Financials Jiangsu Dingsheng New Materials Joint-Stock Co.,Ltd

Equities

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 08/05/2024 am IST			5-day change	1st Jan Change
11.65 ^CNY	+3.74%		+11.80%	-7.02%

22/04	Jiangsu Dingsheng New Materials Joint-Stock Co.,Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Jiangsu Dingsheng New Materials Joint-Stock Co.,Ltd cancelled the transaction announced on July 20, 2022	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,820	6,630	18,294	20,128	11,097	10,528	-	-
Enterprise Value (EV) ¹	6,820	6,630	18,294	20,128	13,011	9,634	9,708	10,528
P/E ratio	21.7 x	-510 x	40.1 x	15.1 x	20.9 x	10.6 x	10.7 x	14 x
Yield	-	-	-	2.1%	1.52%	1.89%	3.83%	8.5%
Capitalization / Revenue	0.61 x	-	1.01 x	0.93 x	0.58 x	0.51 x	0.47 x	0.48 x
EV / Revenue	0.61 x	-	1.01 x	0.93 x	0.68 x	0.47 x	0.43 x	0.48 x
EV / EBITDA	-	-	19.7 x	9.5 x	10.3 x	5.42 x	5.04 x	-
EV / FCF	-	-	-	15.9 x	-	11.3 x	8.98 x	8.57 x
FCF Yield	-	-	-	6.28%	-	8.86%	11.1%	11.7%
Price to Book	-	-	3.77 x	3.23 x	1.72 x	1.56 x	1.29 x	1.45 x
Nbr of stocks (in thousands)	7,74,000	7,80,534	8,74,614	8,82,827	8,85,640	8,89,922	-	-
Reference price ²	8.811	8.494	20.92	22.80	12.53	11.65	11.65	11.65
Announcement Date	28/04/20	29/04/21	28/04/22	27/04/23	22/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,236	-	18,168	21,605	19,064	20,445	22,605	21,929
EBITDA ¹	-	-	928.6	2,119	1,262	1,777	1,926	-
EBIT ¹	365.8	-	488.7	1,591	676.7	1,041	1,124	897.5
Operating Margin	3.26%	-	2.69%	7.37%	3.55%	5.09%	4.97%	4.09%
Earnings before Tax (EBT) ¹	372.7	-	502.8	1,609	649.6	1,109	1,125	892.5
Net income ¹	308.7	-14.99	430	1,382	534.8	937.1	945.3	745
Net margin	2.75%	-	2.37%	6.39%	2.81%	4.58%	4.18%	3.4%
EPS ²	0.4056	-0.0167	0.5222	1.511	0.6000	1.098	1.085	0.8350
Free Cash Flow ¹	-	-	-	1,265	-	854	1,081	1,228
FCF margin	-	-	-	5.85%	-	4.18%	4.78%	5.6%
FCF Conversion (EBITDA)	-	-	-	59.68%	-	48.07%	56.13%	-
FCF Conversion (Net income)	-	-	-	91.53%	-	91.13%	114.36%	164.83%
Dividend per Share ²	-	-	-	0.4778	0.1900	0.2200	0.4467	0.9900
Announcement Date	28/04/20	29/04/21	28/04/22	27/04/23	22/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	1,914	-	-	-
Net Cash position ¹	-	-	-	-	-	894	820	-
Leverage (Debt/EBITDA)	-	-	-	-	1.517 x	-	-	-
Free Cash Flow ¹	-	-	-	1,265	-	854	1,081	1,228
ROE (net income / shareholders' equity)	8.47%	-	10%	24.4%	8.35%	7.1%	11.7%	10.6%
ROA (Net income/ Total Assets)	-	-	-	7.52%	-	4.33%	4.6%	-
Assets ¹	-	-	-	18,378	-	21,626	20,550	-
Book Value Per Share ²	-	-	5.540	7.060	7.290	7.460	9.050	8.060
Cash Flow per Share ²	-0.8200	-	0.8000	2.060	1.270	2.270	2.230	2.070
Capex ¹	-	-	175	557	563	849	686	250
Capex / Sales	-	-	0.97%	2.58%	2.95%	4.15%	3.03%	1.14%
Announcement Date	28/04/20	29/04/21	28/04/22	27/04/23	22/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

11.65 CNY

Average target price

12.25 CNY

Spread / Average Target

+5.15%

	1st Jan change	Capi.
JIANGSU DINGSHENG NEW MATERIALS JOINT-STOCK CO.,LTD	-7.02%	1.43B
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SHANGHAI HUAFON ALUMINIUM CORPORATION	+12.14%	2.78B
HENAN MINGTAI AL.INDUSTRIAL CO.,LTD.	+17.02%	2.28B
UACJ CORPORATION	+25.84%	1.52B
SHANDONG HONTRON ALUMINUM INDUSTRY HOLDING COMPANY LIMITED	+22.25%	873M
ANHUI XINBO ALUMINUM CO., LTD.	-17.79%	697M
ZYF LOPSKING ALUMINUM CO., LTD.	-3.22%	590M
JIANGSU ALCHA ALUMINIUM GROUP CO., LTD.	-20.05%	479M
NANTONG HAIXING ELECTRONICS CO., LTD.	-14.21%	416M