TCL ZHONGHUAN RENEWABLE ENERGY TECHNOLOGY CO.,LTD. Financials TCL Zhonghuan Renewable Energy Technology Co.,Ltd.
Equities
002129
CNE1000000B8
Renewable Energy Equipment & Services
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 10.48 CNY | -0.10% |
|
-2.78% | -32.99% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 32,893 | 77,340 | 134,543 | 121,005 | 62,718 | 42,319 | - | - |
| Enterprise Value (EV) 1 | 43,550 | 88,660 | 144,405 | 145,736 | 92,891 | 73,014 | 67,190 | 66,368 |
| P/E ratio | 36.4 x | 67.6 x | 31.7 x | 17.8 x | 18.4 x | 22.3 x | 7.36 x | 10.5 x |
| Yield | 0.25% | 0.24% | 0.26% | 0.27% | 1.66% | 0.8% | 1.21% | 1.7% |
| Capitalization / Revenue | 1.95 x | 4.06 x | 3.27 x | 1.81 x | 1.06 x | 0.87 x | 0.58 x | 0.63 x |
| EV / Revenue | 2.58 x | 4.65 x | 3.51 x | 2.17 x | 1.57 x | 1.49 x | 0.92 x | 0.99 x |
| EV / EBITDA | 12.7 x | 23.4 x | 18.4 x | 12.4 x | 8.43 x | 6.89 x | 5.09 x | 4.66 x |
| EV / FCF | -20.6 x | -118 x | -79.3 x | -23.7 x | - | -21.3 x | 13.8 x | 24.8 x |
| FCF Yield | -4.86% | -0.84% | -1.26% | -4.22% | - | -4.69% | 7.25% | 4.04% |
| Price to Book | 2.33 x | 4.03 x | 4.26 x | 3.24 x | 1.52 x | 1 x | 0.83 x | 0.88 x |
| Nbr of stocks (in thousands) | 3,481,446 | 3,791,158 | 4,028,245 | 4,016,351 | 4,010,093 | 4,038,104 | - | - |
| Reference price 2 | 9.448 | 20.40 | 33.40 | 30.13 | 15.64 | 10.48 | 10.48 | 10.48 |
| Announcement Date | 2/28/20 | 3/10/21 | 3/10/22 | 3/28/23 | 4/25/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 16,887 | 19,057 | 41,105 | 67,010 | 59,146 | 48,877 | 73,167 | 67,296 |
| EBITDA 1 | 3,416 | 3,783 | 7,848 | 11,712 | 11,023 | 10,590 | 13,193 | 14,250 |
| EBIT 1 | 1,441 | 1,631 | 5,006 | 7,325 | 4,565 | 3,075 | 7,483 | 5,300 |
| Operating Margin | 8.53% | 8.56% | 12.18% | 10.93% | 7.72% | 6.29% | 10.23% | 7.87% |
| Earnings before Tax (EBT) 1 | 1,457 | 1,692 | 5,000 | 7,449 | 4,544 | 2,954 | 7,001 | 5,279 |
| Net income 1 | 903.7 | 1,089 | 4,030 | 6,819 | 3,416 | 2,360 | 5,761 | 4,207 |
| Net margin | 5.35% | 5.71% | 9.8% | 10.18% | 5.78% | 4.83% | 7.87% | 6.25% |
| EPS 2 | 0.2596 | 0.3016 | 1.053 | 1.697 | 0.8518 | 0.4709 | 1.424 | 1.002 |
| Free Cash Flow 1 | -2,115 | -748.3 | -1,821 | -6,151 | - | -3,423 | 4,872 | 2,680 |
| FCF margin | -12.52% | -3.93% | -4.43% | -9.18% | - | -7% | 6.66% | 3.98% |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | 36.93% | 18.81% |
| FCF Conversion (Net income) | - | - | - | - | - | - | 84.56% | 63.72% |
| Dividend per Share 2 | 0.0240 | 0.0480 | 0.0880 | 0.0800 | 0.2600 | 0.0838 | 0.1272 | 0.1784 |
| Announcement Date | 2/28/20 | 3/10/21 | 3/10/22 | 3/28/23 | 4/25/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 12,016 | - | 18,330 | 18,147 | 17,165 | - | 17,279 | 13,756 | 10,492 | 9,933 | 7,424 | 24,747 | 7,390 | - | - |
