Projected Income Statement: Goldwind Science&Technology Co., Ltd.

Forecast Balance Sheet: Goldwind Science&Technology Co., Ltd.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 16,268 19,222 18,591 23,703 29,354 38,120 30,885 28,055
Change - 18.16% -3.28% 27.5% 23.84% 29.86% -18.98% -9.16%
Announcement Date 3/25/22 3/30/23 3/28/24 3/28/25 3/27/26 - - -
1CNY in Million
Estimates

Cash Flow Forecast: Goldwind Science&Technology Co., Ltd.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 10,572 8,729 6,746 7,653 6,407 13,397 7,348 7,198
Change - -17.43% -22.71% 13.44% -16.28% 109.11% -45.15% -2.04%
Free Cash Flow (FCF) 1 -5,685 5,881 -4,892 -5,337 -2,863 -4,839 -2,028 -351.5
Change - 203.45% -183.18% -9.09% 46.35% -69.01% 58.08% 82.67%
Announcement Date 3/25/22 3/30/23 3/28/24 3/28/25 3/27/26 - - -
1CNY in Million
Estimates

Forecast Financial Ratios: Goldwind Science&Technology Co., Ltd.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 13.51% 11.54% 8.42% 9.61% 12.34% 11.78% 11.44% 11.45%
EBIT Margin (%) 8.89% 5.98% 5.15% 3.82% 6.71% 6.69% 7.45% 7.8%
EBT Margin (%) 8.61% 5.97% 4.99% 3.71% 5.48% 6.23% 7.14% 7.74%
Net margin (%) 6.86% 5.13% 2.64% 3.28% 3.81% 4.52% 5.35% 5.64%
FCF margin (%) -11.28% 12.67% -9.7% -9.41% -3.93% -5.3% -1.99% -0.31%
FCF / Net Income (%) -164.46% 246.76% -367.56% -286.86% -103.2% -117.21% -37.12% -5.58%

Profitability

        
ROA 3.03% 1.86% 1.74% 2.45% 1.72% 2.72% 2.85% 3.22%
ROE 9.92% 6.38% 3.45% 4.91% 6.77% 9.48% 10.84% 11.44%

Financial Health

        
Leverage (Debt/EBITDA) 2.39x 3.59x 4.37x 4.35x 3.27x 3.5x 2.46x 2.01x
Debt / Free cash flow -2.86x 3.27x -3.8x -4.44x -10.25x -7.88x -15.23x -79.82x

Capital Intensity

        
CAPEX / Current Assets (%) 20.97% 18.8% 13.37% 13.5% 8.8% 14.68% 7.2% 6.45%
CAPEX / EBITDA (%) 155.18% 162.91% 158.72% 140.42% 71.31% 122.93% 58.57% 51.66%
CAPEX / FCF (%) -185.95% 148.42% -137.9% -143.39% -223.76% -276.85% -362.24% -2,047.89%

Items per share

        
Cash flow per share 1 1.157 1.392 0.4388 0.5481 0.8387 2.69 2.927 2.46
Change - 20.35% -68.48% 24.91% 53.02% 220.73% 8.81% -15.97%
Dividend per Share 1 0.25 0.12 0.1 0.14 0.2 0.2598 0.3494 0.4102
Change - -52% -16.67% 40% 42.86% 29.88% 34.49% 17.4%
Book Value Per Share 1 8.412 8.307 8.902 9.119 10.28 11.08 12.15 13.12
Change - -1.24% 7.15% 2.44% 12.74% 7.77% 9.67% 7.96%
EPS 1 0.7887 0.5203 0.2879 0.4206 0.6355 0.9653 1.272 1.459
Change - -34.03% -44.67% 46.09% 51.09% 51.89% 31.79% 14.7%
Nbr of stocks (in thousands) 4,225,068 4,225,068 4,225,068 4,182,839 4,222,239 4,206,156 4,206,156 4,206,156
Announcement Date 3/25/22 3/30/23 3/28/24 3/28/25 3/27/26 - - -
1CNY
Estimates
2026 *2027 *
P/E 19.3x 14.6x
PBR 1.68x 1.53x
EV / Sales 1.18x 0.99x
Yield 1.4% 1.88%

EPS & Dividend



Y-o-Y evolution of P/E

 

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
-
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
18.60CNY
Average target price
24.47CNY
Spread / Average Target
+31.53%

Quarterly revenue - Rate of surprise

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