MING YANG SMART ENERGY GROUP LIMITED Financials Ming Yang Smart Energy Group Limited
Equities
601615
CNE100003HQ0
Renewable Energy Equipment & Services
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 10.65 CNY | +1.43% |
|
+8.56% | -15.07% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 16,971 | 35,588 | 50,451 | 56,803 | 27,973 | 23,016 | - | - |
| Enterprise Value (EV) 1 | 16,971 | 35,588 | 42,297 | 53,214 | 29,947 | 23,734 | 24,435 | 26,169 |
| P/E ratio | 23.2 x | 21.1 x | 16.3 x | 16 x | 78.4 x | 9.03 x | 6.37 x | 7.18 x |
| Yield | 0.63% | 0.58% | 0.85% | 1.2% | 2.43% | 2.53% | 3.55% | 2.91% |
| Capitalization / Revenue | 1.62 x | 1.58 x | 1.86 x | 1.85 x | 1 x | 0.53 x | 0.45 x | 0.44 x |
| EV / Revenue | 1.62 x | 1.58 x | 1.56 x | 1.73 x | 1.08 x | 0.55 x | 0.48 x | 0.5 x |
| EV / EBITDA | 14.4 x | 16.6 x | 9.49 x | 11 x | 20.6 x | 4.5 x | 3.54 x | 4.12 x |
| EV / FCF | - | - | -21,336,036 x | -6,046,773 x | -2,935,676 x | - | -11,381,221 x | 467,309,908 x |
| FCF Yield | - | - | -0% | -0% | -0% | - | -0% | 0% |
| Price to Book | 2.53 x | 2.45 x | 2.78 x | 2.04 x | 1.04 x | 0.76 x | 0.69 x | 0.7 x |
| Nbr of stocks (in thousands) | 1,379,722 | 1,875,015 | 1,932,986 | 2,248,745 | 2,230,724 | 2,161,149 | - | - |
| Reference price 2 | 12.30 | 18.98 | 26.10 | 25.26 | 12.54 | 10.65 | 10.65 | 10.65 |
| Announcement Date | 4/21/20 | 4/7/21 | 3/1/22 | 4/28/23 | 4/11/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 10,493 | 22,457 | 27,158 | 30,748 | 27,850 | 43,253 | 51,194 | 52,753 |
| EBITDA 1 | 1,178 | 2,142 | 4,455 | 4,848 | 1,454 | 5,270 | 6,896 | 6,352 |
| EBIT 1 | 738.8 | 1,579 | 3,623 | 3,865 | 379 | 3,955 | 4,974 | 4,835 |
| Operating Margin | 7.04% | 7.03% | 13.34% | 12.57% | 1.36% | 9.14% | 9.72% | 9.16% |
| Earnings before Tax (EBT) 1 | 747.5 | 1,477 | 3,589 | 3,858 | 358 | 3,367 | 4,229 | 3,686 |
| Net income 1 | 712.6 | 1,374 | 3,101 | 3,455 | 375 | 2,999 | 3,758 | 3,366 |
| Net margin | 6.79% | 6.12% | 11.42% | 11.24% | 1.35% | 6.93% | 7.34% | 6.38% |
| EPS 2 | 0.5300 | 0.9000 | 1.600 | 1.580 | 0.1600 | 1.179 | 1.672 | 1.483 |
| Free Cash Flow | - | - | -1,982 | -8,800 | -10,201 | - | -2,147 | 56 |
| FCF margin | - | - | -7.3% | -28.62% | -36.63% | - | -4.19% | 0.11% |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | - | 0.88% |
| FCF Conversion (Net income) | - | - | - | - | - | - | - | 1.66% |
| Dividend per Share 2 | 0.0780 | 0.1100 | 0.2211 | 0.3041 | 0.3041 | 0.2692 | 0.3777 | 0.3100 |
| Announcement Date | 4/21/20 | 4/7/21 | 3/1/22 | 4/28/23 | 4/11/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 7,426 | 9,084 | 2,720 | 7,840 | 10,399 | 6,892 | - | - | - | - |
| EBITDA | - | - | - | - | - | - | - | - | - | - |
| EBIT | 443.1 | -83.86 | -282.1 | 979.5 | 664.9 | -986.3 | - | - | - | - |
| Operating Margin | 5.97% | -0.92% | -10.37% | 12.49% | 6.39% | -14.31% | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - |
| Net income | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - |
| EPS 1 | 0.4300 | - | -0.1000 | 0.3900 | 0.2600 | -0.3900 | 0.1300 | 0.5400 | 0.7800 | 0.6900 |
| Dividend per Share 1 | - | 0.3041 | - | - | - | - | - | - | - | 0.4121 |
| Announcement Date | 10/27/22 | 4/28/23 | 4/28/23 | 8/30/23 | 10/27/23 | 4/11/24 | 4/28/24 | - | - | - |
1CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | 1,974 | 717 | 1,419 | 3,153 |
| Net Cash position 1 | - | - | 8,154 | 3,589 | - | - | - | - |
| Leverage (Debt/EBITDA) | - | - | - | - | 1.357 x | 0.1361 x | 0.2058 x | 0.4964 x |
| Free Cash Flow | - | - | -1,982 | -8,800 | -10,201 | - | -2,147 | 56 |
| ROE (net income / shareholders' equity) | 12.1% | 15.7% | 18.4% | 14.6% | 1.34% | 10.5% | 11.9% | 10.8% |
| ROA (Net income/ Total Assets) | 2.5% | 3.18% | 5.8% | 5.29% | - | 3.08% | 3.23% | 3.16% |
| Assets 1 | 28,514 | 43,156 | 53,446 | 65,245 | - | 97,268 | 116,257 | 106,696 |
| Book Value Per Share 2 | 4.870 | 7.750 | 9.400 | 12.40 | 12.10 | 14.00 | 15.40 | 15.20 |
| Cash Flow per Share 2 | 4.170 | 1.940 | 2.760 | -0.3500 | -1.140 | 0.8000 | 4.910 | 3.530 |
| Capex 1 | 2,320 | 3,306 | 7,380 | 8,004 | 7,610 | 7,304 | 8,211 | 7,686 |
| Capex / Sales | 22.11% | 14.72% | 27.17% | 26.03% | 27.32% | 16.89% | 16.04% | 14.57% |
| Announcement Date | 4/21/20 | 4/7/21 | 3/1/22 | 4/28/23 | 4/11/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
10.65
CNY
Average target price
16.23
CNY
Spread / Average Target
+52.43%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -15.07% | 3.19B | |
| +21.82% | 21.69B | |
| +102.33% | 20.45B | |
| -24.57% | 6.45B | |
| -20.66% | 2.48B | |
| -19.64% | 1.23B | |
| +2.71% | 1.07B | |
| -9.17% | 919M | |
| +83.91% | 902M | |
| -17.16% | 879M |
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- Financials Ming Yang Smart Energy Group Limited