Financials Hoyuan Green Energy Co., Ltd.

Equities

603185

CNE100003JF9

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
21.97 ^CNY	-3.64%		+0.37%	-33.98%

Apr. 29	Hoyuan Green Energy Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 25	Hoyuan Green Energy Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025
Capitalization ¹	45,957	43,489	19,230	15,047	-
Enterprise Value (EV) ¹	44,072	39,169	14,671	14,437	13,256
P/E ratio	-	13.6 x	26.2 x	23.1 x	8.75 x
Yield	1.2%	2.31%	0.06%	3.37%	1.87%
Capitalization / Revenue	4.21 x	1.98 x	1.62 x	0.98 x	0.78 x
EV / Revenue	4.04 x	1.79 x	1.24 x	0.94 x	0.68 x
EV / EBITDA	20.2 x	10.3 x	12 x	6.39 x	3.15 x
EV / FCF	-	19,591,676 x	-	-	-
FCF Yield	-	0%	-	-	-
Price to Book	6.18 x	3.47 x	1.6 x	0.86 x	0.79 x
Nbr of stocks (in thousands)	538,437	574,118	577,815	684,872	-
Reference price ²	85.35	75.75	33.28	21.97	21.97
Announcement Date	2/15/22	4/10/23	4/25/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025
Net sales ¹	10,915	21,909	11,859	15,415	19,395
EBITDA ¹	2,182	3,806	1,223	2,259	4,202
EBIT ¹	1,947	3,411	698.2	963.9	2,198
Operating Margin	17.84%	15.57%	5.89%	6.25%	11.33%
Earnings before Tax (EBT) ¹	-	3,330	694.6	744.7	1,972
Net income ¹	-	3,033	740.6	666.4	1,764
Net margin	-	13.84%	6.24%	4.32%	9.1%
EPS ²	-	5.575	1.272	0.9500	2.510
Free Cash Flow	-	1,999	-	-	-
FCF margin	-	9.13%	-	-	-
FCF Conversion (EBITDA)	-	52.53%	-	-	-
FCF Conversion (Net income)	-	65.91%	-	-	-
Dividend per Share ²	1.022	1.753	0.0200	0.7400	0.4100
Announcement Date	2/15/22	4/10/23	4/25/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	2,281	2,191	2,652	2,766	2,629
EBITDA	-	-	-	-	-
EBIT	-	-	-	-	-
Operating Margin	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-
Net income	-	-	-	-	-
Net margin	-	-	-	-	-
EPS ²	-1.010	-0.1920	0.2100	0.1800	0.1500
Dividend per Share	-	-	-	-	-
Announcement Date	4/25/24	4/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-
Net Cash position ¹	1,886	4,319	4,558	610	1,791
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow	-	1,999	-	-	-
ROE (net income / shareholders' equity)	27.6%	32.6%	6.03%	5.46%	8.35%
ROA (Net income/ Total Assets)	-	-	-	5.6%	6%
Assets ¹	-	-	-	11,899	29,404
Book Value Per Share ²	13.80	21.80	20.80	25.60	27.70
Cash Flow per Share ²	-	5.150	0.8500	1.370	2.470
Capex	-	956	-	-	-
Capex / Sales	-	4.36%	-	-	-
Announcement Date	2/15/22	4/10/23	4/25/24	-	-

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 Hoyuan Green Energy Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

21.97 CNY

Average target price

30.4 CNY

Spread / Average Target

+38.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Photovoltaic Solar Systems & Equipment

	1st Jan change	Capi.
HOYUAN GREEN ENERGY CO., LTD.	-33.98%	2.16B
LONGI GREEN ENERGY TECHNOLOGY CO., LTD.	-20.52%	19.89B
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ENPHASE ENERGY, INC.	-16.69%	15.49B
TONGWEI CO.,LTD	-13.30%	13.99B
JINKO SOLAR CO., LTD.	-14.56%	10.43B
FLAT GLASS GROUP CO., LTD.	+44.31%	8.11B
XINJIANG DAQO NEW ENERGY CO.,LTD.	-17.35%	7.54B
JA SOLAR TECHNOLOGY CO., LTD.	-31.37%	6.87B
XINYI SOLAR HOLDINGS LIMITED	+19.74%	6.34B

Photovoltaic Solar Systems & Equipment