XINYI SOLAR HOLDINGS LIMITED Financials Xinyi Solar Holdings Limited
Equities
968
KYG9829N1025
Renewable Energy Equipment & Services
|
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 5.26 HKD | +2.33% |
|
+0.38% | +15.35% |
| May. 31 | Xinyi Solar Holdings Limited Approves Final Dividend for the Year Ended 31 December 2023 | CI |
| May. 29 | China stocks close marginally higher after IMF upgrades GDP forecasts | RE |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 44,693 | 178,387 | 117,536 | 76,864 | 40,599 | 45,797 | - | - |
| Enterprise Value (EV) 1 | 49,781 | 175,209 | 118,086 | 79,570 | 48,280 | 56,990 | 56,772 | 58,821 |
| P/E ratio | 18.3 x | 36.6 x | 23.8 x | 20.2 x | 9.7 x | 8.83 x | 6.93 x | 6.09 x |
| Yield | 2.53% | 0.84% | 2.04% | 2.31% | 4.93% | 5.5% | 6.84% | 7.91% |
| Capitalization / Revenue | 4.91 x | 14.5 x | 7.32 x | 3.74 x | 1.52 x | 1.36 x | 1.12 x | 0.99 x |
| EV / Revenue | 5.47 x | 14.2 x | 7.35 x | 3.87 x | 1.81 x | 1.7 x | 1.38 x | 1.27 x |
| EV / EBITDA | 12.5 x | 26.1 x | 15.4 x | 11.6 x | 6.26 x | 6.09 x | 4.98 x | 4.61 x |
| EV / FCF | -64.8 x | 176 x | -90.2 x | -106 x | -11.8 x | -29.7 x | 14.5 x | 14.4 x |
| FCF Yield | -1.54% | 0.57% | -1.11% | -0.95% | -8.5% | -3.36% | 6.88% | 6.94% |
| Price to Book | 3.15 x | 6.73 x | 3.88 x | 2.58 x | 1.27 x | 1.29 x | 1.17 x | 1.06 x |
| Nbr of stocks (in thousands) | 8,081,863 | 8,809,254 | 8,890,763 | 8,896,240 | 8,903,251 | 8,909,892 | - | - |
| Reference price 2 | 5.530 | 20.25 | 13.22 | 8.640 | 4.560 | 5.140 | 5.140 | 5.140 |
| Announcement Date | 3/16/20 | 3/1/21 | 2/28/22 | 2/27/23 | 2/28/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 9,096 | 12,316 | 16,065 | 20,544 | 26,629 | 33,598 | 41,000 | 46,233 |
| EBITDA 1 | 3,998 | 6,709 | 7,690 | 6,872 | 7,718 | 9,361 | 11,402 | 12,757 |
| EBIT 1 | 3,203 | 5,853 | 6,514 | 5,318 | 5,893 | 7,215 | 9,029 | 10,259 |
| Operating Margin | 35.21% | 47.53% | 40.55% | 25.88% | 22.13% | 21.47% | 22.02% | 22.19% |
| Earnings before Tax (EBT) 1 | 3,093 | 5,758 | 6,568 | 5,181 | 5,571 | 6,863 | 8,668 | 9,837 |
| Net income 1 | 2,416 | 4,561 | 4,924 | 3,820 | 4,187 | 5,154 | 6,484 | 7,355 |
| Net margin | 26.57% | 37.03% | 30.65% | 18.59% | 15.72% | 15.34% | 15.81% | 15.91% |
| EPS 2 | 0.3027 | 0.5532 | 0.5556 | 0.4287 | 0.4703 | 0.5820 | 0.7416 | 0.8439 |
| Free Cash Flow 1 | -768.6 | 996.5 | -1,310 | -754.1 | -4,105 | -1,916 | 3,905 | 4,085 |
| FCF margin | -8.45% | 8.09% | -8.15% | -3.67% | -15.42% | -5.7% | 9.52% | 8.84% |
| FCF Conversion (EBITDA) | - | 14.85% | - | - | - | - | 34.25% | 32.02% |
| FCF Conversion (Net income) | - | 21.85% | - | - | - | - | 60.23% | 55.54% |
