SSE: 600918 - Zhongtai Securities Co., Ltd.

Yield per half year: +16.26%
Dividend yield: 0.00%
Sector: Financials

Reporting Zhongtai Securities Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥									47.53
Выручка, млрд ¥	8.32	8.09	6.98	9.66	10.24	12.9	9.16	12.72	12.72
Чистая прибыль, млрд ¥	2.45	1.8	1.01	2.25	2.53	3.2	0.5902	1.8	1.8
EV, млрд ¥									-33.39
Баланс стоимость, млрд ¥	31.56	32.77	31.59	33.91	33.28	35.79	38.19	39.93	39.93
FCF, млрд ¥		-29.53	7.39	10.99	1.94	-0.2252	14.82	-1.66	-1.66
Операционный денежный поток, млрд ¥	-2.32	-29.04	7.6	11.14	2.15	2.27	16.52	-0.7243	-0.7243
CAPEX, млрд ¥	0.486	0.4841	0.2125	0.1514	0.2101	2.5	1.7	0.9385	0.9385

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Выручка, млрд ¥	1.81	3.11	2.35	1.89	3.54	3.06	2.65	3.46	2.44	2.66
Чистая прибыль, млрд ¥	0.22	0.6916	0.0166	-0.338	1.15	0.4862	0.2544	-0.0935	0.3314	0.0699
Баланс стоимость, млрд ¥	35.63	35.92	35.66	38.19	39.49	39.85	39.97	39.93	40.26	42.06
FCF, млрд ¥	4.76	10.94	-15.48	14.6	0.2341	1.78	-1.63	-2.05	4.48	3.87
Операционный денежный поток, млрд ¥	10.97	10.97	-14.88	0.3062	0.3062	1.85	-0.9906	-1.89	4.55	3.93
CAPEX, млрд ¥	0.0315	0.0315	0.5998	0.072	0.072	0.0633	0.6415	0.1616	0.07	0.0586

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥		46.95	25.77	30.92	67.86	81.91	87.89	104.25	104.25
Long term investments ¥				62.4	75.09	81.01	68.96	68.9
Total Receivables ¥	28.09	29.52	22.18	23.93	32.22	37.59
Total Current Assets ¥	99.02	106.99	104.29	113.53	142.64	171.69
Чистые активы, млрд ¥	1.08	1.04	0.9833	0.9286	0.8982	2.31
Активы, млрд ¥	123.03	132.24	135.96	146.61	174.51	204.69	198.89	195.66	195.66
Задолженность, млрд ¥	90.23	98.1	103.2	111.61	140.08	167.53	159.22	153.33	153.33
Долг, млрд ¥									88.46
Interest income ¥				4.69	4.85	5.1	5.47	4.92
Расходы на обслуживание долга ¥				3.19	2.76	3.31	3.34	3.19	3.19
Чист. проц. доходы, млрд ¥				1.5	2.08	1.79	2.13	1.73	4.92
Goodwill ¥								0.7908
Товарно материальные запасы ¥	0.0726	0.0624	0.1998	0.3077	0.1079	0.0443

	2019Q4	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Наличность, млрд ¥									78.66	91.38	80.84	87.89	88.98	110.99	110.37	104.25	111.25	107.49
Long term investments ¥									83.57	82.85	78.35	68.96	69.41	69.24	68.39	68.9
Total Receivables ¥		26.02	31.44	32.53	32.31	35.5	35.86	37.59		33.84	32.64		32.94
Total Current Assets ¥		125.33	133.57	143.15	148.77	152.36	164.18	171.69		180.51	168.05		162.04
Чистые активы, млрд ¥		0.9125	0.896	0.8982	1.33	1.39	2.96	2.31		3.38	3.49		3.43
Активы, млрд ¥									206.07	218.86	204.48	198.89	201.8	198.75	202.17	195.66	203.68	194.68
Задолженность, млрд ¥									169.03	181.52	167.38	159.22	160.03	156.57	159.82	153.33	161.01	150.16
Interest income ¥									1.54	1.29	1.38	1.27	1.19	1.27	1.19	1.27
Расходы на обслуживание долга ¥									0.8522	0.8055	0.8535	0.8306	0.8211	0.7565	0.7832	0.8306	0.79	0.7642
Чист. проц. доходы, млрд ¥									0.6848	0.4879	0.5217	0.4381	0.3648	0.5184	0.4041	0.4402	1.16	1.19
Goodwill ¥													0.7908	0.7908	0.7908	0.7908
Товарно материальные запасы ¥	0.3077	0.0249		0.1079		0.1475		0.0443		0.1721

