51%	43.69%	42.25%	41.89%	42.28%	42.7%
Earnings before Tax (EBT) ¹	-	1,632	1,787	1,369	-	1,603	1,702	1,820
Net income ¹	-	1,268	1,424	1,181	1,281	1,361	1,445	1,546
Net margin	-	37.77%	40.88%	37.4%	35.05%	35.56%	35.89%	36.27%
EPS ²	-	0.3400	0.3100	0.2400	0.2700	0.2900	0.3100	0.3300
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	3/29/20	3/1/21	3/4/22	2/6/23	1/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2023 S1
Net sales ¹	1,664	1,906
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income ¹	-	657.3
Net margin	-	34.49%
EPS	-	-
Dividend per Share	-	-
Announcement Date	8/27/20	8/30/23

¹CNY in Million

Estimates

Balance Sheet Analysis

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)	-	9.05%	8.39%	5.98%	6.23%	-	-	-
ROA (Net income/ Total Assets)	-	2.31%	-	-	1.67%	-	-	-
Assets ¹	-	54,793	-	-	76,754	-	-	-
Book Value Per Share ²	-	3.900	4.150	4.200	4.490	4.730	4.990	5.270
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	3/29/20	3/1/21	3/4/22	2/6/23	1/26/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Huaan Securities Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.84 CNY

Average target price

5.68 CNY

Spread / Average Target

+17.36%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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CHINA MERCHANTS SECURITIES CO., LTD.	+7.33%	16.08B

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