CHINA THREE GORGES RENEWABLES (GROUP) CO.,LTD.

Financials China Three Gorges Renewables (Group) Co.,Ltd.

Equities

600905

CNE1000051F2

Electric Utilities

End-of-day quote Shanghai S.E. Other stock markets 18:00:00 2024-05-05 EDT			5-day change	1st Jan Change
4.74 ^CNY	+1.07%		-2.07%	+8.47%

04-29	China Three Gorges Renewables Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
01-22	China Three Gorges Renewables’ Profit Rises 4.5% in 2023 as Revenue Grows 11%	MT

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	214,568	161,700	125,082	135,665	-	-
Enterprise Value (EV) ¹	214,568	275,859	125,082	294,964	294,265	288,042
P/E ratio	33 x	22.6 x	17.4 x	14.7 x	12.5 x	11.4 x
Yield	0.28%	1.35%	1.78%	1.2%	1.52%	2.64%
Capitalization / Revenue	13.9 x	6.79 x	4.72 x	4.13 x	3.56 x	3.13 x
EV / Revenue	13.9 x	11.6 x	4.72 x	8.98 x	7.73 x	6.65 x
EV / EBITDA	14.6 x	16.1 x	6.72 x	10.2 x	8.67 x	7.92 x
EV / FCF	-10.2 x	-25.4 x	-4.78 x	97.1 x	-4.19 x	-10.9 x
FCF Yield	-9.83%	-3.93%	-20.9%	1.03%	-23.9%	-9.18%
Price to Book	3.12 x	2.1 x	1.52 x	1.51 x	1.38 x	1.29 x
Nbr of stocks (in thousands)	28,571,000	28,619,530	28,622,959	28,621,259	-	-
Reference price ²	7.510	5.650	4.370	4.740	4.740	4.740
Announcement Date	22-03-10	23-02-07	24-01-19	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	15,484	23,812	26,485	32,856	38,074	43,332
EBITDA ¹	-	14,689	17,094	18,620	28,861	33,939	36,351
EBIT ¹	-	6,784	9,217	8,991	12,529	15,245	15,860
Operating Margin	-	43.81%	38.71%	33.95%	38.13%	40.04%	36.6%
Earnings before Tax (EBT) ¹	-	6,640	9,069	9,018	11,451	13,884	14,851
Net income ¹	3,611	5,642	7,155	7,181	9,170	10,891	11,961
Net margin	-	36.44%	30.05%	27.11%	27.91%	28.61%	27.6%
EPS ²	-	0.2279	0.2501	0.2509	0.3230	0.3802	0.4175
Free Cash Flow ¹	-	-21,086	-10,844	-26,190	3,039	-70,190	-26,449
FCF margin	-	-136.18%	-45.54%	-98.89%	9.25%	-184.35%	-61.04%
FCF Conversion (EBITDA)	-	-	-	-	10.53%	-	-
FCF Conversion (Net income)	-	-	-	-	33.14%	-	-
Dividend per Share ²	-	0.0212	0.0760	0.0780	0.0571	0.0722	0.1250
Announcement Date	21-06-08	22-03-10	23-02-07	24-01-19	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3
Net sales	-	-	-	5,277	6,406	6,853	6,851	-
EBITDA	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	1,694	3,000	2,555	-
Operating Margin	-	-	-	-	26.45%	43.77%	37.3%	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income ¹	1,644	2,571	5,037	-	-	2,434	-	919.6
Net margin	-	-	-	-	-	35.51%	-	-
EPS	-	-	0.1767	-	0.0324	0.0850	0.0700	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	22-03-10	22-04-27	22-08-30	22-10-28	23-02-07	23-04-28	23-08-30	23-10-29

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	114,159	-	159,299	158,600	152,377
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	6.678 x	-	5.52 x	4.673 x	4.192 x
Free Cash Flow ¹	-	-21,086	-10,844	-26,190	3,039	-70,190	-26,449
ROE (net income / shareholders' equity)	-	10.1%	9.72%	8.99%	10%	10.8%	10.9%
ROA (Net income/ Total Assets)	-	-	2.73%	1.89%	2.77%	3.05%	3.12%
Assets ¹	-	-	262,127	379,089	331,454	357,088	383,989
Book Value Per Share ²	-	2.410	2.690	2.880	3.140	3.420	3.670
Cash Flow per Share ²	-	0.3100	0.5900	0.5000	1.160	1.340	1.410
Capex ¹	-	29,903	27,715	40,607	43,905	38,591	36,519
Capex / Sales	-	193.12%	116.39%	153.32%	133.63%	101.36%	84.28%
Announcement Date	21-06-08	22-03-10	23-02-07	24-01-19	-	-	-

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 China Three Gorges Renewables (Group) Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.74 CNY

Average target price

5.611 CNY

Spread / Average Target

+18.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Wind Electric Utilities

	1st Jan change	Capi.
CHINA THREE GORGES RENEWABLES (GROUP) CO.,LTD.	+8.47%	18.55B
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ZHONGMIN ENERGY CO., LTD.	+5.49%	1.19B
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