NOVORAY CORPORATION

Financials Novoray Corporation

Equities

688300

CNE100003PN0

Commodity Chemicals

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-19 pm EDT			5-day change	1st Jan Change
49 ^CNY	-0.99%		+7.36%	-7.46%

Mar. 25	Novoray Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Feb. 21	Novoray to Build R&D Facility	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,907	4,026	9,532	6,069	9,835	9,102	-	-
Enterprise Value (EV) ¹	3,907	4,026	9,532	6,069	9,835	9,102	9,102	9,102
P/E ratio	52.3 x	36.3 x	55.2 x	32.2 x	56.3 x	41.5 x	31.4 x	26.4 x
Yield	1.1%	1.07%	0.55%	-	0.94%	0.67%	0.92%	0.96%
Capitalization / Revenue	12.4 x	9.96 x	15.3 x	9.17 x	13.8 x	10.4 x	8.33 x	7.12 x
EV / Revenue	12.4 x	9.96 x	15.3 x	9.17 x	13.8 x	10.4 x	8.33 x	7.12 x
EV / EBITDA	-	28.7 x	43.3 x	-	40.1 x	27.8 x	22.8 x	18.2 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	4.36 x	4.18 x	8.72 x	4.93 x	7.3 x	6.11 x	5.14 x	4.63 x
Nbr of stocks (in thousands)	185,746	185,746	185,746	185,746	185,746	185,746	-	-
Reference price ²	21.04	21.68	51.32	32.67	52.95	49.00	49.00	49.00
Announcement Date	2/27/20	2/23/21	2/27/22	2/27/23	2/22/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	315.3	404.2	624.7	662	711.7	875.3	1,092	1,278
EBITDA ¹	-	140.2	220.2	-	245	327	400	501
EBIT ¹	85.13	123.9	197.2	190.2	195.4	248.8	318.4	384
Operating Margin	27%	30.65%	31.57%	28.73%	27.45%	28.42%	29.15%	30.04%
Earnings before Tax (EBT) ¹	86.83	128.4	197.4	193.2	197.4	251.5	321	387
Net income ¹	74.69	110.9	172.9	188.2	174	219	289.4	344.3
Net margin	23.69%	27.44%	27.67%	28.44%	24.45%	25.02%	26.49%	26.94%
EPS ²	0.4022	0.5971	0.9303	1.013	0.9400	1.180	1.560	1.853
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.2314	0.2314	0.2814	-	0.5000	0.3300	0.4500	0.4700
Announcement Date	2/27/20	2/23/21	2/27/22	2/27/23	2/22/24	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	19.2%	12%	16.9%	16.3%	13.6%	14.8%	16.5%	17.5%
ROA (Net income/ Total Assets)	-	10.5%	14.4%	-	13.5%	11.8%	13.1%	13.9%
Assets ¹	-	1,058	1,199	-	1,289	1,850	2,216	2,474
Book Value Per Share ²	4.820	5.190	5.890	6.620	7.250	8.020	9.540	10.60
Cash Flow per Share ²	0.4300	0.4800	0.8300	1.300	1.330	1.000	1.440	1.760
Capex ¹	60.3	124	208	155	52.9	124	139	115
Capex / Sales	19.14%	30.7%	33.27%	23.39%	7.44%	14.17%	12.68%	9%
Announcement Date	2/27/20	2/23/21	2/27/22	2/27/23	2/22/24	-	-	-

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 Novoray Corporation

Trading Rating

Investor Rating

ESG Refinitiv

Analysts' Consensus

Sell

Consensus

Buy

Mean consensus

BUY

Number of Analysts

5

Last Close Price

49 CNY

Average target price

53 CNY

Spread / Average Target

+8.16%

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Commodity Chemicals

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RONGSHENG PETROCHEMICAL CO., LTD.	+4.83%	14.58B

Other Commodity Chemicals

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Financials Novoray Corporation

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