Financials Glarun Technology 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
14.3 ^CNY	-1.72%		-4.54%	+3.32%

Apr. 24	Glarun Technology Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 05	Glarun Technology Co.,Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,925	21,136	22,825	21,049	17,187	17,759	-	-
Enterprise Value (EV) ¹	8,925	21,136	22,825	21,049	17,187	17,759	17,759	17,759
P/E ratio	205 x	44.8 x	43.8 x	38.5 x	28.8 x	22.1 x	18.9 x	16.3 x
Yield	0.15%	0.66%	0.7%	0.78%	1.05%	1.05%	1.05%	1.05%
Capitalization / Revenue	7.69 x	5.86 x	6.65 x	6.53 x	5.24 x	4.44 x	3.62 x	3.18 x
EV / Revenue	7.69 x	5.86 x	6.65 x	6.53 x	5.24 x	4.44 x	3.62 x	3.18 x
EV / EBITDA	124 x	33.6 x	35.3 x	31.5 x	23.5 x	19.8 x	16 x	14 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	4.94 x	4.9 x	4.84 x	4.12 x	3.1 x	2.86 x	2.56 x	2.2 x
Nbr of stocks (in thousands)	622,351	1,241,858	1,241,858	1,241,858	1,241,858	1,241,858	-	-
Reference price ²	14.34	17.02	18.38	16.95	13.84	14.30	14.30	14.30
Announcement Date	4/7/20	4/26/21	4/27/22	4/26/23	2/5/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,160	3,606	3,432	3,225	3,282	3,997	4,910	5,590
EBITDA ¹	71.69	628.4	646.4	668.5	730.4	895.5	1,113	1,266
EBIT ¹	44.57	578.2	599.4	624.3	684.8	857.3	1,047	1,246
Operating Margin	3.84%	16.04%	17.46%	19.36%	20.86%	21.45%	21.32%	22.3%
Earnings before Tax (EBT) ¹	44.3	577.6	598.6	624.1	685.5	862	1,047	1,248
Net income ¹	41.6	466.5	525.9	549.3	599.2	801	939.1	1,094
Net margin	3.59%	12.94%	15.32%	17.03%	18.26%	20.04%	19.13%	19.56%
EPS ²	0.0700	0.3800	0.4200	0.4400	0.4800	0.6460	0.7580	0.8800
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0210	0.1130	0.1280	0.1330	0.1450	0.1500	0.1500	0.1500
Announcement Date	4/7/20	4/26/21	4/27/22	4/26/23	2/5/24	-	-	-

¹CNY in Million²CNY

Estimates

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)	2.32%	12.3%	11.7%	11.2%	11.3%	13.1%	13.6%	14%
ROA (Net income/ Total Assets)	1.43%	6.8%	7.02%	6.71%	6.98%	7.32%	8.65%	8.19%
Assets ¹	2,903	6,864	7,493	8,187	8,580	10,942	10,857	13,352
Book Value Per Share ²	2.900	3.470	3.800	4.110	4.470	5.010	5.590	6.490
Cash Flow per Share ²	-0.0500	0.3100	0.0200	0.3500	0.3300	0.6000	0.5700	0.9200
Capex ¹	25.9	25.5	25.5	42.4	36.6	15.3	13.5	17
Capex / Sales	2.24%	0.71%	0.74%	1.32%	1.12%	0.38%	0.27%	0.3%
Announcement Date	4/7/20	4/26/21	4/27/22	4/26/23	2/5/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

14.3 CNY

Average target price

22.54 CNY

Spread / Average Target

+57.66%

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