Financials Changjiang & Jinggong Steel Building (Group) Co., Ltd

Equities

600496

CNE000001BH7

Iron & Steel

End-of-day quote Shanghai S.E. 03:30:00 30/04/2024 am IST 5-day change 1st Jan Change
2.84 CNY -1.05% Intraday chart for Changjiang & Jinggong Steel Building (Group) Co., Ltd +2.53% -6.89%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 5,232 9,018 8,575 7,951 6,070 5,652 - -
Enterprise Value (EV) 1 5,232 7,666 8,000 7,468 5,213 7,634 5,751 5,591
P/E ratio 13 x 13 x 12.5 x 12 x 12.3 x 10 x 7.56 x 7.85 x
Yield 0.8% 0.67% 0.85% 0.91% 1.97% 2.11% 2.15% 2.01%
Capitalization / Revenue 0.51 x 0.79 x 0.57 x 0.51 x 0.37 x 0.34 x 0.3 x 0.28 x
EV / Revenue 0.51 x 0.67 x 0.53 x 0.48 x 0.32 x 0.45 x 0.3 x 0.27 x
EV / EBITDA 10.2 x 9.82 x 9.8 x 8.61 x 6.99 x 8.31 x 5.81 x 5.37 x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.99 x 1.32 x 1.14 x 1.02 x 0.74 x 0.64 x 0.6 x 0.55 x
Nbr of stocks (in thousands) 18,10,445 20,12,874 20,12,874 20,12,874 19,90,118 19,90,118 - -
Reference price 2 2.890 4.480 4.260 3.950 3.050 2.840 2.840 2.840
Announcement Date 17/04/20 05/03/21 10/03/22 17/04/23 17/04/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 10,235 11,484 15,141 15,618 16,506 16,845 18,985 20,431
EBITDA 1 511.8 780.9 816 867.7 745.8 918.4 989.4 1,040
EBIT 1 398.9 665.4 703.6 732.2 592.2 670.6 762.8 801.9
Operating Margin 3.9% 5.79% 4.65% 4.69% 3.59% 3.98% 4.02% 3.93%
Earnings before Tax (EBT) 1 407.9 676.7 720.7 740.6 595 654.6 752.1 785.3
Net income 1 403.3 648.1 686.8 706.1 548.4 600.9 764.9 741.6
Net margin 3.94% 5.64% 4.54% 4.52% 3.32% 3.57% 4.03% 3.63%
EPS 2 0.2228 0.3451 0.3412 0.3294 0.2481 0.2833 0.3759 0.3620
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.0230 0.0300 0.0360 0.0360 0.0600 0.0600 0.0611 0.0570
Announcement Date 17/04/20 05/03/21 10/03/22 17/04/23 17/04/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 2025 Q2
Net sales 1 4,746 3,712 3,570 3,776 4,560 3,721 4,003 3,830 4,953 3,414 4,214 4,214 5,013 2,921 6,816
EBITDA 1 124.6 231.9 256.8 307.7 - - - - - - 294.9 222.2 222.2 160.4 319
EBIT 1 122.2 192.2 218 268.5 53.63 194.1 226.3 164.6 7.169 116.8 189.6 175.3 316.6 119 277.6
Operating Margin 2.57% 5.18% 6.11% 7.11% 1.18% 5.22% 5.65% 4.3% 0.14% 3.42% 4.5% 4.16% 6.32% 4.07% 4.07%
Earnings before Tax (EBT) - - - - - - - - - - - - - - -
Net income 1 - - 202.3 272.7 52.08 180.3 210.7 144.7 12.68 97.49 250.3 178.8 178.8 115 276.2
Net margin - - 5.67% 7.22% 1.14% 4.85% 5.26% 3.78% 0.26% 2.86% 5.94% 4.24% 3.57% 3.94% 4.05%
EPS 2 0.0600 0.0889 0.0900 0.1300 0.0200 0.0816 0.1000 0.0600 0.0100 0.0480 0.0700 0.0600 0.0800 0.0632 0.1474
Dividend per Share 2 0.0360 - - - 0.0360 - - - - - - - 0.0394 - -
Announcement Date 10/03/22 29/04/22 25/08/22 27/10/22 17/04/23 27/04/23 25/08/23 27/10/23 17/04/24 26/04/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - 1,982 99 -
Net Cash position 1 - 1,351 575 483 857 - - 61
Leverage (Debt/EBITDA) - - - - - 2.158 x 0.1 x -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 7.92% 11% 9.56% 9.03% 6.64% 7.76% 8.09% 7.19%
ROA (Net income/ Total Assets) 2.98% 4.38% 4.06% 3.51% - 2.6% 2.8% -
Assets 1 13,539 14,787 16,916 20,133 - 23,111 27,317 -
Book Value Per Share 2 2.910 3.390 3.740 3.880 4.150 4.470 4.750 5.200
Cash Flow per Share 2 0.3000 0.2100 -0.1200 -0.0800 0.2300 0.1600 0.2700 0.5400
Capex 1 81.3 59.2 197 548 251 295 202 149
Capex / Sales 0.79% 0.52% 1.3% 3.51% 1.52% 1.75% 1.07% 0.73%
Announcement Date 17/04/20 05/03/21 10/03/22 17/04/23 17/04/24 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
7
Last Close Price
2.84 CNY
Average target price
3.235 CNY
Spread / Average Target
+13.91%
Consensus
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