Financials LONGi Green Energy Technology Co., Ltd.

Equities

601012

CNE100001FR6

Renewable Energy Equipment & Services

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
18.59 ^CNY	-1.64%		-0.91%	-18.82%

May. 28	Longi Green Energy Technology Co., Ltd. Announces the "Lighthouse Project" to Expand the Agile Intelligent Manufacturing to More of Its Own Production Bases Across the Globe	CI
May. 22	Nomura Adjusts Longi Green Energy’s Price Target to 18 Yuan From 28 Yuan, Keeps at Neutral	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	93,659	347,757	466,597	320,401	173,537	140,876	-	-
Enterprise Value (EV) ¹	80,253	331,473	443,414	276,313	130,116	107,604	103,873	100,205
P/E ratio	16.9 x	40.8 x	51 x	21.7 x	16.1 x	67.9 x	14.3 x	15.3 x
Yield	0.81%	0.27%	0.3%	0.95%	0.74%	0.47%	1.7%	1.81%
Capitalization / Revenue	2.85 x	6.37 x	5.77 x	2.48 x	1.34 x	1.32 x	1.04 x	1.01 x
EV / Revenue	2.44 x	6.07 x	5.48 x	2.14 x	1 x	1.01 x	0.77 x	0.72 x
EV / EBITDA	10.3 x	27.2 x	32 x	13.7 x	7.76 x	11 x	5.3 x	5.49 x
EV / FCF	14.7 x	53.3 x	59.3 x	14.1 x	-122 x	-28.2 x	22.5 x	14.4 x
FCF Yield	6.81%	1.87%	1.69%	7.11%	-0.82%	-3.54%	4.45%	6.96%
Price to Book	3.39 x	10.1 x	9.83 x	5.2 x	2.48 x	1.98 x	1.69 x	1.69 x
Nbr of stocks (in thousands)	7,393,153	7,392,667	7,578,134	7,581,663	7,578,042	7,578,045	-	-
Reference price ²	12.67	47.04	61.57	42.26	22.90	18.59	18.59	18.59
Announcement Date	4/22/20	4/20/21	4/27/22	4/10/23	4/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	32,897	54,583	80,932	128,998	129,498	106,994	135,611	139,758
EBITDA ¹	7,785	12,192	13,854	20,118	16,766	9,769	19,584	18,237
EBIT ¹	6,298	9,971	10,656	16,658	12,113	3,698	12,752	11,911
Operating Margin	19.14%	18.27%	13.17%	12.91%	9.35%	3.46%	9.4%	8.52%
Earnings before Tax (EBT) ¹	6,247	9,912	10,232	16,405	11,989	4,975	12,473	12,046
Net income ¹	5,280	8,552	9,086	14,812	10,751	2,076	9,875	9,196
Net margin	16.05%	15.67%	11.23%	11.48%	8.3%	1.94%	7.28%	6.58%
EPS ²	0.7500	1.153	1.207	1.950	1.420	0.2736	1.302	1.213
Free Cash Flow ¹	5,469	6,215	7,483	19,642	-1,070	-3,813	4,623	6,976
FCF margin	16.62%	11.39%	9.25%	15.23%	-0.83%	-3.56%	3.41%	4.99%
FCF Conversion (EBITDA)	70.24%	50.97%	54.02%	97.63%	-	-	23.61%	38.25%
FCF Conversion (Net income)	103.58%	72.67%	82.36%	132.61%	-	-	46.82%	75.86%
Dividend per Share ²	0.1020	0.1276	0.1857	0.4000	0.1700	0.0866	0.3154	0.3366
Announcement Date	4/22/20	4/20/21	4/27/22	4/10/23	4/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	-	24,726	18,595	31,822	-	36,618	41,963	28,319	36,334	29,448	35,398	-	17,674	19,632	28,046	28,135	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	1,868	3,119	4,455	-	5,118	3,967	3,978	6,416	2,635	-915.2	-	-	-	-	-	-	-
Operating Margin	-	-	7.56%	16.77%	14%	-	13.98%	9.45%	14.05%	17.66%	8.95%	-2.59%	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	1,566	-	4,432	-	5,033	3,903	-	6,396	2,611	-952	-	-	1,155	2,205	2,482	-	-
Net income ¹	4,116	4,993	1,530	-	3,817	6,481	4,495	3,836	3,637	5,541	2,515	-942.3	1,573	-2,350	1,081	2,103	1,783	-	-
Net margin	-	-	6.19%	-	11.99%	-	12.28%	9.14%	12.84%	15.25%	8.54%	-2.66%	-	-13.3%	5.51%	7.5%	6.34%	-	-
EPS ²	-	-	0.2000	0.3500	0.3600	-	0.5900	0.5100	0.4800	0.7200	0.3400	-0.1200	-	-0.3100	0.1426	0.2775	0.2353	-	-
Dividend per Share ²	-	-	0.1857	-	-	-	-	0.4000	-	-	-	-	-	-	-	-	0.0414	-	-
Announcement Date	8/27/20	8/30/21	4/27/22	4/27/22	8/24/22	8/24/22	10/28/22	4/10/23	4/27/23	8/2/23	10/30/23	4/29/24	4/29/24	4/29/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	13,406	16,284	23,183	44,088	43,421	33,272	37,003	40,670
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,469	6,215	7,483	19,642	-1,070	-3,813	4,623	6,976
ROE (net income / shareholders' equity)	23.9%	27.2%	21.5%	27%	16.2%	5.86%	12.8%	12.4%
ROA (Net income/ Total Assets)	10.7%	11.6%	9.8%	12.4%	-	1.58%	6.74%	6.53%
Assets ¹	49,480	73,468	92,686	119,303	-	131,553	146,445	140,840
Book Value Per Share ²	3.740	4.660	6.260	8.120	9.230	9.410	11.00	11.00
Cash Flow per Share ²	1.100	1.490	1.630	3.210	1.070	1.240	2.490	2.320
Capex ¹	2,690	4,800	4,839	4,728	9,188	10,346	9,332	8,216
Capex / Sales	8.18%	8.79%	5.98%	3.67%	7.09%	9.67%	6.88%	5.88%
Announcement Date	4/22/20	4/20/21	4/27/22	4/10/23	4/29/24	-	-	-

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 LONGi Green Energy Technology Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

18.59 CNY

Average target price

22.2 CNY

Spread / Average Target

+19.41%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Photovoltaic Solar Systems & Equipment

	1st Jan change	Capi.
LONGI GREEN ENERGY TECHNOLOGY CO., LTD.	-18.82%	19.45B
FIRST SOLAR, INC.	+57.74%	29.09B
ENPHASE ENERGY, INC.	-3.21%	17.4B
TONGWEI CO.,LTD	-8.07%	14.3B
JINKO SOLAR CO., LTD.	-8.01%	11.26B
XINJIANG DAQO NEW ENERGY CO.,LTD.	-9.47%	7.9B
NEXTRACKER INC.	+17.76%	7.8B
FLAT GLASS GROUP CO., LTD.	+20.03%	7.35B
JA SOLAR TECHNOLOGY CO., LTD.	-27.12%	6.86B
TCL ZHONGHUAN RENEWABLE ENERGY TECHNOLOGY CO.,LTD.	-29.35%	6.16B

Photovoltaic Solar Systems & Equipment