Financials Huatai Securities Co., Ltd.

Equities

601688

CNE100000LQ8

Investment Banking & Brokerage Services

End-of-day quote Shanghai S.E. 18:00:00 2024-06-13 EDT 5-day change 1st Jan Change
13.17 CNY +2.73% Intraday chart for Huatai Securities Co., Ltd. +1.46% -5.59%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 170,609 148,583 147,237 106,145 116,730 109,393 - -
Enterprise Value (EV) 1 241,800 257,412 308,470 106,145 287,811 311,429 109,393 109,393
P/E ratio 19.7 x 15.1 x 12.2 x 11 x 10.5 x 8.8 x 8.46 x 7.61 x
Yield 1.48% 2.22% 2.53% 3.53% 3.08% 3.8% 3.78% 4.19%
Capitalization / Revenue 6.86 x 4.73 x 3.88 x 2.6 x 2.58 x 2.84 x 2.62 x 2.48 x
EV / Revenue 9.73 x 8.19 x 8.14 x 2.6 x 6.36 x 8.09 x 2.62 x 2.48 x
EV / EBITDA - 17,791,935 x - - 21,599,103 x - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.5 x 1.27 x 1.09 x 0.7 x 0.82 x 0.69 x 0.67 x 0.61 x
Nbr of stocks (in thousands) 9,076,650 8,988,559 8,985,884 8,984,823 8,983,897 8,936,536 - -
Reference price 2 20.31 18.01 17.76 12.74 13.95 13.17 13.17 13.17
Announcement Date 3/30/20 3/23/21 3/27/22 3/30/23 3/28/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 24,863 31,445 37,905 40,752 45,227 38,505 41,741 44,045
EBITDA - 14,468 - - 13,325 - - -
EBIT 1 11,608 13,501 16,339 11,009 11,620 15,353 16,057 17,724
Operating Margin 46.69% 42.94% 43.1% 27.01% 25.69% 39.87% 38.47% 40.24%
Earnings before Tax (EBT) 1 11,586 13,504 16,273 12,228 14,205 16,203 16,336 17,314
Net income 1 9,002 10,822 13,346 11,053 12,751 13,974 14,365 15,635
Net margin 36.2% 34.42% 35.21% 27.12% 28.19% 36.29% 34.41% 35.5%
EPS 2 1.030 1.190 1.460 1.160 1.330 1.497 1.557 1.731
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.3000 0.4000 0.4500 0.4500 0.4300 0.5007 0.4974 0.5523
Announcement Date 3/30/20 3/23/21 3/27/22 3/30/23 3/28/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 14,609 10,999 7,244 8,922 7,452 17,134 8,993 9,376 18,369 8,860 17,997 - 10,008 10,008 10,409 11,239 11,707
EBITDA - - - - - - - - - - - - - - - - -
EBIT - - - - - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - - - - - -
Earnings before Tax (EBT) 1 - 1,888 - 4,013 - - 4,200 - - 3,220 - - 4,004 3,997 4,173 4,593 4,795
Net income 1 - 2,298 2,214 3,161 - - 3,245 - - 3,030 3,165 - 3,394 3,239 3,463 3,870 4,073
Net margin - 20.89% 30.57% 35.43% - - 36.08% - - 34.2% 17.59% - 33.91% 32.36% 33.27% 34.44% 34.79%
EPS 2 - 0.2400 0.2400 0.3200 0.2600 0.3400 0.3500 0.3500 0.7000 0.3100 0.3300 0.2300 0.3739 0.3568 0.3815 0.4264 0.4487
Dividend per Share - 0.4500 - - - - - - - - - - - - - - -
Announcement Date 8/26/20 3/27/22 4/29/22 8/30/22 10/28/22 3/30/23 4/28/23 8/14/23 8/14/23 10/30/23 3/28/24 4/29/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 71,191 108,828 161,233 - 171,081 202,037 - -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - 7.522 x - - 12.84 x - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 7.94% 8.61% 9.62% 7.49% 8.12% 7.98% 7.75% 8.03%
ROA (Net income/ Total Assets) 1.93% 1.69% 1.75% - 1.46% 1.39% 1.45% 1.51%
Assets 1 465,442 639,627 761,721 - 876,037 1,004,505 987,328 1,034,462
Book Value Per Share 2 13.50 14.20 16.40 18.20 16.90 19.00 19.80 21.50
Cash Flow per Share 2.250 2.870 -4.970 7.400 - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 3/30/20 3/23/21 3/27/22 3/30/23 3/28/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
17
Last Close Price
13.17 CNY
Average target price
18.03 CNY
Spread / Average Target
+36.88%
Consensus
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