CHINA GALAXY SECURITIES CO., LTD. Financials China Galaxy Securities Co., Ltd. Shanghai S.E.
Equities
601881
CNE100002FG7
Investment Banking & Brokerage Services
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 12.31 CNY | +10.01% |
|
+10.01% | +2.16% |
| Apr. 26 | Chinese Financial Services Shares Gain on Consolidation Hopes | DJ |
| Apr. 15 | CGS Raises 2 Billion Yuan from Commercial Paper Issue | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 89,960 | 95,704 | 85,619 | 72,212 | 101,254 | 103,653 | - | - |
| Enterprise Value (EV) 1 | 146,104 | 174,691 | 214,771 | 237,562 | 101,254 | 319,184 | 103,653 | 103,653 |
| P/E ratio | 7.89 x | 5.76 x | 3.76 x | 5.02 x | 5.78 x | 5.46 x | 4.69 x | 5.3 x |
| Yield | 3.9% | 5.38% | 8.49% | 6.84% | - | 5.85% | 6.49% | 5.65% |
| Capitalization / Revenue | 5.15 x | 3.88 x | 2.38 x | 2.15 x | 3.01 x | 3.12 x | 2.9 x | 2.69 x |
| EV / Revenue | 8.37 x | 7.09 x | 5.97 x | 7.06 x | 3.01 x | 9.6 x | 2.9 x | 2.69 x |
| EV / EBITDA | 20,633,239 x | 16,792,853 x | 16,230,103 x | - | - | - | - | - |
| EV / FCF | - | - | - | - | - | - | - | - |
| FCF Yield | - | - | - | - | - | - | - | - |
| Price to Book | 0.59 x | 0.51 x | 0.37 x | 0.33 x | - | 0.37 x | 0.35 x | 0.37 x |
| Nbr of stocks (in thousands) | 10,137,259 | 10,137,259 | 10,137,259 | 10,137,278 | 10,934,402 | 10,934,402 | - | - |
| Reference price 2 | 4.102 | 4.090 | 3.650 | 3.365 | 3.754 | 3.925 | 3.925 | 3.925 |
| Announcement Date | 1/22/20 | 1/29/21 | 3/8/22 | 3/29/23 | 3/28/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 17,458 | 24,641 | 35,984 | 33,642 | 33,644 | 35,465 | 36,603 | 38,498 |
| EBITDA | 7,081 | 10,403 | 13,233 | - | - | - | - | - |
| EBIT 1 | 7,230 | 9,592 | 12,922 | 7,947 | 8,216 | 8,852 | 9,821 | 10,461 |
| Operating Margin | 41.41% | 38.93% | 35.91% | 23.62% | 24.42% | 24.96% | 26.83% | 27.17% |
| Earnings before Tax (EBT) 1 | 6,830 | 9,157 | 12,791 | 7,971 | 8,134 | 9,147 | 10,327 | 9,822 |
| Net income 1 | 5,228 | 7,244 | 10,430 | 7,761 | 7,879 | 8,206 | 9,081 | 9,307 |
| Net margin | 29.95% | 29.4% | 28.99% | 23.07% | 23.42% | 23.14% | 24.81% | 24.18% |
| EPS 2 | 0.5200 | 0.7100 | 0.9700 | 0.6700 | 0.6500 | 0.7191 | 0.8364 | 0.7400 |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| FCF margin | - | - | - | - | - | - | - | - |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | - | - | - | - | - | - | - |
| Dividend per Share 2 | 0.1600 | 0.2200 | 0.3100 | 0.2300 | - | 0.2297 | 0.2548 | 0.2217 |
| Announcement Date | 1/22/20 | 1/29/21 | 3/8/22 | 3/29/23 | 3/28/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 11,214 | - | - | 7,600 | - | 9,068 | - | 8,697 | 8,716 | 17,414 | 8,070 | 6,200 | - | - | - |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Margin | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net income 1 | - | - | - | - | - | - | - | - | - | - | - | 2,000 | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - | - | 32.26% | - | - | - |
| EPS 2 | - | 0.2900 | 0.2800 | 0.1400 | 0.2400 | 0.1800 | 0.1100 | 0.1900 | 0.2400 | - | - | 0.1900 | 0.1900 | 0.1500 | 0.2300 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 8/28/20 | 10/29/21 | 3/8/22 | 4/29/22 | 8/30/22 | 10/27/22 | 3/29/23 | 4/27/23 | 8/30/23 | 8/30/23 | 10/30/23 | - | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 56,144 | 78,987 | 129,152 | 165,349 | - | 215,531 | - | - |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 7.929 x | 7.593 x | 9.76 x | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| ROE (net income / shareholders' equity) | 7.64% | 9.5% | 12.3% | 8.21% | 7.52% | 5.93% | 6.46% | 6.98% |
| ROA (Net income/ Total Assets) | 1.84% | 1.9% | 2.07% | 1.31% | - | 1.16% | 1.14% | 1.02% |
| Assets 1 | 283,522 | 381,245 | 502,934 | 592,860 | - | 710,077 | 799,896 | 915,926 |
| Book Value Per Share 2 | 6.980 | 8.020 | 9.760 | 10.10 | - | 10.50 | 11.10 | 10.60 |
| Cash Flow per Share | - | 1.810 | 2.090 | 2.840 | - | - | - | - |
| Capex | - | - | - | - | - | - | - | - |
| Capex / Sales | - | - | - | - | - | - | - | - |
| Announcement Date | 1/22/20 | 1/29/21 | 3/8/22 | 3/29/23 | 3/28/24 | - | - | - |
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
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
3.925
CNY
Average target price
4.594
CNY
Spread / Average Target
+17.05%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -6.55% | 28.58B | |
| -6.85% | 15.75B | |
| -19.22% | 11.55B | |
| -3.68% | 9.03B | |
| -13.34% | 6.98B | |
| +5.18% | 5.82B | |
| -3.56% | 5.76B | |
| +18.21% | 4.64B | |
| -3.41% | 4.47B |
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- Financials China Galaxy Securities Co., Ltd.
