Financials Jiangsu Changhai Composite Materials 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
11.33 ^CNY	+3.38%		+13.98%	+4.14%

Apr. 23	Jiangsu Changhai Composite Materials Co., Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 17	Jiangsu Changhai Composite Materials Co., Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,733	6,960	7,165	5,775	4,447	4,627	-	-
Enterprise Value (EV) ¹	4,733	6,960	7,165	5,775	4,447	4,627	4,627	4,627
P/E ratio	16.3 x	25.8 x	13.6 x	7.48 x	15.3 x	13 x	9.23 x	8.75 x
Yield	1.3%	0.59%	0.86%	-	1.38%	1.59%	2.12%	2.91%
Capitalization / Revenue	2.14 x	3.41 x	2.86 x	1.91 x	1.71 x	1.59 x	1.21 x	1.13 x
EV / Revenue	2.14 x	3.41 x	2.86 x	1.91 x	1.71 x	1.59 x	1.21 x	1.13 x
EV / EBITDA	9.84 x	14.8 x	8.72 x	5.6 x	7.86 x	7.87 x	5.23 x	4.27 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.79 x	2.43 x	2.11 x	1.39 x	1.02 x	0.98 x	0.88 x	0.84 x
Nbr of stocks (in thousands)	408,700	408,700	408,712	408,716	408,716	408,394	-	-
Reference price ²	11.58	17.03	17.53	14.13	10.88	11.33	11.33	11.33
Announcement Date	2/26/20	4/9/21	4/20/22	4/10/23	4/17/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,210	2,043	2,506	3,017	2,607	2,909	3,810	4,098
EBITDA ¹	480.9	469.3	821.3	1,031	565.9	588.1	884.8	1,084
EBIT ¹	329.8	309.8	660.3	832.2	337.7	370.8	560.5	605.3
Operating Margin	14.93%	15.17%	26.35%	27.58%	12.95%	12.75%	14.71%	14.77%
Earnings before Tax (EBT) ¹	329.4	309.3	659.9	831.7	336.3	369.5	559.6	604.2
Net income ¹	289.5	270.7	572.4	817.3	296.1	349.7	496.8	529
Net margin	13.1%	13.25%	22.84%	27.09%	11.36%	12.02%	13.04%	12.91%
EPS ²	0.7100	0.6600	1.290	1.890	0.7100	0.8717	1.228	1.295
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.1500	0.1000	0.1500	-	0.1500	0.1800	0.2400	0.3300
Announcement Date	2/26/20	4/9/21	4/20/22	4/10/23	4/17/24	-	-	-

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)	11.3%	9.68%	17.8%	21.1%	6.81%	7.28%	9.35%	9.54%
ROA (Net income/ Total Assets)	9.16%	7.66%	12.2%	-	-	5.2%	6.05%	7%
Assets ¹	3,161	3,532	4,697	-	-	6,725	8,212	7,557
Book Value Per Share ²	6.450	7.010	8.310	10.20	10.70	11.60	12.80	13.60
Cash Flow per Share ²	0.9100	1.060	1.460	1.370	1.760	1.100	1.870	2.630
Capex ¹	78.6	266	918	609	631	1,073	666	936
Capex / Sales	3.56%	13.03%	36.62%	20.19%	24.22%	36.87%	17.48%	22.83%
Announcement Date	2/26/20	4/9/21	4/20/22	4/10/23	4/17/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

11.33 CNY

Average target price

13.03 CNY

Spread / Average Target

+14.98%

	1st Jan change	Capi.
JIANGSU CHANGHAI COMPOSITE MATERIALS CO., LTD	+4.14%	618M
CRH PLC	+13.58%	53.84B
MARTIN MARIETTA MATERIALS, INC.	+20.63%	37.34B
VULCAN MATERIALS COMPANY	+14.88%	34.54B
ULTRATECH CEMENT LIMITED	-5.13%	33.53B
GRASIM INDUSTRIES LIMITED	+11.80%	19.06B
AMBUJA CEMENTS	+20.89%	18.67B
HEIDELBERG MATERIALS AG	+19.10%	18.51B
CEMEX, S.A.B. DE C.V.	+6.96%	11.93B
SUMMIT MATERIALS, INC.	+4.43%	7.02B