Zheshang Securities Co., Ltd.

SSE

601878

Stock

Yield per half year: -22.53%
Dividend yield: 0%
Sector: Financials

Reporting Zheshang Securities Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥																38.24
Выручка, млрд ¥							4.59	4.61	3.7	5.66	10.6	16.4	16.8	17.63	15.8	15.8	15.45	8.31
Чистая прибыль, млрд ¥							1.24	1.06	0.737	0.9676	1.63	2.2	1.65	1.75	1.93	1.93	1.83	3.44
EV, млрд ¥									33.85	50.82							42.34	22.53
Баланс стоимость, млрд ¥							9.54	13.51	13.66	14.86	19.35	23.84	26.13	27.02	35.19	35.19	26.31	12.71
FCF, млрд ¥								-11.12	-1.94	0.3001	-1.14	1.47	0.2742	5.67	6	6	2.45	-239.40
Операционный денежный поток, млрд ¥							-5.89	-11.01	-1.83	0.4062	-0.9116	1.73	0.5231	5.91	6.29	6.29	2.71	-247.15
Операционная прибыль, млрд ¥	0.8399	0.4593	0.2573	0.5583	1.23	3.47	2.47	2.38	0.98								2.11	-4.44
Операционные расходы, млрд ¥							2.96	3.15	2.76	4.39							3.31	10.36
CAPEX, млрд ¥							0.1027	0.1078	0.1134	0.1062	0.2237	0.2543	0.2489	0.2444	0.2865	0.2865	0.2516	5.07

	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥						4.12	5.23	4.93	3.51	4.17	5.02	3.88	4.11	3.89	3.91	4.16	-4.88
Чистая прибыль, млрд ¥						0.4289	0.4978	0.488	0.4235	0.419	0.4232	0.4474	0.3369	0.4806	0.6669	0.4710	9.52
Баланс стоимость, млрд ¥						25.64	26.13	26.57	26.18	26.58	27.02	27.51	27.4	27.97	35.19	29.02	5.43
FCF, млрд ¥						-6.43	2.32	0.9927	6.39	3.07	-4.79	3.26	-6.37	10.99	-1.88	0.2420	-17.06
Операционный денежный поток, млрд ¥						-6.38	6.44	6.44	6.44	3.09	-4.66	3.29	-6.33	11.02	-1.7	0.3240	-18.26
Операционные расходы, млрд ¥	0.8778	1.15	1.12	1.25	1.4											1.16	9.79
CAPEX, млрд ¥						0.0535	0.0462	0.0462	0.0462	0.0216	0.1363	0.0309	0.0416	0.037	0.177	0.0846	5.36

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2010	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥						26.53	17.71	19.28	26.16	48.67	67.6	78.52	76.87	84.97	84.97	71.33	11.79
Short Term Investments ¥	0.0802	0.2801	0.3141	2.72	4.96	3.97	9.79									4.35	98.95
Long term investments ¥						11.31	15.22	21.3	22.36	30.03	46.55	45.94	51.49			39.27	18.15
Total Receivables ¥						10.35	8.65	6.39	8.87	15.22	19.74					11.77	17.94
Total Current Assets ¥						49.12	48.94	50.51	66.03	85.99	122.91					74.88	20.22
Чистые активы, млрд ¥		0.3118	0.2824	0.9668	0.9838	1	0.9569	0.9208	0.886	0.8951	1.38					1.01	7.60
Активы, млрд ¥						53.72	52.92	56.97	67.4	91.09	125.25	136.96	145.53	154.09	154.09	130.58	11.09
Long Term Debt ¥				2	9.9	9.7	10.15									7.94	50.09
Задолженность, млрд ¥						44.19	39.41	43.31	52.55	71.74	101.41	109.65	117.26	117.56	117.56	103.52	10.38
Чистый долг, млрд ¥								9.65	14.02							11.84	20.53
Долг, млрд ¥															59.03
Interest income ¥						0.715	0.4179	0.3171	1.59	1.84	2.27	2.41	2.47			2.12	9.21
Расходы на обслуживание долга ¥								1.16	1.28	1.24	1.59	1.63	1.72	1.52	1.52	1.54	4.16
Чист. проц. доходы, млрд ¥						0.715	0.4179	0.3171	0.3069	0.5997	0.6743	0.7831	0.7543		2.47	0.6237	19.70
Goodwill ¥				0.0198	0.0198	0.0198	0.0198	0.0198	0.0198	0.0198	0.0198	0.0198	0.0198			0.0198	0.00
Товарно материальные запасы ¥						0.1511	0.1273	0.1549	0.3297	0.368	0.3693					0.2698	23.74

