Nanjing Securities Co., Ltd.

¥6.51As of Sun 8 Nov 2026, 12:00 UTC

SSE:601990Financials

Country China

PE (Fwd) •••

TSR 8Y CAGR (2.66%)

Div yield 2.00%

ROE 5.47%

Capital Markets

Beta (5Y) 0.40

PE TTM 23.70

TSR TTM (21.63%)

Mkt cap ¥28.64B

ROIC 1.86%

SE Grade™

Value

Quality

Moat

Consensus

Reference

¥7.36

13.00%

(40.90%)

Hold 3|5|9|12|5

TTM

FYE 31 Dec CNY

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

4.333

Revenue¥B

6.705

6.624

6.591

6.621

6.636

6.599

6.736

6.785

6.743

6.719

4.581

0.25%

0.13%

29.43

Revenue growth%

19.11

17.53

16.34

15.71

18.35

18.69

16.83

19.77

19.32

20.29

17.80

19.32

18.52

12.02

Gross margin%

8.82

8.25

10.32

7.62

7.92

5.93

8.10

6.93

4.71

7.32

25.01

6.93

7.77

4.23

Operating margin%

14.81

13.98

15.51

18.42

16.48

16.42

17.80

20.61

19.07

17.26

8.35

17.80

16.87

19.62

Net margin%

22.17

19.89

19.82

18.73

17.39

19.62

19.55

17.64

19.45

19.20

4.51

19.45

19.50

26.53

P/E ratio (avg)x

6.485

7.296

7.146

7.205

7.908

8.211

7.694

7.319

7.093

7.045

23.82

7.319

7.250

24.89

EV/EBITx

42.99

47.11

50.52

47.57

45.19

50.32

47.47

49.28

49.53

44.75

15.65

49.28

47.52

12.20

FCF yield (avg)%

10.22

8.36

7.92

9.87

10.42

10.46

10.11

9.46

12.10

20.98

10.42

9.99

13.75

FCF margin%

19.78

21.25

23.08

24.85

24.57

24.60

22.86

24.56

26.50

25.56

23.33

24.60

24.57

0.447

FCF / Net incomex

0.730

0.717

0.626

0.667

0.659

0.701

0.617

0.538

0.468

0.466

0.980

0.538

0.642

19.05

ROIC%

13.91

15.73

16.00

13.21

11.70

12.40

12.86

12.42

9.71

7.54

20.63

12.40

12.64

22.98

Return on equity%

5.33

5.51

3.09

2.17

1.54

3.20

3.52

3.75

1.37

2.60

25.64

3.20

3.14

22.82

Return on assets%

19.71

20.98

20.36

21.50

19.32

19.41

18.27

18.12

17.23

15.64

24.33

18.12

19.36

0.23

EPS¥

0.86

1.01

1.22

1.30

1.28

1.42

1.64

1.87

1.83

0.24

7.20%

8.16%

—

28.47

EPS growth%

28.52

29.07

28.32

26.61

25.42

28.39

29.70

27.03

24.16

21.18

14.01

27.03

27.68

1.27

Bookvalue per sh¥

1.50

1.44

1.57

1.48

1.41

1.61

1.75

1.84

2.03

2.35

0.54

10.80%

5.07%

—

1.17

FCF per share¥

0.60

0.57

0.55

0.52

0.51

0.53

0.47

0.43

0.37

0.35

0.59

(7.13%)

(5.56%)

—

1.19

Dividend per sh¥

1.40

1.48

1.56

1.65

1.87

2.02

2.10

2.17

2.45

2.42

0.65

5.23%

7.33%

—

11.13

Div yield (avg)%

19.40

18.20

15.87

16.67

15.52

18.09

20.32

21.51

22.02

22.65

27.59

21.51

18.80

7.50

Payout ratio%

13.51

16.18

19.02

17.93

18.36

21.08

23.75

22.01

19.12

19.05

29.58

21.08

19.03

4.477

Shares (diluted)B

4.062

4.293

4.023

4.293

4.097

3.715

3.466

3.268

3.602

3.622

4.410

(2.43%)

(1.49%)

17.85

Buyback yield%

0.40

2.62

0.67

2.17

0.40

2.88

5.17

3.79

2.28

4.61

21.65

3.79

2.45

0.700

D/E ratiox

0.595

0.598

0.593

0.604

0.595

0.658

0.729

0.700

0.723

0.814

1.720

0.723

0.631

4.074

Enterprise value¥B

5.808

6.348

6.802

7.060

7.934

8.606

8.885

8.494

9.571

9.237

4.605

3.09%

6.21%

3.772

LT debt¥B

2.371

2.603

2.459

2.643

2.636

2.752

2.747

2.557

2.590

2.529

5.547

(0.82%)

(0.25%)

Peers (US$4.293B)

Cap (US$)

Guoyuan Securities…

4.527B

11.94x

BOC International…

4.364B

24.35x

Western Securities Co.…

4.155B

16.54x

HUB24 Limited

4.351B

53.23x

Capital

TTM

10Y

Leveragex

11.00

0.302

0.198

EBIT/Intx

0.301

0.146

0.124

Own earn%

(22.32)

89.68

88.66

Sh yield%

28.98

25.31

20.90

Owners

Insiders/Inst%

4.37

54.78

Short interest%

1.77

SBC / revenue%

4.23

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

14–21

$1 testx

—

Incr. ROIC%

Nanjing Securities Co., Ltd. provides securities finance and other related services in China. It operates through Securities and Futures Brokerage Business; Securities Investment Business; Investment Banking; and Asset Management and Investment Management Business segments.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

¥6.719B

0.13%

1.00×

Cost of revenue

¥4.703B

0.13%

1.00×

Operating expenses

¥1.520B

0.25%

1.01×