Financials Ningbo Shanshan Co.,Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
11.28 ^CNY	+1.44%		-3.42%	-17.18%

Apr. 25	Ningbo Shanshan Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 25	Ningbo Shanshan 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	15,169	29,353	53,350	41,204	30,154	24,736	-	-
Enterprise Value (EV) ¹	19,225	31,862	55,387	46,471	43,132	31,299	31,690	28,340
P/E ratio	56.3 x	186 x	16.1 x	14.8 x	38.9 x	12.7 x	9.31 x	10.6 x
Yield	0.89%	0.5%	1.01%	1.65%	1.47%	1.93%	2.58%	2.25%
Capitalization / Revenue	1.75 x	3.57 x	2.58 x	1.9 x	1.58 x	0.93 x	0.81 x	0.87 x
EV / Revenue	2.21 x	3.88 x	2.68 x	2.14 x	2.26 x	1.18 x	1.03 x	1 x
EV / EBITDA	22.9 x	36.1 x	9.7 x	10.3 x	20.3 x	6.86 x	5.67 x	5.69 x
EV / FCF	-19.1 x	-114 x	-32.4 x	-12.4 x	-7.05 x	43.2 x	53.4 x	20.7 x
FCF Yield	-5.23%	-0.88%	-3.08%	-8.05%	-14.2%	2.31%	1.87%	4.83%
Price to Book	1.28 x	2.37 x	3.71 x	1.79 x	1.36 x	0.96 x	0.88 x	0.88 x
Nbr of stocks (in thousands)	1,628,009	1,628,009	1,628,009	2,263,973	2,213,952	2,192,927	-	-
Reference price ²	9.317	18.03	32.77	18.20	13.62	11.28	11.28	11.28
Announcement Date	4/26/20	4/2/21	4/19/22	4/19/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,680	8,216	20,699	21,702	19,070	26,478	30,631	28,279
EBITDA ¹	839.9	883.4	5,712	4,523	2,125	4,564	5,585	4,982
EBIT ¹	372.6	308.8	4,699	3,397	1,041	2,993	3,817	3,553
Operating Margin	4.29%	3.76%	22.7%	15.65%	5.46%	11.3%	12.46%	12.57%
Earnings before Tax (EBT) ¹	353.2	262.9	4,674	3,395	988.5	2,597	3,521	3,021
Net income ¹	269.8	138	3,340	2,691	765.3	2,213	2,736	2,395
Net margin	3.11%	1.68%	16.13%	12.4%	4.01%	8.36%	8.93%	8.47%
EPS ²	0.1655	0.0970	2.040	1.230	0.3500	0.8915	1.211	1.060
Free Cash Flow ¹	-1,005	-280.5	-1,708	-3,739	-6,118	724	593	1,369
FCF margin	-11.58%	-3.41%	-8.25%	-17.23%	-32.08%	2.73%	1.94%	4.84%
FCF Conversion (EBITDA)	-	-	-	-	-	15.86%	10.62%	27.47%
FCF Conversion (Net income)	-	-	-	-	-	32.72%	21.68%	57.16%
Dividend per Share ²	0.0828	0.0900	0.3300	0.3000	0.2000	0.2180	0.2911	0.2540
Announcement Date	4/26/20	4/2/21	4/19/22	4/19/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,056	2,509	2,038	5,266	12,978	6,563	6,954	3,604
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.829 x	2.84 x	0.3568 x	1.164 x	6.108 x	1.438 x	1.245 x	0.7234 x
Free Cash Flow ¹	-1,005	-281	-1,708	-3,739	-6,118	724	593	1,369
ROE (net income / shareholders' equity)	2.4%	1.21%	23.8%	12.9%	3.35%	8.44%	10.1%	8.56%
ROA (Net income/ Total Assets)	1.11%	0.56%	10.3%	6.32%	-	4.83%	6%	5.42%
Assets ¹	24,242	24,776	32,415	42,607	-	45,778	45,595	44,213
Book Value Per Share ²	7.260	7.620	8.830	10.20	10.00	11.70	12.80	12.80
Cash Flow per Share ²	0.5400	0.2000	-0.1700	0.2200	-0.0900	1.480	2.300	1.860
Capex ¹	1,891	610	1,343	4,245	5,920	2,591	2,747	2,828
Capex / Sales	21.79%	7.42%	6.49%	19.56%	31.04%	9.78%	8.97%	10%
Announcement Date	4/26/20	4/2/21	4/19/22	4/19/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

11.28 CNY

Average target price

13.86 CNY

Spread / Average Target

+22.87%

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