Financials TCL Zhonghuan Renewable Energy Technology Co.,Ltd.

Equities

002129

CNE1000000B8

Renewable Energy Equipment & Services

End-of-day quote Shenzhen S.E. 06:00:00 2024-04-18 pm EDT 5-day change 1st Jan Change
10.38 CNY -3.71% Intraday chart for TCL Zhonghuan Renewable Energy Technology Co.,Ltd. -5.72% -33.63%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 20,137 32,893 77,340 134,543 121,005 41,625 41,625 -
Enterprise Value (EV) 1 20,137 43,550 88,660 144,405 145,736 69,687 66,379 59,338
P/E ratio 30.9 x 36.4 x 67.6 x 31.7 x 17.8 x 9.57 x 4.86 x 3.89 x
Yield - 0.25% 0.24% 0.26% 0.27% 1% 1.03% 1.29%
Capitalization / Revenue 1.46 x 1.95 x 4.06 x 3.27 x 1.81 x 0.58 x 0.52 x 0.45 x
EV / Revenue 1.46 x 2.58 x 4.65 x 3.51 x 2.17 x 0.97 x 0.82 x 0.64 x
EV / EBITDA 10.2 x 12.7 x 23.4 x 18.4 x 12.4 x 5.11 x 4.32 x 3.24 x
EV / FCF - -20.6 x -118 x -79.3 x -23.7 x 96.4 x 25.3 x 6.38 x
FCF Yield - -4.86% -0.84% -1.26% -4.22% 1.04% 3.96% 15.7%
Price to Book 1.6 x 2.33 x 4.03 x 4.26 x 3.24 x 0.93 x 0.78 x 0.66 x
Nbr of stocks (in thousands) 3,481,446 3,481,446 3,791,158 4,028,245 4,016,351 4,010,093 4,010,093 -
Reference price 2 5.784 9.448 20.40 33.40 30.13 10.38 10.38 10.38
Announcement Date 2/27/19 2/28/20 3/10/21 3/10/22 3/28/23 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 13,756 16,887 19,057 41,105 67,010 71,773 80,752 93,404
EBITDA 1 1,973 3,416 3,783 7,848 11,712 13,629 15,369 18,323
EBIT 1 490.5 1,441 1,631 5,006 7,325 9,461 11,931 13,324
Operating Margin 3.57% 8.53% 8.56% 12.18% 10.93% 13.18% 14.78% 14.26%
Earnings before Tax (EBT) 1 872.7 1,457 1,692 5,000 7,449 9,077 11,773 13,148
Net income 1 632.3 903.7 1,089 4,030 6,819 7,206 8,631 10,207
Net margin 4.6% 5.35% 5.71% 9.8% 10.18% 10.04% 10.69% 10.93%
EPS 2 0.1871 0.2596 0.3016 1.053 1.697 1.085 2.135 2.667
Free Cash Flow 1 - -2,115 -748.3 -1,821 -6,151 723 2,627 9,297
FCF margin - -12.52% -3.93% -4.43% -9.18% 1.01% 3.25% 9.95%
FCF Conversion (EBITDA) - - - - - 5.3% 17.1% 50.74%
FCF Conversion (Net income) - - - - - 10.03% 30.44% 91.09%
Dividend per Share 2 - 0.0240 0.0480 0.0880 0.0800 0.1034 0.1068 0.1340
Announcement Date 2/27/19 2/28/20 3/10/21 3/10/22 3/28/23 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 7,942 - - 12,016 - 18,330 18,147 17,165 - 17,279 13,756 12,396 16,163 22,164 21,941 20,755
EBITDA - - - 1,772 - 2,538 3,080 - - - - - - - - -
EBIT - - - 1,422 - 1,921 2,501 1,329 - - - - - - - -
Operating Margin - - - 11.83% - 10.48% 13.78% 7.74% - - - - - - - -
Earnings before Tax (EBT) - - - 1,407 - 1,903 2,500 1,470 - - - - - - - -
Net income 1 - - - - - 1,607 2,083 1,818 2,253 2,283 1,652 -1,438 - - - -
Net margin - - - - - 8.76% 11.48% 10.59% - 13.21% 12.01% -11.6% - - - -
EPS 2 0.1298 0.2480 0.3360 0.3280 - - - 0.4560 0.5605 0.5681 0.4100 -0.4906 - - - -
Dividend per Share - - - - - - - - - - - - - 0.0402 - -
Announcement Date 8/21/19 8/6/21 10/25/21 3/10/22 5/24/22 8/24/22 10/19/22 3/28/23 4/27/23 8/28/23 10/25/23 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - 10,658 11,320 9,862 24,731 28,062 24,754 17,713
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - 3.12 x 2.992 x 1.257 x 2.112 x 2.059 x 1.611 x 0.9667 x
Free Cash Flow 1 - -2,115 -748 -1,821 -6,151 723 2,627 9,297
ROE (net income / shareholders' equity) 5.06% 6.58% 7.55% 18% 19.7% 17.2% 17.2% 16.8%
ROA (Net income/ Total Assets) - 1.97% 2.02% 5.84% 7.29% 6.3% 6.36% 7.05%
Assets 1 - 45,918 53,911 69,026 93,556 114,459 135,796 144,726
Book Value Per Share 2 3.610 4.050 5.070 7.840 9.310 11.10 13.30 15.60
Cash Flow per Share 2 0.4900 0.7200 0.7500 1.060 1.250 3.090 3.590 3.890
Capex 1 - 4,622 3,607 5,982 11,208 13,365 10,651 10,719
Capex / Sales - 27.37% 18.93% 14.55% 16.73% 18.62% 13.19% 11.48%
Announcement Date 2/27/19 2/28/20 3/10/21 3/10/22 3/28/23 - - -
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

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
10.38 CNY
Average target price
22.97 CNY
Spread / Average Target
+121.32%
Consensus
  1. Stock Market
  2. Equities
  3. 002129 Stock
  4. Financials TCL Zhonghuan Renewable Energy Technology Co.,Ltd.