	2015Q4	2016Q2	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2019Q4	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥																					72.13	78.52	84.26	84.27	81.21	76.87	75.77	68.81	76.61	84.97	76.61	2.02
Short Term Investments ¥	4.96	7.99	3.97	8.39	6.93	7.1	9.79	7.53	8.92	8.91																					8.45	4.65
Long term investments ¥																	44.17	46.55	41.91	40.66	45.24	45.94	49.07	47.59	50.86	51.49					48.99	2.31
Total Receivables ¥													14.43	15.23	15.79	16.69	18.85	19.74	18.8	18.47	17.54			19.75							18.86	0.01
Total Current Assets ¥													81.68	89.34	98.34	107.9	116.78	122.91	116.72	124.18	126.69			136.81							125.46	2.17
Чистые активы, млрд ¥													0.9118	0.8951	1.34	1.37	1.35	1.38	1.34	1.31	1.33			1.3							1.33	-1.19
Активы, млрд ¥																					132.01	136.96	150.85	145.9	146.98	145.53	143.03	134.98	145.46	154.09	144.62	1.15
Long Term Debt ¥	9.9	9.3	9.7	8.2	7.2	7.2	10.15	7.75	9.35	9.35																					8.76	5.36
Задолженность, млрд ¥																					105.23	109.65	123.08	118.51	119.16	117.26	114.25	106.29	116.2	117.56	114.31	0.05
Чистый долг, млрд ¥												12.95	13.33																		13.14	1.46
Interest income ¥																	0.5697	0.6875	0.5941	0.589	0.6236	0.6033	0.5702	0.6254	0.6346	0.6435					0.6154	1.30
Расходы на обслуживание долга ¥																					0.4423	0.3866	0.4067	0.4405	0.4155	0.4567	0.4178	0.3878	0.3594	0.3571	0.3958	-4.80
Чист. проц. доходы, млрд ¥																		0.2628	0.1622	0.2229	0.1813	0.2167	0.1635	0.1849	0.2192	0.1868	0.5693				0.2647	28.34
Goodwill ¥																	0.0198	0.0198	0.0198	0.0198	0.0198	0.0198	0.0198	0.0198	0.0198	0.0198					0.0198	0.00
Товарно материальные запасы ¥											0.3297	0.3493		0.368		0.394		0.3693		0.5506				1.1							0.5564	24.48

Share

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	0.2399	0.221	0.2903	0.4655	0.5565	0.4265	0.4522	0.4224		0.4224	0.4646	-1.92
Цена акции ао	16.62	7.26	11.13	15.3	13.18	9.93	10.43	12.24	10.49	10.49	11.25	-4.46
Число акций ао, млн		3333.33	3333.35	3614.04	3878.17	3878.18	3878.19	4573.8		4573.8	3964.48	4.82
FCF/акцию		-0.5824	0.09	-0.3141	0.3794	0.0707	1.46	1.31		1.31	0.5812	-233.06

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	5 quarters average	CAGR 5
EPS				0.1	0.11	0.12	0.1092	0.108	0.1091	0.1154	0.0868	0.1238	0.1458		0.1162	5.97
Цена акции ао	12.66	11.77	10.08	10.62	10.33	10.34	10.21	10.44	10.36					10.49	10.37	0.29
FCF/акцию				-1.66	0.5989	0.256	1.65	0.7919	-1.24	0.841	-1.64	2.83	-0.4108		0.0760	-19.82

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %				12.99	7.87	5.39	6.51	8.41	9.21	6.62	6.6	6.21		6.21	9.76	7.41	-5.88
ROA, %				2.31	2.01	1.29	1.44	1.79	1.75	1.26	1.24	1.29		1.29	1.40	1.47	-6.34
ROS, %					23.08	19.94	17.11	15.35	13.39	9.84	9.95	12.22	12.22	12.22	32.13	11.52	-1.81
ROCE, %													0	0	0.00
Ebit margin, %													0	0
Рентаб EBITDA, %													0	0	6.21
Чистая рентаб, %				26.99	23.08	19.94	17.11	15.35	13.39	9.84	9.95	12.22		12.22	32.13	12.15	-4.46
Operation Margin, %	29.09	35.68	48.9	53.74	51.71	26.51					0	0	0	0	3.35	43.31	-5.77

