Stock 000776 GF SECURITIES CO., LTD.
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Financials GF Securities Co., Ltd.

Equities

000776

CNE0000008L2

Investment Management & Fund Operators

End-of-day quote Shenzhen S.E.
Other stock markets
 23:00:00 29/04/2024 BST 		5-day change 1st Jan Change
13.21 CNY -1.64% Intraday chart for GF Securities Co., Ltd. +2.24% -7.56%
04-29 GF Securities Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
04-29 Asset manager Value Partners cuts a third of China staff in overhaul, sources say RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 104,233 112,072 166,157 108,344 98,797 90,340 - -
Enterprise Value (EV) 1 191,484 206,557 308,349 283,935 317,836 315,486 90,340 90,340
P/E ratio 15.3 x 12.3 x 17.3 x 15.2 x 17.2 x 13.3 x 11.7 x 11.9 x
Yield 2.31% 2.76% 2.03% 2.26% 2.1% 2.39% 2.83% 1.93%
Capitalization / Revenue 3.75 x 3.85 x 4.85 x 3.6 x 3.08 x 3.76 x 3.29 x 3.34 x
EV / Revenue 6.9 x 7.09 x 9 x 9.42 x 9.9 x 13.1 x 3.29 x 3.34 x
EV / EBITDA 18,302,736 x 14,613,591 x 19,534,952 x - 16,409,171 x - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.27 x 1.26 x 1.76 x 0.98 x 0.8 x 0.77 x 0.74 x 0.7 x
Nbr of stocks (in thousands) 7,621,088 7,621,088 7,621,088 7,605,846 7,605,846 7,605,846 - -
Reference price 2 15.17 16.28 24.59 15.49 14.29 13.21 13.21 13.21
Announcement Date 27/03/20 31/01/21 30/03/22 30/03/23 28/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 27,762 29,115 34,250 30,129 32,093 24,050 27,461 27,042
EBITDA 10,462 14,135 15,784 - 19,369 - - -
EBIT 1 9,812 13,590 15,025 10,448 11,677 9,500 10,654 10,563
Operating Margin 35.34% 46.68% 43.87% 34.68% 36.39% 39.5% 38.8% 39.06%
Earnings before Tax (EBT) 1 10,276 13,573 14,964 10,388 8,744 9,895 11,136 10,572
Net income 1 7,539 10,042 10,854 7,929 6,978 5,985 8,656 8,423
Net margin 27.16% 34.49% 31.69% 26.32% 21.74% 24.89% 31.52% 31.15%
EPS 2 0.9900 1.320 1.420 1.020 0.8300 0.9921 1.129 1.107
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.3500 0.4500 0.5000 0.3500 0.3000 0.3159 0.3736 0.2551
Announcement Date 27/03/20 31/01/21 30/03/22 30/03/23 28/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 Q3 2021 Q4 2022 Q2 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 17,257 - - - 4,811 - 13,316 - 11,608 18,085 4,776 14,079 4,949 5,718 5,532 5,861
EBITDA - - - - - - - - - - - - - - - -
EBIT 1 - - - - - - 4,859 - - 5,595 1,447 4,257 1,824 1,935 1,791 2,085
Operating Margin - - - - - - 36.49% - - 30.94% 30.29% 30.24% 36.86% 33.85% 32.38% 35.58%
Earnings before Tax (EBT) - - - - - - - - - - - - - - - -
Net income 5,752 2,752 - - 1,036 - - - 2,382 4,538 1,272 1,168 - - - -
Net margin 33.33% - - - 21.54% - - - 20.52% 25.09% 26.62% 8.29% - - - -
EPS 2 - 0.3600 0.2900 0.3800 0.1200 0.3500 0.4700 0.2700 0.2900 - 0.1400 0.1300 0.1700 0.2300 0.2100 0.2500
Dividend per Share - - - - - - - - - - - - - - - -
Announcement Date 28/08/20 28/10/21 30/03/22 30/08/22 28/10/22 30/03/23 30/03/23 28/04/23 30/08/23 30/08/23 30/10/23 28/03/24 29/04/24 - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 87,251 94,486 142,192 175,592 219,040 225,146 - -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 8.34 x 6.685 x 9.008 x - 11.31 x - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 8.48% 10.6% 10.7% 7.23% 5.66% 5.65% 6.18% 5.9%
ROA (Net income/ Total Assets) 1.92% 2.36% 2.19% 1.38% 1.07% 1.08% 1.13% 1.14%
Assets 1 391,836 425,889 495,622 576,549 649,702 552,764 767,211 736,236
Book Value Per Share 2 12.00 12.90 14.00 15.80 17.80 17.20 18.00 18.90
Cash Flow per Share - - 1.480 6.560 - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 27/03/20 31/01/21 30/03/22 30/03/23 28/03/24 - - -
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

Ratings for GF Securities Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
13.21 CNY
Average target price
16.55 CNY
Spread / Average Target
+25.30%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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