| Dividend per Share 2 | 0.1400 | 0.1700 | 0.2700 | 0.2000 | 0.2250 | 0.2829 | 0.3516 | 0.4064 |
| Announcement Date | 3/16/20 | 3/1/21 | 2/28/22 | 2/27/23 | 2/28/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 |
|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 5,099 | 4,623 | 7,693 | 8,075 | 7,990 | 9,698 | 10,847 | 12,142 | 14,487 |
| EBITDA | 2,386 | 2,360 | - | 4,400 | - | - | - | - | - |
| EBIT 1 | 1,977 | 1,914 | - | 3,863 | 2,519 | 2,658 | 2,660 | 2,170 | 3,735 |
| Operating Margin | 38.76% | 41.4% | - | 47.84% | 31.52% | 27.41% | 24.52% | 17.87% | 25.79% |
| Earnings before Tax (EBT) 1 | 1,933 | 1,838 | - | 4,018 | - | 2,657 | - | - | 3,553 |
| Net income 1 | 1,464 | 1,406 | - | 3,072 | 1,852 | 1,905 | - | - | 2,796 |
| Net margin | 28.71% | 30.42% | - | 38.05% | 23.18% | 19.64% | - | - | 19.3% |
| EPS | - | - | - | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - |
| Announcement Date | 3/16/20 | 8/3/20 | 3/1/21 | 8/2/21 | 2/28/22 | 8/1/22 | 2/27/23 | 7/31/23 | 2/28/24 |
1HKD in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 5,089 | - | 550 | 2,707 | 7,681 | 11,193 | 10,976 | 13,024 |
| Net Cash position 1 | - | 3,178 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.273 x | - | 0.0715 x | 0.3939 x | 0.9952 x | 1.196 x | 0.9626 x | 1.021 x |
| Free Cash Flow 1 | -769 | 996 | -1,310 | -754 | -4,105 | -1,916 | 3,905 | 4,085 |
| ROE (net income / shareholders' equity) | 19.6% | 22.4% | 17.3% | 12.7% | 13.6% | 15.2% | 17.5% | 17.8% |
| ROA (Net income/ Total Assets) | 9.24% | 12.7% | 10.6% | 7.67% | 7.54% | 8.36% | 9.49% | 9.79% |
| Assets 1 | 26,145 | 35,910 | 46,247 | 49,823 | 55,504 | 61,651 | 68,310 | 75,118 |
| Book Value Per Share 2 | 1.750 | 3.010 | 3.410 | 3.340 | 3.590 | 3.990 | 4.370 | 4.850 |
| Cash Flow per Share 2 | 0.2100 | 0.5200 | 0.4000 | 0.6600 | 0.6500 | 0.6600 | 0.8900 | 1.190 |
| Capex 1 | 2,134 | 3,249 | 4,938 | 6,646 | 9,895 | 7,087 | 5,255 | 5,355 |
| Capex / Sales | 23.46% | 26.38% | 30.74% | 32.35% | 37.16% | 21.09% | 12.82% | 11.58% |
| Announcement Date | 3/16/20 | 3/1/21 | 2/28/22 | 2/27/23 | 2/28/24 | - | - | - |
1HKD in Million2HKD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
BUY
Number of Analysts
27
Last Close Price
5.14
HKD
Average target price
6.832
HKD
Spread / Average Target
+32.92%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +16.01% | 5.86B | |
| +57.74% | 29.09B | |
| -18.82% | 19.45B | |
| -3.21% | 17.4B | |
| -8.07% | 14.3B | |
| -8.01% | 11.26B | |
| -9.47% | 7.9B | |
| +17.76% | 7.8B | |
| +22.00% | 7.35B | |
| -27.12% | 6.86B |
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