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	1.67	1.91	1.84	1.62	1.6	1.6	1.68	1.25	1.76	2.34		9.76	1.73	7.90
ROA, %	0.3249	0.3635	0.3235	0.2854	0.2861	0.2893	0.3101	0.2424	0.3427	0.4453		1.40	0.3260	9.01
ROS, %		9.52	9.9	12.06	10.06	8.43	11.52	8.2	12.34	17.04	12.22	32.13	12.26	1.19
Чистая рентаб, %	10.41	9.52	9.9	12.06	10.06	8.43	11.52	8.2	12.34	17.04		32.13	11.51	15.11

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	32.84	38.03	33.98	23.28	23.28	22.47	28.98		28.98	18.94	26.40	-3.13
P/BV	1.77	2.48	2.86	2.14	1.41	1.39	1.53		1.53	1.00	1.87	-11.76
P/S	6.55	6.51	5.22	3.12	2.29	2.24	3.54		3.54	3.85	3.28	-7.47
P/FCF						139.46	6.75	6.37	6.37	2.14	50.86	-64.25
E/P						0.0433	0.0459	0.0505	0.0505	0.17	0.0466	5.26
EV/EBIT							0	0	0
EV/S		8.99				0	0	0	0	3.23	8.99	0.00
EV/FCF		169.36					0	0	0	2.25	169.36	0.00
Debt/EBITDA						0	0	0	0	1.18
Netdebt/Ebitda						0	0	0	0	0.48
Debt/Ratio						0.431	0.4056	0.3831	0.3831	0.22	0.4066	-3.85
Debt/Equity						0	0	3.22	3.22	8.39	3.22	0.00
Debt/Net Income						35.68	33.66	30.56	30.56	32.58	33.30	-5.03
PEG								203.94	203.94		203.94	0.00
Бета						-0.1265	1.3	-1.09	-1.09	0.17	0.0278	105.01
Индекс Альтмана						0.4746	0.4533	0.4179	0.4179	0.66	0.4486	-4.15

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	21.61	23.44	21.88	20.85	21.4	22.47	25.85	26.07	26.92	25.95			18.94	25.45	2.92
P/BV	1.42	1.42	1.43	1.4	1.41	1.39	1.54	1.48	1.55	1.53			1.00	1.50	1.94
P/S	2.4	2.31	2.14	2.15	2.19	2.24	2.67	2.47	2.69	3.12			3.85	2.64	6.85
P/FCF												6.37	2.14	6.37	0.00
E/P												0.0505	0.17	0.0505	0.00
Debt/Ratio												0.3831	0.22	0.3831	0.00
Debt/Equity												3.22	8.39	3.22	0.00
Debt/Net Income												30.56	32.58	30.56	0.00
PEG												203.94		203.94	0.00
Бета											-0.2868	-1.09	0.17	-0.6884	94.95
Индекс Альтмана											0.4533	0.4179	0.66	0.4356	-3.98

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	0.8001	0.54	0.9728	1.09	1.11	1.43	1.17	1.33			1.45		1.23	4.06
Дивиденд			0.1	0.07	0.09	0.13	0.17	0.13			0		0.1180	13.18
Див доход, ао, %			0.9899	0.7558	0.6834	1.03	2.83	2.86			0	0.94	1.63	30.49
Дивиденды / прибыль, %	64.59	50.77	132	112.91	67.94	65.17	84.61	66.98	68.71		68.71	94.35	70.68	0.23
Dividend Coverage Ratio										1.33	1.33		1.33	0.00

	2018Q3	2019Q2	2020Q2	2021Q4	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд					0.2369	0.2507	0.2507	0.2507	0.6474	0.1771	0.1472	0.2876	0.655	0.2376			0.3009	6.05
Дивиденд	0.1	0.07	0.09	0.13		0.17			0.13								0.1180	13.18
Див доход, ао, %	1.38	0.71	0.9079	1.03		1.65			1.25							0.94	1.11	11.98
Дивиденды / прибыль, %					55.24	50.36	51.38	59.2	154.53	41.86	32.9	85.36	136.29	35.62		94.35	66.41	-3.18
Dividend Coverage Ratio															1.33		1.33	0.00

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Other

IFRS

Reporting Annual

	2023	CAGR 5
Персонал, чел	4 968	0.00

	CAGR 5

	CAGR 5