Financials Rongsheng Petrochemical Co., Ltd.

Equities

002493

CNE100000W60

Commodity Chemicals

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
11.15 ^CNY	+2.01%		-1.50%	+7.73%

Apr. 26	Rongsheng Petrochemical Co., Ltd. Proposes Final Cash Dividend for 2023	CI
Apr. 25	Rongsheng Petrochemical Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	77,947	186,377	183,880	121,630	101,080	108,893	-	-
Enterprise Value (EV) ¹	161,596	298,217	328,606	283,220	288,287	279,988	299,185	265,101
P/E ratio	35.4 x	24.2 x	14.3 x	37.3 x	86.3 x	18.9 x	12.6 x	12.3 x
Yield	0.97%	0.54%	0.83%	1.22%	0.97%	1.8%	2.2%	3.21%
Capitalization / Revenue	0.94 x	1.74 x	1.04 x	0.42 x	0.31 x	0.31 x	0.31 x	0.26 x
EV / Revenue	1.96 x	2.78 x	1.86 x	0.98 x	0.89 x	0.79 x	0.84 x	0.64 x
EV / EBITDA	32.8 x	13.5 x	8.62 x	16.8 x	17.7 x	7.7 x	7.04 x	6.57 x
EV / FCF	-4,152,773 x	-7,779,269 x	-13,328,792 x	-27,574,467 x	-63,636,264 x	-	53,713,595 x	21,089,992 x
FCF Yield	-0%	-0%	-0%	-0%	-0%	-	0%	0%
Price to Book	3.45 x	5.04 x	3.77 x	2.64 x	2.36 x	2.31 x	1.9 x	1.86 x
Nbr of stocks (in thousands)	9,436,662	10,125,525	10,125,525	9,888,656	9,766,148	9,766,148	-	-
Reference price ²	8.260	18.41	18.16	12.30	10.35	11.15	11.15	11.15
Announcement Date	2/28/20	4/14/21	3/11/22	4/19/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	82,500	107,265	177,024	289,095	325,112	355,538	354,319	414,914
EBITDA ¹	4,928	22,018	38,119	16,900	16,256	36,375	42,486	40,358
EBIT ¹	3,139	16,681	31,246	5,628	1,560	13,729	18,772	22,581
Operating Margin	3.8%	15.55%	17.65%	1.95%	0.48%	3.86%	5.3%	5.44%
Earnings before Tax (EBT) ¹	3,144	16,683	31,251	5,619	1,553	12,420	19,142	20,520
Net income ¹	2,207	7,309	12,824	3,340	1,158	5,980	9,314	9,144
Net margin	2.68%	6.81%	7.24%	1.16%	0.36%	1.68%	2.63%	2.2%
EPS ²	0.2333	0.7600	1.270	0.3300	0.1200	0.5899	0.8862	0.9048
Free Cash Flow	-38,913	-38,335	-24,654	-10,271	-4,530	-	5,570	12,570
FCF margin	-47.17%	-35.74%	-13.93%	-3.55%	-1.39%	-	1.57%	3.03%
FCF Conversion (EBITDA)	-	-	-	-	-	-	13.11%	31.15%
FCF Conversion (Net income)	-	-	-	-	-	-	59.8%	137.47%
Dividend per Share ²	0.0800	0.1000	0.1500	0.1500	0.1000	0.2012	0.2449	0.3579
Announcement Date	2/28/20	4/14/21	3/11/22	4/19/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	44,941	47,667	-	79,026	77,491	63,977	-	84,805	84,522	86,064	63,205	67,954	89,332	106,317	-
EBITDA	10,490	5,751	-	8,718	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,147	7,224	-	4,706	392.8	-6,815	-	637.6	2,211	2,206	7,262	5,020	6,599	5,146	-
Operating Margin	18.13%	15.16%	-	5.95%	0.51%	-10.65%	-	0.75%	2.62%	2.56%	11.49%	7.39%	7.39%	4.84%	-
Earnings before Tax (EBT) ¹	8,154	7,221	-	4,698	394.6	-6,819	-	638.8	2,201	2,207	5,623	3,380	4,869	3,446	-
Net income ¹	3,555	2,702	-	2,251	84	-2,110	-1,468	341.2	1,234	1,051	2,102	1,264	1,821	1,288	-
Net margin	7.91%	5.67%	-	2.85%	0.11%	-3.3%	-	0.4%	1.46%	1.22%	3.33%	1.86%	2.04%	1.21%	-
EPS ²	0.3500	0.2700	0.3100	0.2200	0.0100	-	-0.1500	-	0.1200	0.1100	0.2076	0.1248	0.1798	0.1272	-
Dividend per Share ²	-	0.1500	-	-	-	0.1500	-	-	-	-	-	-	-	0.2558	-
Announcement Date	10/26/21	3/11/22	4/28/22	8/17/22	10/25/22	4/19/23	4/26/23	8/25/23	10/25/23	4/25/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	83,650	111,839	144,727	161,589	187,207	171,095	190,292	156,209
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	16.97 x	5.079 x	3.797 x	9.561 x	11.52 x	4.704 x	4.479 x	3.871 x
Free Cash Flow	-38,913	-38,335	-24,654	-10,271	-4,530	-	5,570	12,570
ROE (net income / shareholders' equity)	10.2%	26.3%	30%	6.87%	2.48%	11.1%	15.8%	13.9%
ROA (Net income/ Total Assets)	1.45%	3.45%	4.47%	-	-	1.55%	2.19%	-
Assets ¹	151,989	212,028	286,630	-	-	386,328	426,078	-
Book Value Per Share ²	2.390	3.650	4.820	4.670	4.380	4.840	5.860	6.010
Cash Flow per Share ²	-0.2200	1.730	3.310	1.880	2.770	3.450	4.870	-1.120
Capex ¹	36,861	55,842	58,219	29,329	32,609	31,200	25,314	17,190
Capex / Sales	44.68%	52.06%	32.89%	10.15%	10.03%	8.78%	7.14%	4.14%
Announcement Date	2/28/20	4/14/21	3/11/22	4/19/23	4/25/24	-	-	-

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

Ratings for Rongsheng Petrochemical Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

11.15 CNY

Average target price

12.17 CNY

Spread / Average Target

+9.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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