Financials Shuangliang Eco-Energy Systems Co.,Ltd

Equities

End-of-day quote Shanghai S.E. Other stock markets 23:00:00 29/04/2024 BST			5-day change	1st Jan Change
6.35 ^CNY	-3.64%		-1.70%	-24.94%

04-26	Shuangliang Eco-Energy Systems Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-25	Shuangliang Eco-Energy Systems Co.,Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,350	16,370	24,076	15,740	11,815	-	-
Enterprise Value (EV) ¹	6,350	15,940	23,648	15,740	11,815	11,815	11,815
P/E ratio	46.1 x	52.9 x	22.4 x	10.7 x	5.83 x	3.87 x	4.47 x
Yield	-	-	2.32%	1.42%	2.36%	2.68%	-
Capitalization / Revenue	3.07 x	4.27 x	1.66 x	0.68 x	0.42 x	0.34 x	0.3 x
EV / Revenue	3.07 x	4.27 x	1.66 x	0.68 x	0.42 x	0.34 x	0.3 x
EV / EBITDA	-	34.9 x	15.7 x	6.06 x	3.42 x	2.48 x	2.66 x
EV / FCF	-	-21.2 x	-5.88 x	-7.34 x	-3.69 x	-0.99 x	-
FCF Yield	-	-4.72%	-17%	-13.6%	-27.1%	-101%	-
Price to Book	-	6.8 x	3.54 x	2.3 x	1.3 x	0.92 x	0.84 x
Nbr of stocks (in thousands)	1,632,296	1,627,256	1,860,551	1,860,551	1,860,561	-	-
Reference price ²	3.890	10.06	12.94	8.460	6.350	6.350	6.350
Announcement Date	09/04/21	21/02/22	13/04/23	25/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,072	3,830	14,476	23,149	28,208	35,248	38,990
EBITDA ¹	-	469.6	1,532	2,598	3,458	4,768	4,437
EBIT ¹	-	399.8	1,229	1,869	2,611	3,743	3,365
Operating Margin	-	10.44%	8.49%	8.07%	9.26%	10.62%	8.63%
Earnings before Tax (EBT) ¹	-	407.6	1,225	1,868	2,609	3,741	3,362
Net income ¹	-	310.1	956	1,502	2,043	3,065	2,650
Net margin	-	8.1%	6.6%	6.49%	7.24%	8.69%	6.8%
EPS ²	0.0843	0.1900	0.5764	0.7898	1.090	1.640	1.420
Free Cash Flow ¹	-	-772.5	-4,091	-2,144	-3,201	-11,897	-
FCF margin	-	-20.17%	-28.26%	-9.26%	-11.35%	-33.75%	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	-	0.3000	0.1200	0.1500	0.1700	-
Announcement Date	09/04/21	21/02/22	13/04/23	25/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	430	428	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-773	-4,091	-2,144	-3,201	-11,897	-
ROE (net income / shareholders' equity)	-	13.6%	22.1%	21.2%	25.2%	25.4%	20.6%
ROA (Net income/ Total Assets)	-	4.73%	6.18%	-	6.9%	7.54%	-
Assets ¹	-	6,550	15,467	-	29,609	40,646	-
Book Value Per Share ²	-	1.480	3.650	3.690	4.870	6.870	7.580
Cash Flow per Share ²	-	0.0600	-1.830	0.7100	1.380	3.810	1.350
Capex ¹	-	855	662	3,474	2,513	2,294	2,704
Capex / Sales	-	22.33%	4.57%	15.01%	8.91%	6.51%	6.94%
Announcement Date	09/04/21	21/02/22	13/04/23	25/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.35 CNY

Average target price

10.86 CNY

Spread / Average Target

+71.02%

	1st Jan change	Capi.
SHUANGLIANG ECO-ENERGY SYSTEMS CO.,LTD	-24.94%	1.63B
FIRST SOLAR, INC.	+11.19%	20.5B
LONGI GREEN ENERGY TECHNOLOGY CO., LTD.	-20.52%	19.06B
ENPHASE ENERGY, INC.	-13.58%	15.54B
TONGWEI CO.,LTD	-13.30%	13.5B
JINKO SOLAR CO., LTD.	-14.56%	10.47B
FLAT GLASS GROUP CO., LTD.	+38.54%	8.03B
XINJIANG DAQO NEW ENERGY CO.,LTD.	-17.35%	7.22B
XINYI SOLAR HOLDINGS LIMITED	+24.34%	6.47B
JA SOLAR TECHNOLOGY CO., LTD.	-31.37%	6.46B