HUATAI SECURITIES CO., LTD. Financials Huatai Securities Co., Ltd.
Equities
601688
CNE100000LQ8
Investment Banking & Brokerage Services
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 14.24 CNY | +6.99% |
|
+5.33% | +2.08% |
| Apr. 26 | News Highlights : Top Financial Services News of the Day - Friday at 4 PM ET | DJ |
| Apr. 26 | News Highlights : Top Financial Services News of the Day - Friday at 11 AM ET | DJ |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 170,609 | 148,583 | 147,237 | 106,145 | 116,730 | 118,006 | - | - |
| Enterprise Value (EV) 1 | 241,800 | 257,412 | 308,470 | 106,145 | 287,811 | 320,042 | 118,006 | 118,006 |
| P/E ratio | 19.7 x | 15.1 x | 12.2 x | 11 x | 10.5 x | 9.74 x | 8.74 x | 8.28 x |
| Yield | 1.48% | 2.22% | 2.53% | 3.53% | 3.08% | 3.3% | 3.84% | 3.79% |
| Capitalization / Revenue | 6.86 x | 4.73 x | 3.88 x | 2.6 x | 2.58 x | 3.12 x | 2.74 x | 2.71 x |
| EV / Revenue | 9.73 x | 8.19 x | 8.14 x | 2.6 x | 6.36 x | 8.47 x | 2.74 x | 2.71 x |
| EV / EBITDA | - | 17,791,935 x | - | - | - | - | - | - |
| EV / FCF | - | - | - | - | - | - | - | - |
| FCF Yield | - | - | - | - | - | - | - | - |
| Price to Book | 1.5 x | 1.27 x | 1.09 x | 0.7 x | 0.82 x | 0.76 x | 0.72 x | 0.66 x |
| Nbr of stocks (in thousands) | 9,076,650 | 8,988,559 | 8,985,884 | 8,984,823 | 8,983,897 | 8,936,536 | - | - |
| Reference price 2 | 20.31 | 18.01 | 17.76 | 12.74 | 13.95 | 14.24 | 14.24 | 14.24 |
| Announcement Date | 3/30/20 | 3/23/21 | 3/27/22 | 3/30/23 | 3/28/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 24,863 | 31,445 | 37,905 | 40,752 | 45,227 | 37,782 | 43,040 | 43,594 |
| EBITDA | - | 14,468 | - | - | - | - | - | - |
| EBIT 1 | 11,608 | 13,501 | 16,339 | 11,009 | 11,620 | 14,361 | 16,944 | 17,724 |
| Operating Margin | 46.69% | 42.94% | 43.1% | 27.01% | 25.69% | 38.01% | 39.37% | 40.66% |
| Earnings before Tax (EBT) 1 | 11,586 | 13,504 | 16,273 | 12,228 | 14,205 | 14,992 | 17,678 | 17,728 |
| Net income 1 | 9,002 | 10,822 | 13,346 | 11,053 | 12,751 | 13,365 | 15,315 | 15,614 |
| Net margin | 36.2% | 34.42% | 35.21% | 27.12% | 28.19% | 35.37% | 35.58% | 35.82% |
| EPS 2 | 1.030 | 1.190 | 1.460 | 1.160 | 1.330 | 1.462 | 1.630 | 1.719 |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| FCF margin | - | - | - | - | - | - | - | - |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | - | - | - | - | - | - | - |
| Dividend per Share 2 | 0.3000 | 0.4000 | 0.4500 | 0.4500 | 0.4300 | 0.4700 | 0.5473 | 0.5395 |
| Announcement Date | 3/30/20 | 3/23/21 | 3/27/22 | 3/30/23 | 3/28/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 14,609 | - | 10,999 | 7,244 | 8,922 | 7,452 | 17,134 | 8,993 | 9,376 | 18,369 | 8,860 | 17,997 | 9,900 | - | - | - | - |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Margin | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Earnings before Tax (EBT) | - | - | 1,888 | - | 4,013 | - | - | 4,200 | - | - | 3,220 | - | - | - | - | - | - |
| Net income 1 | - | 3,278 | 2,298 | 2,214 | 3,161 | - | - | 3,245 | - | - | 3,030 | 3,165 | 3,500 | - | - | - | - |
| Net margin | - | - | 20.89% | 30.57% | 35.43% | - | - | 36.08% | - | - | 34.2% | 17.59% | 35.35% | - | - | - | - |
| EPS 2 | - | 0.3500 | 0.2400 | 0.2400 | 0.3200 | 0.2600 | 0.3400 | 0.3500 | 0.3500 | 0.7000 | 0.3100 | 0.3300 | 0.3500 | 0.3500 | 0.3500 | 0.3500 | 0.5679 |
| Dividend per Share | - | - | 0.4500 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 8/26/20 | 10/29/21 | 3/27/22 | 4/29/22 | 8/30/22 | 10/28/22 | 3/30/23 | 4/28/23 | 8/14/23 | 8/14/23 | 10/30/23 | 3/28/24 | - | - | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 71,191 | 108,828 | 161,233 | - | 171,081 | 202,037 | - | - |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | - | 7.522 x | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| ROE (net income / shareholders' equity) | 7.94% | 8.61% | 9.62% | 7.49% | 8.12% | 7.53% | 8.18% | 7.82% |
| ROA (Net income/ Total Assets) | 1.93% | 1.69% | 1.75% | - | 1.46% | 1.46% | 1.55% | 1.51% |
| Assets 1 | 465,442 | 639,627 | 761,721 | - | 876,037 | 916,404 | 987,465 | 1,033,095 |
| Book Value Per Share 2 | 13.50 | 14.20 | 16.40 | 18.20 | 16.90 | 18.80 | 19.80 | 21.50 |
| Cash Flow per Share | 2.250 | 2.870 | -4.970 | 7.400 | - | - | - | - |
| Capex | - | - | - | - | - | - | - | - |
| Capex / Sales | - | - | - | - | - | - | - | - |
| Announcement Date | 3/30/20 | 3/23/21 | 3/27/22 | 3/30/23 | 3/28/24 | - | - | - |
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
A-
Sell
Buy
Mean consensus
BUY
Number of Analysts
17
Last Close Price
14.24
CNY
Average target price
18.09
CNY
Spread / Average Target
+27.04%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +2.08% | 16.28B | |
| -0.45% | 151B | |
| +10.84% | 147B | |
| +9.00% | 137B | |
| +21.81% | 120B | |
| -5.94% | 36.38B | |
| +9.29% | 25.26B | |
| -9.42% | 21.24B | |
| +17.00% | 19.89B | |
| +43.36% | 17.26B |
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- Financials Huatai Securities Co., Ltd.
