China Sanjiang Fine Chemicals Co Ltd Net Income jumped on 480% in 2016 and Revenue surged on 33.8%
22/03/2017 • About China Sanjiang Fine Chemicals Co Ltd (
$2198) • By InTwits
China Sanjiang Fine Chemicals Co Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is declining: in FY2016 vs. 8.6% in FY2015 vs. 25.1% in FY2012.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
China Sanjiang Fine Chemicals Co Ltd ($2198) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 2,410 | 3,940 | 3,637 | 4,966 | 6,647 | 33.8% |
| Gross Profit | 575 | 638 | 242 | 164 | | -100.0% |
| SG&A | 97 | 154 | 134 | 209 | | -100.0% |
| EBITDA | 605 | 605 | 319 | 430 | | -100.0% |
| Net Income | 467 | 605 | 133 | -146 | 553 | |
Balance Sheet
|
|---|
| Cash | 346 | 254 | 399 | 92 | | -100.0% |
| Short Term Debt | 1,579 | 2,529 | 4,277 | 4,519 | | -100.0% |
| Long Term Debt | 68 | 512 | 1,897 | 1,352 | | -100.0% |
Cash flow
|
|---|
| Capex | 495 | 1,174 | 0 | 1,006 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 16.0% | 63.5% | -7.7% | 36.6% | 33.8% | |
| EBITDA growth | 26.0% | 0.1% | -47.3% | 34.6% | | |
| Gross Margin | 23.8% | 16.2% | 6.7% | 3.3% | | -3.3% |
| EBITDA Margin | 25.1% | 15.4% | 8.8% | 8.6% | 0.0% | -8.6% |
| Net Income Margin | 19.4% | 15.4% | 3.7% | -2.9% | 8.3% | 11.2% |
| SG&A, % of revenue | 4.0% | 3.9% | 3.7% | 4.2% | | -4.2% |
| CAPEX, % of revenue | 20.5% | 29.8% | 0.0% | 20.3% | | -20.3% |
| ROIC | 14.3% | 9.4% | 2.0% | -0.2% | | 0.2% |
| ROE | 26.1% | 28.4% | 5.7% | -6.6% | | 6.6% |
| Net Debt/EBITDA | 2.2x | 4.6x | 18.1x | 13.5x | | -13.5x |
Revenue and profitability
China Sanjiang Fine Chemicals Co Ltd's Revenue surged on 33.8%.
Net Income marign surged on 11.2 pp from -2.9% to 8.3% in FY2016.
Appendix 1: Peers in Chemicals
Below we provide China Sanjiang Fine Chemicals Co Ltd benchmarking against other companies in Chemicals industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Bestway International Holdings Ltd ($718) | | -62.1% | 330.3% | 238.4% | 14,591.4% |
| China First Chemical Holdings Ltd ($2121) | 6.2% | -6.8% | -18.0% | 72.5% | |
| Strong Petrochemical Holdings Ltd ($852) | 40.8% | 87.9% | -60.8% | 42.3% | |
| Ko Yo Chemical Group Ltd ($827) | -5.6% | -0.6% | 2.3% | 40.8% | |
| Century Sunshine Group Holdings Ltd ($509) | 68.7% | 32.0% | 26.4% | 21.4% | |
| |
|---|
| Median (32 companies) | 2.3% | 9.2% | 2.3% | -4.7% | 5.1% |
|---|
| China Sanjiang Fine Chemicals Co Ltd ($2198) | | 63.5% | -7.7% | 36.6% | 33.8% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Huabao International Holdings Ltd ($336) | 70.5% | 69.1% | 70.8% | 69.9% | 68.9% |
| Zhejiang Changan Renheng Technology Co Ltd ($8139) | 50.4% | 50.1% | 46.9% | 49.9% | |
