Financials NARI Technology Co., Ltd.

Equities

600406

CNE000001G38

IT Services & Consulting

End-of-day quote Shanghai S.E. 06:00:00 2024-05-12 pm EDT 5-day change 1st Jan Change
24.22 CNY +3.46% Intraday chart for NARI Technology Co., Ltd. +4.67% +8.51%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 97,896 122,799 221,984 163,354 179,297 194,555 - -
Enterprise Value (EV) 1 91,686 113,049 210,828 149,926 163,106 174,495 171,763 170,750
P/E ratio 22.5 x 25.1 x 39.2 x 25.2 x 24.8 x 23.8 x 20.7 x 18.5 x
Yield 1.37% 1.58% 1.02% 1.6% 2.42% 2.17% 2.49% 3.06%
Capitalization / Revenue 3.02 x 3.19 x 5.23 x 3.49 x 3.48 x 3.37 x 2.99 x 2.75 x
EV / Revenue 2.83 x 2.94 x 4.97 x 3.2 x 3.16 x 3.03 x 2.64 x 2.41 x
EV / EBITDA 15.2 x 16.1 x 25.9 x 16.2 x 15.9 x 16.5 x 14.2 x 12.1 x
EV / FCF 52.1 x - 79.2 x 28 x 17.2 x 28 x 23.6 x 19.6 x
FCF Yield 1.92% - 1.26% 3.57% 5.82% 3.57% 4.24% 5.1%
Price to Book 3.21 x 3.6 x 5.84 x 3.85 x 3.8 x 3.74 x 3.37 x 3.04 x
Nbr of stocks (in thousands) 7,987,015 7,986,359 7,985,429 8,033,819 8,033,033 8,032,824 - -
Reference price 2 12.26 15.38 27.80 20.33 22.32 24.22 24.22 24.22
Announcement Date 4/29/20 4/22/21 4/28/22 4/27/23 4/25/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 32,424 38,502 42,411 46,829 51,573 57,677 64,999 70,868
EBITDA 1 6,041 7,009 8,136 9,230 10,242 10,599 12,121 14,113
EBIT 1 5,253 5,874 6,843 7,852 8,575 9,415 10,783 12,200
Operating Margin 16.2% 15.26% 16.14% 16.77% 16.63% 16.32% 16.59% 17.22%
Earnings before Tax (EBT) 1 5,280 5,934 6,866 7,885 8,600 9,815 11,232 12,631
Net income 1 4,343 4,852 5,642 6,446 7,184 8,180 9,371 10,534
Net margin 13.39% 12.6% 13.3% 13.77% 13.93% 14.18% 14.42% 14.86%
EPS 2 0.5440 0.6134 0.7083 0.8083 0.9000 1.020 1.168 1.312
Free Cash Flow 1 1,760 - 2,662 5,346 9,495 6,236 7,286 8,713
FCF margin 5.43% - 6.28% 11.42% 18.41% 10.81% 11.21% 12.29%
FCF Conversion (EBITDA) 29.13% - 32.71% 57.92% 92.7% 58.84% 60.11% 61.74%
FCF Conversion (Net income) 40.51% - 47.17% 82.94% 132.17% 76.24% 77.75% 82.72%
Dividend per Share 2 0.1678 0.2431 0.2847 0.3250 0.5400 0.5261 0.6022 0.7423
Announcement Date 4/29/20 4/22/21 4/28/22 4/27/23 4/25/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 19,179 - - 16,323 9,294 21,213 - 6,195 12,055 10,317 23,006 7,699 13,452 11,830 27,002 - -
EBITDA - - - - - - - - - - - - - - - - -
EBIT 2,892 - - - 1,898 3,286 - 627.2 2,421 2,040 3,486 - - - - - -
Operating Margin 15.08% - - - 20.43% 15.49% - 10.12% 20.08% 19.77% 15.15% - - - - - -
Earnings before Tax (EBT) 2,899 - - - - 3,286 - - 2,424 2,041 3,494 - - - - - -
Net income 2,450 379.1 - - - 2,791 4,336 525.7 1,974 1,661 3,023 - - - - - -
Net margin 12.77% - - - - 13.16% - 8.49% 16.37% 16.1% 13.14% - - - - - -
EPS 2 0.3125 0.0486 0.2083 - 0.1917 0.3500 - 0.0667 0.2433 0.2100 0.3800 0.0700 0.2550 0.2350 0.4300 - -
Dividend per Share 2 0.2847 - - - - 0.3250 - - - - - - - - 0.4353 - -
Announcement Date 4/28/22 4/28/22 8/30/22 8/30/22 10/28/22 4/27/23 4/27/23 4/27/23 8/30/23 10/30/23 4/25/24 4/25/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 6,210 9,750 11,156 13,428 16,192 20,060 22,792 23,805
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1,760 - 2,662 5,346 9,495 6,236 7,286 8,713
ROE (net income / shareholders' equity) 14.8% 15.1% 15.7% 16.1% 16.1% 16.1% 16.8% 17.3%
ROA (Net income/ Total Assets) 7.91% 7.86% 8.14% 8.63% - 8.99% 9.25% 9.47%
Assets 1 54,885 61,693 69,347 74,699 - 90,995 101,307 111,261
Book Value Per Share 2 3.820 4.280 4.760 5.290 5.870 6.470 7.190 7.970
Cash Flow per Share 2 0.5900 0.7100 0.5800 1.090 1.420 1.180 1.290 1.670
Capex 1 2,925 3,462 2,009 3,414 1,949 1,912 2,259 2,260
Capex / Sales 9.02% 8.99% 4.74% 7.29% 3.78% 3.31% 3.48% 3.19%
Announcement Date 4/29/20 4/22/21 4/28/22 4/27/23 4/25/24 - - -
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
B
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
19
Last Close Price
24.22 CNY
Average target price
27.29 CNY
Spread / Average Target
+12.66%
Consensus
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