Stock 600438 TONGWEI CO.,LTD
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Financials Tongwei Co.,Ltd

Equities

600438

CNE000001GS3

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
21.68 CNY +2.02% Intraday chart for Tongwei Co.,Ltd -5.86% -13.38%
Mar. 05 Tongwei's Chairman Calls for Stimulus for Big Hydro Power Projects MT
Feb. 05 Tongwei Issues 500 Million Yuan Green Bonds MT

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 32,146 50,978 173,040 202,390 173,676 97,603 97,603 -
Enterprise Value (EV) 1 36,209 61,352 178,365 215,101 164,821 87,626 105,621 104,643
P/E ratio 15.9 x 20 x 45.4 x 24.7 x 7.03 x 5.62 x 7.02 x 6.94 x
Yield 1.93% 1.42% 0.63% 2.03% 7.41% 7.54% 4.33% 4.73%
Capitalization / Revenue 1.17 x 1.36 x 3.91 x 3.19 x 1.22 x 0.65 x 0.62 x 0.51 x
EV / Revenue 1.32 x 1.63 x 4.04 x 3.39 x 1.16 x 0.58 x 0.67 x 0.55 x
EV / EBITDA 10 x 12 x 24.8 x 15.8 x 3.68 x 2.73 x 4.85 x 3.69 x
EV / FCF - -34.5 x -76.6 x -34.5 x 5.76 x 8.17 x -24.9 x 11.6 x
FCF Yield - -2.9% -1.31% -2.9% 17.4% 12.2% -4.01% 8.63%
Price to Book 2.18 x 2.9 x 5.67 x 5.4 x 2.95 x 1.45 x 1.34 x 1.18 x
Nbr of stocks (in thousands) 3,882,372 3,882,585 4,501,548 4,501,548 4,501,713 4,501,974 4,501,974 -
Reference price 2 8.280 13.13 38.44 44.96 38.58 21.68 21.68 21.68
Announcement Date 4/17/19 4/20/20 4/6/21 2/13/22 4/24/23 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 27,535 37,555 44,200 63,491 142,423 149,957 157,559 189,781
EBITDA 1 3,613 5,119 7,192 13,650 44,760 32,077 21,783 28,356
EBIT 1 2,395 3,123 4,713 10,834 39,574 26,477 16,238 21,392
Operating Margin 8.7% 8.32% 10.66% 17.06% 27.79% 17.66% 10.31% 11.27%
Earnings before Tax (EBT) 1 2,398 3,152 4,274 10,390 38,339 26,049 14,429 20,625
Net income 1 2,019 2,635 3,608 8,208 25,726 17,489 14,028 16,978
Net margin 7.33% 7.02% 8.16% 12.93% 18.06% 11.66% 8.9% 8.95%
EPS 2 0.5200 0.6558 0.8466 1.823 5.489 3.860 3.090 3.123
Free Cash Flow 1 - -1,779 -2,329 -6,233 28,633 10,731 -4,238 9,029
FCF margin - -4.74% -5.27% -9.82% 20.1% 7.16% -2.69% 4.76%
FCF Conversion (EBITDA) - - - - 63.97% 33.45% - 31.84%
FCF Conversion (Net income) - - - - 111.3% 61.36% - 53.18%
Dividend per Share 2 0.1600 0.1860 0.2410 0.9120 2.858 1.635 0.9396 1.026
Announcement Date 4/17/19 4/20/20 4/6/21 2/13/22 4/24/23 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2020 S2 2021 Q2 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
Net sales 1 - - 15,944 20,138 16,791 24,685 35,654 - 41,745 40,338 33,245 40,824 37,352 34,003 31,379 40,792 42,361 42,361
EBITDA 1 - - - 4,574 3,457 - 11,947 - 15,272 - - - - 1,836 - - - -
EBIT 1 - - 2,730 3,728 3,321 6,879 10,381 - 14,127 8,187 12,671 7,719 4,384 745.6 - - - -
Operating Margin - - 17.12% 18.51% 19.78% 27.87% 29.12% - 33.84% 20.3% 38.11% 18.91% 11.74% 2.19% - - - -
Earnings before Tax (EBT) 1 - - - - - - - - - - - - 4,357 746.4 - - - -
Net income 1 1,010 2,597 - 2,979 - 5,194 - 12,224 9,507 3,996 8,601 4,669 3,031 794.9 - - - -
Net margin - - - 14.79% - 21.04% - - 22.77% 9.91% 25.87% 11.44% 8.12% 2.34% - - - -
EPS 2 - - 0.4700 0.6600 0.5000 1.154 1.470 - 2.021 0.8700 1.787 0.9500 0.6300 0.3983 0.7200 0.3900 0.2500 0.2300
Dividend per Share 2 - - - - 0.9120 - - - - 2.858 - - - 1.899 - - - 0.6442
Announcement Date 8/7/20 4/6/21 8/17/21 10/25/21 2/13/22 4/25/22 8/17/22 8/17/22 10/25/22 4/24/23 4/24/23 8/21/23 10/25/23 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 4,063 10,374 5,325 12,712 - - 8,018 7,040
Net Cash position 1 - - - - 8,855 9,977 - -
Leverage (Debt/EBITDA) 1.125 x 2.027 x 0.7404 x 0.9313 x - - 0.3681 x 0.2483 x
Free Cash Flow 1 - -1,779 -2,329 -6,233 28,633 10,731 -4,239 9,029
ROE (net income / shareholders' equity) 14.4% 16.1% 16.1% 24.2% 52.4% 26.8% 16% 17.7%
ROA (Net income/ Total Assets) 6.31% 6.18% 6.5% 10.8% - 11.3% 7.3% 8.03%
Assets 1 32,018 42,651 55,541 76,322 - 154,807 192,233 211,339
Book Value Per Share 2 3.800 4.530 6.780 8.330 13.10 15.00 16.20 18.40
Cash Flow per Share 2 0.8000 0.6100 0.6700 1.690 9.730 6.690 4.530 5.630
Capex 1 7,095 4,137 5,354 13,851 15,185 20,407 22,779 19,764
Capex / Sales 25.77% 11.01% 12.11% 21.82% 10.66% 13.61% 14.46% 10.41%
Announcement Date 4/17/19 4/20/20 4/6/21 2/13/22 4/24/23 - - -
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 Tongwei Co.,Ltd

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
25
Last Close Price
21.68 CNY
Average target price
31.69 CNY
Spread / Average Target
+46.19%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Photovoltaic Solar Systems & Equipment

1st Jan change Capi.
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Photovoltaic Solar Systems & Equipment
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