Financials China Yangtze Power Co., Ltd.

Equities

600900

CNE000001G87

Electric Utilities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
25.48 ^CNY	-0.35%		-1.47%	+9.17%

Apr. 09	China Yangtze Power's Total Power Generation Falls 5% in Q1	MT
Apr. 09	China Yangtze Power Co., Ltd. Reports Preliminary Production Results for the First Quarter of 2024	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	349,360	404,360	435,734	516,240	477,579	623,450	623,450	-
Enterprise Value (EV) ¹	432,287	489,239	526,459	606,484	579,463	877,870	853,907	833,355
P/E ratio	15.5 x	18.8 x	16.2 x	19.6 x	22.4 x	21 x	18 x	17.4 x
Yield	4.28%	3.7%	3.65%	3.59%	4.06%	3.51%	3.84%	3.98%
Capitalization / Revenue	6.82 x	8.11 x	7.54 x	9.28 x	9.17 x	7.31 x	7.1 x	7.03 x
EV / Revenue	8.44 x	9.81 x	9.11 x	10.9 x	11.1 x	11.2 x	9.73 x	9.39 x
EV / EBITDA	10.9 x	12.5 x	11.8 x	13.7 x	15.3 x	16.8 x	12.7 x	12.3 x
EV / FCF	11.8 x	14.5 x	14.1 x	18.8 x	22.2 x	22.2 x	18 x	17.4 x
FCF Yield	8.47%	6.9%	7.11%	5.32%	4.5%	4.51%	5.54%	5.76%
Price to Book	2.46 x	2.7 x	2.53 x	2.85 x	2.57 x	2.84 x	2.37 x	2.38 x
Nbr of stocks (in thousands)	22,000,000	22,000,000	22,741,859	22,741,859	22,741,859	24,468,218	24,468,218	-
Reference price ²	15.88	18.38	19.16	22.70	21.00	25.48	25.48	25.48
Announcement Date	1/17/19	1/16/20	1/27/21	1/26/22	1/30/23	1/19/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	51,214	49,874	57,783	55,646	52,060	78,112	87,792	88,717
EBITDA ¹	39,615	38,992	44,534	44,296	37,975	52,341	67,196	67,973
EBIT ¹	27,392	26,933	32,896	32,876	26,936	33,220	44,585	45,204
Operating Margin	53.49%	54%	56.93%	59.08%	51.74%	42.53%	50.78%	50.95%
Earnings before Tax (EBT) ¹	27,007	26,627	32,456	32,409	26,313	32,413	42,201	43,755
Net income ¹	22,611	21,543	26,298	26,273	21,309	27,239	34,371	35,767
Net margin	44.15%	43.2%	45.51%	47.21%	40.93%	34.87%	39.15%	40.32%
EPS ²	1.028	0.9792	1.185	1.155	0.9370	1.113	1.415	1.462
Free Cash Flow ¹	36,619	33,760	37,409	32,281	26,079	39,475	47,315	48,020
FCF margin	71.5%	67.69%	64.74%	58.01%	50.09%	50%	53.89%	54.13%
FCF Conversion (EBITDA)	92.44%	86.58%	84%	72.87%	68.67%	65.73%	70.41%	70.65%
FCF Conversion (Net income)	161.95%	156.71%	142.25%	122.87%	122.39%	134.9%	137.66%	134.26%
Dividend per Share ²	0.6800	0.6800	0.7000	0.8153	0.8533	0.8200	0.9776	1.015
Announcement Date	1/17/19	1/16/20	1/27/21	1/26/22	1/30/23	1/19/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	-	-	-	-	-	15,650	-	15,881	10,791	15,397	15,577	26,880	20,256	20,546	21,857	26,523	18,023
EBITDA ¹	-	-	-	-	-	12,180	-	12,347	-	-	-	-	13,978	-	-	-	-
EBIT	-	-	-	-	-	10,222	-	9,463	3,108	-	6,371	14,753	-	-	-	-	-
Operating Margin	-	-	-	-	-	65.32%	-	59.59%	28.8%	-	40.9%	54.88%	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	10,047	-	9,323	3,018	-	6,363	14,659	6,966	-	-	-	-
Net income ¹	7,903	5,713	10,985	6,706	3,137	8,154	11,292	7,653	2,365	3,613	5,269	12,642	5,715	-	-	-	-
Net margin	-	-	-	-	-	52.1%	-	48.19%	21.92%	23.46%	33.83%	47.03%	28.21%	-	-	-	-
EPS ²	-	0.2500	0.4800	0.3000	0.1380	0.3600	-	0.3300	0.1100	0.1527	0.2100	0.5200	0.2300	0.1900	0.2700	0.6500	0.3000
Dividend per Share ²	-	-	-	0.8153	-	-	-	-	-	-	-	-	0.8200	-	-	-	1.000
Announcement Date	8/30/20	7/16/21	10/29/21	1/26/22	4/29/22	8/30/22	8/30/22	10/30/22	1/30/23	4/27/23	8/30/23	10/30/23	1/19/24	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	82,927	84,879	90,725	90,244	101,884	306,781	230,457	209,904
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.093 x	2.177 x	2.037 x	2.037 x	2.683 x	5.861 x	3.43 x	3.088 x
Free Cash Flow ¹	36,619	33,760	37,409	32,281	26,079	39,475	47,315	48,020
ROE (net income / shareholders' equity)	16.3%	14.8%	16.7%	14.9%	11.7%	13.5%	14.9%	14.8%
ROA (Net income/ Total Assets)	7.61%	7.28%	8.38%	8.03%	6.53%	5.29%	5.84%	6.04%
Assets ¹	297,178	296,008	313,772	327,345	326,408	553,599	588,392	591,803
Book Value Per Share ²	6.460	6.800	7.570	7.960	8.160	8.230	10.80	10.70
Cash Flow per Share ²	1.810	1.660	1.800	1.570	1.360	2.650	2.160	2.250
Capex ¹	3,118	2,705	3,628	3,452	4,834	259,471	4,871	7,553
Capex / Sales	6.09%	5.42%	6.28%	6.2%	9.28%	328.67%	5.55%	8.51%
Announcement Date	1/17/19	1/16/20	1/27/21	1/26/22	1/30/23	1/19/24	-	-

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 Yangtze Power Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

25.48 CNY

Average target price

28.1 CNY

Spread / Average Target

+10.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hydroelectric & Tidal Utilities

	1st Jan change	Capi.
CHINA YANGTZE POWER CO., LTD.	+9.17%	86.34B
CENTRAIS ELETRICAS BRASILEIRAS S.A.	-12.26%	16.81B
SICHUAN CHUANTOU ENERGY CO.LTD	+8.73%	11.2B
NHPC LIMITED	+44.58%	11.15B
BROOKFIELD RENEWABLE PARTNERS L.P.	-16.14%	10.32B
MERIDIAN ENERGY LIMITED	+6.50%	9.08B
GUANGXI GUIGUAN ELECTRIC POWERCO.,LTD.	+11.55%	6.76B
CHINA SOUTHERN POWER GRID ENERGY STORAGE CO., LTD.	+1.93%	4.35B
FEDERAL HYDRO-GENERATING COMPANY - RUSHYDRO	-.--%	3.84B
CHONGQING THREE GORGES WATER CONSERVANCY AND ELECTRIC POWER CO., LTD.	-3.72%	1.86B

Hydroelectric & Tidal Utilities