Financials Flat Glass Group Co., Ltd. Shanghai S.E.

Equities

601865

CNE100003HV0

Renewable Energy Equipment & Services

End-of-day quote Shanghai S.E. Other stock markets 18:00:00 2024-05-16 EDT			5-day change	1st Jan Change
24.55 ^CNY	-2.04%		-6.37%	-8.05%

04-29	Flat Glass Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-03	Tranche Update on Flat Glass Group Co., Ltd.'s Equity Buyback Plan announced on February 23, 2024.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	20,261	72,372	112,855	63,939	56,223	53,198	-	-
Enterprise Value (EV) ¹	21,958	73,172	113,840	72,882	63,185	63,841	62,752	60,773
P/E ratio	12.4 x	33.9 x	32.6 x	16.8 x	9.66 x	9.57 x	7.78 x	6.7 x
Yield	-	0.55%	-	-	3.17%	3.38%	3.92%	4.7%
Capitalization / Revenue	4.22 x	11.6 x	13 x	4.14 x	2.61 x	2.19 x	1.76 x	1.55 x
EV / Revenue	4.57 x	11.7 x	13.1 x	4.71 x	2.94 x	2.63 x	2.08 x	1.77 x
EV / EBITDA	18.7 x	32.3 x	37.7 x	21.1 x	11.7 x	9.61 x	7.77 x	6.47 x
EV / FCF	-28.3 x	-308 x	-35.7 x	-9.24 x	-17.4 x	-38 x	72.9 x	36.5 x
FCF Yield	-3.53%	-0.32%	-2.8%	-10.8%	-5.73%	-2.63%	1.37%	2.74%
Price to Book	1.84 x	7.41 x	5.87 x	2.55 x	1.2 x	1.36 x	1.22 x	1.06 x
Nbr of stocks (in thousands)	1,950,000	1,954,600	2,146,893	2,146,894	2,351,324	2,340,998	-	-
Reference price ²	4.602	27.48	32.27	16.67	11.98	14.90	14.90	14.90
Announcement Date	3/26/20	3/29/21	3/21/22	3/27/23	3/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,807	6,260	8,713	15,461	21,524	24,280	30,163	34,330
EBITDA ¹	1,174	2,265	3,017	3,462	5,385	6,643	8,077	9,389
EBIT ¹	880.6	1,865	2,382	2,155	3,674	4,232	5,369	6,462
Operating Margin	18.32%	29.79%	27.33%	13.94%	17.07%	17.43%	17.8%	18.82%
Earnings before Tax (EBT) ¹	862.7	1,874	2,380	2,153	3,052	4,065	5,236	6,266
Net income ¹	717.2	1,629	2,120	2,123	2,760	3,611	4,634	5,555
Net margin	14.92%	26.02%	24.33%	13.73%	12.82%	14.87%	15.36%	16.18%
EPS ²	0.3700	0.8100	0.9900	0.9900	1.240	1.557	1.916	2.225
Free Cash Flow ¹	-775	-237.3	-3,189	-7,884	-3,623	-1,679	861.2	1,663
FCF margin	-16.12%	-3.79%	-36.6%	-51%	-16.83%	-6.92%	2.86%	4.84%
FCF Conversion (EBITDA)	-	-	-	-	-	-	10.66%	17.71%
FCF Conversion (Net income)	-	-	-	-	-	-	18.58%	29.94%
Dividend per Share ²	-	0.1500	-	-	0.3800	0.5036	0.5837	0.7009
Announcement Date	3/26/20	3/29/21	3/21/22	3/27/23	3/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	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	2,496	-	4,028	2,376	3,509	3,796	-	3,910	4,246	5,365	4,313	6,206	5,639	5,726	5,942	6,333	7,014	-	-
EBITDA ¹	804.6	-	1,695	550.8	655.4	929.6	-	690.5	1,469	-	-	-	-	-	1,825	1,825	1,596	-	-
EBIT	599.5	-	1,398	437.2	495.4	602.2	-	552.7	504.9	560	663.9	1,124	-	-	-	-	-	-	-
Operating Margin	24.02%	-	34.71%	18.4%	14.12%	15.87%	-	14.13%	11.89%	10.44%	15.39%	18.11%	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	565.3	-	1,446	432	495.4	602	-	552.7	502.8	560.4	624.1	1,025	842.5	861.5	1,137	1,137	904.7	-	-
Net income ¹	460.8	1,168	1,261	403.1	436.7	566	1,003	501.5	618.5	511.5	573.9	883.7	790.6	759.9	1,040	1,040	813	-	-
Net margin	18.46%	-	31.31%	16.96%	12.45%	14.91%	-	12.83%	14.57%	9.53%	13.31%	14.24%	14.02%	13.27%	17.5%	16.42%	11.59%	-	-
EPS ²	-	-	-	0.1900	0.2000	0.2400	-	0.2200	0.3000	0.2400	0.2700	0.3900	0.3400	-	0.4423	0.4424	0.3458	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	0.2380	-	-	-	-	-	0.6214	-	-
Announcement Date	8/4/20	3/29/21	8/9/21	3/21/22	4/27/22	8/25/22	8/25/22	10/27/22	3/27/23	4/24/23	8/28/23	10/31/23	3/26/24	4/29/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,697	800	986	8,943	6,962	10,644	9,554	7,575
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.446 x	0.3531 x	0.3268 x	2.584 x	1.293 x	1.602 x	1.183 x	0.8067 x
Free Cash Flow ¹	-775	-237	-3,189	-7,884	-3,623	-1,679	861	1,663
ROE (net income / shareholders' equity)	17.5%	29%	22.3%	16%	15.5%	15.2%	17%	17.6%
ROA (Net income/ Total Assets)	8.78%	15%	13.1%	8.09%	7.32%	7.47%	8.17%	8.45%
Assets ¹	8,173	10,829	16,174	26,232	37,682	48,374	56,730	65,729
Book Value Per Share ²	2.510	3.710	5.500	6.550	9.960	11.00	12.20	14.10
Cash Flow per Share ²	0.2700	0.8700	0.2700	0.8300	0.8800	2.320	3.070	3.430
Capex ¹	1,285	1,939	3,769	8,061	5,591	5,837	4,911	4,461
Capex / Sales	26.74%	30.96%	43.25%	52.14%	25.97%	24.04%	16.28%	12.99%
Announcement Date	3/26/20	3/29/21	3/21/22	3/27/23	3/26/24	-	-	-

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 Flat Glass Group Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

14.9 CNY

Average target price

21.77 CNY

Spread / Average Target

+46.04%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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