Financials Ningxia Baofeng Energy Group 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
16.67 ^CNY	+1.21%		-1.88%	+12.86%

Apr. 25	Ningxia Baofeng Energy Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 18	Two killed in explosion at chemical plant in China's Ningxia	RE

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	69,740	85,800	127,307	88,278	108,025	121,921	-	-
Enterprise Value (EV) ¹	69,740	85,800	127,307	88,278	108,025	121,921	121,921	121,921
P/E ratio	18.3 x	18.6 x	17.9 x	14 x	19.2 x	14 x	8.61 x	8.26 x
Yield	-	2.39%	1.85%	1.16%	1.9%	2.73%	3.13%	4.5%
Capitalization / Revenue	5.14 x	5.39 x	5.46 x	3.11 x	3.71 x	3.07 x	2.13 x	1.98 x
EV / Revenue	5.14 x	5.39 x	5.46 x	3.11 x	3.71 x	3.07 x	2.13 x	1.98 x
EV / EBITDA	-	-	13.1 x	9.62 x	12.6 x	9.01 x	6 x	5.87 x
EV / FCF	-	-	113 x	-26.3 x	-26.2 x	46.6 x	6.82 x	7.78 x
FCF Yield	-	-	0.89%	-3.8%	-3.82%	2.15%	14.7%	12.9%
Price to Book	2.99 x	3.31 x	4.15 x	2.61 x	2.81 x	2.69 x	2.08 x	1.82 x
Nbr of stocks (in thousands)	7,333,360	7,333,360	7,333,360	7,313,816	7,313,816	7,313,816	-	-
Reference price ²	9.510	11.70	17.36	12.07	14.77	16.67	16.67	16.67
Announcement Date	3/15/20	3/4/21	3/8/22	3/9/23	3/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,568	15,928	23,300	28,430	29,136	39,735	57,193	61,688
EBITDA ¹	-	-	9,738	9,174	8,600	13,529	20,305	20,774
EBIT ¹	4,632	5,536	8,421	7,720	6,786	10,460	16,756	17,556
Operating Margin	34.14%	34.76%	36.14%	27.15%	23.29%	26.32%	29.3%	28.46%
Earnings before Tax (EBT) ¹	-	5,249	8,121	7,307	6,467	10,108	16,444	17,204
Net income ¹	3,802	4,623	7,070	6,303	5,651	8,757	14,197	14,820
Net margin	28.02%	29.02%	30.35%	22.17%	19.39%	22.04%	24.82%	24.02%
EPS ²	0.5184	0.6300	0.9700	0.8600	0.7700	1.194	1.937	2.018
Free Cash Flow ¹	-	-	1,131	-3,351	-4,129	2,619	17,877	15,669
FCF margin	-	-	4.85%	-11.79%	-14.17%	6.59%	31.26%	25.4%
FCF Conversion (EBITDA)	-	-	11.61%	-	-	19.36%	88.04%	75.43%
FCF Conversion (Net income)	-	-	15.99%	-	-	29.91%	125.92%	105.73%
Dividend per Share ²	-	0.2800	0.3210	0.1400	0.2800	0.4550	0.5220	0.7500
Announcement Date	3/15/20	3/4/21	3/8/22	3/9/23	3/21/24	-	-	-

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 ¹	-	-	1,131	-3,351	-4,129	2,619	17,877	15,669
ROE (net income / shareholders' equity)	19.3%	19%	25%	19.6%	15.7%	19.3%	24.6%	22.2%
ROA (Net income/ Total Assets)	12.6%	12.9%	17.1%	12.4%	8.75%	11.5%	15%	14.5%
Assets ¹	30,061	35,700	41,239	50,976	64,604	76,256	94,605	102,206
Book Value Per Share ²	3.180	3.530	4.180	4.620	5.260	6.190	8.010	9.140
Cash Flow per Share ²	0.4900	0.7100	0.8900	0.9000	1.190	1.700	2.760	2.390
Capex ¹	4,541	2,574	5,357	9,977	12,822	5,314	4,633	3,827
Capex / Sales	33.46%	16.16%	22.99%	35.09%	44.01%	13.37%	8.1%	6.2%
Announcement Date	3/15/20	3/4/21	3/8/22	3/9/23	3/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

16.67 CNY

Average target price

20.74 CNY

Spread / Average Target

+24.42%

	1st Jan change	Capi.
NINGXIA BAOFENG ENERGY GROUP CO., LTD.	+12.86%	16.83B
AIR LIQUIDE	+5.14%	103B
SAUDI BASIC INDUSTRIES CORPORATION	-5.63%	63.04B
PT CHANDRA ASRI PACIFIC TBK	+39.52%	39.06B
WANHUA CHEMICAL GROUP CO., LTD.	+12.91%	37.58B
LYONDELLBASELL INDUSTRIES N.V.	+7.41%	33.26B
WESTLAKE CORPORATION	+6.85%	19.22B
RONGSHENG PETROCHEMICAL CO., LTD.	+7.73%	15.03B
HENGLI PETROCHEMICAL CO.,LTD.	+16.93%	14.96B
NAN YA PLASTICS CORPORATION	-16.39%	13.52B