Projected Income Statement: Ming Yang Smart Energy Group Limited

Forecast Balance Sheet: Ming Yang Smart Energy Group Limited

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 - -8,154 -3,589 1,974 2,563 4,184 6,587 7,244
Change - - 55.98% 155% 29.84% 63.22% 57.43% 9.97%
Announcement Date 4/7/21 3/1/22 4/28/23 4/11/24 4/25/25 - - -
1CNY in Million
Estimates

Cash Flow Forecast: Ming Yang Smart Energy Group Limited

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
CAPEX 1 3,306 7,380 8,004 7,610 5,630 5,044 4,725 4,832
Change - 123.23% 8.46% -4.93% -26.01% -10.4% -6.34% 2.28%
Free Cash Flow (FCF) 1 - -1,982 -8,800 -10,201 -8,033 -10,566 -1,905 -147
Change - - -343.92% -15.92% 21.25% -31.53% 81.97% 92.28%
Announcement Date 4/7/21 3/1/22 4/28/23 4/11/24 4/25/25 - - -
1CNY in Million
Estimates

Forecast Financial Ratios: Ming Yang Smart Energy Group Limited

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027

Profitability

        
EBITDA Margin (%) 9.54% 16.33% 15.77% 5.22% 6.77% 7.81% 10.62% 12.25%
EBIT Margin (%) 7.03% 13.98% 12.57% 1.36% 1.66% 4.08% 6.15% 6.64%
EBT Margin (%) 6.58% 13.85% 12.55% 1.29% 1.53% 3.47% 5.55% 6.11%
Net margin (%) 6.12% 12.17% 11.24% 1.35% 1.27% 3.17% 4.91% 5.8%
FCF margin (%) - -7.27% -28.62% -36.63% -29.58% -26.49% -4.29% -0.29%
FCF / Net Income (%) - -59.73% -254.74% -2,720.31% -2,321.03% -834.54% -87.3% -5.06%

Profitability

        
ROA 3.18% 5.8% 5.29% 0.49% 0.41% 1.47% 1.94% 2.16%
ROE 15.71% 19.6% 14.57% 1.34% 1.31% 5.27% 7.95% 9.21%

Financial Health

        
Leverage (Debt/EBITDA) - - - 1.36x 1.39x 1.34x 1.4x 1.18x
Debt / Free cash flow - - - -0.19x -0.32x -0.4x -3.46x -49.28x

Capital Intensity

        
CAPEX / Current Assets (%) 14.72% 27.06% 26.03% 27.32% 20.73% 12.65% 10.63% 9.65%
CAPEX / EBITDA (%) 154.36% 165.66% 165.1% 523.24% 306.11% 161.91% 100.14% 78.77%
CAPEX / FCF (%) - -372.27% -90.96% -74.6% -70.09% -47.74% -248.01% -3,287.36%

Items per share

        
Cash flow per share 1 1.936 2.759 -0.3503 -1.141 -1.058 3.262 2.394 2.69
Change - 42.51% -112.7% -225.66% 7.27% 408.34% -26.61% 12.37%
Dividend per Share 1 0.11 0.2211 0.3041 0.3041 0.3041 0.2848 0.2895 0.3066
Change - 101% 37.54% 0% 0% -6.36% 1.68% 5.88%
Book Value Per Share 1 7.752 9.51 12.37 12.07 11.55 11.89 12.64 13.58
Change - 22.68% 30.11% -2.45% -4.31% 2.94% 6.32% 7.43%
EPS 1 0.9 1.73 1.58 0.16 0.15 0.5422 0.9445 1.169
Change - 92.22% -8.67% -89.87% -6.25% 261.48% 74.19% 23.81%
Nbr of stocks (in thousands) 1,875,015 1,932,986 2,248,745 2,230,724 2,150,377 2,150,167 2,150,167 2,150,167
Announcement Date 4/7/21 3/1/22 4/28/23 4/11/24 4/25/25 - - -
1CNY
Estimates
2025 *2026 *
P/E ratio 43x 24.7x
PBR 1.96x 1.84x
EV / Sales 1.36x 1.28x
Yield 1.22% 1.24%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
-
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
23.30CNY
Average target price
18.51CNY
Spread / Average Target
-20.58%

Annual profits - Rate of surprise

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  4. Financials Ming Yang Smart Energy Group Limited