XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO., LTD.

Financials Xinjiang Goldwind Science & Technology Co., Ltd. Hong Kong S.E.

Equities

2208

CNE100000PP1

Renewable Energy Equipment & Services

Market Closed - Hong Kong S.E. Other stock markets 09:08:09 16/05/2024 BST			5-day change	1st Jan Change
3.85 ^HKD	+0.52%		+8.15%	+9.69%

04-29	Transcript : Goldwind Science And Technology Co., Ltd., Q1 2024 Earnings Call, Apr 29, 2024
04-26	Goldwind Science and Technology Co., Ltd. Appoints Zhang Xudong, as Member of the Strategic Committee	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	47,504	59,332	66,438	42,722	30,077	29,813	-	-
Enterprise Value (EV) ¹	61,296	74,713	86,519	65,659	48,667	56,043	57,068	61,495
P/E ratio	23.4 x	21.2 x	20.9 x	21.1 x	27.8 x	15.5 x	11.7 x	10.6 x
Yield	1.34%	1.75%	1.52%	1.09%	1.25%	1.92%	2.2%	2.26%
Capitalization / Revenue	1.24 x	1.05 x	1.31 x	0.92 x	0.6 x	0.56 x	0.5 x	0.47 x
EV / Revenue	1.6 x	1.33 x	1.71 x	1.42 x	0.96 x	1.04 x	0.95 x	0.97 x
EV / EBITDA	15 x	14.5 x	13.2 x	9.91 x	9.25 x	7.42 x	6.4 x	6.3 x
EV / FCF	-12.2 x	-36.5 x	-15.2 x	11.2 x	-9.95 x	-13.7 x	77.4 x	45 x
FCF Yield	-8.22%	-2.74%	-6.57%	8.96%	-10.1%	-7.32%	1.29%	2.22%
Price to Book	1.65 x	1.93 x	1.96 x	1.32 x	0.9 x	0.83 x	0.78 x	0.76 x
Nbr of stocks (in thousands)	4,225,068	4,225,068	4,225,068	4,225,068	4,225,068	4,225,068	-	-
Reference price ²	11.95	14.25	16.47	11.00	8.000	7.890	7.890	7.890
Announcement Date	31/03/20	26/03/21	25/03/22	30/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	38,245	56,265	50,571	46,254	50,457	53,675	60,087	63,329
EBITDA ¹	4,085	5,168	6,557	6,625	5,260	7,551	8,913	9,755
EBIT ¹	2,571	3,275	4,332	3,882	2,599	3,704	5,155	4,537
Operating Margin	6.72%	5.82%	8.57%	8.39%	5.15%	6.9%	8.58%	7.16%
Earnings before Tax (EBT) ¹	2,561	3,274	4,339	2,772	2,519	3,656	4,352	4,246
Net income ¹	2,210	2,964	3,457	2,383	1,331	2,449	3,192	3,046
Net margin	5.78%	5.27%	6.84%	5.15%	2.64%	4.56%	5.31%	4.81%
EPS ²	0.5100	0.6732	0.7887	0.5203	0.2879	0.5092	0.6715	0.7442
Free Cash Flow ¹	-5,039	-2,049	-5,685	5,881	-4,892	-4,102	-523.5	1,367
FCF margin	-13.18%	-3.64%	-11.24%	12.72%	-9.7%	-7.64%	-0.87%	2.16%
FCF Conversion (EBITDA)	-	-	-	88.78%	-	-	-	14.01%
FCF Conversion (Net income)	-	-	-	246.76%	-	-	-	44.89%
Dividend per Share ²	0.1600	0.2500	0.2500	0.1200	0.1000	0.1516	0.1734	0.1780
Announcement Date	31/03/20	26/03/21	25/03/22	30/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	22,511	19,425	36,840	17,904	17,020	32,667	6,383	-	16,512	-	-	29,742	-	-	18,909	10,318	21,138	6,979	15,183	11,660	23,886	6,917	16,701
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	2,344	-	-	-	-	2,349	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	13.09%	-	-	-	-	14.23%	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	444.1	-	-	-	1,920	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	2.61%	-	-	-	11.63%	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS ²	0.2150	0.2898	0.3800	0.4132	0.1012	0.3755	0.2852	0.1548	0.4400	0.0868	-0.006500	0.0800	0.2860	-0.0100	0.2836	-	0.0100	0.0726	0.0100	-	0.3800	-	-
Dividend per Share ²	-	-	-	-	0.2500	-	-	-	-	-	0.1200	-	-	-	-	-	0.1000	-	-	-	0.1139	-	-
Announcement Date	31/03/20	28/08/20	26/03/21	20/08/21	25/03/22	25/03/22	26/04/22	19/08/22	19/08/22	26/10/22	30/03/23	30/03/23	26/04/23	21/08/23	21/08/23	26/10/23	28/03/24	26/04/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	13,792	15,381	20,081	22,937	18,591	26,229	27,254	31,681
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.376 x	2.976 x	3.062 x	3.462 x	3.534 x	3.473 x	3.058 x	3.248 x
Free Cash Flow ¹	-5,039	-2,049	-5,685	5,881	-4,892	-4,102	-524	1,367
ROE (net income / shareholders' equity)	7.94%	9.51%	9.92%	6.45%	3.45%	5.74%	7.14%	6.88%
ROA (Net income/ Total Assets)	2.4%	2.79%	3.03%	1.86%	0.92%	1.7%	2.14%	1.64%
Assets ¹	92,192	106,105	114,249	128,245	145,115	143,704	148,908	185,275
Book Value Per Share ²	7.260	7.380	8.410	8.310	8.900	9.450	10.10	10.40
Cash Flow per Share ²	1.400	1.270	1.160	1.390	0.4400	0.3200	1.480	1.420
Capex ¹	11,156	7,426	10,572	8,729	6,746	7,339	7,057	5,490
Capex / Sales	29.17%	13.2%	20.91%	18.87%	13.37%	13.67%	11.75%	8.67%
Announcement Date	31/03/20	26/03/21	25/03/22	30/03/23	28/03/24	-	-	-

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 Xinjiang Goldwind Science & Technology Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7.89 CNY

Average target price

8.321 CNY

Spread / Average Target

+5.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Wind Systems & Equipment