Financials Sungrow Power Supply Co., Ltd.

Equities

300274

CNE1000018M7

Renewable Energy Equipment & Services

End-of-day quote Shenzhen S.E. Other stock markets 23:00:00 29/04/2024 BST			5-day change	1st Jan Change
103.4 ^CNY	-2.79%		+9.96%	+17.99%

04-29	Jefferies Adjusts Sungrow Power Supply’s Price Target to 129.07 Yuan From 136.10 Yuan, Keeps at Buy	MT
04-26	Sungrow Unveils its Innovative Solar-Plus-Storage Solutions to Facilitate South Korea's Energy Transition	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	15,343	105,329	216,544	165,319	129,516	151,784	-	-
Enterprise Value (EV) ¹	12,998	100,089	212,376	160,046	119,801	135,196	130,602	118,575
P/E ratio	17.3 x	53.9 x	135 x	46.2 x	13.8 x	14.4 x	12.4 x	10.6 x
Yield	0.66%	0.19%	0.08%	0.2%	1.1%	1.09%	1.13%	1.46%
Capitalization / Revenue	1.18 x	5.46 x	8.97 x	4.11 x	1.79 x	1.72 x	1.4 x	1.17 x
EV / Revenue	1 x	5.19 x	8.8 x	3.98 x	1.66 x	1.53 x	1.2 x	0.91 x
EV / EBITDA	10.2 x	41.5 x	96.5 x	35.4 x	9.95 x	9.73 x	8.2 x	6.23 x
EV / FCF	-	46.9 x	-64.5 x	-521 x	-	19.7 x	20.7 x	17.6 x
FCF Yield	-	2.13%	-1.55%	-0.19%	-	5.07%	4.82%	5.7%
Price to Book	1.79 x	10.1 x	13.8 x	8.9 x	4.7 x	4.08 x	3.16 x	2.44 x
Nbr of stocks (in thousands)	1,457,087	1,457,237	1,485,216	1,478,706	1,478,666	1,468,642	-	-
Reference price ²	10.53	72.28	145.8	111.8	87.59	103.4	103.4	103.4
Announcement Date	28/02/20	26/04/21	19/04/22	24/04/23	22/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,003	19,286	24,137	40,257	72,251	88,357	108,664	129,852
EBITDA ¹	1,274	2,411	2,201	4,525	12,039	13,897	15,918	19,019
EBIT ¹	1,048	2,168	1,898	4,141	11,466	13,010	15,039	17,861
Operating Margin	8.06%	11.24%	7.86%	10.29%	15.87%	14.72%	13.84%	13.75%
Earnings before Tax (EBT) ¹	1,032	2,182	1,893	4,134	11,460	12,807	14,864	17,557
Net income ¹	892.6	1,954	1,583	3,593	9,440	10,952	12,657	14,734
Net margin	6.86%	10.13%	6.56%	8.93%	13.07%	12.4%	11.65%	11.35%
EPS ²	0.6100	1.340	1.080	2.420	6.360	7.156	8.321	9.714
Free Cash Flow ¹	-	2,136	-3,292	-306.9	-	6,859	6,295	6,756
FCF margin	-	11.07%	-13.64%	-0.76%	-	7.76%	5.79%	5.2%
FCF Conversion (EBITDA)	-	88.57%	-	-	-	49.36%	39.55%	35.52%
FCF Conversion (Net income)	-	109.28%	-	-	-	62.63%	49.74%	45.85%
Dividend per Share ²	0.0700	0.1400	0.1100	0.2200	0.9650	1.127	1.163	1.508
Announcement Date	28/02/20	26/04/21	19/04/22	24/04/23	22/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	-	8,763	-	7,714	-	9,943	18,033	12,580	16,042	17,792	25,836	-	21,889	22,940	30,115	-	-
EBITDA ¹	-	-	-	-	412.4	-	1,273	-	-	-	-	-	-	3,562	3,872	4,160	-	-
EBIT ¹	-	-	62.27	-	604.1	-	1,352	1,706	1,775	3,244	3,306	3,142	-	3,369	3,679	3,967	-	-
Operating Margin	-	-	0.71%	-	7.83%	-	13.59%	9.46%	14.11%	20.22%	18.58%	12.16%	-	15.39%	16.04%	13.17%	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	1,350	1,685	-	3,226	3,319	3,129	-	3,386	3,697	3,967	-	-
Net income ¹	446.1	757	77.93	410.9	-	900.4	1,160	1,533	1,508	2,846	2,869	2,217	2,096	2,789	3,076	3,196	-	-
Net margin	-	-	0.89%	-	-	-	11.67%	8.5%	11.98%	17.74%	16.12%	8.58%	-	12.74%	13.41%	10.61%	-	-
EPS ²	-	-	0.0500	-	0.3300	-	0.7800	1.030	1.020	1.910	1.930	1.500	-	1.879	2.072	2.152	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.128	-	-
Announcement Date	27/08/20	27/08/21	19/04/22	19/04/22	26/08/22	26/08/22	26/10/22	24/04/23	24/04/23	24/08/23	27/10/23	22/04/24	22/04/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	2,345	5,240	4,169	5,273	9,716	16,588	21,182	33,209
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	2,136	-3,292	-307	-	6,859	6,295	6,756
ROE (net income / shareholders' equity)	10.9%	20.4%	13.1%	21%	41%	31.6%	27.7%	24.7%
ROA (Net income/ Total Assets)	4.32%	7.69%	4.47%	6.88%	-	11.4%	10.7%	9.95%
Assets ¹	20,656	25,410	35,423	52,233	-	96,352	118,098	148,154
Book Value Per Share ²	5.900	7.180	10.50	12.60	18.70	25.40	32.70	42.30
Cash Flow per Share ²	1.700	2.120	-1.100	0.8200	4.700	9.010	7.230	8.670
Capex ¹	682	953	1,653	1,517	-	2,506	2,602	3,072
Capex / Sales	5.24%	4.94%	6.85%	3.77%	-	2.84%	2.39%	2.37%
Announcement Date	28/02/20	26/04/21	19/04/22	24/04/23	22/04/24	-	-	-

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 Sungrow Power Supply Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

103.4 CNY

Average target price

130.7 CNY

Spread / Average Target

+26.44%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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