GUANGZHOU TINCI MATERIALS TECHNOLOGY CO., LTD.

Financials Guangzhou Tinci Materials Technology Co., Ltd.

Equities

002709

CNE100001RG4

Commodity Chemicals

End-of-day quote Shenzhen S.E. Other stock markets 23:00:00 29/04/2024 BST			5-day change	1st Jan Change
21 ^CNY	-3.31%		+2.79%	-16.27%

04-26	Guangzhou Tinci Materials Technology Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-16	Yichang Tinci High-tech Materials Co., Ltd. announced that it expects to receive CNY 200 million in funding from Guangzhou Tinci Materials Technology Co., Ltd.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,283	56,353	109,414	84,021	48,015	40,204	-	-
Enterprise Value (EV) ¹	12,089	57,006	108,138	84,314	51,603	43,898	43,411	41,092
P/E ratio	690 x	106 x	49 x	14.9 x	25.1 x	27 x	14.9 x	15.5 x
Yield	0.24%	0.19%	0.44%	1.37%	1.2%	1.21%	1.64%	1.81%
Capitalization / Revenue	4.1 x	13.7 x	9.87 x	3.76 x	3.12 x	2.62 x	1.93 x	1.76 x
EV / Revenue	4.39 x	13.8 x	9.75 x	3.78 x	3.35 x	2.87 x	2.08 x	1.8 x
EV / EBITDA	51.6 x	61.2 x	35 x	11.4 x	16.8 x	14.5 x	9.99 x	9.12 x
EV / FCF	-41.6 x	206 x	247 x	160 x	-62.5 x	54.6 x	32.6 x	-
FCF Yield	-2.4%	0.49%	0.4%	0.62%	-1.6%	1.83%	3.06%	-
Price to Book	4.07 x	16.7 x	15.1 x	6.85 x	3.61 x	2.76 x	2.34 x	2.15 x
Nbr of stocks (in thousands)	1,853,310	1,845,848	1,908,658	1,915,664	1,914,493	1,914,493	-	-
Reference price ²	6.088	30.53	57.32	43.86	25.08	21.00	21.00	21.00
Announcement Date	28/02/20	24/03/21	21/03/22	12/03/23	27/02/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,755	4,119	11,091	22,317	15,405	15,321	20,884	22,859
EBITDA ¹	234.4	931.8	3,093	7,383	3,067	3,019	4,346	4,508
EBIT ¹	13.25	633.8	2,672	6,872	2,343	1,836	2,732	3,149
Operating Margin	0.48%	15.39%	24.09%	30.79%	15.21%	11.99%	13.08%	13.78%
Earnings before Tax (EBT) ¹	2.969	626.3	2,702	6,872	2,324	1,822	2,977	3,145
Net income ¹	16.32	532.9	2,208	5,714	1,891	1,504	2,484	2,602
Net margin	0.59%	12.94%	19.91%	25.61%	12.27%	9.81%	11.9%	11.38%
EPS ²	0.008820	0.2882	1.170	2.950	1.000	0.7786	1.411	1.351
Free Cash Flow ¹	-290.4	277.3	437.5	526.4	-826.2	804	1,330	-
FCF margin	-10.54%	6.73%	3.94%	2.36%	-5.36%	5.25%	6.37%	-
FCF Conversion (EBITDA)	-	29.76%	14.14%	7.13%	-	26.63%	30.6%	-
FCF Conversion (Net income)	-	52.05%	19.81%	9.21%	-	53.47%	53.54%	-
Dividend per Share ²	0.0147	0.0588	0.2500	0.6000	0.3000	0.2548	0.3448	0.3809
Announcement Date	28/02/20	24/03/21	21/03/22	12/03/23	27/02/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	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	-	-	4,468	5,149	5,214	-	6,065	5,888	4,314	3,673	4,138	3,281	2,463	3,377	3,569	3,569	5,252	4,471
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	794.8	1,870	1,740	-	1,748	1,515	892.4	693.1	571.6	186	129	-	-	-	-	-
Operating Margin	-	-	17.79%	36.31%	33.37%	-	28.82%	25.72%	20.69%	18.87%	13.82%	5.67%	5.24%	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	792.8	1,870	1,739	-	1,749	1,514	893.3	690.8	563.8	176.4	128.2	430.8	553	506.1	-	-
Net income ¹	311.7	782.7	654.6	1,498	1,408	2,906	1,454	1,354	694.8	593.6	463.4	138.9	114.4	344.7	442.4	404.9	-	-
Net margin	-	-	14.65%	29.09%	27.01%	-	23.97%	22.99%	16.1%	16.16%	11.2%	4.23%	4.64%	10.21%	12.4%	11.35%	-	-
EPS ²	0.1676	-	0.3400	0.7850	0.7400	-	0.7600	0.6700	0.3600	0.3200	0.2500	0.0500	0.0700	0.2030	0.1850	0.1752	-	-
Dividend per Share ²	-	-	0.2500	-	-	-	-	0.6000	-	-	-	-	-	-	-	0.2185	-	-
Announcement Date	18/08/20	23/08/21	21/03/22	14/04/22	24/08/22	24/08/22	27/10/22	12/03/23	17/04/23	14/08/23	27/10/23	27/02/24	26/04/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	806	653	-	293	3,587	3,694	3,206	888
Net Cash position ¹	-	-	1,276	-	-	-	-	-
Leverage (Debt/EBITDA)	3.438 x	0.7008 x	-	0.0396 x	1.17 x	1.223 x	0.7378 x	0.197 x
Free Cash Flow ¹	-290	277	437	526	-826	804	1,330	-
ROE (net income / shareholders' equity)	0.57%	17.5%	41.9%	59.4%	14.8%	10.8%	15.2%	14.7%
ROA (Net income/ Total Assets)	0.32%	9.4%	22.2%	-	7.69%	6.22%	9.72%	8.63%
Assets ¹	5,132	5,670	9,955	-	24,580	24,182	25,555	30,151
Book Value Per Share ²	1.500	1.820	3.790	6.410	6.940	7.600	8.970	9.750
Cash Flow per Share ²	-	0.3400	1.080	2.160	1.180	1.500	1.660	1.730
Capex ¹	272	355	1,609	3,637	3,100	1,942	1,461	1,186
Capex / Sales	9.88%	8.62%	14.51%	16.3%	20.13%	12.68%	6.99%	5.19%
Announcement Date	28/02/20	24/03/21	21/03/22	12/03/23	27/02/24	-	-	-

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 Guangzhou Tinci Materials Technology Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

21 CNY

Average target price

22.25 CNY

Spread / Average Target

+5.96%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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