Financials SDIC Power Holdings Co., Ltd

Equities

600886

CNE000000JM2

Independent Power Producers

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
17.72 ^CNY	+0.51%		+5.48%	+34.45%

Apr. 29	SDIC Power Holdings Co., Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 25	Sdic Power Holdings Co., Ltd Approves Appointment of Guo Xuyuan as the Chairman of the 12Th Board of Directors	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	62,296	60,185	85,499	80,729	98,246	132,088	-	-
Enterprise Value (EV) ¹	185,250	182,051	208,142	208,192	234,325	271,304	274,342	266,898
P/E ratio	13.7 x	11.1 x	35.8 x	20.8 x	15.1 x	16.5 x	15.1 x	14.1 x
Yield	2.67%	3.24%	1.43%	2.54%	3.75%	3.22%	3.53%	3.86%
Capitalization / Revenue	1.47 x	1.53 x	1.96 x	1.6 x	1.73 x	2.15 x	2.05 x	1.96 x
EV / Revenue	4.37 x	4.63 x	4.76 x	4.12 x	4.13 x	4.43 x	4.25 x	3.97 x
EV / EBITDA	10.4 x	9.66 x	13.9 x	10.9 x	9.8 x	8.42 x	7.98 x	7.26 x
EV / FCF	18 x	17.2 x	38.6 x	30.7 x	230 x	-58 x	272 x	16.3 x
FCF Yield	5.57%	5.8%	2.59%	3.26%	0.44%	-1.73%	0.37%	6.15%
Price to Book	1.54 x	1.45 x	1.87 x	1.65 x	1.84 x	2.07 x	1.93 x	1.8 x
Nbr of stocks (in thousands)	6,786,023	6,965,873	7,454,180	7,454,180	7,454,180	7,454,180	-	-
Reference price ²	9.180	8.640	11.47	10.83	13.18	17.72	17.72	17.72
Announcement Date	4/17/20	4/28/21	4/28/22	4/28/23	4/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	42,433	39,320	43,682	50,489	56,712	61,303	64,541	67,311
EBITDA ¹	17,813	18,846	14,999	19,034	23,908	32,231	34,369	36,784
EBIT ¹	10,237	11,606	6,414	9,412	14,048	17,622	19,262	20,195
Operating Margin	24.12%	29.52%	14.68%	18.64%	24.77%	28.75%	29.84%	30%
Earnings before Tax (EBT) ¹	10,317	11,710	6,549	9,433	14,215	17,179	18,669	20,001
Net income ¹	4,755	5,516	2,437	4,079	6,705	8,033	8,779	9,403
Net margin	11.21%	14.03%	5.58%	8.08%	11.82%	13.1%	13.6%	13.97%
EPS ²	0.6705	0.7770	0.3202	0.5213	0.8754	1.072	1.173	1.258
Free Cash Flow ¹	10,317	10,555	5,389	6,787	1,021	-4,681	1,008	16,401
FCF margin	24.31%	26.84%	12.34%	13.44%	1.8%	-7.64%	1.56%	24.37%
FCF Conversion (EBITDA)	57.92%	56.01%	35.93%	35.66%	4.27%	-	2.93%	44.59%
FCF Conversion (Net income)	216.96%	191.36%	221.16%	166.37%	15.23%	-	11.48%	174.42%
Dividend per Share ²	0.2453	0.2800	0.1635	0.2750	0.4948	0.5707	0.6257	0.6839
Announcement Date	4/17/20	4/28/21	4/28/22	4/28/23	4/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	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	11,372	-	11,652	15,477	12,318	-	13,111	16,182	14,163	14,108	15,641	18,770	14,047	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-1,315	-	2,784	4,012	355	-	3,263	5,666	1,600	4,324	-	-	-	-	-
Operating Margin	-11.57%	-	23.9%	25.92%	2.88%	-	24.89%	35.02%	11.3%	30.65%	-	-	-	-	-
Earnings before Tax (EBT) ¹	-1,339	-	2,811	3,994	341.9	-	3,282	5,749	1,656	4,321	4,198	5,037	3,235	-	-
Net income ¹	-1,024	1,038	1,310	1,778	-46.96	1,614	1,723	2,715	653	2,035	1,944	2,333	1,464	-	-
Net margin	-9.01%	-	11.25%	11.49%	-0.38%	-	13.14%	16.78%	4.61%	14.43%	12.43%	12.43%	10.42%	-	-
EPS ²	-0.1600	-	0.1700	0.2300	-0.0100	-	0.2300	0.3500	0.0900	0.2671	0.2608	0.3129	0.1963	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	0.5738	-	-	-
Announcement Date	4/28/22	4/28/22	8/30/22	10/28/22	4/28/23	4/28/23	8/29/23	10/27/23	4/29/24	4/29/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	122,955	121,866	122,643	127,463	136,079	139,216	142,254	134,810
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.903 x	6.466 x	8.177 x	6.697 x	5.692 x	4.319 x	4.139 x	3.665 x
Free Cash Flow ¹	10,317	10,555	5,389	6,787	1,021	-4,681	1,008	16,401
ROE (net income / shareholders' equity)	11.7%	13.8%	5.34%	8.25%	12.8%	13%	13.2%	13.1%
ROA (Net income/ Total Assets)	2.14%	2.43%	1.04%	-	2.5%	2.78%	2.84%	2.85%
Assets ¹	222,738	226,794	235,140	-	267,833	289,360	308,700	329,931
Book Value Per Share ²	5.950	5.960	6.140	6.550	7.160	8.550	9.200	9.870
Cash Flow per Share ²	3.000	2.980	1.960	2.950	2.850	4.160	4.100	4.820
Capex ¹	10,037	10,188	9,242	15,177	20,247	25,981	25,625	21,114
Capex / Sales	23.65%	25.91%	21.16%	30.06%	35.7%	42.38%	39.7%	31.37%
Announcement Date	4/17/20	4/28/21	4/28/22	4/28/23	4/29/24	-	-	-

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 SDIC Power Holdings Co., Ltd

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

17.72 CNY

Average target price

16.77 CNY

Spread / Average Target

-5.39%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Independent Power Producers

	1st Jan change	Capi.
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HUADIAN POWER INTERNATIONAL CORPORATION LIMITED	+30.84%	8.76B
DATANG INTERNATIONAL POWER GENERATION CO., LTD.	+30.89%	6.44B
HUBEI ENERGY GROUP CO., LTD.	+39.95%	5.33B
FUJIAN FUNENG CO., LTD.	+29.63%	3.79B
GLOW ENERGY PUBLIC COMPANY LIMITED	0.00%	3.72B
CAPITAL POWER CORPORATION	+3.94%	3.74B

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