Financials Flat Glass Group Co., Ltd.

Equities

6865

CNE100002375

Renewable Energy Equipment & Services

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
18.12 ^HKD	+2.49%		+9.42%	+37.48%

Apr. 03	Tranche Update on Flat Glass Group Co., Ltd.'s Equity Buyback Plan announced on February 23, 2024.	CI
Mar. 27	Jefferies Adjusts Flat Glass Group’s Price Target to 34.41 Yuan From 30.10 Yuan, Keeps at Buy	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	20,261	72,372	112,855	63,939	56,223	55,356	-	-
Enterprise Value (EV) ¹	21,958	73,172	113,840	72,882	63,185	66,221	65,330	63,533
P/E ratio	12.4 x	33.9 x	32.6 x	16.8 x	9.66 x	11.1 x	8.86 x	7.69 x
Yield	-	0.55%	-	-	3.17%	2.92%	3.66%	4.26%
Capitalization / Revenue	4.22 x	11.6 x	13 x	4.14 x	2.61 x	2.3 x	1.83 x	1.6 x
EV / Revenue	4.57 x	11.7 x	13.1 x	4.71 x	2.94 x	2.75 x	2.16 x	1.83 x
EV / EBITDA	18.7 x	32.3 x	37.7 x	21.1 x	11.7 x	10.1 x	8.19 x	6.85 x
EV / FCF	-28.3 x	-308 x	-35.7 x	-9.24 x	-17.4 x	-34.3 x	42.6 x	23.3 x
FCF Yield	-3.53%	-0.32%	-2.8%	-10.8%	-5.73%	-2.91%	2.35%	4.29%
Price to Book	1.84 x	7.41 x	5.87 x	2.55 x	1.2 x	1.58 x	1.42 x	1.25 x
Nbr of stocks (in thousands)	1,950,000	1,954,600	2,146,893	2,146,894	2,351,324	2,345,074	-	-
Reference price ²	4.602	27.48	32.27	16.67	11.98	16.77	16.77	16.77
Announcement Date	3/26/20	3/29/21	3/21/22	3/27/23	3/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,807	6,260	8,713	15,461	21,524	24,082	30,274	34,633
EBITDA ¹	1,174	2,265	3,017	3,462	5,385	6,546	7,972	9,269
EBIT ¹	880.6	1,865	2,382	2,155	3,674	4,264	5,340	6,419
Operating Margin	18.32%	29.79%	27.33%	13.94%	17.07%	17.71%	17.64%	18.54%
Earnings before Tax (EBT) ¹	862.7	1,874	2,380	2,153	3,052	4,031	5,162	6,203
Net income ¹	717.2	1,629	2,120	2,123	2,760	3,668	4,581	5,500
Net margin	14.92%	26.02%	24.33%	13.73%	12.82%	15.23%	15.13%	15.88%
EPS ²	0.3700	0.8100	0.9900	0.9900	1.240	1.508	1.892	2.181
Free Cash Flow ¹	-775	-237.3	-3,189	-7,884	-3,623	-1,930	1,534	2,727
FCF margin	-16.12%	-3.79%	-36.6%	-51%	-16.83%	-8.01%	5.07%	7.87%
FCF Conversion (EBITDA)	-	-	-	-	-	-	19.24%	29.42%
FCF Conversion (Net income)	-	-	-	-	-	-	33.48%	49.57%
Dividend per Share ²	-	0.1500	-	-	0.3800	0.4890	0.6132	0.7153
Announcement Date	3/26/20	3/29/21	3/21/22	3/27/23	3/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 S1	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	2025 Q1
Net sales ¹	2,496	-	4,028	2,309	2,376	3,509	3,796	-	3,910	4,246	5,365	4,313	6,206	5,639	6,580	5,953	6,251	6,220	-
EBITDA ¹	804.6	-	1,695	-	550.8	655.4	929.6	-	690.5	1,469	-	-	-	-	1,660	1,560	1,607	1,602	-
EBIT	599.5	-	1,398	501.3	437.2	495.4	602.2	-	552.7	504.9	560	663.9	1,124	-	-	-	-	-	-
Operating Margin	24.02%	-	34.71%	21.71%	18.4%	14.12%	15.87%	-	14.13%	11.89%	10.44%	15.39%	18.11%	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	565.3	-	1,446	502.3	432	495.4	602	-	552.7	502.8	560.4	624.1	1,025	842.5	937.6	848.3	890.7	886.2	-
Net income ¹	460.8	1,168	1,261	455.8	403.1	436.7	566	1,003	501.5	618.5	511.5	573.9	883.7	790.6	847.8	767.1	805.4	801.4	-
Net margin	18.46%	-	31.31%	19.74%	16.96%	12.45%	14.91%	-	12.83%	14.57%	9.53%	13.31%	14.24%	14.02%	12.88%	12.88%	12.88%	12.88%	-
EPS	-	-	-	0.2100	0.1900	0.2000	0.2400	-	0.2200	0.3000	0.2400	0.2700	0.3900	0.3400	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	0.2380	-	-	-	-	-	0.5481	-
Announcement Date	8/4/20	3/29/21	8/9/21	10/20/21	3/21/22	4/27/22	8/25/22	8/25/22	10/27/22	3/27/23	4/24/23	8/28/23	10/31/23	3/26/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,697	800	986	8,943	6,962	10,864	9,973	8,177
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.446 x	0.3531 x	0.3268 x	2.584 x	1.293 x	1.66 x	1.251 x	0.8821 x
Free Cash Flow ¹	-775	-237	-3,189	-7,884	-3,623	-1,930	1,534	2,727
ROE (net income / shareholders' equity)	17.5%	29%	22.3%	16%	15.5%	14.6%	16.8%	17.3%
ROA (Net income/ Total Assets)	8.78%	15%	13.1%	8.09%	7.32%	7.33%	7.87%	8.03%
Assets ¹	8,173	10,829	16,174	26,232	37,682	50,078	58,243	68,520
Book Value Per Share ²	2.510	3.710	5.500	6.550	9.960	10.60	11.80	13.40
Cash Flow per Share ²	0.2700	0.8700	0.2700	0.8300	0.8800	2.140	2.940	3.380
Capex ¹	1,285	1,939	3,769	8,061	5,591	5,837	4,911	4,461
Capex / Sales	26.74%	30.96%	43.25%	52.14%	25.97%	24.24%	16.22%	12.88%
Announcement Date	3/26/20	3/29/21	3/21/22	3/27/23	3/26/24	-	-	-

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 Flat Glass Group Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

16.77 CNY

Average target price

21.82 CNY

Spread / Average Target

+30.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Photovoltaic Solar Systems & Equipment

	1st Jan change	Capi.
FLAT GLASS GROUP CO., LTD.	+37.48%	7.64B
LONGI GREEN ENERGY TECHNOLOGY CO., LTD.	-18.69%	19.47B
FIRST SOLAR, INC.	+3.74%	19.13B
ENPHASE ENERGY, INC.	-15.29%	15.23B
TONGWEI CO.,LTD	-13.38%	13.47B
JINKO SOLAR CO., LTD.	-13.32%	10.6B
XINJIANG DAQO NEW ENERGY CO.,LTD.	-16.81%	7.26B
JA SOLAR TECHNOLOGY CO., LTD.	-30.07%	6.63B
XINYI SOLAR HOLDINGS LIMITED	+16.23%	6.03B
NEXTRACKER INC.	-6.60%	5.98B

Photovoltaic Solar Systems & Equipment