HAITONG SECURITIES CO., LTD. Financials Haitong Securities Co., Ltd.
Equities
600837
CNE000000CK1
Investment Banking & Brokerage Services
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 8.47 CNY | +3.80% |
|
+5.35% | -9.61% |
| 26/04 | Haitong Securities Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024 | CI |
| 26/04 | Chinese Financial Services Shares Gain on Consolidation Hopes | DJ |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,53,176 | 1,44,055 | 1,37,560 | 98,375 | 1,02,981 | 93,273 | - | - |
| Enterprise Value (EV) 1 | 3,74,043 | 3,84,623 | 2,65,242 | 1,68,057 | 3,74,751 | 1,84,245 | 93,273 | 93,273 |
| P/E ratio | 18.6 x | 14.3 x | 12.5 x | 17.4 x | 117 x | 17.7 x | 15.9 x | 12.6 x |
| Yield | 0.97% | 1.94% | 2.45% | 2.42% | 1.07% | 1.33% | 1.94% | 1.18% |
| Capitalization / Revenue | 2.97 x | 3.77 x | 2.92 x | 2.29 x | 4.49 x | 3.29 x | 2.88 x | 2.76 x |
| EV / Revenue | 7.26 x | 10.1 x | 5.63 x | 3.91 x | 16.3 x | 6.49 x | 2.88 x | 2.76 x |
| EV / EBITDA | 2,65,67,678 x | 2,30,24,061 x | - | 1,70,99,234 x | 12,46,35,743 x | - | - | - |
| EV / FCF | 1,86,53,916 x | - | - | - | - | - | - | - |
| FCF Yield | 0% | - | - | - | - | - | - | - |
| Price to Book | 1.41 x | 1.09 x | 0.98 x | 0.69 x | 0.75 x | 0.65 x | 0.64 x | 0.6 x |
| Nbr of stocks (in thousands) | 1,15,01,700 | 1,30,64,200 | 1,30,64,200 | 1,30,64,200 | 1,30,22,693 | 1,29,87,126 | - | - |
| Reference price 2 | 15.46 | 12.86 | 12.26 | 8.690 | 9.370 | 8.470 | 8.470 | 8.470 |
| Announcement Date | 26/03/20 | 26/02/21 | 18/03/22 | 30/03/23 | 28/03/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 51,552 | 38,220 | 47,131 | 43,015 | 22,953 | 28,389 | 32,442 | 33,818 |
| EBITDA | 14,079 | 16,705 | - | 9,828 | 3,007 | - | - | - |
| EBIT 1 | 13,376 | 15,862 | 18,557 | 8,247 | 1,451 | 6,927 | 8,834 | 9,074 |
| Operating Margin | 25.95% | 41.5% | 39.37% | 19.17% | 6.32% | 24.4% | 27.23% | 26.83% |
| Earnings before Tax (EBT) 1 | 13,872 | 15,757 | 18,544 | 7,999 | 1,566 | 8,460 | 10,506 | 11,159 |
| Net income 1 | 9,523 | 10,875 | 12,827 | 6,545 | - | 5,477 | 7,525 | 8,774 |
| Net margin | 18.47% | 28.45% | 27.21% | 15.22% | - | 19.29% | 23.2% | 25.95% |
| EPS 2 | 0.8300 | 0.9000 | 0.9800 | 0.5000 | 0.0800 | 0.4777 | 0.5338 | 0.6703 |
| Free Cash Flow | 20,052 | - | - | - | - | - | - | - |
| FCF margin | 38.9% | - | - | - | - | - | - | - |
| FCF Conversion (EBITDA) | 142.42% | - | - | - | - | - | - | - |
| FCF Conversion (Net income) | 210.56% | - | - | - | - | - | - | - |
| Dividend per Share 2 | 0.1500 | 0.2500 | 0.3000 | 0.2100 | 0.1000 | 0.1124 | 0.1647 | 0.1000 |
| Announcement Date | 26/03/20 | 26/02/21 | 18/03/22 | 30/03/23 | 28/03/24 | - | - | - |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 8,264 | - | 7,973 | 6,834 | 7,192 | 8,520 | 8,448 | 5,605 | 379 |
| EBITDA | - | - | - | - | - | - | - | - | - |
| EBIT | - | - | - | - | - | - | - | - | - |
| Operating Margin | - | - | - | - | - | - | - | - | - |
| Earnings before Tax (EBT) | 1,558 | - | 4,289 | 1,691 | - | 3,346 | 1,906 | 993.8 | - |
| Net income | 1,000 | - | 3,258 | 1,318 | - | - | 1,396 | 532.1 | - |
| Net margin | 12.1% | - | 40.86% | 19.28% | - | - | 16.52% | 9.49% | - |
| EPS 2 | 0.0700 | 0.1100 | 0.2500 | 0.1100 | 0.0300 | 0.1900 | 0.1000 | 0.0400 | -0.2500 |
| Dividend per Share | - | - | - | - | - | - | - | - | - |
| Announcement Date | 18/03/22 | 26/04/22 | 26/08/22 | 28/10/22 | 30/03/23 | 28/04/23 | 30/08/23 | 30/10/23 | 28/03/24 |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 2,20,867 | 2,40,569 | 1,27,683 | 69,681 | 2,71,770 | 90,972 | - | - |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 15.69 x | 14.4 x | - | 7.09 x | 90.39 x | - | - | - |
| Free Cash Flow | 20,052 | - | - | - | - | - | - | - |
| ROE (net income / shareholders' equity) | 7.81% | 7.88% | 8.09% | 3.99% | 0.61% | 3.52% | 4.03% | 4.85% |
| ROA (Net income/ Total Assets) | 1.57% | 1.63% | 1.78% | 0.87% | 0.13% | 0.54% | 0.82% | 0.88% |
| Assets 1 | 6,05,805 | 6,65,569 | 7,19,499 | 7,49,238 | - | 10,23,120 | 8,49,400 | 9,95,839 |
| Book Value Per Share 2 | 11.00 | 11.80 | 12.50 | 12.60 | 12.50 | 13.00 | 13.30 | 14.10 |
| Cash Flow per Share | - | - | 4.040 | 0.6800 | - | - | - | - |
| Capex | 2,606 | - | - | - | - | - | - | - |
| Capex / Sales | 5.06% | - | - | - | - | - | - | - |
| Announcement Date | 26/03/20 | 26/02/21 | 18/03/22 | 30/03/23 | 28/03/24 | - | - | - |
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
B+
Sell
Buy
Mean consensus
HOLD
Number of Analysts
15
Last Close Price
8.47
CNY
Average target price
8.998
CNY
Spread / Average Target
+6.23%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -9.61% | 12.87B | |
| -9.33% | 34.78B | |
| +7.20% | 9.41B | |
| +5.66% | 8.76B | |
| -11.37% | 3.5B | |
| +2.27% | 3.42B | |
| +1.58% | 2.83B | |
| -1.05% | 2.87B | |
| -7.64% | 2.25B | |
| +9.05% | 964M |
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- Financials Haitong Securities Co., Ltd.
