Financials China National Gold Group Gold Jewellery Co.,Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-06-05 pm EDT			5-day change	1st Jan Change
10.52 ^CNY	0.00%		-2.95%	+6.59%

Apr. 28	China National Gold Group Gold Jewellery Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 28	China National Gold Group Gold Jewellery Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	23,066	21,235	16,582	17,674	-	-
Enterprise Value (EV) ¹	23,066	21,235	16,582	17,674	17,674	17,674
P/E ratio	28.6 x	27.5 x	17 x	14.5 x	12.6 x	11.3 x
Yield	-	2.37%	4.56%	4.71%	4.78%	6.04%
Capitalization / Revenue	0.45 x	0.45 x	0.29 x	0.27 x	0.24 x	0.22 x
EV / Revenue	0.45 x	0.45 x	0.29 x	0.27 x	0.24 x	0.22 x
EV / EBITDA	23.3 x	17.4 x	13.5 x	9.66 x	8.36 x	7.3 x
EV / FCF	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-
Price to Book	3.52 x	3.07 x	2.25 x	2.24 x	2.08 x	1.97 x
Nbr of stocks (in thousands)	1,680,000	1,680,000	1,680,000	1,680,000	-	-
Reference price ²	13.73	12.64	9.870	10.52	10.52	10.52
Announcement Date	2/24/22	4/21/23	4/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	33,788	50,758	47,124	56,364	64,890	74,402	79,614
EBITDA ¹	598.2	990.1	1,221	1,224	1,829	2,115	2,422
EBIT ¹	558.2	953.7	859.8	1,189	1,478	1,711	1,922
Operating Margin	1.65%	1.88%	1.82%	2.11%	2.28%	2.3%	2.41%
Earnings before Tax (EBT) ¹	629	1,001	946.5	1,203	1,510	1,744	1,944
Net income ¹	500.2	794.4	765.3	973.5	1,216	1,406	1,565
Net margin	1.48%	1.57%	1.62%	1.73%	1.87%	1.89%	1.97%
EPS ²	0.3300	0.4800	0.4600	0.5800	0.7250	0.8375	0.9333
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	-	0.3000	0.4500	0.4950	0.5033	0.6350
Announcement Date	4/20/21	2/24/22	4/21/23	4/28/24	-	-	-

¹CNY in Million²CNY

Estimates

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)	10.1%	12.9%	11.4%	13.6%	15.4%	16.5%	17.4%
ROA (Net income/ Total Assets)	-	-	6.76%	-	8.87%	9.55%	9.72%
Assets ¹	-	-	11,325	-	13,701	14,730	16,104
Book Value Per Share ²	3.470	3.900	4.120	4.400	4.690	5.060	5.350
Cash Flow per Share ²	0.3700	0.4900	0.7100	0.9400	0.5900	0.7100	0.8900
Capex ¹	-	-	40.7	60.1	62	68.3	71.7
Capex / Sales	-	-	0.09%	0.11%	0.1%	0.09%	0.09%
Announcement Date	4/20/21	2/24/22	4/21/23	4/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

10.52 CNY

Average target price

14.31 CNY

Spread / Average Target

+36.03%

	1st Jan change	Capi.
CHINA NATIONAL GOLD GROUP GOLD JEWELLERY CO.,LTD.	+6.59%	2.44B
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