CENTRE TESTING INTERNATIONAL GROUP CO. LTD.

Financials Centre Testing International Group Co. Ltd.

Equities

300012

CNE100000GV8

Business Support Services

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-07-04 pm EDT			5-day change	1st Jan Change
11.28 ^CNY	+8.46%		+12.13%	-20.56%

Jul. 05	Centre Testing International Group Forecasts Rise in Q2, H1 Profit	MT
Jul. 04	Centre Testing International Group Co. Ltd. announces an Equity Buyback for 3,000,000 shares, for CNY 50.49 million.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	24,714	45,574	44,945	37,519	23,854	18,893	-	-
Enterprise Value (EV) ¹	24,400	45,291	43,965	36,049	22,526	17,160	16,757	16,287
P/E ratio	52 x	79.4 x	60.4 x	41.3 x	25.9 x	19 x	15.8 x	14.1 x
Yield	0.23%	0.13%	0.22%	0.27%	0.7%	0.86%	1.03%	1.22%
Capitalization / Revenue	7.76 x	12.8 x	10.4 x	7.31 x	4.26 x	3 x	2.58 x	2.26 x
EV / Revenue	7.66 x	12.7 x	10.2 x	7.03 x	4.02 x	2.73 x	2.29 x	1.95 x
EV / EBITDA	29.5 x	46.5 x	36.6 x	26 x	16.4 x	10.8 x	9.12 x	7.89 x
EV / FCF	69.5 x	117 x	85.9 x	78.4 x	47.9 x	25.9 x	30.2 x	23.7 x
FCF Yield	1.44%	0.85%	1.16%	1.28%	2.09%	3.86%	3.31%	4.22%
Price to Book	7.85 x	12.2 x	10.1 x	6.86 x	3.85 x	2.68 x	2.34 x	2.07 x
Nbr of stocks (in thousands)	1,657,531	1,665,091	1,672,688	1,682,458	1,679,828	1,674,927	-	-
Reference price ²	14.91	27.37	26.87	22.30	14.20	11.28	11.28	11.28
Announcement Date	2/27/20	2/25/21	2/25/22	2/27/23	4/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,183	3,568	4,329	5,131	5,605	6,297	7,318	8,351
EBITDA ¹	828.5	973.3	1,200	1,384	1,375	1,592	1,836	2,064
EBIT ¹	522.1	652.1	850.2	1,022	1,007	1,084	1,309	1,474
Operating Margin	16.4%	18.28%	19.64%	19.93%	17.98%	17.21%	17.88%	17.65%
Earnings before Tax (EBT) ¹	536.2	651.3	849.5	1,024	1,011	1,111	1,345	1,507
Net income ¹	476.4	577.6	746.2	902.7	910.2	997.7	1,199	1,346
Net margin	14.97%	16.19%	17.24%	17.59%	16.24%	15.84%	16.38%	16.11%
EPS ²	0.2865	0.3449	0.4446	0.5403	0.5474	0.5930	0.7131	0.8008
Free Cash Flow ¹	351	385.6	512	459.8	470.7	661.8	555.3	686.7
FCF margin	11.03%	10.81%	11.83%	8.96%	8.4%	10.51%	7.59%	8.22%
FCF Conversion (EBITDA)	42.37%	39.62%	42.65%	33.22%	34.23%	41.58%	30.24%	33.27%
FCF Conversion (Net income)	73.68%	66.76%	68.62%	50.94%	51.71%	66.33%	46.33%	51.04%
Dividend per Share ²	0.0350	0.0350	0.0600	0.0600	0.1000	0.0976	0.1157	0.1372
Announcement Date	2/27/20	2/25/21	2/25/22	2/27/23	4/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	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	2025 Q1	2025 Q2
Net sales ¹	-	1,809	1,319	907.7	1,264	1,443	1,516	1,117	1,439	1,525	1,523	1,192	1,603	1,737	1,781	1,348	1,848
EBITDA ¹	-	-	-	-	-	-	-	289.7	449.1	476.9	180.8	268.7	477.4	519	278	286.2	532.3
EBIT ¹	-	341	216.9	134.7	277.6	343.1	267	169.2	321.9	349.2	167.2	139.6	324.1	368.3	153.1	152.9	399.1
Operating Margin	-	18.86%	16.45%	14.84%	21.96%	23.78%	17.61%	15.14%	22.37%	22.89%	10.98%	11.72%	20.22%	21.2%	8.59%	11.34%	21.59%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	192.3	301.2	-	-	-	-	239.4	144.3	283.9	312.7	169.4	132.5	316.9	347.8	230.5	141	362.1
Net margin	-	16.66%	-	-	-	-	15.79%	12.91%	19.73%	20.5%	11.12%	11.12%	19.77%	20.02%	12.94%	10.46%	19.59%
EPS ²	0.1154	-	0.1100	0.0714	0.1400	0.1900	0.1449	0.0862	0.1600	0.1900	0.1100	0.0791	0.1694	0.1956	0.1323	0.0838	0.2152
Dividend per Share ²	-	-	-	-	-	-	0.0600	-	-	-	0.1000	-	-	-	0.0993	-	-
Announcement Date	8/24/20	8/24/21	2/25/22	4/24/22	8/24/22	10/25/22	2/27/23	4/24/23	8/10/23	10/24/23	4/18/24	4/18/24	-	-	-	-	-

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	314	283	980	1,470	1,328	1,734	2,136	2,606
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	351	386	512	460	471	662	555	687
ROE (net income / shareholders' equity)	16.3%	16.8%	18.2%	18.2%	15.6%	14.5%	15.2%	15.1%
ROA (Net income/ Total Assets)	11.2%	11.7%	12.5%	12.6%	11%	10.2%	10.6%	11%
Assets ¹	4,247	4,944	5,962	7,160	8,291	9,798	11,292	12,265
Book Value Per Share ²	1.900	2.250	2.660	3.250	3.690	4.200	4.820	5.450
Cash Flow per Share ²	0.4800	0.5600	0.6400	0.6500	0.6700	0.8700	1.010	1.050
Capex ¹	444	545	561	641	652	704	696	826
Capex / Sales	13.95%	15.29%	12.95%	12.49%	11.63%	11.18%	9.51%	9.9%
Announcement Date	2/27/20	2/25/21	2/25/22	2/27/23	4/18/24	-	-	-

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 Centre Testing International Group Co. Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

11.28 CNY

Average target price

15.86 CNY

Spread / Average Target

+40.63%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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