Financials Zheshang Securities Co., Ltd.

Equities

601878

CNE100002R65

Investment Banking & Brokerage Services

End-of-day quote Shanghai S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
10.97 CNY +10.03% Intraday chart for Zheshang Securities Co., Ltd. +9.26% +5.18%

Valuation

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 55,295 51,114 38,510 40,066 42,140 - -
Enterprise Value (EV) 1 55,295 51,114 38,510 40,066 42,140 42,140 42,140
P/E ratio 32.6 x 22.7 x 24.2 x 22.7 x 23.1 x 19.2 x 19.6 x
Yield - - 1.31% - - - -
Capitalization / Revenue 5.2 x 3.11 x - 2.27 x 2.29 x 2.18 x 2.08 x
EV / Revenue 5.2 x 3.11 x - 2.27 x 2.29 x 2.18 x 2.08 x
EV / EBITDA - - - - - - -
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Price to Book - 2.14 x - 1.49 x 1.48 x 1.39 x 1.3 x
Nbr of stocks (in thousands) 3,614,045 3,878,169 3,878,169 3,841,409 3,841,413 - -
Reference price 2 15.30 13.18 9.930 10.43 10.97 10.97 10.97
Announcement Date 3/17/21 3/15/22 3/30/23 3/25/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net sales 1 10,637 16,418 - 17,638 18,408 19,359 20,291
EBITDA - - - - - - -
EBIT 1 - 2,891 2,106 2,211 2,294 2,537 2,784
Operating Margin - 17.61% - 12.54% 12.46% 13.11% 13.72%
Earnings before Tax (EBT) 1 - - - 2,202 2,291 2,534 2,781
Net income 1 - - 1,654 1,754 1,848 2,002 2,173
Net margin - - - 9.94% 10.04% 10.34% 10.71%
EPS 2 0.4700 0.5800 0.4100 0.4600 0.4750 0.5700 0.5600
Free Cash Flow - - - - - - -
FCF margin - - - - - - -
FCF Conversion (EBITDA) - - - - - - -
FCF Conversion (Net income) - - - - - - -
Dividend per Share - - 0.1300 - - - -
Announcement Date 3/17/21 3/15/22 3/30/23 3/25/24 - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - -
Net Cash position - - - - - - -
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow - - - - - - -
ROE (net income / shareholders' equity) - 10.2% 6.58% 6.61% 6.35% 6.42% 6.67%
ROA (Net income/ Total Assets) - - - - 1.18% 1.21% 1.24%
Assets 1 - - - - 156,610 165,496 175,242
Book Value Per Share 2 - 6.150 - 7.010 7.420 7.900 8.420
Cash Flow per Share - - - - - - -
Capex - - - - - - -
Capex / Sales - - - - - - -
Announcement Date 3/17/21 3/15/22 3/30/23 3/25/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
D+
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
3
Last Close Price
10.97 CNY
Average target price
11.92 CNY
Spread / Average Target
+8.66%
Consensus

Annual profits - Rate of surprise

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