Financials Xinjiang Daqo New Energy 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
24.44 ^CNY	-4.34%		-2.04%	-17.35%

04-29	Xinjiang Daqo New Energy Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-02	Xinjiang Daqo Proposes Cash Dividend for the year ended December 31, 2023	CI

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	119,273	101,911	63,389	52,231	-	-
Enterprise Value (EV) ¹	114,872	78,321	43,760	35,959	34,184	24,224
P/E ratio	19.1 x	5.07 x	11 x	18.8 x	13.5 x	11.6 x
Yield	0.97%	7.55%	1.41%	0.87%	1.05%	1.41%
Capitalization / Revenue	11 x	3.29 x	3.88 x	3.27 x	2.84 x	2.42 x
EV / Revenue	10.6 x	2.53 x	2.68 x	2.25 x	1.86 x	1.12 x
EV / EBITDA	15.9 x	3.37 x	5.5 x	8.64 x	5.74 x	3.1 x
EV / FCF	154 x	-	12.4 x	-10.1 x	164 x	4.57 x
FCF Yield	0.65%	-	8.05%	-9.92%	0.61%	21.9%
Price to Book	7.24 x	2.24 x	1.45 x	1.15 x	1.05 x	0.94 x
Nbr of stocks (in thousands)	1,925,000	2,137,396	2,143,684	2,137,101	-	-
Reference price ²	61.96	47.68	29.57	24.44	24.44	24.44
Announcement Date	27/02/22	27/02/23	28/02/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	10,832	30,940	16,329	15,987	18,378	21,600
EBITDA ¹	-	7,246	23,249	7,961	4,163	5,951	7,803
EBIT ¹	-	6,744	22,527	6,903	3,370	5,056	5,282
Operating Margin	-	62.26%	72.81%	42.27%	21.08%	27.51%	24.45%
Earnings before Tax (EBT) ¹	-	6,728	22,459	6,869	3,361	5,126	5,356
Net income ¹	1,043	5,724	19,121	5,763	2,790	3,893	4,518
Net margin	-	52.84%	61.8%	35.29%	17.45%	21.18%	20.92%
EPS ²	0.6900	3.250	9.400	2.700	1.302	1.816	2.108
Free Cash Flow ¹	-	747.2	-	3,522	-3,568	208	5,300
FCF margin	-	6.9%	-	21.57%	-22.32%	1.13%	24.54%
FCF Conversion (EBITDA)	-	10.31%	-	44.25%	-	3.5%	67.92%
FCF Conversion (Net income)	-	13.05%	-	61.12%	-	5.34%	117.32%
Dividend per Share ²	-	0.6000	3.600	0.4180	0.2125	0.2575	0.3450
Announcement Date	04/07/21	27/02/22	27/02/23	28/02/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-
Net Cash position ¹	-	4,401	23,590	19,629	16,272	18,046	28,007
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	747	-	3,522	-3,568	208	5,300
ROE (net income / shareholders' equity)	-	54.2%	61.7%	13.3%	6.17%	10.5%	18.5%
ROA (Net income/ Total Assets)	-	36.4%	51.2%	11.2%	4.8%	7.43%	15.1%
Assets ¹	-	15,737	37,369	51,480	58,115	52,367	30,018
Book Value Per Share ²	-	8.550	21.30	20.50	21.30	23.30	25.90
Cash Flow per Share ²	-	1.500	7.190	4.080	1.680	2.150	3.130
Capex ¹	-	1,897	8,523	5,219	5,354	4,032	3,272
Capex / Sales	-	17.51%	27.55%	31.96%	33.49%	21.94%	15.15%
Announcement Date	04/07/21	27/02/22	27/02/23	28/02/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

24.44 CNY

Average target price

26.99 CNY

Spread / Average Target

+10.44%

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