HAITONG SECURITIES CO., LTD. Financials Haitong Securities Co., Ltd.
Equities
600837
CNE000000CK1
Investment Banking & Brokerage Services
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 8.08 CNY | -0.25% |
|
-2.53% | -13.77% |
| May. 23 | Autostreets Development Launches Up to HK$168 Million Hong Kong IPO | MT |
| May. 07 | Haitong Securities Buys Back Shares for 303 Million Yuan | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 153,176 | 144,055 | 137,560 | 98,375 | 102,981 | 89,595 | - | - |
| Enterprise Value (EV) 1 | 374,043 | 384,623 | 265,242 | 168,057 | 374,751 | 180,567 | 89,595 | 89,595 |
| P/E ratio | 18.6 x | 14.3 x | 12.5 x | 17.4 x | 117 x | 17.3 x | 14.5 x | 13.6 x |
| Yield | 0.97% | 1.94% | 2.45% | 2.42% | 1.07% | 2.5% | 2.94% | 3.18% |
| Capitalization / Revenue | 2.97 x | 3.77 x | 2.92 x | 2.29 x | 4.49 x | 3.18 x | 2.7 x | 2.86 x |
| EV / Revenue | 7.26 x | 10.1 x | 5.63 x | 3.91 x | 16.3 x | 6.41 x | 2.7 x | 2.86 x |
| EV / EBITDA | 26.6 x | 23 x | - | 17.1 x | 125 x | 36.3 x | 13.1 x | - |
| EV / FCF | 18,653,916 x | - | - | - | - | - | - | - |
| FCF Yield | 0% | - | - | - | - | - | - | - |
| Price to Book | 1.41 x | 1.09 x | 0.98 x | 0.69 x | 0.75 x | 0.62 x | 0.61 x | 0.6 x |
| Nbr of stocks (in thousands) | 11,501,700 | 13,064,200 | 13,064,200 | 13,064,200 | 13,022,693 | 12,987,126 | - | - |
| Reference price 2 | 15.46 | 12.86 | 12.26 | 8.690 | 9.370 | 8.080 | 8.080 | 8.080 |
| Announcement Date | 3/26/20 | 2/26/21 | 3/18/22 | 3/30/23 | 3/28/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 51,552 | 38,220 | 47,131 | 43,015 | 22,953 | 28,166 | 33,149 | 31,988 |
| EBITDA 1 | 14,079 | 16,705 | - | 9,828 | 3,007 | 4,981 | 6,865 | - |
| EBIT 1 | 13,376 | 15,862 | 18,557 | 8,247 | 1,451 | 6,736 | 8,099 | 9,074 |
| Operating Margin | 25.95% | 41.5% | 39.37% | 19.17% | 6.32% | 23.91% | 24.43% | 28.37% |
| Earnings before Tax (EBT) 1 | 13,872 | 15,757 | 18,544 | 7,999 | 1,566 | 7,929 | 9,494 | 9,546 |
| Net income 1 | 9,523 | 10,875 | 12,827 | 6,545 | 1,008 | 6,269 | 7,274 | 7,878 |
| Net margin | 18.47% | 28.45% | 27.21% | 15.22% | 4.39% | 22.26% | 21.94% | 24.63% |
| EPS 2 | 0.8300 | 0.9000 | 0.9800 | 0.5000 | 0.0800 | 0.4677 | 0.5582 | 0.5925 |
| Free Cash Flow | 20,052 | - | - | - | - | - | - | - |
| FCF margin | 38.9% | - | - | - | - | - | - | - |
| FCF Conversion (EBITDA) | 142.42% | - | - | - | - | - | - | - |
| FCF Conversion (Net income) | 210.56% | - | - | - | - | - | - | - |
| Dividend per Share 2 | 0.1500 | 0.2500 | 0.3000 | 0.2100 | 0.1000 | 0.2024 | 0.2375 | 0.2570 |
| Announcement Date | 3/26/20 | 2/26/21 | 3/18/22 | 3/30/23 | 3/28/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 8,264 | - | 7,973 | 6,834 | 7,192 | 8,520 | 8,448 | 5,605 | 379 | 4,762 | - | - | - |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Margin | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Earnings before Tax (EBT) 1 | 1,558 | - | 4,289 | 1,691 | - | 3,346 | 1,906 | 993.8 | - | - | 13,673 | 13,680 | 14,229 |
| Net income | 1,000 | - | 3,258 | 1,318 | - | - | 1,396 | 532.1 | - | 911.3 | - | - | - |
| Net margin | 12.1% | - | 40.86% | 19.28% | - | - | 16.52% | 9.49% | - | 19.14% | - | - | - |
| EPS 2 | 0.0700 | 0.1100 | 0.2500 | 0.1100 | 0.0300 | 0.1900 | 0.1000 | 0.0400 | -0.2500 | - | 0.1500 | 0.1500 | 0.1500 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 3/18/22 | 4/26/22 | 8/26/22 | 10/28/22 | 3/30/23 | 4/28/23 | 8/30/23 | 10/30/23 | 3/28/24 | 4/26/24 | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 220,867 | 240,569 | 127,683 | 69,681 | 271,770 | 90,972 | - | - |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 15.69 x | 14.4 x | - | 7.09 x | 90.39 x | 18.26 x | - | - |
| Free Cash Flow | 20,052 | - | - | - | - | - | - | - |
| ROE (net income / shareholders' equity) | 7.81% | 7.88% | 8.09% | 3.99% | 0.61% | 3.58% | 3.62% | 4.08% |
| ROA (Net income/ Total Assets) | 1.57% | 1.63% | 1.78% | 0.87% | 0.13% | 0.72% | 0.76% | 0.88% |
| Assets 1 | 605,805 | 665,569 | 719,499 | 749,238 | 754,231 | 869,421 | 960,682 | 894,141 |
| Book Value Per Share 2 | 11.00 | 11.80 | 12.50 | 12.60 | 12.50 | 12.90 | 13.30 | 13.50 |
| Cash Flow per Share | - | - | 4.040 | 0.6800 | - | - | - | - |
| Capex | 2,606 | - | - | - | - | - | - | - |
| Capex / Sales | 5.06% | - | - | - | - | - | - | - |
| Announcement Date | 3/26/20 | 2/26/21 | 3/18/22 | 3/30/23 | 3/28/24 | - | - | - |
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+
Sell
Buy
Mean consensus
HOLD
Number of Analysts
13
Last Close Price
8.08
CNY
Average target price
8.507
CNY
Spread / Average Target
+5.29%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -13.77% | 12.36B | |
| -13.11% | 32.43B | |
| +8.89% | 8.95B | |
| +0.52% | 8.84B | |
| -3.62% | 3.81B | |
| +18.02% | 3.23B | |
| +1.02% | 2.78B | |
| -3.93% | 2.75B | |
| +2.92% | 2.51B | |
| +16.64% | 1.02B |
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- 600837 Stock
- Financials Haitong Securities Co., Ltd.
