Stock 968 XINYI SOLAR HOLDINGS LIMITED
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Financials Xinyi Solar Holdings Limited

Equities

968

KYG9829N1025

Renewable Energy Equipment & Services

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:16 2024-05-02 am EDT 		5-day change 1st Jan Change
5.67 HKD +3.85% Intraday chart for Xinyi Solar Holdings Limited +9.88% +24.34%
Apr. 30 Xinyi Solar Holdings Limited acquired Solar farm project of Qujing Yingli Photovoltaic Power Development from Qujing Yingli Photovoltaic Power Development Limited. CI
Apr. 09 Tech-Sector Strength Lifts Asian Stock Markets MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 44,693 178,387 117,536 76,864 40,599 48,648 - -
Enterprise Value (EV) 1 49,781 175,209 118,086 79,570 48,280 59,837 60,434 61,740
P/E ratio 18.3 x 36.6 x 23.8 x 20.2 x 9.7 x 9.38 x 7.34 x 6.44 x
Yield 2.53% 0.84% 2.04% 2.31% 4.93% 5.2% 6.47% 7.49%
Capitalization / Revenue 4.91 x 14.5 x 7.32 x 3.74 x 1.52 x 1.45 x 1.19 x 1.05 x
EV / Revenue 5.47 x 14.2 x 7.35 x 3.87 x 1.81 x 1.78 x 1.47 x 1.33 x
EV / EBITDA 12.5 x 26.1 x 15.4 x 11.6 x 6.26 x 6.39 x 5.29 x 4.82 x
EV / FCF -64.8 x 176 x -90.2 x -106 x - -31.2 x 15.5 x 15.1 x
FCF Yield -1.54% 0.57% -1.11% -0.95% - -3.2% 6.46% 6.62%
Price to Book 3.15 x 6.73 x 3.88 x 2.58 x 1.27 x 1.37 x 1.25 x 1.12 x
Nbr of stocks (in thousands) 8,081,863 8,809,254 8,890,763 8,896,240 8,903,251 8,909,889 - -
Reference price 2 5.530 20.25 13.22 8.640 4.560 5.460 5.460 5.460
Announcement Date 3/16/20 3/1/21 2/28/22 2/27/23 2/28/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 9,096 12,316 16,065 20,544 26,629 33,666 41,051 46,269
EBITDA 1 3,998 6,709 7,690 6,872 7,718 9,370 11,430 12,809
EBIT 1 3,203 5,853 6,514 5,318 5,893 7,212 9,041 10,305
Operating Margin 35.21% 47.53% 40.55% 25.88% 22.13% 21.42% 22.02% 22.27%
Earnings before Tax (EBT) 1 3,093 5,758 6,568 5,181 5,571 6,861 8,682 9,874
Net income 1 2,416 4,561 4,924 3,820 4,187 5,154 6,495 7,388
Net margin 26.57% 37.03% 30.65% 18.59% 15.72% 15.31% 15.82% 15.97%
EPS 2 0.3027 0.5532 0.5556 0.4287 0.4703 0.5823 0.7435 0.8479
Free Cash Flow 1 -768.6 996.5 -1,310 -754.1 - -1,916 3,905 4,085
FCF margin -8.45% 8.09% -8.15% -3.67% - -5.69% 9.51% 8.83%
FCF Conversion (EBITDA) - 14.85% - - - - 34.17% 31.89%
FCF Conversion (Net income) - 21.85% - - - - 60.12% 55.3%
Dividend per Share 2 0.1400 0.1700 0.2700 0.2000 0.2250 0.2837 0.3533 0.4089
Announcement Date 3/16/20 3/1/21 2/28/22 2/27/23 2/28/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2
Net sales 1 5,099 4,623 7,693 8,075 7,990 9,698 10,847 12,142 14,487
EBITDA 2,386 2,360 - 4,400 - - - - -
EBIT 1 1,977 1,914 - 3,863 2,519 2,658 2,660 2,170 3,735
Operating Margin 38.76% 41.4% - 47.84% 31.52% 27.41% 24.52% 17.87% 25.79%
Earnings before Tax (EBT) 1 1,933 1,838 - 4,018 - 2,657 - - 3,553
Net income 1 1,464 1,406 - 3,072 1,852 1,905 - - 2,796
Net margin 28.71% 30.42% - 38.05% 23.18% 19.64% - - 19.3%
EPS - - - - - - - - -
Dividend per Share - - - - - - - - -
Announcement Date 3/16/20 8/3/20 3/1/21 8/2/21 2/28/22 8/1/22 2/27/23 7/31/23 2/28/24
1HKD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 5,089 - 550 2,707 7,681 11,189 11,786 13,093
Net Cash position 1 - 3,178 - - - - - -
Leverage (Debt/EBITDA) 1.273 x - 0.0715 x 0.3939 x 0.9952 x 1.194 x 1.031 x 1.022 x
Free Cash Flow 1 -769 996 -1,310 -754 - -1,916 3,905 4,085
ROE (net income / shareholders' equity) 19.6% 22.4% 17.3% 12.7% 13.6% 15.2% 17.5% 17.9%
ROA (Net income/ Total Assets) 9.24% 12.7% 10.6% 7.67% 7.54% 8.38% 9.53% 9.84%
Assets 1 26,145 35,910 46,247 49,823 55,504 61,510 68,129 75,046
Book Value Per Share 2 1.750 3.010 3.410 3.340 3.590 3.990 4.370 4.850
Cash Flow per Share 2 0.2100 0.5200 0.4000 0.6600 - 0.6500 0.8800 1.190
Capex 1 2,134 3,249 4,938 6,646 - 7,087 5,255 5,355
Capex / Sales 23.46% 26.38% 30.74% 32.35% - 21.05% 12.8% 11.57%
Announcement Date 3/16/20 3/1/21 2/28/22 2/27/23 2/28/24 - - -
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Xinyi Solar Holdings Limited

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
26
Last Close Price
5.46 HKD
Average target price
6.802 HKD
Spread / Average Target
+24.57%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Photovoltaic Solar Systems & Equipment

1st Jan change Capi.
XINYI SOLAR HOLDINGS LIMITED Stock Xinyi Solar Holdings Limited
+24.34% 6.22B
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TCL ZHONGHUAN RENEWABLE ENERGY TECHNOLOGY CO.,LTD. Stock TCL Zhonghuan Renewable Energy Technology Co.,Ltd.
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Photovoltaic Solar Systems & Equipment
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