Financials Ningxia Baofeng Energy Group Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-05 pm EDT			5-day change	1st Jan Change
17.08 ^CNY	+2.95%		+2.46%	+15.64%

Apr. 25	Ningxia Baofeng Energy Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 18	Two killed in explosion at chemical plant in China's Ningxia	RE

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	69,740	85,800	127,307	88,278	108,025	124,920	-	-
Enterprise Value (EV) ¹	69,740	85,800	127,307	88,278	108,025	124,920	124,920	124,920
P/E ratio	18.3 x	18.6 x	17.9 x	14 x	19.2 x	14.5 x	8.64 x	8.45 x
Yield	-	2.39%	1.85%	1.16%	1.9%	2.74%	3.15%	4.52%
Capitalization / Revenue	5.14 x	5.39 x	5.46 x	3.11 x	3.71 x	3.19 x	2.19 x	2.04 x
EV / Revenue	5.14 x	5.39 x	5.46 x	3.11 x	3.71 x	3.19 x	2.19 x	2.04 x
EV / EBITDA	-	-	13.1 x	9.62 x	12.6 x	9.45 x	6.25 x	6.36 x
EV / FCF	-	-	113 x	-26.3 x	-26.2 x	47.7 x	6.99 x	7.97 x
FCF Yield	-	-	0.89%	-3.8%	-3.82%	2.1%	14.3%	12.5%
Price to Book	2.99 x	3.31 x	4.15 x	2.61 x	2.81 x	2.69 x	2.08 x	1.84 x
Nbr of stocks (in thousands)	7,333,360	7,333,360	7,333,360	7,313,816	7,313,816	7,313,816	-	-
Reference price ²	9.510	11.70	17.36	12.07	14.77	16.59	16.59	16.59
Announcement Date	3/15/20	3/4/21	3/8/22	3/9/23	3/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,568	15,928	23,300	28,430	29,136	39,152	57,030	61,216
EBITDA ¹	-	-	9,738	9,174	8,600	13,216	19,980	19,639
EBIT ¹	4,632	5,536	8,421	7,720	6,786	10,001	16,622	17,096
Operating Margin	34.14%	34.76%	36.14%	27.15%	23.29%	25.54%	29.15%	27.93%
Earnings before Tax (EBT) ¹	-	5,249	8,121	7,307	6,467	9,659	16,310	16,744
Net income ¹	3,802	4,623	7,070	6,303	5,651	8,377	14,080	14,418
Net margin	28.02%	29.02%	30.35%	22.17%	19.39%	21.4%	24.69%	23.55%
EPS ²	0.5184	0.6300	0.9700	0.8600	0.7700	1.143	1.921	1.964
Free Cash Flow ¹	-	-	1,131	-3,351	-4,129	2,619	17,876	15,669
FCF margin	-	-	4.85%	-11.79%	-14.17%	6.69%	31.35%	25.6%
FCF Conversion (EBITDA)	-	-	11.61%	-	-	19.82%	89.47%	79.79%
FCF Conversion (Net income)	-	-	15.99%	-	-	31.27%	126.96%	108.68%
Dividend per Share ²	-	0.2800	0.3210	0.1400	0.2800	0.4550	0.5220	0.7500
Announcement Date	3/15/20	3/4/21	3/8/22	3/9/23	3/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	1,131	-3,351	-4,129	2,619	17,876	15,669
ROE (net income / shareholders' equity)	19.3%	19%	25%	19.6%	15.7%	18.4%	24.5%	21.9%
ROA (Net income/ Total Assets)	12.6%	12.9%	17.1%	12.4%	8.75%	11.5%	15%	14.5%
Assets ¹	30,061	35,700	41,239	50,976	64,604	72,947	93,825	99,435
Book Value Per Share ²	3.180	3.530	4.180	4.620	5.260	6.170	7.980	9.020
Cash Flow per Share ²	0.4900	0.7100	0.8900	0.9000	1.190	1.730	2.740	2.330
Capex ¹	4,541	2,574	5,357	9,977	12,822	5,314	4,633	3,827
Capex / Sales	33.46%	16.16%	22.99%	35.09%	44.01%	13.57%	8.12%	6.25%
Announcement Date	3/15/20	3/4/21	3/8/22	3/9/23	3/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

16.59 CNY

Average target price

23.4 CNY

Spread / Average Target

+41.05%

	1st Jan change	Capi.
NINGXIA BAOFENG ENERGY GROUP CO., LTD.	+12.32%	16.77B
AIR LIQUIDE	+3.30%	102B
SAUDI BASIC INDUSTRIES CORPORATION	-1.92%	65.53B
PT CHANDRA ASRI PACIFIC TBK	+47.62%	41.76B
WANHUA CHEMICAL GROUP CO., LTD.	+15.99%	38.66B
LYONDELLBASELL INDUSTRIES N.V.	+5.47%	32.28B
WESTLAKE CORPORATION	+10.07%	19.57B
HENGLI PETROCHEMICAL CO.,LTD.	+17.69%	15.08B
RONGSHENG PETROCHEMICAL CO., LTD.	+8.31%	14.83B
NAN YA PLASTICS CORPORATION	-14.59%	13.95B