Financials Ningbo Shanshan Co.,Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-07-07 pm EDT			5-day change	1st Jan Change
7.54 ^CNY	-2.96%		-3.95%	-44.64%

Jun. 07	Ningbo Shanshan Co.,Ltd. announces an Equity Buyback for CNY 400 million worth of its shares.	CI
Jun. 06	Ningbo Shanshan Co.,Ltd. authorizes a Buyback Plan.	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	15,169	29,353	53,350	41,204	30,154	16,535	-	-
Enterprise Value (EV) ¹	19,225	31,862	55,387	46,471	43,132	19,899	20,378	20,139
P/E ratio	56.3 x	186 x	16.1 x	14.8 x	38.9 x	8.58 x	6.33 x	8.48 x
Yield	0.89%	0.5%	1.01%	1.65%	1.47%	1.77%	3.02%	2.67%
Capitalization / Revenue	1.75 x	3.57 x	2.58 x	1.9 x	1.58 x	0.73 x	0.58 x	0.61 x
EV / Revenue	2.21 x	3.88 x	2.68 x	2.14 x	2.26 x	0.87 x	0.72 x	0.74 x
EV / EBITDA	22.9 x	36.1 x	9.7 x	10.3 x	20.3 x	4.83 x	3.75 x	4.04 x
EV / FCF	-19.1 x	-114 x	-32.4 x	-12.4 x	-7 x	27.5 x	34.4 x	14.7 x
FCF Yield	-5.23%	-0.88%	-3.08%	-8.05%	-14.3%	3.64%	2.91%	6.8%
Price to Book	1.28 x	2.37 x	3.71 x	1.79 x	1.36 x	0.69 x	0.62 x	0.62 x
Nbr of stocks (in thousands)	1,628,009	1,628,009	1,628,009	2,263,973	2,213,952	2,192,927	-	-
Reference price ²	9.317	18.03	32.77	18.20	13.62	7.540	7.540	7.540
Announcement Date	4/26/20	4/2/21	4/19/22	4/19/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,680	8,216	20,699	21,702	19,070	22,744	28,347	27,322
EBITDA ¹	839.9	883.4	5,712	4,523	2,125	4,123	5,433	4,982
EBIT ¹	372.6	308.8	4,699	3,397	1,041	3,030	3,974	2,678
Operating Margin	4.29%	3.76%	22.7%	15.65%	5.46%	13.32%	14.02%	9.8%
Earnings before Tax (EBT) ¹	353.2	262.9	4,674	3,395	988.5	1,154	2,959	2,310
Net income ¹	269.8	138	3,340	2,691	765.3	2,131	2,695	2,010
Net margin	3.11%	1.68%	16.13%	12.4%	4.01%	9.37%	9.51%	7.36%
EPS ²	0.1655	0.0970	2.040	1.230	0.3500	0.8790	1.191	0.8892
Free Cash Flow ¹	-1,005	-280.5	-1,708	-3,739	-6,162	723.8	593	1,369
FCF margin	-11.58%	-3.41%	-8.25%	-17.23%	-32.31%	3.18%	2.09%	5.01%
FCF Conversion (EBITDA)	-	-	-	-	-	17.55%	10.91%	27.47%
FCF Conversion (Net income)	-	-	-	-	-	33.96%	22.01%	68.1%
Dividend per Share ²	0.0828	0.0900	0.3300	0.3000	0.2000	0.1334	0.2277	0.2012
Announcement Date	4/26/20	4/2/21	4/19/22	4/19/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,056	2,509	2,038	5,266	12,978	3,365	3,843	3,604
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.829 x	2.84 x	0.3568 x	1.164 x	6.108 x	0.816 x	0.7073 x	0.7234 x
Free Cash Flow ¹	-1,005	-281	-1,708	-3,739	-6,162	724	593	1,369
ROE (net income / shareholders' equity)	2.4%	1.21%	23.8%	12.9%	3.35%	7.79%	9.74%	7.56%
ROA (Net income/ Total Assets)	1.11%	0.56%	10.3%	6.32%	1.64%	3.73%	5.2%	4.18%
Assets ¹	24,242	24,776	32,415	42,607	46,701	57,120	51,825	48,044
Book Value Per Share ²	7.260	7.620	8.830	10.20	10.00	10.90	12.10	12.20
Cash Flow per Share ²	0.5400	0.2000	-0.1700	0.2200	-0.0900	1.460	2.360	1.890
Capex ¹	1,891	610	1,343	4,245	5,920	2,738	2,743	2,583
Capex / Sales	21.79%	7.42%	6.49%	19.56%	31.04%	12.04%	9.67%	9.45%
Announcement Date	4/26/20	4/2/21	4/19/22	4/19/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.54 CNY

Average target price

12.61 CNY

Spread / Average Target

+67.24%

	1st Jan change	Capi.
NINGBO SHANSHAN CO.,LTD.	-44.64%	2.34B
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