Projected Income Statement: Ming Yang Smart Energy Group Limited

Forecast Balance Sheet: Ming Yang Smart Energy Group Limited

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 -8,154 -3,589 1,974 2,563 8,959 7,647 7,038 6,083
Change - 55.98% 155% 29.84% 249.55% -14.64% -7.96% -13.57%
Announcement Date 01/03/22 28/04/23 11/04/24 25/04/25 28/04/26 - - -
1CNY in Million
Estimates

Cash Flow Forecast: Ming Yang Smart Energy Group Limited

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 7,380 8,004 7,610 5,630 2,534 2,325 3,242 2,887
Change - 8.46% -4.93% -26.01% -54.99% -8.26% 39.46% -10.95%
Free Cash Flow (FCF) 1 -1,982 -8,800 -10,201 -8,033 -8,072 2,313 3,171 -
Change - -343.92% -15.92% 21.25% -0.48% 128.66% 37.09% -100%
Announcement Date 01/03/22 28/04/23 11/04/24 25/04/25 28/04/26 - - -
1CNY in Million
Estimates

Forecast Financial Ratios: Ming Yang Smart Energy Group Limited

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 16.33% 15.77% 5.22% 6.77% 7.54% 8.05% 9.5% 9.5%
EBIT Margin (%) 13.98% 12.57% 1.36% 1.66% 1.88% 4.06% 5.42% 5.4%
EBT Margin (%) 13.85% 12.55% 1.29% 1.53% 1.67% 3.75% 6.23% 6.45%
Net margin (%) 12.17% 11.24% 1.35% 1.27% 1.73% 3.42% 5.39% 5.89%
FCF margin (%) -7.27% -28.62% -36.63% -29.58% -21.19% 5.4% 6.56% -
FCF / Net Income (%) -59.73% -254.74% -2,720.31% -2,321.03% -1,223.27% 157.83% 121.77% -

Profitability

        
ROA 5.8% 5.29% 0.49% 0.41% 0.72% 1.54% 2.19% 1.48%
ROE 19.6% 14.57% 1.34% 1.31% 2.49% 6.74% 8.71% 10.48%

Financial Health

        
Leverage (Debt/EBITDA) - - 1.36x 1.39x 3.12x 2.22x 1.53x 1.13x
Debt / Free cash flow - - -0.19x -0.32x -1.11x 3.31x 2.22x -

Capital Intensity

        
CAPEX / Current Assets (%) 27.06% 26.03% 27.32% 20.73% 6.65% 5.43% 6.71% 5.09%
CAPEX / EBITDA (%) 165.66% 165.1% 523.24% 306.11% 88.23% 67.45% 70.67% 53.63%
CAPEX / FCF (%) -372.27% -90.96% -74.6% -70.09% -31.39% 100.5% 102.24% -

Items per share

        
Cash flow per share 1 2.759 -0.3503 -1.141 -1.058 -2.449 1.763 2.673 2.78
Change - -112.7% -225.66% 7.27% -131.49% 171.98% 51.67% 3.99%
Dividend per Share 1 0.2211 0.3041 0.3041 0.3041 0.185 0.3644 0.5117 1.19
Change - 37.54% 0% 0% -39.16% 96.96% 40.42% 132.66%
Book Value Per Share 1 9.51 12.37 12.07 11.55 11.64 12.5 13.35 13.58
Change - 30.11% -2.45% -4.31% 0.75% 7.39% 6.85% 1.68%
EPS 1 1.73 1.58 0.16 0.15 0.3068 0.6471 1.149 1.475
Change - -8.67% -89.87% -6.25% 104.53% 110.92% 77.6% 28.35%
Nbr of stocks (in thousands) 1,932,986 2,248,745 2,230,724 2,150,377 2,160,167 2,160,167 2,160,167 2,160,167
Announcement Date 01/03/22 28/04/23 11/04/24 25/04/25 28/04/26 - - -
1CNY
Estimates
2026 *2027 *
P/E 17.6x 9.89x
PBR 0.91x 0.85x
EV / Sales 0.75x 0.65x
Yield 3.2% 4.5%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
-
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
11.37CNY
Average target price
18.95CNY
Spread / Average Target
+66.65%

Annual profits - Rate of surprise

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