Financials Jinhong Gas Co.,Ltd.

Equities

688106

CNE100003ZP4

Commodity Chemicals

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
18.99 ^CNY	-1.86%		+1.17%	-21.17%

Apr. 25	Jinhong Gas Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 01	Tranche Update on Jinhong Gas Co.,Ltd.'s Equity Buyback Plan announced on November 9, 2023.	CI

Valuation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	14,724	13,311	9,004	11,594	9,124	-	-
Enterprise Value (EV) ¹	14,724	13,311	9,004	12,436	9,124	9,124	9,124
P/E ratio	64.7 x	81.8 x	39.9 x	38.2 x	23.3 x	18.3 x	15.4 x
Yield	0.82%	0.9%	1.33%	1.45%	2.32%	2.55%	3%
Capitalization / Revenue	11.8 x	7.64 x	4.58 x	4.78 x	3.08 x	2.52 x	2.04 x
EV / Revenue	11.8 x	7.64 x	4.58 x	4.78 x	3.08 x	2.52 x	2.04 x
EV / EBITDA	38.8 x	39.9 x	17.9 x	18 x	12.1 x	8.88 x	7.03 x
EV / FCF	-	-	-	-20.7 x	-338 x	82.9 x	25.9 x
FCF Yield	-	-	-	-4.84%	-0.3%	1.21%	3.86%
Price to Book	5.31 x	5.03 x	3.24 x	3.7 x	2.7 x	2.49 x	2.27 x
Nbr of stocks (in thousands)	484,333	478,653	479,973	481,263	480,488	-	-
Reference price ²	30.40	27.81	18.76	24.09	18.99	18.99	18.99
Announcement Date	2/25/21	2/27/22	2/27/23	2/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,243	1,741	1,967	2,427	2,967	3,617	4,466
EBITDA ¹	379.6	333.9	502.8	645.1	753.5	1,028	1,298
EBIT ¹	240.3	204.2	280.8	400.7	491	631.9	758.7
Operating Margin	19.33%	11.73%	14.27%	16.51%	16.55%	17.47%	16.99%
Earnings before Tax (EBT) ¹	239.6	200.1	279.9	400.9	492	625.6	743.6
Net income ¹	197.3	167.1	229.1	315	398.3	505.4	599.5
Net margin	15.87%	9.59%	11.65%	12.98%	13.43%	13.97%	13.42%
EPS ²	0.4700	0.3400	0.4700	0.6300	0.8150	1.040	1.230
Free Cash Flow ¹	-	-	-	-561	-27	110	352
FCF margin	-	-	-	-23.11%	-0.91%	3.04%	7.88%
FCF Conversion (EBITDA)	-	-	-	-	-	10.7%	27.12%
FCF Conversion (Net income)	-	-	-	-	-	21.76%	58.72%
Dividend per Share ²	0.2500	0.2500	0.2500	0.3500	0.4400	0.4846	0.5699
Announcement Date	2/25/21	2/27/22	2/27/23	2/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q4	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	530.1	-	646	647.4	589.4	648.9	718.9	977.2	-	-
EBITDA ¹	-	-	-	-	-	184.9	183.4	292	-	-
EBIT ¹	-	-	121.3	74.35	92.7	107	118.5	201.1	-	-
Operating Margin	-	-	18.78%	11.48%	15.73%	16.48%	16.48%	20.58%	-	-
Earnings before Tax (EBT) ¹	-	-	121.2	73.11	93.33	100.7	112.2	194.8	-	-
Net income ¹	60.21	101.6	97.02	56.05	76.48	100.7	112.2	87.45	-	-
Net margin	11.36%	-	15.02%	8.66%	12.98%	15.52%	15.61%	8.95%	-	-
EPS ²	-	0.2100	0.2000	0.1000	0.1500	0.2068	0.2305	0.1796	-	-
Dividend per Share ²	-	-	-	-	-	0.1011	0.1011	0.1011	0.1222	0.1222
Announcement Date	2/27/23	8/17/23	10/25/23	2/26/24	4/25/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	842	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	1.306 x	-	-	-
Free Cash Flow ¹	-	-	-	-561	-27	110	352
ROE (net income / shareholders' equity)	11%	6.11%	8.39%	10.5%	11.6%	13.5%	14.7%
ROA (Net income/ Total Assets)	7.7%	4.38%	5.15%	5.74%	5.76%	6.4%	5.5%
Assets ¹	2,564	3,816	4,446	5,487	6,920	7,897	10,900
Book Value Per Share ²	5.720	5.530	5.790	6.510	7.040	7.630	8.380
Cash Flow per Share ²	0.8300	0.6300	0.7900	0.9500	1.400	1.870	2.860
Capex ¹	277	477	720	1,024	715	860	965
Capex / Sales	22.25%	27.37%	36.59%	42.17%	24.11%	23.77%	21.6%
Announcement Date	2/25/21	2/27/22	2/27/23	2/26/24	-	-	-

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

Ratings for Jinhong Gas Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

18.99 CNY

Average target price

26.97 CNY

Spread / Average Target

+42.04%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Gas

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HANGZHOU OXYGEN PLANT GROUP CO.,LTD.	-6.37%	3.72B
AIR WATER INC.	+22.06%	3.44B
SOL S.P.A.	+23.74%	3.36B
JIANGSU NATA OPTO-ELECTRONIC MATERIAL CO., LTD.	-10.14%	1.87B
SICHUAN QIAOYUAN GAS CO.,LTD.	+10.01%	1.77B
GUANGDONG HUATE GAS CO., LTD	-22.94%	861M

Industrial Gas