| EBITDA 1 | 1,772 | - | 2,538 | 3,080 | - | - | - | - | - | - | 2,423 | 4,448 | 3,206 | - | - |
| EBIT 1 | 1,422 | - | 1,921 | 2,501 | 1,329 | - | - | - | -2,889 | - | 573.7 | 2,598 | 1,357 | - | - |
| Operating Margin | 11.83% | - | 10.48% | 13.78% | 7.74% | - | - | - | -27.53% | - | 7.73% | 10.5% | 18.36% | - | - |
| Earnings before Tax (EBT) 1 | 1,407 | - | 1,903 | 2,500 | 1,470 | - | - | - | - | - | 479.4 | 2,284 | 1,404 | - | - |
| Net income 1 | - | - | 1,607 | 2,083 | 1,818 | 2,253 | 2,283 | 1,652 | -2,772 | - | 365.4 | 1,904 | 1,046 | - | - |
| Net margin | - | - | 8.76% | 11.48% | 10.59% | - | 13.21% | 12.01% | -26.42% | - | 4.92% | 7.69% | 14.16% | - | - |
| EPS 2 | 0.3280 | - | - | - | 0.4560 | 0.5605 | 0.5681 | 0.4100 | -0.6900 | - | 0.0904 | 0.4710 | 0.2588 | - | - |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | 0.0301 | - | - | - | 0.0391 |
| Announcement Date | 3/10/22 | 5/24/22 | 8/24/22 | 10/19/22 | 3/28/23 | 4/27/23 | 8/28/23 | 10/25/23 | 4/25/24 | 4/25/24 | - | - | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 10,658 | 11,320 | 9,862 | 24,731 | 30,173 | 30,695 | 24,871 | 24,049 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.12 x | 2.992 x | 1.257 x | 2.112 x | 2.737 x | 2.898 x | 1.885 x | 1.688 x |
| Free Cash Flow 1 | -2,115 | -748 | -1,821 | -6,151 | - | -3,423 | 4,872 | 2,681 |
| ROE (net income / shareholders' equity) | 6.58% | 7.55% | 18% | 19.7% | 8.83% | 5.26% | 11.4% | 8.55% |
| ROA (Net income/ Total Assets) | 1.97% | 2.02% | 5.84% | 7.29% | - | 1.08% | 2.77% | 3.16% |
| Assets 1 | 45,918 | 53,911 | 69,026 | 93,556 | - | 218,504 | 207,669 | 133,047 |
| Book Value Per Share 2 | 4.050 | 5.070 | 7.840 | 9.310 | 10.30 | 10.50 | 12.60 | 12.00 |
| Cash Flow per Share 2 | 0.7200 | 0.7500 | 1.060 | 1.250 | 1.280 | 2.990 | 3.750 | 3.140 |
| Capex 1 | 4,622 | 3,607 | 5,982 | 11,208 | 12,035 | 10,058 | 9,652 | 7,910 |
| Capex / Sales | 27.37% | 18.93% | 14.55% | 16.73% | 20.35% | 20.58% | 13.19% | 11.75% |
| Announcement Date | 2/28/20 | 3/10/21 | 3/10/22 | 3/28/23 | 4/25/24 | - | - | - |
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
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
10.48
CNY
Average target price
18.38
CNY
Spread / Average Target
+75.41%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -32.99% | 5.86B | |
| +14.69% | 21.15B | |
| -18.69% | 19.54B | |
| -13.49% | 15.55B | |
| -12.50% | 13.65B | |
| -15.46% | 10.38B | |
| +22.15% | 7.37B | |
| -17.99% | 7.18B | |
| -31.61% | 6.45B | |
| -5.66% | 6.04B |
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