Financials Triumph New Energy Company Limited Shanghai S.E.

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
11.35 ^CNY	-6.66%		-2.41%	-19.10%

Apr. 29	Triumph New Energy Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 29	Triumph New Energy's 2023 Profit Declines 3.5%	MT

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,530	18,172	9,727	6,524	5,762	-	-
Enterprise Value (EV) ¹	7,530	19,673	11,898	10,589	10,982	12,083	12,311
P/E ratio	11.6 x	31.1 x	11.5 x	6.33 x	6.44 x	4.38 x	3.78 x
Yield	-	-	-	-	-	-	-
Capitalization / Revenue	-	5.04 x	1.93 x	0.99 x	0.72 x	0.5 x	0.39 x
EV / Revenue	-	5.46 x	2.37 x	1.61 x	1.37 x	1.04 x	0.83 x
EV / EBITDA	-	30.9 x	16 x	12.5 x	8.88 x	7.16 x	5.53 x
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	-	2.16 x	1.1 x	0.54 x	0.64 x	0.56 x	0.5 x
Nbr of stocks (in thousands)	548,540	645,675	645,675	645,675	645,675	-	-
Reference price ²	6.868	14.29	7.242	3.863	5.086	5.086	5.086
Announcement Date	3/30/21	3/29/22	3/29/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	3,606	5,030	6,595	8,004	11,601	14,859
EBITDA ¹	-	637.7	744.8	846.6	1,236	1,687	2,227
EBIT ¹	-	362.6	467.1	500.9	687	965.3	1,176
Operating Margin	-	10.06%	9.29%	7.59%	8.58%	8.32%	7.91%
Earnings before Tax (EBT) ¹	-	365.8	470.3	501.4	639.9	891.7	1,079
Net income ¹	327.4	264.6	409	394.7	566.1	786.8	845.7
Net margin	-	7.34%	8.13%	5.98%	7.07%	6.78%	5.69%
EPS ²	0.5930	0.4600	0.6300	0.6100	0.7900	1.160	1.345
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-
Announcement Date	3/30/21	3/29/22	3/29/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	1,502	2,170	4,065	5,220	6,320	6,548
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	2.355 x	2.914 x	4.801 x	4.222 x	3.747 x	2.941 x
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	10.6%	10.1%	8.91%	11%	13.4%	13.3%
ROA (Net income/ Total Assets)	-	3.35%	4.13%	3.43%	3.88%	4.33%	3.65%
Assets ¹	-	7,897	9,909	11,497	14,604	18,158	23,202
Book Value Per Share ²	-	6.620	6.560	7.170	7.960	9.110	10.10
Cash Flow per Share ²	-	-	-0.6200	0.2200	2.860	2.000	-
Capex ¹	-	1,688	926	1,785	2,931	3,671	4,296
Capex / Sales	-	46.82%	18.41%	27.07%	36.61%	31.64%	28.91%
Announcement Date	3/30/21	3/29/22	3/29/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.086 CNY

Average target price

6.719 CNY

Spread / Average Target

+32.10%

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