Financials EGing Photovoltaic Technology Co.,Ltd.

Equities

600537

CNE000001DF7

Renewable Energy Equipment & Services

End-of-day quote Shanghai S.E. 06:00:00 2024-04-28 pm EDT 5-day change 1st Jan Change
3.65 CNY -4.70% Intraday chart for EGing Photovoltaic Technology Co.,Ltd. -2.14% -33.76%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 3,329 3,658 5,952 5,564 6,656 6,586
Enterprise Value (EV) 1 1,986 2,573 4,437 3,893 3,579 4,267
P/E ratio 47.2 x -12 x -9.2 x -9.27 x 52 x 91.8 x
Yield 0.71% - - - - -
Capitalization / Revenue 0.94 x 1.03 x 1.45 x 1.36 x 0.66 x 0.81 x
EV / Revenue 0.56 x 0.72 x 1.08 x 0.95 x 0.36 x 0.53 x
EV / EBITDA 4.02 x 9.1 x -1,411 x -93.1 x 10.8 x 6.01 x
EV / FCF 11.8 x 12.2 x 3.03 x -2.9 x 3.08 x -6.56 x
FCF Yield 8.47% 8.17% 33% -34.5% 32.5% -15.2%
Price to Book 0.91 x 1.1 x 2.23 x 2.42 x 2.69 x 1.93 x
Nbr of stocks (in thousands) 1,176,359 1,176,359 1,176,359 1,176,359 1,192,859 1,195,290
Reference price 2 2.830 3.110 5.060 4.730 5.580 5.510
Announcement Date 4/22/19 4/20/20 4/26/21 4/25/22 4/23/23 4/26/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 3,550 3,559 4,098 4,083 10,023 8,102
EBITDA 1 493.9 282.7 -3.144 -41.82 332 710.3
EBIT 1 135.1 -48.9 -283.1 -309 96.16 379.4
Operating Margin 3.81% -1.37% -6.91% -7.57% 0.96% 4.68%
Earnings before Tax (EBT) 1 76.27 -323 -624.1 -667.8 125.1 119.7
Net income 1 68.6 -303 -652.4 -602.6 127.1 67.59
Net margin 1.93% -8.51% -15.92% -14.76% 1.27% 0.83%
EPS 2 0.0600 -0.2600 -0.5500 -0.5100 0.1073 0.0600
Free Cash Flow 1 168.3 210.2 1,463 -1,343 1,162 -650.7
FCF margin 4.74% 5.91% 35.69% -32.88% 11.59% -8.03%
FCF Conversion (EBITDA) 34.07% 74.36% - - 350.09% -
FCF Conversion (Net income) 245.3% - - - 914.4% -
Dividend per Share 2 0.0200 - - - - -
Announcement Date 4/22/19 4/20/20 4/26/21 4/25/22 4/23/23 4/26/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 1,343 1,085 1,515 1,671 3,077 2,319
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 168 210 1,463 -1,343 1,162 -651
ROE (net income / shareholders' equity) 1.89% -8.69% -21.8% -26.2% 5.37% 2.79%
ROA (Net income/ Total Assets) 1.27% -0.47% -2.54% -2.5% 0.61% 2.03%
Assets 1 5,393 65,008 25,707 24,131 20,893 3,322
Book Value Per Share 2 3.100 2.830 2.270 1.950 2.070 2.850
Cash Flow per Share 2 1.350 1.310 1.690 2.220 3.550 3.570
Capex 1 271 117 468 734 482 656
Capex / Sales 7.64% 3.28% 11.42% 17.97% 4.81% 8.1%
Announcement Date 4/22/19 4/20/20 4/26/21 4/25/22 4/23/23 4/26/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

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