Financials Changjiang Securities Company Limited

Equities

000783

CNE000000SH3

Investment Banking & Brokerage Services

End-of-day quote Shenzhen S.E. 03:30:00 30/04/2024 am IST 5-day change 1st Jan Change
5.67 CNY -1.56% Intraday chart for Changjiang Securities Company Limited +6.58% +5.39%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 39,481 46,449 41,696 29,475 29,751 31,356 - -
Enterprise Value (EV) 1 39,481 46,449 41,696 29,475 29,751 31,356 31,356 31,356
P/E ratio 23.8 x 23.3 x 18 x 19.7 x 20.7 x 17 x 13.3 x 12.2 x
Yield 2.1% 1.79% 3.98% 2.25% 2.23% 1.94% 2.29% 2.47%
Capitalization / Revenue 5.61 x 5.97 x 4.84 x 4.63 x 4.31 x 3.84 x 3.36 x 3.17 x
EV / Revenue 5.61 x 5.97 x 4.84 x 4.63 x 4.31 x 3.84 x 3.36 x 3.17 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.41 x 1.65 x 1.39 x 0.96 x 0.95 x 0.87 x 0.83 x 0.79 x
Nbr of stocks (in thousands) 55,29,563 55,29,588 55,29,948 55,29,958 55,29,958 55,30,073 - -
Reference price 2 7.140 8.400 7.540 5.330 5.380 5.670 5.670 5.670
Announcement Date 28/04/20 23/01/21 09/03/22 28/04/23 27/02/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 7,033 7,784 8,623 6,372 6,896 8,174 9,338 9,881
EBITDA - - - - - - - -
EBIT 2,319 - - - - - - -
Operating Margin 32.98% - - - - - - -
Earnings before Tax (EBT) 2,340 - - - - - - -
Net income 1 1,666 2,085 2,410 1,510 1,548 1,847 2,338 2,564
Net margin 23.69% 26.79% 27.94% 23.7% 22.45% 22.59% 25.03% 25.95%
EPS 2 0.3000 0.3600 0.4200 0.2700 0.2600 0.3340 0.4251 0.4636
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.1500 0.1500 0.3000 0.1200 0.1200 0.1100 0.1300 0.1400
Announcement Date 28/04/20 23/01/21 09/03/22 28/04/23 27/02/24 - - -
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 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 1,975 843.4 2,003 1,266 2,259 2,151 1,681 1,317 1,747 2,044 2,044 2,125 2,306 2,402
EBITDA - - - - - - - - - - - - - -
EBIT - - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - - - - - -
Net income 1 - - - - - - - - - 461.7 461.7 481.2 557 587.6
Net margin - - - - - - - - - 22.59% 22.59% 22.64% 24.16% 24.47%
EPS 2 0.0500 0.0100 0.1300 0.0300 0.1000 - - - - 0.0835 0.0835 0.0870 0.1007 0.1063
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 09/03/22 29/04/22 26/08/22 28/10/22 28/04/23 28/04/23 28/08/23 30/10/23 27/02/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 6.35% 7.58% 8.34% 5.02% 4.79% 5.22% 6.35% 6.59%
ROA (Net income/ Total Assets) 1.6% - 1.64% - - - - -
Assets 1 1,04,439 - 1,47,040 - - - - -
Book Value Per Share 2 5.060 5.090 5.410 5.560 5.650 6.530 6.860 7.220
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 28/04/20 23/01/21 09/03/22 28/04/23 27/02/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
D+
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
2
Last Close Price
5.67 CNY
Average target price
6.235 CNY
Spread / Average Target
+9.96%
Consensus
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