Stock 600025 HUANENG LANCANG RIVER HYDROPOWER INC.
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Financials Huaneng Lancang River Hydropower Inc.

Equities

600025

CNE100002T71

Independent Power Producers

End-of-day quote Shanghai S.E.
Other stock markets
 23:00:00 25/04/2024 BST 		5-day change 1st Jan Change
9.67 CNY +0.10% Intraday chart for Huaneng Lancang River Hydropower Inc. -1.83% +12.05%
04-26 Huaneng Lancang River Hydropower Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
03-20 Lancang River Hydropower Names Chairman, Vice Chairmen MT

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 56,700 75,960 80,280 118,620 118,800 174,060 174,060 -
Enterprise Value (EV) 1 160,258 167,554 163,713 198,464 198,507 263,421 247,306 243,825
P/E ratio 9.84 x 13.7 x 16.5 x 20.6 x 18.9 x 21.6 x 20.3 x 19.2 x
Yield 4.77% 3.61% 3.59% 2.58% 2.65% 2.09% 3.02% 2.69%
Capitalization / Revenue 3.65 x 3.65 x 4.17 x 5.87 x 5.62 x 6.62 x 7.05 x 6.49 x
EV / Revenue 10.3 x 8.06 x 8.5 x 9.82 x 9.39 x 11.2 x 10 x 9.1 x
EV / EBITDA 12.7 x 13.1 x 14 x 15.4 x 14.4 x 17.3 x 12.8 x 11.7 x
EV / FCF - 14.1 x 15.9 x 18.9 x 22.8 x -253 x 24.7 x 26.9 x
FCF Yield - 7.09% 6.29% 5.28% 4.39% -0.4% 4.04% 3.72%
Price to Book 1.28 x 1.38 x 1.65 x 2.31 x 2.17 x 2.86 x 2.31 x 2.16 x
Nbr of stocks (in thousands) 18,000,000 18,000,000 18,000,000 18,000,000 18,000,000 18,000,000 18,000,000 -
Reference price 2 3.150 4.220 4.460 6.590 6.600 9.670 9.670 9.670
Announcement Date 25/04/19 24/04/20 22/04/21 02/03/22 21/04/23 26/04/24 - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 15,516 20,801 19,253 20,202 21,142 23,461 24,679 26,800
EBITDA 1 12,656 12,814 11,663 12,911 13,833 15,270 19,396 20,826
EBIT 1 7,387 6,882 5,677 7,177 8,317 9,426 10,469 11,434
Operating Margin 47.61% 33.09% 29.49% 35.53% 39.34% 40.18% 42.42% 42.66%
Earnings before Tax (EBT) 1 - 6,270 5,653 7,134 8,292 9,420 10,464 11,391
Net income 1 - 5,545 4,835 5,838 6,801 7,638 8,545 9,067
Net margin - 26.66% 25.11% 28.9% 32.17% 32.56% 34.62% 33.83%
EPS 2 0.3200 0.3080 0.2700 0.3200 0.3500 0.4000 0.4774 0.5042
Free Cash Flow 1 - 11,885 10,301 10,475 8,713 -1,043 9,995 9,076
FCF margin - 57.13% 53.5% 51.85% 41.21% -4.45% 40.5% 33.87%
FCF Conversion (EBITDA) - 92.75% 88.32% 81.13% 62.98% 52.61% 51.53% 43.58%
FCF Conversion (Net income) - 214.35% 213.06% 179.43% 128.1% 120.23% 116.97% 100.1%
Dividend per Share 2 0.1502 0.1522 0.1600 0.1700 0.1750 0.1800 0.2922 0.2604
Announcement Date 25/04/19 24/04/20 22/04/21 02/03/22 21/04/23 26/04/24 - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3
Net sales 10,212 - - - - - - - - - - -
EBITDA 6,214 - - - - - - - - - - -
EBIT 3,214 - - - - - - - - - - -
Operating Margin 31.47% - - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - - - -
Net income 1 - - - 975.6 742 - - - 803.2 2,350 3,154 3,300
Net margin - - - - - - - - - - - -
EPS 2 - 0.1166 0.1200 0.0500 0.0400 0.1700 0.1200 0.0200 0.0400 0.1400 0.1800 0.1700
Dividend per Share - - - - - - - - - - - -
Announcement Date 24/04/20 28/08/21 28/10/21 02/03/22 22/04/22 21/07/22 27/10/22 21/04/23 21/04/23 26/08/23 26/08/23 27/10/23
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 103,558 91,594 83,433 79,844 79,707 108,081 73,246 69,765
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 8.183 x 7.148 x 7.154 x 6.184 x 5.762 x 7.078 x 3.776 x 3.35 x
Free Cash Flow 1 - 11,885 10,301 10,475 8,713 -1,043 9,995 9,076
ROE (net income / shareholders' equity) 13.9% 11.6% 8.47% 9.29% 10.6% 10.5% 11.2% 11.3%
ROA (Net income/ Total Assets) - 3.3% 2.91% 3.59% 4.18% 4.64% 4.65% 5.39%
Assets 1 - 167,915 166,023 162,642 162,879 167,503 183,959 168,332
Book Value Per Share 2 2.460 3.060 2.700 2.860 3.040 3.020 4.180 4.470
Cash Flow per Share 2 0.6000 0.9000 0.8100 0.9200 0.9200 0.9500 1.020 1.120
Capex 1 7,704 4,279 4,323 6,019 7,906 18,106 16,169 17,057
Capex / Sales 49.65% 20.57% 22.45% 29.8% 37.39% 77.17% 65.52% 63.65%
Announcement Date 25/04/19 24/04/20 22/04/21 02/03/22 21/04/23 26/04/24 - -
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 Huaneng Lancang River Hydropower Inc.

Trading Rating
Investor Rating
ESG Refinitiv
C-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
9
Last Close Price
9.67 CNY
Average target price
8.75 CNY
Spread / Average Target
-9.51%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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