Financials Sobute New Materials Co., Ltd

Equities

603916

CNE100002TT1

Specialty Chemicals

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-06 pm EDT			5-day change	1st Jan Change
8.61 ^CNY	+3.36%		+6.30%	-15.51%

Apr. 25	Sobute New Materials Co., Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
2023	Sobute New Materials Co., Ltd Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,242	8,045	10,827	6,759	4,283	3,727	-	-
Enterprise Value (EV) ¹	5,242	8,045	10,827	6,759	4,283	3,727	3,727	3,727
P/E ratio	14.8 x	16.5 x	20.3 x	24.7 x	26.1 x	17.8 x	14.7 x	13.4 x
Yield	1.78%	1.57%	1.4%	1.87%	1.47%	1.86%	2.56%	2.67%
Capitalization / Revenue	1.59 x	2.2 x	2.39 x	1.82 x	1.2 x	0.98 x	0.9 x	0.77 x
EV / Revenue	1.59 x	2.2 x	2.39 x	1.82 x	1.2 x	0.98 x	0.9 x	0.77 x
EV / EBITDA	9.34 x	11.3 x	11.8 x	11.6 x	8.69 x	6.46 x	5.46 x	5.1 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	2.19 x	2.32 x	2.75 x	1.65 x	1.04 x	0.86 x	0.81 x	0.79 x
Nbr of stocks (in thousands)	372,661	420,310	420,309	420,309	420,311	432,891	-	-
Reference price ²	14.07	19.14	25.76	16.08	10.19	8.610	8.610	8.610
Announcement Date	4/15/20	3/25/21	4/15/22	4/19/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,307	3,652	4,522	3,715	3,582	3,798	4,164	4,864
EBITDA ¹	561.2	709	921	583.7	492.7	577.2	682.1	730.8
EBIT ¹	463.5	592.5	686.2	398.7	258.4	290.8	367.3	407.7
Operating Margin	14.02%	16.22%	15.18%	10.73%	7.21%	7.66%	8.82%	8.38%
Earnings before Tax (EBT) ¹	460	588.5	685.2	395.4	254.2	288.1	364.4	403.8
Net income ¹	354.3	440.8	532.8	287.9	160.4	209.9	252	279.4
Net margin	10.72%	12.07%	11.78%	7.75%	4.48%	5.53%	6.05%	5.74%
EPS ²	0.9500	1.158	1.270	0.6500	0.3900	0.4833	0.5860	0.6433
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.2500	0.3000	0.3600	0.3000	0.1500	0.1600	0.2200	0.2300
Announcement Date	4/15/20	3/25/21	4/15/22	4/19/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q2	2023 Q1	2023 Q2	2023 S1	2024 Q1
Net sales ¹	-	-	994.9	1,660	578.6
EBITDA	-	-	-	-	-
EBIT	-	-	-	-	-
Operating Margin	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-
Net income ¹	83.87	40.42	56.57	96.99	21.09
Net margin	-	-	5.69%	5.84%	3.64%
EPS	-	0.1000	0.1300	0.2300	-
Dividend per Share	-	-	-	-	-
Announcement Date	8/27/22	4/27/23	8/25/23	8/25/23	4/25/24

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	15.9%	16.2%	14.5%	7.14%	3.82%	4.56%	5.61%	6%
ROA (Net income/ Total Assets)	8.3%	7.72%	7.62%	3.76%	-	2.08%	3%	2.85%
Assets ¹	4,271	5,710	6,991	7,658	-	10,093	8,399	9,802
Book Value Per Share ²	6.420	8.240	9.350	9.720	9.810	10.10	10.60	11.00
Cash Flow per Share ²	1.120	0.7900	0.8000	0.5200	0.8800	1.270	1.720	2.870
Capex ¹	222	345	286	293	333	296	353	359
Capex / Sales	6.71%	9.45%	6.31%	7.89%	9.31%	7.78%	8.47%	7.38%
Announcement Date	4/15/20	3/25/21	4/15/22	4/19/23	4/25/24	-	-	-

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 Sobute New Materials Co., Ltd

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.61 CNY

Average target price

9.81 CNY

Spread / Average Target

+13.94%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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