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 2024-04-25 pm EDT			5-day change	1st Jan Change
18.62 ^CNY	+1.92%		+0.92%	-18.69%

Apr. 26	China General Nuclear lands first yuan trade finance for Brazil solar plant	RE
Apr. 25	LONGi Green Energy Technology Co., Ltd. Partners with OneSky Aluminum, Hi-MO X6 Installed Across the Factory Rooftops in the Philippines	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	48,671	93,659	347,757	466,597	320,401	141,103	141,103	-
Enterprise Value (EV) ¹	48,708	80,253	331,473	443,414	276,313	103,845	105,399	101,504
P/E ratio	18.8 x	16.9 x	40.8 x	51 x	21.7 x	9.85 x	10.7 x	8.58 x
Yield	0.57%	0.81%	0.27%	0.3%	0.95%	2.08%	1.83%	2.18%
Capitalization / Revenue	2.21 x	2.85 x	6.37 x	5.77 x	2.48 x	1.07 x	1.04 x	0.89 x
EV / Revenue	2.22 x	2.44 x	6.07 x	5.48 x	2.14 x	0.79 x	0.78 x	0.64 x
EV / EBITDA	12 x	10.3 x	27.2 x	32 x	13.7 x	5.72 x	5.63 x	4.27 x
EV / FCF	-18.4 x	14.7 x	53.3 x	59.3 x	14.1 x	-23.9 x	-143 x	32.5 x
FCF Yield	-5.44%	6.81%	1.87%	1.69%	7.11%	-4.18%	-0.7%	3.08%
Price to Book	2.96 x	3.39 x	10.1 x	9.83 x	5.2 x	1.92 x	1.68 x	1.46 x
Nbr of stocks (in thousands)	5,469,934	7,393,153	7,392,667	7,578,134	7,581,663	7,578,045	7,578,045	-
Reference price ²	8.898	12.67	47.04	61.57	42.26	18.62	18.62	18.62
Announcement Date	4/8/19	4/22/20	4/20/21	4/27/22	4/10/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	21,988	32,897	54,583	80,932	128,998	131,474	135,701	158,407
EBITDA ¹	4,071	7,785	12,192	13,854	20,118	18,165	18,717	23,776
EBIT ¹	2,869	6,298	9,971	10,656	16,658	14,675	14,473	18,502
Operating Margin	13.05%	19.14%	18.27%	13.17%	12.91%	11.16%	10.67%	11.68%
Earnings before Tax (EBT) ¹	2,867	6,247	9,912	10,232	16,405	15,861	14,439	18,001
Net income ¹	2,558	5,280	8,552	9,086	14,812	14,335	13,179	16,461
Net margin	11.63%	16.05%	15.67%	11.23%	11.48%	10.9%	9.71%	10.39%
EPS ²	0.4745	0.7500	1.153	1.207	1.950	1.890	1.737	2.171
Free Cash Flow ¹	-2,650	5,469	6,215	7,483	19,642	-4,342	-735.9	3,124
FCF margin	-12.05%	16.62%	11.39%	9.25%	15.23%	-3.3%	-0.54%	1.97%
FCF Conversion (EBITDA)	-	70.24%	50.97%	54.02%	97.63%	-	-	13.14%
FCF Conversion (Net income)	-	103.58%	72.67%	82.36%	132.61%	-	-	18.98%
Dividend per Share ²	0.0510	0.1020	0.1276	0.1857	0.4000	0.3872	0.3405	0.4056
Announcement Date	4/8/19	4/22/20	4/20/21	4/27/22	4/10/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S1	2020 S1	2021 Q1	2021 Q2	2021 S1	2021 Q3	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
Net sales ¹	-	-	-	19,244	-	21,107	24,726	18,595	31,822	-	36,618	41,963	28,319	36,334	29,448	31,952	-	25,276	26,540	36,650
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	3,008	-	2,926	1,868	3,119	4,455	-	5,118	3,967	3,978	6,416	2,635	-	-	-	-	-
Operating Margin	-	-	-	15.63%	-	13.86%	7.56%	16.77%	14%	-	13.98%	9.45%	14.05%	17.66%	8.95%	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	2,887	1,566	-	4,432	-	5,033	3,903	-	6,396	2,611	1,342	-	-	-	-
Net income ¹	2,010	4,116	2,502	2,491	4,993	2,563	1,530	-	3,817	6,481	4,495	3,836	3,637	5,541	2,515	1,101	3,515	570	-	-
Net margin	-	-	-	12.94%	-	12.14%	6.19%	-	11.99%	-	12.28%	9.14%	12.84%	15.25%	8.54%	3.45%	-	2.26%	-	-
EPS ²	-	-	-	0.3286	-	0.3429	0.2000	0.3500	0.3600	-	0.5900	0.5100	0.4800	0.7200	0.3400	0.2643	-	0.2700	0.4000	0.1800
Dividend per Share ²	-	-	-	-	-	-	0.1857	-	-	-	-	0.4000	-	-	-	0.3483	-	-	-	-
Announcement Date	8/28/19	8/27/20	4/20/21	8/30/21	8/30/21	10/28/21	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	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	36.8	-	-	-	-	-	-	-
Net Cash position ¹	-	13,406	16,284	23,183	44,088	37,259	35,704	39,599
Leverage (Debt/EBITDA)	0.009049 x	-	-	-	-	-	-	-
Free Cash Flow ¹	-2,650	5,469	6,215	7,483	19,642	-4,342	-736	3,124
ROE (net income / shareholders' equity)	16.7%	23.9%	27.2%	21.5%	27%	20.9%	17.1%	17.6%
ROA (Net income/ Total Assets)	7.05%	10.7%	11.6%	9.8%	12.4%	10%	8.81%	9.8%
Assets ¹	36,273	49,480	73,468	92,686	119,303	143,157	149,509	167,927
Book Value Per Share ²	3.010	3.740	4.660	6.260	8.120	9.680	11.10	12.80
Cash Flow per Share ²	0.2100	1.100	1.490	1.630	3.210	2.910	2.880	3.630
Capex ¹	3,823	2,690	4,800	4,839	4,728	19,944	13,124	11,956
Capex / Sales	17.39%	8.18%	8.79%	5.98%	3.67%	15.17%	9.67%	7.55%
Announcement Date	4/8/19	4/22/20	4/20/21	4/27/22	4/10/23	-	-	-

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

18.62 CNY

Average target price

26.22 CNY

Spread / Average Target

+40.83%

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.	-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
FLAT GLASS GROUP CO., LTD.	+37.48%	7.64B
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