Financials Kingfa Sci. & Tech. Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
7.46 ^CNY	-0.27%		+4.63%	-6.63%

Apr. 29	Kingfa Sci. & Tech. Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Kingfa Sci. & Tech. Co., Ltd. Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	13,448	18,736	44,112	32,376	25,748	19,923	19,923	-
Enterprise Value (EV) ¹	13,448	29,023	50,332	45,582	25,748	21,349	19,923	19,923
P/E ratio	21.5 x	15.4 x	9.62 x	19.5 x	12.6 x	67.1 x	10.3 x	7.57 x
Yield	2.02%	1.37%	3.5%	1.59%	2.37%	-	-	-
Capitalization / Revenue	0.53 x	0.64 x	1.26 x	0.81 x	0.64 x	0.45 x	0.45 x	0.41 x
EV / Revenue	0.53 x	0.64 x	1.26 x	0.81 x	0.64 x	0.45 x	0.45 x	0.41 x
EV / EBITDA	10.5 x	8.06 x	6.77 x	9.7 x	7.11 x	8.97 x	4.24 x	3.58 x
EV / FCF	-	-	-	-7,948,052 x	-7,958,327 x	-	-	-
FCF Yield	-	-	-	-0%	-0%	-	-	-
Price to Book	1.31 x	1.78 x	2.97 x	2.16 x	1.56 x	1.31 x	1.07 x	0.97 x
Nbr of stocks (in thousands)	2,716,785	2,573,622	2,573,622	2,573,622	2,657,197	2,670,649	2,670,649	-
Reference price ²	4.950	7.280	17.14	12.58	9.690	7.460	7.460	7.460
Announcement Date	4/22/19	4/28/20	3/29/21	4/25/22	4/24/23	4/29/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	25,317	29,286	35,061	40,199	40,412	47,941	44,544	48,616
EBITDA ¹	1,279	2,325	6,516	3,338	3,620	2,381	4,700	5,566
EBIT ¹	688.3	1,410	5,261	1,917	2,042	190.8	2,170	2,906
Operating Margin	2.72%	4.82%	15.01%	4.77%	5.05%	0.4%	4.87%	5.98%
Earnings before Tax (EBT) ¹	686.1	1,401	5,204	1,902	2,028	164	2,150	2,885
Net income ¹	624	1,245	4,588	1,661	1,992	316.7	1,934	2,626
Net margin	2.46%	4.25%	13.08%	4.13%	4.93%	0.66%	4.34%	5.4%
EPS ²	0.2297	0.4740	1.783	0.6456	0.7677	0.1190	0.7250	0.9850
Free Cash Flow	-	-	-	-4,073	-3,235	-	-	-
FCF margin	-	-	-	-10.13%	-8.01%	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share	0.1000	0.1000	0.6000	0.2000	0.2300	-	-	-
Announcement Date	4/22/19	4/28/20	3/29/21	4/25/22	4/24/23	4/29/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	10,287	6,220	13,206	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	4.425 x	0.9545 x	3.956 x	-	-	-	-
Free Cash Flow	-	-	-	-4,073	-3,235	-	-	-
ROE (net income / shareholders' equity)	6.19%	12.1%	36.2%	10.6%	12.7%	1.93%	9.98%	12.2%
ROA (Net income/ Total Assets)	-	4.82%	14.9%	-	-	2.8%	3.9%	5.4%
Assets ¹	-	25,814	30,813	-	-	41,458	49,603	48,639
Book Value Per Share ²	3.770	4.100	5.770	5.820	6.220	6.120	6.940	7.700
Cash Flow per Share ²	0.1400	1.060	2.420	0.8600	1.290	0.9000	1.540	1.820
Capex ¹	1,220	1,303	2,814	6,288	6,667	4,321	1,016	1,019
Capex / Sales	4.82%	4.45%	8.03%	15.64%	16.5%	9.01%	2.28%	2.1%
Announcement Date	4/22/19	4/28/20	3/29/21	4/25/22	4/24/23	4/29/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.46 CNY

Average target price

10.13 CNY

Spread / Average Target

+35.79%

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