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 2024-05-30 pm EDT 		5-day change 1st Jan Change
23.01 CNY -2.25% Intraday chart for Tongwei Co.,Ltd +1.10% -8.07%
May. 29 Tongwei Issues Green Ultra-Short-Term Bonds of 500 Million Yuan MT
May. 13 Tongwei Strikes 39 Billion Yuan Sales Deal With LONGi MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 50,978 173,040 202,390 173,676 112,684 103,590 - -
Enterprise Value (EV) 1 61,352 178,365 215,101 164,821 135,434 145,913 140,178 147,896
P/E ratio 20 x 45.4 x 24.7 x 7.03 x 8.71 x 37.6 x 12.1 x 13 x
Yield 1.42% 0.63% 2.03% 7.41% 3.62% 2.68% 2.49% 2.53%
Capitalization / Revenue 1.36 x 3.91 x 3.19 x 1.22 x 0.81 x 0.76 x 0.62 x 0.58 x
EV / Revenue 1.63 x 4.04 x 3.39 x 1.16 x 0.97 x 1.07 x 0.84 x 0.83 x
EV / EBITDA 12 x 24.8 x 15.8 x 3.68 x 4.72 x 10.6 x 6.19 x 6.09 x
EV / FCF -34.5 x -76.6 x -34.5 x 5.76 x -23.9 x -15.1 x 16.9 x 12.6 x
FCF Yield -2.9% -1.31% -2.9% 17.4% -4.19% -6.61% 5.93% 7.94%
Price to Book 2.9 x 5.67 x 5.4 x 2.95 x 1.89 x 1.7 x 1.42 x 1.42 x
Nbr of stocks (in thousands) 3,882,585 4,501,548 4,501,548 4,501,713 4,501,970 4,501,974 - -
Reference price 2 13.13 38.44 44.96 38.58 25.03 23.01 23.01 23.01
Announcement Date 4/20/20 4/6/21 2/13/22 4/24/23 4/29/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 37,555 44,200 63,491 142,423 139,104 135,869 166,149 177,503
EBITDA 1 5,119 7,192 13,650 44,760 28,665 13,725 22,657 24,284
EBIT 1 3,123 4,713 10,834 39,574 22,291 6,117 13,953 13,124
Operating Margin 8.32% 10.66% 17.06% 27.79% 16.02% 4.5% 8.4% 7.39%
Earnings before Tax (EBT) 1 3,152 4,274 10,390 38,339 22,052 4,143 12,121 11,837
Net income 1 2,635 3,608 8,208 25,726 13,574 2,777 8,608 8,058
Net margin 7.02% 8.16% 12.93% 18.06% 9.76% 2.04% 5.18% 4.54%
EPS 2 0.6558 0.8466 1.823 5.489 2.874 0.6115 1.897 1.770
Free Cash Flow 1 -1,779 -2,329 -6,233 28,633 -5,676 -9,638 8,307 11,748
FCF margin -4.74% -5.27% -9.82% 20.1% -4.08% -7.09% 5% 6.62%
FCF Conversion (EBITDA) - - - 63.97% - - 36.66% 48.38%
FCF Conversion (Net income) - - - 111.3% - - 96.5% 145.79%
Dividend per Share 2 0.1860 0.2410 0.9120 2.858 0.9050 0.6167 0.5740 0.5811
Announcement Date 4/20/20 4/6/21 2/13/22 4/24/23 4/29/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2020 S2 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 2025 Q1 2025 Q2
Net sales 1 - - 16,791 24,685 35,654 - 41,745 40,338 33,245 40,824 37,352 27,684 19,570 27,175 36,020 45,419 - -
EBITDA 1 - - 3,457 - 11,947 - 15,272 - - - - - - 3,522 4,503 4,492 - -
EBIT 1 - - 3,321 6,879 10,381 - 14,127 8,187 12,671 7,719 4,384 -2,483 - 1,340 2,321 2,310 - -
Operating Margin - - 19.78% 27.87% 29.12% - 33.84% 20.3% 38.11% 18.91% 11.74% -8.97% - 4.93% 6.44% 5.09% - -
Earnings before Tax (EBT) 1 - - - - - - - - - - 4,357 -2,680 - 1,001 1,868 1,566 - -
Net income 1 1,010 2,597 - 5,194 - 12,224 9,507 3,996 8,601 4,669 3,031 -2,728 - 689.4 1,453 1,018 - -
Net margin - - - 21.04% - - 22.77% 9.91% 25.87% 11.44% 8.12% -9.85% - 2.54% 4.03% 2.24% - -
EPS 2 - - 0.5000 1.154 1.470 - 2.021 0.8700 1.787 0.9500 0.6300 -0.5000 -0.1748 0.2716 0.2864 0.2281 - -
Dividend per Share 2 - - 0.9120 - - - - 2.858 - - - - - - - 0.1583 - -
Announcement Date 8/7/20 4/6/21 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 4/29/24 4/29/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 10,374 5,325 12,712 - 22,750 42,322 36,588 44,305
Net Cash position 1 - - - 8,855 - - - -
Leverage (Debt/EBITDA) 2.027 x 0.7404 x 0.9313 x - 0.7937 x 3.084 x 1.615 x 1.824 x
Free Cash Flow 1 -1,779 -2,329 -6,233 28,633 -5,676 -9,639 8,307 11,749
ROE (net income / shareholders' equity) 16.1% 16.1% 24.2% 52.4% 22.6% 5.11% 12.3% 11.8%
ROA (Net income/ Total Assets) 6.18% 6.5% 10.8% - - 1.8% 4.18% 5.29%
Assets 1 42,651 55,541 76,322 - - 154,282 206,184 152,326
Book Value Per Share 2 4.530 6.780 8.330 13.10 13.20 13.50 16.20 16.20
Cash Flow per Share 2 0.6100 0.6700 1.690 9.730 6.810 3.170 4.920 5.820
Capex 1 4,137 5,354 13,851 15,185 36,355 26,069 16,883 14,205
Capex / Sales 11.01% 12.11% 21.82% 10.66% 26.14% 19.19% 10.16% 8%
Announcement Date 4/20/20 4/6/21 2/13/22 4/24/23 4/29/24 - - -
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 Tongwei Co.,Ltd

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
26
Last Close Price
23.01 CNY
Average target price
27.33 CNY
Spread / Average Target
+18.78%
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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