Zhongtai Securities Co Ltd

Zhongtai Securities maintains a capital structure characterized by high leverage, with a debt-to-equity ratio of 1.86. Total liabilities stand at 204.1 billion CNY against total equity of 49.4 billion CNY. The firm holds 91.8 billion CNY in long-term debt. Liquidity is assessed as medium risk, driven by a negative net cash position after subtracting total debt from cash and equivalents, which are reported at -163,420 CNY. Operating cash flow is robust at 11.6 billion CNY, but free cash flow is negative at -304.7 million CNY due to capital expenditures of 464.3 million CNY.

Profitability metrics indicate low returns on capital. Return on equity is 1.98%, and return on assets is 0.38%. The price-to-earnings ratio is 44.63, while the price-to-book ratio is 0.88, suggesting the market values the company below its book value. The enterprise value to EBITDA ratio is exceptionally high at 97.23, reflecting low earnings relative to the enterprise value. Net income for the period was 1.43 billion CNY on revenue of 14.13 billion CNY.

Segment and geographic revenue mix data is not available in the provided input. The company operates within the Capital Markets industry, but specific concentration risks by segment or region cannot be quantified from the current data set.

Growth trajectory analysis is limited by the absence of historical period data. The latest actual revenue reported by analysts is 11.39 billion CNY, which differs from the financial snapshot revenue of 14.13 billion CNY, potentially indicating different reporting periods or adjustments. Without multi-year historical data, year-over-year growth trends cannot be established.

Risk assessment highlights medium liquidity risk and low dilution risk. A key flag notes that net cash is negative after subtracting total debt, indicating reliance on external financing or operational cash flows to meet obligations. The dilution risk is low, with basic and diluted shares outstanding being identical at 7.92 billion shares.

Recent observations include an ESG score of 61.40 with a grade of B, and a controversies score of 100, indicating few controversies. The last actual EPS was 0.18 CNY. No specific filing, news, or transcript events were provided in the input data.

Net income grew 25.4% year-over-year, signaling a positive earnings momentum despite broader revenue stagnation.

Cash conversion ratio of 11.87 is best-in-class compared to the cohort median of 1.22.

Debt-to-equity ratio of 1.86 is in the bottom quartile, indicating excessive leverage compared to the cohort median.

The company faces a high credit risk flag, suggesting potential issues with debt servicing or counterparty reliability.

Revenue declined at a 1.6% CAGR over four years, indicating a lack of top-line growth trajectory.

Revenue ¥14.13B, +21,7% YoY; Operating income +81,0% YoY.

• ▍Revenue ¥14.13B, +21,7% YoY
• ▍Operating income +81,0% YoY
• ▍Net income +53,1% YoY
• ▍Free cash flow +73,5% YoY
• ▍Net margin 10.2%

Revenue ¥11.61B, −18,2% YoY; Operating income −50,3% YoY.

• ▍Revenue ¥11.61B, −18,2% YoY
• ▍Operating income −50,3% YoY
• ▍Net income −47,9% YoY
• ▍Free cash flow −65,4% YoY
• ▍Net margin 8.1%

Revenue ¥11.03B, −27,2% YoY; Operating income −81,5% YoY.

• ▍Revenue ¥11.03B, −27,2% YoY
• ▍Operating income −81,5% YoY
• ▍Net income −81,6% YoY
• ▍Free cash flow −110,4% YoY
• ▍Net margin 5.4%

Revenue ¥15.16B; Operating income ¥4.29B.

• ▍Revenue ¥15.16B
• ▍Operating income ¥4.29B
• ▍Net margin 21.1%