Financials Shenzhen Kangtai Biological Products Co., Ltd.

Equities

300601

CNE100002Q33

Pharmaceuticals

End-of-day quote Shenzhen S.E. 06:00:00 2024-07-11 pm EDT 5-day change 1st Jan Change
15.44 CNY -0.71% Intraday chart for Shenzhen Kangtai Biological Products Co., Ltd. -1.15% -43.13%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 56,644 119,407 67,700 27,232 30,324 17,245 - -
Enterprise Value (EV) 1 56,644 119,407 66,889 28,504 31,593 18,343 18,128 17,580
P/E ratio 97.5 x 173 x 54.1 x -263 x 35.3 x 14.9 x 11.7 x 10.5 x
Yield - - 0.86% - 0.74% 1.45% 2.98% 2.24%
Capitalization / Revenue 29.1 x 52.8 x 18.5 x 8.62 x 8.72 x 3.94 x 3.32 x 2.89 x
EV / Revenue 29.1 x 52.8 x 18.3 x 9.03 x 9.09 x 4.19 x 3.49 x 2.94 x
EV / EBITDA 76.3 x 135 x 35.5 x -322 x 26.6 x 12.6 x 9.59 x 8.42 x
EV / FCF 475 x - -75.3 x -37.3 x 100 x 58 x 20.8 x 11.4 x
FCF Yield 0.21% - -1.33% -2.68% 1% 1.73% 4.82% 8.75%
Price to Book 20.6 x 16 x 7.82 x 4.17 x 3.36 x 1.66 x 1.5 x 1.37 x
Nbr of stocks (in thousands) 1,032,353 1,094,851 1,099,252 863,699 1,116,912 1,116,917 - -
Reference price 2 54.87 109.1 61.59 31.53 27.15 15.44 15.44 15.44
Announcement Date 2/28/20 4/29/21 4/13/22 4/23/23 4/26/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,943 2,261 3,652 3,157 3,477 4,379 5,193 5,976
EBITDA 1 742.1 881.9 1,885 -88.53 1,190 1,460 1,891 2,088
EBIT 1 657.8 775.4 1,452 -317.6 948.9 1,242 1,529 1,875
Operating Margin 33.85% 34.29% 39.76% -10.06% 27.29% 28.37% 29.45% 31.38%
Earnings before Tax (EBT) 1 663.4 772.4 1,439 -338.2 940.3 1,239 1,569 1,879
Net income 1 574.5 679.2 1,263 -132.7 861.3 1,121 1,429 1,604
Net margin 29.56% 30.04% 34.59% -4.2% 24.77% 25.61% 27.51% 26.84%
EPS 2 0.5625 0.6312 1.138 -0.1200 0.7700 1.040 1.322 1.467
Free Cash Flow 1 119.3 - -888 -764.6 315.6 316.5 873.5 1,538
FCF margin 6.14% - -24.31% -24.22% 9.08% 7.23% 16.82% 25.73%
FCF Conversion (EBITDA) 16.08% - - - 26.53% 21.68% 46.2% 73.63%
FCF Conversion (Net income) 20.77% - - - 36.64% 28.22% 61.13% 95.85%
Dividend per Share 2 - - 0.5312 - 0.2000 0.2234 0.4595 0.3453
Announcement Date 2/28/20 4/29/21 4/13/22 4/23/23 4/26/24 - - -
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 2025 Q1 2025 Q2
Net sales 1 1,275 871.4 956.4 737.2 592.3 748.4 982.2 733.9 1,013 451.7 1,017 1,200 1,303 989.9 -
EBITDA - - - - - - - - - - - - - - -
EBIT 1 255.8 327.2 -239 64.69 -470.2 244.3 322 202.4 180.2 69.94 329.1 305.1 344 266.5 -
Operating Margin 20.07% 37.55% -24.98% 8.77% -79.37% 32.65% 32.78% 27.58% 17.79% 15.49% 32.36% 25.41% 26.41% 26.93% -
Earnings before Tax (EBT) - - - - - - - - - - - - - - -
Net income 1 - - -153.1 82.64 -335.9 - 305 186.6 - - 226.8 297.8 287.8 - -
Net margin - - -16.01% 11.21% -56.7% - 31.05% 25.43% - - 22.3% 24.81% 22.1% - -
EPS 2 0.2062 - -0.2236 0.0693 -0.3600 - 0.2763 0.1600 - - 0.2030 0.2667 0.2577 - -
Dividend per Share 2 0.0531 - - - - - 0.1800 - - - 0.0776 0.0776 0.0776 0.0969 0.0969
Announcement Date 4/13/22 4/27/22 8/18/22 10/27/22 4/23/23 4/23/23 8/26/23 10/26/23 4/26/24 4/26/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - 1,272 1,269 1,098 883 335
Net Cash position 1 - - 811 - - - - -
Leverage (Debt/EBITDA) - - - -14.37 x 1.067 x 0.7521 x 0.4671 x 0.1603 x
Free Cash Flow 1 119 - -888 -765 316 317 874 1,538
ROE (net income / shareholders' equity) 25.5% 12.6% 15.1% -1.44% 9.26% 10.6% 12% 13%
ROA (Net income/ Total Assets) 15.8% - 9.04% - 5.97% 7.36% 8.06% 9.43%
Assets 1 3,644 - 13,970 - 14,436 15,236 17,727 17,004
Book Value Per Share 2 2.670 6.810 7.870 7.560 8.090 9.320 10.30 11.20
Cash Flow per Share 2 0.4900 0.4000 1.500 0.4900 0.9300 0.4800 1.390 1.070
Capex 1 386 1,226 2,540 1,310 717 709 706 438
Capex / Sales 19.88% 54.2% 69.56% 41.5% 20.63% 16.2% 13.6% 7.32%
Announcement Date 2/28/20 4/29/21 4/13/22 4/23/23 4/26/24 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
15.44 CNY
Average target price
29.92 CNY
Spread / Average Target
+93.76%
Consensus
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