Financials Satellite Chemical Co.,Ltd.

Equities

002648

CNE100001B07

Commodity Chemicals

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
19.12 ^CNY	+4.25%		-1.29%	+29.63%

Apr. 23	Satellite Chemical's Q1 Profit Jumps 47%	MT
Apr. 22	Satellite Chemical Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,424	32,011	68,854	52,115	49,589	64,280	-	-
Enterprise Value (EV) ¹	19,964	32,011	75,628	59,483	57,805	74,103	72,848	71,809
P/E ratio	13.7 x	17.2 x	11.5 x	17 x	10.4 x	10.7 x	8.84 x	7.31 x
Yield	1.1%	-	0.87%	2.58%	2.71%	2.69%	3.01%	3.89%
Capitalization / Revenue	1.62 x	2.97 x	2.41 x	1.41 x	1.2 x	1.35 x	1.15 x	1 x
EV / Revenue	1.85 x	2.97 x	2.65 x	1.61 x	1.39 x	1.56 x	1.31 x	1.12 x
EV / EBITDA	9.44 x	12.2 x	9.13 x	11.4 x	7.22 x	6.77 x	5.82 x	4.78 x
EV / FCF	-16.6 x	-	-	-	10.3 x	-382 x	10.9 x	8.83 x
FCF Yield	-6.03%	-	-	-	9.68%	-0.26%	9.18%	11.3%
Price to Book	1.89 x	2.35 x	2.53 x	2.47 x	1.95 x	2.14 x	1.78 x	1.5 x
Nbr of stocks (in thousands)	2,922,633	3,360,956	3,369,423	3,362,263	3,361,946	3,361,946	-	-
Reference price ²	5.962	9.524	20.44	15.50	14.75	19.12	19.12	19.12
Announcement Date	2/28/20	2/22/21	3/21/22	4/28/23	3/12/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	10,779	10,773	28,557	37,044	41,487	47,552	55,753	64,247
EBITDA ¹	2,115	2,626	8,287	5,202	8,004	10,939	12,516	15,025
EBIT ¹	1,447	1,913	6,977	3,448	5,378	6,908	8,451	10,214
Operating Margin	13.42%	17.76%	24.43%	9.31%	12.96%	14.53%	15.16%	15.9%
Earnings before Tax (EBT) ¹	1,452	1,907	6,993	3,445	5,368	6,877	8,333	10,100
Net income ¹	1,273	1,661	6,007	3,062	4,789	6,025	7,286	8,808
Net margin	11.81%	15.42%	21.03%	8.27%	11.54%	12.67%	13.07%	13.71%
EPS ²	0.4339	0.5542	1.777	0.9100	1.420	1.789	2.163	2.615
Free Cash Flow ¹	-1,203	-	-	-	5,594	-194	6,690	8,130
FCF margin	-11.16%	-	-	-	13.48%	-0.41%	12%	12.65%
FCF Conversion (EBITDA)	-	-	-	-	69.89%	-	53.45%	54.11%
FCF Conversion (Net income)	-	-	-	-	116.79%	-	91.82%	92.3%
Dividend per Share ²	0.0656	-	0.1787	0.4000	0.4000	0.5149	0.5755	0.7438
Announcement Date	2/28/20	2/22/21	3/21/22	4/28/23	3/12/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	8,539	8,138	10,676	8,956	9,274	10,599	10,868	10,605	8,805	10,632	11,075	13,789	-	-
EBITDA	2,400	-	1,903	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,919	1,797	1,538	220.8	-107.5	1,310	1,732	1,520	1,176	1,599	1,745	2,198	-	-
Operating Margin	22.47%	22.08%	14.4%	2.46%	-1.16%	12.36%	15.93%	14.33%	13.35%	15.04%	15.75%	15.94%	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	1,303	1,736	1,513	1,176	1,567	1,603	2,041	-	-
Net income ¹	-	-	-	-	45.75	1,133	1,551	1,396	1,023	1,721	1,603	1,140	-	-
Net margin	-	-	-	-	0.49%	10.69%	14.27%	13.16%	11.61%	16.19%	14.47%	8.27%	-	-
EPS ²	0.5156	0.4543	0.1929	0.0900	-0.3400	0.3400	0.4600	0.4100	0.3000	0.5109	0.4758	0.3384	-	-
Dividend per Share ²	0.0868	-	0.2900	-	0.4000	-	-	-	-	0.1222	0.1222	0.1222	0.1687	0.1687
Announcement Date	3/21/22	4/26/22	8/29/22	10/24/22	4/28/23	7/17/23	10/24/23	3/12/24	4/22/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,540	-	6,774	7,368	8,216	9,823	8,567	7,529
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.201 x	-	0.8174 x	1.416 x	1.027 x	0.898 x	0.6845 x	0.5011 x
Free Cash Flow ¹	-1,203	-	-	-	5,594	-194	6,690	8,130
ROE (net income / shareholders' equity)	14.8%	15.9%	36.4%	14.9%	19.7%	20%	20.7%	20.9%
ROA (Net income/ Total Assets)	8.04%	6.61%	14.8%	-	-	8.07%	9.12%	9.65%
Assets ¹	15,832	25,132	40,517	-	-	74,664	79,891	91,308
Book Value Per Share ²	3.160	4.060	8.070	6.270	7.560	8.940	10.70	12.80
Cash Flow per Share ²	0.4600	-0.1500	1.090	1.760	2.370	3.040	3.570	4.260
Capex ¹	2,547	5,277	4,060	2,487	2,403	6,972	8,515	9,459
Capex / Sales	23.63%	48.99%	14.22%	6.71%	5.79%	14.66%	15.27%	14.72%
Announcement Date	2/28/20	2/22/21	3/21/22	4/28/23	3/12/24	-	-	-

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 Satellite Chemical Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

19.12 CNY

Average target price

21.45 CNY

Spread / Average Target

+12.20%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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