CHINA LONGYUAN POWER GROUP CORPORATION LIMITED

Financials China Longyuan Power Group Corporation Limited

Equities

916 CNE100000HD4

Electric Utilities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
5.72 ^HKD	-4.19%		+0.35%	-3.38%

Apr. 25	China Longyuan Power Group Corporation Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 25	China Longyuan Power Group Corporation Limited Proposes Final Dividend for the Year Ended December 31, 2023. Payable on August 6, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	35,407	52,555	119,176	120,114	117,929	107,970	-	-
Enterprise Value (EV) ¹	110,095	138,100	210,983	220,255	229,167	241,860	250,496	257,851
P/E ratio	8.19 x	11.1 x	19.4 x	14.4 x	-	5.66 x	4.55 x	4.17 x
Yield	2.44%	1.8%	0.99%	1.39%	-	4.31%	5.63%	6.27%
Capitalization / Revenue	1.29 x	1.83 x	3.2 x	3.01 x	3.13 x	2.89 x	2.33 x	2.19 x
EV / Revenue	4 x	4.82 x	5.67 x	5.53 x	6.09 x	6.47 x	5.41 x	5.22 x
EV / EBITDA	6.26 x	7.76 x	10.1 x	11.9 x	12.1 x	9.39 x	8.12 x	7.66 x
EV / FCF	61.4 x	-17.4 x	-229 x	30.2 x	-45.6 x	-36 x	-40.1 x	12.5 x
FCF Yield	1.63%	-5.75%	-0.44%	3.31%	-2.19%	-2.78%	-2.49%	8.02%
Price to Book	0.58 x	0.91 x	1.89 x	1.03 x	-	0.59 x	0.52 x	0.48 x
Nbr of stocks (in thousands)	8,036,389	8,036,389	8,036,389	8,381,963	8,371,628	8,359,816	-	-
Reference price ²	4.406	6.540	14.83	8.426	5.381	5.295	5.295	5.295
Announcement Date	3/27/20	3/30/21	3/30/22	3/29/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	27,541	28,667	37,195	39,863	37,642	37,407	46,342	49,384
EBITDA ¹	17,580	17,791	20,853	18,454	18,866	25,770	30,836	33,654
EBIT ¹	9,946	10,056	12,558	7,686	8,158	14,103	16,988	17,905
Operating Margin	36.11%	35.08%	33.76%	19.28%	21.67%	37.7%	36.66%	36.26%
Earnings before Tax (EBT) ¹	6,450	6,922	8,756	7,638	8,239	11,384	13,482	14,790
Net income ¹	4,325	4,726	6,159	5,112	6,249	8,500	9,800	10,700
Net margin	15.7%	16.49%	16.56%	12.82%	16.6%	22.72%	21.15%	21.67%
EPS ²	0.5382	0.5881	0.7663	0.5863	-	0.9349	1.163	1.269
Free Cash Flow ¹	1,792	-7,942	-921.4	7,286	-5,022	-6,718	-6,248	20,683
FCF margin	6.51%	-27.7%	-2.48%	18.28%	-13.34%	-17.96%	-13.48%	41.88%
FCF Conversion (EBITDA)	10.19%	-	-	39.48%	-	-	-	61.46%
FCF Conversion (Net income)	41.43%	-	-	142.53%	-	-	-	193.29%
Dividend per Share ²	0.1076	0.1176	0.1470	0.1171	-	0.2283	0.2981	0.3320
Announcement Date	3/27/20	3/30/21	3/30/22	3/29/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 S2	2023 S1
Net sales	13,503	14,218	14,449	17,877	-	19,319	-	-	21,662	-	18,199	19,847
EBITDA	7,709	-	-	-	-	-	-	-	-	-	-	-
EBIT	3,830	6,338	3,718	8,109	-	4,448	-	-	8,196	-	3,707	8,616
Operating Margin	28.36%	44.58%	25.73%	45.36%	-	23.03%	-	-	37.84%	-	20.37%	43.41%
Earnings before Tax (EBT)	2,066	4,594	2,327	6,375	-	-	-	-	-	-	-	-
Net income ¹	1,117	3,210	1,517	4,420	1,101	-	2,258	1,958	4,216	1,146	-	-
Net margin	8.27%	22.58%	10.5%	24.73%	-	-	-	-	19.46%	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	0.1176	-	-	-	-	-	-	-	-	-
Announcement Date	3/27/20	8/11/20	3/30/21	8/27/21	3/30/22	3/30/22	4/27/22	8/23/22	8/23/22	10/27/22	3/29/23	8/29/23

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	74,688	85,544	91,807	100,141	111,239	133,891	142,527	149,882
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.249 x	4.808 x	4.403 x	5.426 x	5.896 x	5.196 x	4.622 x	4.454 x
Free Cash Flow ¹	1,792	-7,942	-921	7,286	-5,022	4,301	25,408	3,689
ROE (net income / shareholders' equity)	7.38%	8.55%	10.2%	7.18%	9.12%	10.8%	11.4%	11.9%
ROA (Net income/ Total Assets)	2.85%	2.85%	3.37%	2.29%	2.76%	3.59%	3.73%	4%
Assets ¹	151,651	166,044	182,571	223,591	226,276	236,604	262,934	267,467
Book Value Per Share ²	7.550	7.180	7.830	8.180	-	9.010	10.10	11.00
Cash Flow per Share ²	1.560	1.530	2.080	3.540	-	2.750	2.860	3.710
Capex ¹	11,787	20,215	17,676	22,320	18,906	29,587	35,805	27,754
Capex / Sales	42.8%	70.52%	47.52%	55.99%	50.23%	79.1%	77.26%	56.2%
Announcement Date	3/27/20	3/30/21	3/30/22	3/29/23	3/27/24	-	-	-

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 China Longyuan Power Group Corporation Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.295 CNY

Average target price

7.58 CNY

Spread / Average Target

+43.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Wind Electric Utilities

	1st Jan change	Capi.
CHINA LONGYUAN POWER GROUP CORPORATION LIMITED	-3.38%	14.9B
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CHINA GREEN ELECTRICITY INVESTMENT OF TIANJIN CO., LTD.	-3.12%	2.4B
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BORALEX INC.	-18.91%	2.05B
JIANGSU NEW ENERGY DEVELOPMENT CO., LTD.	-0.18%	1.38B
MOGAN ENERJI YATIRIM HOLDING ANONIM SIRKETI	0.00%	1.19B
INNERGEX RENEWABLE ENERGY INC.	-13.60%	1.18B
ZHONGMIN ENERGY CO., LTD.	+0.46%	1.15B
GREENCOAT RENEWABLES PLC	-16.44%	1.03B

Wind Electric Utilities