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	0.1609	0.3587	0.3731	0.4651	0.0847	0.2583			0.2583
Цена акции ао			18.5	9.97	6.41	6.86	6.57	6.22	6.22
Число акций ао, млн	6271.76	6271.76	6968.63	6968.63	6968.63	6968.63			6968.63
FCF/акцию	1.18	1.75	0.2782	-0.0323	2.13	-0.2386			-0.2386

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
EPS			0.04	0.09	0.0024	-0.05	0.1654	0.0698	0.0365	-0.0134	0.0476	0.01
Цена акции ао	10.02	9.82	8.79	7.56	7.22	6.69	6.81	7.13	7.38	7.12
FCF/акцию			0.683	1.57	-2.22	2.1	0.0336	0.2559	-0.2342	-0.2939	0.6433	0.5558

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	7.77	5.48	3.19	6.63	7.59	8.94	1.6	4.61			4.61	8.60
ROA, %	1.99	1.36	0.7422	1.53	1.45	1.56	0.2925	0.9123			0.9123	1.37
ROS, %		22.18	14.45	23.3	24.67	24.81	6.44	14.15	14.15	14.15	14.15	29.82
Рентаб EBITDA, %											20.96	41.77
Чистая рентаб, %	29.47	22.18	14.45	23.3	24.67	24.81	6.44	14.15			14.15	29.82
Operation Margin, %								0	0	0	0	3.31

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
ROE, %	0.6173	1.93	0.0466	-0.8849	2.92	1.29	0.6551	-0.236	0.8304	0.1735	8.60
ROA, %	0.1067	0.316	0.0081	-0.1699	0.5712	0.2428	0.1269	-0.047	0.166	0.0351	1.37
ROS, %	12.13	22.21	0.7083	-17.88	32.57	15.87	9.59	-2.7	13.59	2.63	29.82
Чистая рентаб, %	12.13	22.21	0.7083	-17.88	32.57	15.87	9.59	-2.7	13.59	2.63	29.82

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	51.05	21.71	76.04	25.86			25.86	15.24
P/BV	3.74	1.87	1.13	1.1			1.1	0.85
P/S	12.59	5.39	4.9	3.66			3.66	3.19
P/FCF				3.21	-28.59	-28.59	-28.59	1.87
E/P				0.0124	0.0379	0.0379	0.0379	0.15
EV/Ebit					0	0	0
EV/S				-3.65	-2.63	-2.63	-2.63	2.53
EV/FCF					20.08	20.08	20.08	0.01
Debt/EBITDA				0	0	0	0	1.38
Netdebt/Ebitda				0	0	0	0	0.60
Debt/Ratio				0.4448	0.4521	0.4521	0.4521	0.23
Debt/Equity				0	0	0	0	0.67
Debt/Net Income				149.88	49.15	49.15	49.15	34.20
Бета				0.9632	1.38	-2.57	-2.57	2.33
Индекс Альтмана				0.337	0.3694	0.3694	0.3694	1.15

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
P/E	20.73	22.52	29.66		30.7	35.65	31.81		48.71	71.14	15.24
P/BV	1.54	1.45	1.27	1.13	1.12	1.11	1.17	1.1	1.12	0.8984	0.85
P/S	4.64	4.45	4.13	4.9	4.29	4.33	4.44	3.66	4.1	3.57	3.19

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	2.66	2.54	2.35	2.58	2.18	2.71	2.37	2.37	2.71
Дивиденд						0.109	0.063	0.026	0
Див доход, ао, %						0.9543	0.8525	1.16	0	0.32
Дивиденды / прибыль, %	108.46	141.58	232.6	114.52	86.31	84.73	442.85	131.7	131.7	98.92

	2021Q3	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд		0.4562	0.4562	0.913	0.6536	0.6536	0.4979	1.29	0.0694	0.6473	0.706
Дивиденд	0.109			0.063				0.026
Див доход, ао, %	1.09			0.8726				0.3521				0.32
Дивиденды / прибыль, %		207.38	65.96	5494.33	-193.39	56.7	102.4	506.36	-74.27	195.33	1010.17	98.92

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	9766	9766

	CAGR 5

	CAGR 5