Financials LONGi Green Energy Technology Co., Ltd.

Equities

601012

CNE100001FR6

Renewable Energy Equipment & Services

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
18.2 ^CNY	-4.21%		-2.26%	-20.52%

Apr. 29	LONGi Green Energy Technology Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 29	LONGi Green Energy Technology Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	93,659	347,757	466,597	320,401	173,537	137,920	-	-
Enterprise Value (EV) ¹	80,253	331,473	443,414	276,313	130,116	107,918	99,938	94,524
P/E ratio	16.9 x	40.8 x	51 x	21.7 x	16.1 x	22.5 x	9.1 x	9.72 x
Yield	0.81%	0.27%	0.3%	0.95%	0.74%	0.76%	2.18%	2.9%
Capitalization / Revenue	2.85 x	6.37 x	5.77 x	2.48 x	1.34 x	1.19 x	0.92 x	0.92 x
EV / Revenue	2.44 x	6.07 x	5.48 x	2.14 x	1 x	0.93 x	0.67 x	0.63 x
EV / EBITDA	10.3 x	27.2 x	32 x	13.7 x	7.76 x	11.9 x	4.69 x	4.43 x
EV / FCF	14.7 x	53.3 x	59.3 x	14.1 x	-122 x	-61.2 x	36.9 x	14.6 x
FCF Yield	6.81%	1.87%	1.69%	7.11%	-0.82%	-1.63%	2.71%	6.84%
Price to Book	3.39 x	10.1 x	9.83 x	5.2 x	2.48 x	1.92 x	1.52 x	1.66 x
Nbr of stocks (in thousands)	7,393,153	7,392,667	7,578,134	7,581,663	7,578,042	7,578,045	-	-
Reference price ²	12.67	47.04	61.57	42.26	22.90	18.20	18.20	18.20
Announcement Date	4/22/20	4/20/21	4/27/22	4/10/23	4/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	32,897	54,583	80,932	128,998	129,498	115,916	149,263	150,337
EBITDA ¹	7,785	12,192	13,854	20,118	16,766	9,056	21,321	21,343
EBIT ¹	6,298	9,971	10,656	16,658	12,113	6,482	17,837	18,662
Operating Margin	19.14%	18.27%	13.17%	12.91%	9.35%	5.59%	11.95%	12.41%
Earnings before Tax (EBT) ¹	6,247	9,912	10,232	16,405	11,989	6,839	16,295	14,392
Net income ¹	5,280	8,552	9,086	14,812	10,751	6,133	15,167	14,208
Net margin	16.05%	15.67%	11.23%	11.48%	8.3%	5.29%	10.16%	9.45%
EPS ²	0.7500	1.153	1.207	1.950	1.420	0.8086	2.001	1.872
Free Cash Flow ¹	5,469	6,215	7,483	19,642	-1,070	-1,763	2,707	6,467
FCF margin	16.62%	11.39%	9.25%	15.23%	-0.83%	-1.52%	1.81%	4.3%
FCF Conversion (EBITDA)	70.24%	50.97%	54.02%	97.63%	-	-	12.7%	30.3%
FCF Conversion (Net income)	103.58%	72.67%	82.36%	132.61%	-	-	17.85%	45.52%
Dividend per Share ²	0.1020	0.1276	0.1857	0.4000	0.1700	0.1381	0.3976	0.5275
Announcement Date	4/22/20	4/20/21	4/27/22	4/10/23	4/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	-	-	24,726	18,595	31,822	-	36,618	41,963	28,319	36,334	29,448	35,398	-	17,674	26,540	36,650	37,914
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	1,868	3,119	4,455	-	5,118	3,967	3,978	6,416	2,635	-915.2	-	-	-	-	-
Operating Margin	-	-	7.56%	16.77%	14%	-	13.98%	9.45%	14.05%	17.66%	8.95%	-2.59%	-	-	-	-	-
Earnings before Tax (EBT)	-	-	1,566	-	4,432	-	5,033	3,903	-	6,396	2,611	-952	-	-	-	-	-
Net income	4,116	4,993	1,530	-	3,817	6,481	4,495	3,836	3,637	5,541	2,515	-942.3	1,573	-2,350	-	-	-
Net margin	-	-	6.19%	-	11.99%	-	12.28%	9.14%	12.84%	15.25%	8.54%	-2.66%	-	-13.3%	-	-	-
EPS ²	-	-	0.2000	0.3500	0.3600	-	0.5900	0.5100	0.4800	0.7200	0.3400	-0.1200	-	-0.3100	0.4000	0.1800	0.2100
Dividend per Share ²	-	-	0.1857	-	-	-	-	0.4000	-	-	-	-	-	-	-	-	0.2178
Announcement Date	8/27/20	8/30/21	4/27/22	4/27/22	8/24/22	8/24/22	10/28/22	4/10/23	4/27/23	8/2/23	10/30/23	4/29/24	4/29/24	4/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	13,406	16,284	23,183	44,088	43,421	30,002	37,982	43,397
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,469	6,215	7,483	19,642	-1,070	-1,763	2,707	6,467
ROE (net income / shareholders' equity)	23.9%	27.2%	21.5%	27%	16.2%	8.27%	16.5%	16.1%
ROA (Net income/ Total Assets)	10.7%	11.6%	9.8%	12.4%	-	4%	9.8%	10.1%
Assets ¹	49,480	73,468	92,686	119,303	-	153,323	154,774	140,110
Book Value Per Share ²	3.740	4.660	6.260	8.120	9.230	9.470	12.00	10.90
Cash Flow per Share ²	1.100	1.490	1.630	3.210	1.070	2.260	2.850	2.450
Capex ¹	2,690	4,800	4,839	4,728	9,188	13,780	11,729	11,309
Capex / Sales	8.18%	8.79%	5.98%	3.67%	7.09%	11.89%	7.86%	7.52%
Announcement Date	4/22/20	4/20/21	4/27/22	4/10/23	4/29/24	-	-	-

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 LONGi Green Energy Technology Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

18.2 CNY

Average target price

24.17 CNY

Spread / Average Target

+32.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Photovoltaic Solar Systems & Equipment

	1st Jan change	Capi.
LONGI GREEN ENERGY TECHNOLOGY CO., LTD.	-20.52%	19.06B
ENPHASE ENERGY, INC.	-13.58%	15.54B
TONGWEI CO.,LTD	-13.30%	13.5B
JINKO SOLAR CO., LTD.	-14.56%	10.47B
FLAT GLASS GROUP CO., LTD.	+38.54%	8.03B
XINJIANG DAQO NEW ENERGY CO.,LTD.	-17.35%	7.22B
XINYI SOLAR HOLDINGS LIMITED	+24.34%	6.47B
JA SOLAR TECHNOLOGY CO., LTD.	-31.37%	6.46B
NEXTRACKER INC.	-1.60%	6.29B
TCL ZHONGHUAN RENEWABLE ENERGY TECHNOLOGY CO.,LTD.	-33.31%	5.82B

Photovoltaic Solar Systems & Equipment