CHINA LONGYUAN POWER GROUP CORPORATION LIMITED

Financials China Longyuan Power Group Corporation Limited

Equities

916 CNE100000HD4

Electric Utilities

Market Closed - Hong Kong S.E. Other stock markets 09:08:49 06/05/2024 BST			5-day change	1st Jan Change
5.86 ^HKD	+3.90%		+3.90%	-1.01%

04-25	China Longyuan Power Group Corporation Limited Reports Unaudited Consolidated Power Generations Results for the First Quarter Ended March 31, 2024	CI
04-25	China Longyuan Power Group Corporation Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	35,407	52,555	119,176	120,114	117,929	111,102	-	-
Enterprise Value (EV) ¹	110,095	138,100	210,983	220,255	229,167	243,653	255,449	263,713
P/E ratio	8.19 x	11.1 x	19.4 x	14.4 x	-	5.36 x	4.69 x	4.35 x
Yield	2.44%	1.8%	0.99%	1.39%	-	4.76%	5.46%	6.08%
Capitalization / Revenue	1.29 x	1.83 x	3.2 x	3.01 x	3.13 x	2.76 x	2.41 x	2.26 x
EV / Revenue	4 x	4.82 x	5.67 x	5.53 x	6.09 x	6.05 x	5.55 x	5.37 x
EV / EBITDA	6.26 x	7.76 x	10.1 x	11.9 x	12.1 x	9.05 x	8.28 x	7.88 x
EV / FCF	61.4 x	-17.4 x	-229 x	30.2 x	-45.6 x	-36.3 x	-40.9 x	71.5 x
FCF Yield	1.63%	-5.75%	-0.44%	3.31%	-2.19%	-2.76%	-2.45%	1.4%
Price to Book	0.58 x	0.91 x	1.89 x	1.03 x	-	0.6 x	0.54 x	0.48 x
Nbr of stocks (in thousands)	8,036,389	8,036,389	8,036,389	8,381,963	8,371,628	8,359,816	-	-
Reference price ²	4.406	6.540	14.83	8.426	5.381	5.403	5.403	5.403
Announcement Date	27/03/20	30/03/21	30/03/22	29/03/23	27/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	27,541	28,667	37,195	39,863	37,642	40,269	46,065	49,094
EBITDA ¹	17,580	17,791	20,853	18,454	18,866	26,926	30,854	33,486
EBIT ¹	9,946	10,056	12,558	7,686	8,158	13,766	16,869	17,821
Operating Margin	36.11%	35.08%	33.76%	19.28%	21.67%	34.18%	36.62%	36.3%
Earnings before Tax (EBT) ¹	6,450	6,922	8,756	7,638	8,239	11,156	13,237	14,378
Net income ¹	4,325	4,726	6,159	5,112	6,249	8,417	9,662	10,452
Net margin	15.7%	16.49%	16.56%	12.82%	16.6%	20.9%	20.97%	21.29%
EPS ²	0.5382	0.5881	0.7663	0.5863	-	1.009	1.153	1.243
Free Cash Flow ¹	1,792	-7,942	-921.4	7,286	-5,022	-6,718	-6,248	3,689
FCF margin	6.51%	-27.7%	-2.48%	18.28%	-13.34%	-16.68%	-13.56%	7.51%
FCF Conversion (EBITDA)	10.19%	-	-	39.48%	-	-	-	11.02%
FCF Conversion (Net income)	41.43%	-	-	142.53%	-	-	-	35.29%
Dividend per Share ²	0.1076	0.1176	0.1470	0.1171	-	0.2571	0.2949	0.3287
Announcement Date	27/03/20	30/03/21	30/03/22	29/03/23	27/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 S2	2023 S1
Net sales	13,503	14,218	14,449	17,877	-	19,319	-	-	21,662	-	18,199	19,847
EBITDA	7,709	-	-	-	-	-	-	-	-	-	-	-
EBIT	3,830	6,338	3,718	8,109	-	4,448	-	-	8,196	-	3,707	8,616
Operating Margin	28.36%	44.58%	25.73%	45.36%	-	23.03%	-	-	37.84%	-	20.37%	43.41%
Earnings before Tax (EBT)	2,066	4,594	2,327	6,375	-	-	-	-	-	-	-	-
Net income ¹	1,117	3,210	1,517	4,420	1,101	-	2,258	1,958	4,216	1,146	-	-
Net margin	8.27%	22.58%	10.5%	24.73%	-	-	-	-	19.46%	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	0.1176	-	-	-	-	-	-	-	-	-
Announcement Date	27/03/20	11/08/20	30/03/21	27/08/21	30/03/22	30/03/22	27/04/22	23/08/22	23/08/22	27/10/22	29/03/23	29/08/23

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	74,688	85,544	91,807	100,141	111,239	132,551	144,347	152,611
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.249 x	4.808 x	4.403 x	5.426 x	5.896 x	4.923 x	4.678 x	4.557 x
Free Cash Flow ¹	1,792	-7,942	-921	7,286	-5,022	-6,718	-6,248	3,689
ROE (net income / shareholders' equity)	7.38%	8.55%	10.2%	7.18%	9.12%	10.9%	11.1%	11.5%
ROA (Net income/ Total Assets)	2.85%	2.85%	3.37%	2.29%	2.76%	3.56%	3.73%	3.73%
Assets ¹	151,651	166,044	182,571	223,591	226,276	236,455	259,366	279,935
Book Value Per Share ²	7.550	7.180	7.830	8.180	-	9.020	10.10	11.30
Cash Flow per Share ²	1.560	1.530	2.080	3.540	-	2.860	2.860	3.720
Capex ¹	11,787	20,215	17,676	22,320	18,906	29,877	35,145	25,483
Capex / Sales	42.8%	70.52%	47.52%	55.99%	50.23%	74.19%	76.29%	51.91%
Announcement Date	27/03/20	30/03/21	30/03/22	29/03/23	27/03/24	-	-	-

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 China Longyuan Power Group Corporation Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.403 CNY

Average target price

7.502 CNY

Spread / Average Target

+38.85%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Wind Electric Utilities

	1st Jan change	Capi.
CHINA LONGYUAN POWER GROUP CORPORATION LIMITED	-1.01%	15.11B
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JIANGSU NEW ENERGY DEVELOPMENT CO., LTD.	+4.01%	1.38B
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INNERGEX RENEWABLE ENERGY INC.	-5.11%	1.26B
ZHONGMIN ENERGY CO., LTD.	+5.49%	1.19B
SERENA ENERGIA S.A.	-12.73%	1.06B
GREENCOAT RENEWABLES PLC	-15.16%	1.06B

Wind Electric Utilities