XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO., LTD.

Financials Xinjiang Goldwind Science & Technology Co., Ltd. Deutsche Boerse AG

Equities

CXGH

CNE100000PP1

Renewable Energy Equipment & Services

Real-time Estimate Tradegate Other stock markets 01:35:20 2024-04-29 pm EDT			5-day change	1st Jan Change
0.398 ^EUR	+2.08%		+6.47%	-4.46%

Apr. 26	Goldwind Science and Technology Co., Ltd. Appoints Zhang Xudong, as Member of the Strategic Committee	CI
Apr. 26	Goldwind Science And Technology Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	47,504	59,332	66,438	42,722	30,077	29,423	-	-
Enterprise Value (EV) ¹	61,296	74,713	86,519	65,659	48,667	49,311	56,725	61,299
P/E ratio	23.4 x	21.2 x	20.9 x	21.1 x	27.8 x	15.7 x	11.9 x	10.7 x
Yield	1.34%	1.75%	1.52%	1.09%	1.25%	1.74%	2.2%	2.33%
Capitalization / Revenue	1.24 x	1.05 x	1.31 x	0.92 x	0.6 x	0.53 x	0.49 x	0.46 x
EV / Revenue	1.6 x	1.33 x	1.71 x	1.42 x	0.96 x	0.9 x	0.95 x	0.97 x
EV / EBITDA	15 x	14.5 x	13.2 x	9.91 x	9.25 x	6.54 x	6.41 x	6.22 x
EV / FCF	-12.2 x	-36.5 x	-15.2 x	11.2 x	-9.95 x	-12 x	77 x	44.8 x
FCF Yield	-8.22%	-2.74%	-6.57%	8.96%	-10.1%	-8.32%	1.3%	2.23%
Price to Book	1.65 x	1.93 x	1.96 x	1.32 x	0.9 x	0.82 x	0.78 x	0.76 x
Nbr of stocks (in thousands)	4,225,068	4,225,068	4,225,068	4,225,068	4,225,068	4,225,068	-	-
Reference price ²	11.95	14.25	16.47	11.00	8.000	7.840	7.840	7.840
Announcement Date	3/31/20	3/26/21	3/25/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	38,245	56,265	50,571	46,254	50,457	55,090	59,843	63,394
EBITDA ¹	4,085	5,168	6,557	6,625	5,260	7,543	8,851	9,859
EBIT ¹	2,571	3,275	4,332	3,882	2,599	3,454	4,859	5,591
Operating Margin	6.72%	5.82%	8.57%	8.39%	5.15%	6.27%	8.12%	8.82%
Earnings before Tax (EBT) ¹	2,561	3,274	4,339	2,772	2,519	3,490	4,318	4,154
Net income ¹	2,210	2,964	3,457	2,383	1,331	2,289	3,149	2,947
Net margin	5.78%	5.27%	6.84%	5.15%	2.64%	4.15%	5.26%	4.65%
EPS ²	0.5100	0.6732	0.7887	0.5203	0.2879	0.4992	0.6606	0.7304
Free Cash Flow ¹	-5,039	-2,049	-5,685	5,881	-4,892	-4,102	-523.5	1,367
FCF margin	-13.18%	-3.64%	-11.24%	12.72%	-9.7%	-7.45%	-0.87%	2.16%
FCF Conversion (EBITDA)	-	-	-	88.78%	-	-	-	13.87%
FCF Conversion (Net income)	-	-	-	246.76%	-	-	-	46.39%
Dividend per Share ²	0.1600	0.2500	0.2500	0.1200	0.1000	0.1365	0.1727	0.1824
Announcement Date	3/31/20	3/26/21	3/25/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	22,511	19,425	36,840	17,904	17,020	32,667	6,383	-	16,512	-	-	29,742	-	-	18,909	10,318	21,138	6,979	12,430	11,487	24,513
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	2,344	-	-	-	-	2,349	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	13.09%	-	-	-	-	14.23%	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	444.1	-	-	-	1,920	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	2.61%	-	-	-	11.63%	-	-	-	-	-	-	-	-	-	-	-	-
EPS ²	0.2150	0.2898	0.3800	0.4132	0.1012	0.3755	0.2852	0.1548	0.4400	0.0868	-0.006500	0.0800	0.2860	-0.0100	0.2836	-	0.0100	0.0726	0.0100	-	0.3800
Dividend per Share ²	-	-	-	-	0.2500	-	-	-	-	-	0.1200	-	-	-	-	-	0.1000	-	-	-	0.1139
Announcement Date	3/31/20	8/28/20	3/26/21	8/20/21	3/25/22	3/25/22	4/26/22	8/19/22	8/19/22	10/26/22	3/30/23	3/30/23	4/26/23	8/21/23	8/21/23	10/26/23	3/28/24	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	13,792	15,381	20,081	22,937	18,591	19,888	27,302	31,876
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.376 x	2.976 x	3.062 x	3.462 x	3.534 x	2.637 x	3.085 x	3.233 x
Free Cash Flow ¹	-5,039	-2,049	-5,685	5,881	-4,892	-4,102	-524	1,367
ROE (net income / shareholders' equity)	7.94%	9.51%	9.92%	6.45%	3.45%	5.71%	7.24%	7.13%
ROA (Net income/ Total Assets)	2.4%	2.79%	3.03%	1.86%	0.92%	1.67%	2.25%	1.46%
Assets ¹	92,192	106,105	114,249	128,245	145,115	137,469	139,732	201,270
Book Value Per Share ²	7.260	7.380	8.410	8.310	8.900	9.590	10.10	10.20
Cash Flow per Share ²	1.400	1.270	1.160	1.390	0.4400	0.9600	1.270	1.730
Capex ¹	11,156	7,426	10,572	8,729	6,746	7,378	7,057	6,255
Capex / Sales	29.17%	13.2%	20.91%	18.87%	13.37%	13.39%	11.79%	9.87%
Announcement Date	3/31/20	3/26/21	3/25/22	3/30/23	3/28/24	-	-	-

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 Xinjiang Goldwind Science & Technology Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7.84 CNY

Average target price

8.144 CNY

Spread / Average Target

+3.87%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Wind Systems & Equipment