Financials Jiangsu Linyang Energy Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
6.62 ^CNY	-1.34%		+5.08%	+3.60%

Apr. 26	Jiangsu Linyang Energy Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 26	Jiangsu Linyang Energy Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,542	13,576	24,214	17,673	13,043	13,513	-	-
Enterprise Value (EV) ¹	12,191	17,425	24,848	17,673	13,043	13,513	13,513	13,513
P/E ratio	12.5 x	14.9 x	23.8 x	17.9 x	12.5 x	11.5 x	9.88 x	8.83 x
Yield	1.03%	1.35%	1.81%	2.07%	4.74%	1.66%	-	-
Capitalization / Revenue	2.54 x	2.34 x	4.57 x	3.57 x	1.9 x	1.43 x	1.05 x	0.86 x
EV / Revenue	2.54 x	2.34 x	4.57 x	3.57 x	1.9 x	1.43 x	1.05 x	0.86 x
EV / EBITDA	6.78 x	8.35 x	15.1 x	11.2 x	7.75 x	5.96 x	5.13 x	4.53 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.83 x	1.34 x	1.73 x	1.2 x	0.85 x	0.83 x	0.76 x	0.7 x
Nbr of stocks (in thousands)	1,757,669	1,714,132	1,996,248	2,057,340	2,041,220	2,041,220	-	-
Reference price ²	4.860	7.920	12.13	8.590	6.390	6.620	6.620	6.620
Announcement Date	4/24/20	4/22/21	4/25/22	4/25/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,359	5,799	5,297	4,944	6,872	9,459	12,896	15,758
EBITDA ¹	1,259	1,626	1,600	1,578	1,683	2,267	2,632	2,982
EBIT ¹	798.3	1,154	1,141	1,144	1,245	1,460	1,706	1,896
Operating Margin	23.76%	19.9%	21.53%	23.15%	18.11%	15.44%	13.23%	12.03%
Earnings before Tax (EBT) ¹	779.3	1,141	1,115	1,116	1,282	1,446	1,696	1,900
Net income ¹	700.4	997.2	930.5	856	1,031	1,181	1,378	1,544
Net margin	20.85%	17.2%	17.57%	17.31%	15.01%	12.49%	10.68%	9.8%
EPS ²	0.3900	0.5300	0.5100	0.4800	0.5100	0.5750	0.6700	0.7500
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0500	0.1070	0.2200	0.1780	0.3030	0.1100	-	-
Announcement Date	4/24/20	4/22/21	4/25/22	4/25/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	3,649	3,849	633	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.897 x	2.366 x	0.3956 x	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	6.69%	9.22%	7.73%	5.81%	6.88%	7.15%	7.69%	7.93%
ROA (Net income/ Total Assets)	4%	5.35%	4.62%	4.09%	-	4.2%	4.1%	3.9%
Assets ¹	17,506	18,639	20,158	20,905	-	28,119	33,598	39,590
Book Value Per Share ²	5.850	5.900	7.010	7.180	7.520	8.020	8.710	9.460
Cash Flow per Share ²	0.2300	0.7000	0.5100	0.4900	0.1700	0.8300	-	0.8300
Capex ¹	344	165	390	710	1,889	1,123	1,115	1,466
Capex / Sales	10.23%	2.85%	7.36%	14.35%	27.49%	11.88%	8.65%	9.3%
Announcement Date	4/24/20	4/22/21	4/25/22	4/25/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.62 CNY

Average target price

8.23 CNY

Spread / Average Target

+24.32%

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