| China Flavors & Fragrances Co Ltd ($3318) | 46.8% | 48.6% | 47.8% | 48.9% | |
| Bestway International Holdings Ltd ($718) | 5.1% | 4.6% | 8.6% | 40.4% | 7.1% |
| Bracell Ltd ($1768) | 30.5% | 37.3% | 37.3% | 38.4% | |
| |
|---|
| Median (32 companies) | 19.5% | 18.8% | 19.2% | 20.5% | 17.8% |
|---|
| China Sanjiang Fine Chemicals Co Ltd ($2198) | 23.8% | 16.2% | 6.7% | 3.3% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Huabao International Holdings Ltd ($336) | 63.8% | 59.1% | 60.0% | 58.3% | 51.2% |
| Bracell Ltd ($1768) | 22.3% | 30.8% | 38.2% | 35.9% | |
| Yingde Gases Group Co Ltd ($2168) | 29.4% | 29.8% | 32.3% | 33.4% | |
| Tiande Chemical Holdings Ltd ($609) | 25.5% | 27.3% | 25.1% | 27.8% | |
| Century Sunshine Group Holdings Ltd ($509) | 24.2% | 28.1% | 27.6% | 26.1% | |
| |
|---|
| Median (32 companies) | 13.2% | 12.7% | 13.8% | 13.4% | 11.0% |
|---|
| China Sanjiang Fine Chemicals Co Ltd ($2198) | 25.1% | 15.4% | 8.8% | 8.6% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Landing International Development Ltd ($582) | 7.2% | 29.6% | 419.5% | 247.4% | |
| China Zenith Chemical Group Ltd ($362) | 147.3% | 55.7% | 67.4% | 152.2% | 191.4% |
| Smartac Group China Holdings Ltd ($395) | 14.0% | 4.7% | 49.3% | 52.4% | |
| China Flavors & Fragrances Co Ltd ($3318) | 15.8% | 20.1% | 42.4% | 35.8% | |
| Zhejiang Changan Renheng Technology Co Ltd ($8139) | 13.6% | 21.1% | 13.5% | 29.7% | |
| |
|---|
| Median (32 companies) | 7.2% | 8.7% | 5.9% | 7.2% | 2.4% |
|---|
| China Sanjiang Fine Chemicals Co Ltd ($2198) | 20.5% | 29.8% | 0.0% | 20.3% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Huabao International Holdings Ltd ($336) | 28.7% | 25.2% | 26.2% | 23.3% | 17.1% |
| Tiande Chemical Holdings Ltd ($609) | 26.2% | 29.4% | 20.7% | 20.6% | |
| Sinopec Shanghai Petrochemical Co Ltd ($338) | -6.9% | 8.1% | -2.4% | 16.5% | 26.3% |
| Century Sunshine Group Holdings Ltd ($509) | 11.3% | 15.9% | 16.4% | 13.3% | |
| Infinity Chemical Holdings Co Ltd ($640) | 11.1% | 10.2% | 8.8% | 12.7% | 7.4% |
| |
|---|
| Median (32 companies) | 6.9% | 8.1% | 5.9% | 5.2% | 5.8% |
|---|
| China Sanjiang Fine Chemicals Co Ltd ($2198) | 14.3% | 9.4% | 2.0% | -0.2% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Ko Yo Chemical Group Ltd ($827) | 8.8x | 22.0x | | 141.5x | |
| Sinofert Holdings Ltd ($297) | 2.9x | 32.4x | 5.0x | 8.4x | |
| Ngai Hing Hong Co Ltd ($1047) | 11.7x | 5.3x | 5.4x | 5.3x | 7.1x |
| China XLX Fertiliser Ltd ($1866) | 2.6x | 5.1x | 5.8x | 5.1x | |
| Zhejiang Changan Renheng Technology Co Ltd ($8139) | 4.3x | 3.7x | 3.1x | 4.0x | |
| |
|---|
| Median (27 companies) | 1.2x | 2.1x | 1.4x | 1.7x | 0.3x |
|---|
| China Sanjiang Fine Chemicals Co Ltd ($2198) | 2.2x | 4.6x | 18.1x | 13.5x | |
