Financials China Yangtze Power Co., Ltd.

Equities

600900

CNE000001G87

Electric Utilities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-06-06 pm EDT			5-day change	1st Jan Change
28.31 ^CNY	+1.00%		+6.39%	+21.29%

Jun. 05	ETF of the week: Clean energies take off again
Apr. 29	China Yangtze Power Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	404,360	435,734	516,240	477,579	571,088	692,695	-	-
Enterprise Value (EV) ¹	489,239	526,459	606,484	579,463	877,870	967,568	930,254	920,963
P/E ratio	18.8 x	16.2 x	19.6 x	22.4 x	20.9 x	20.2 x	19.1 x	18.3 x
Yield	3.7%	3.65%	3.59%	4.06%	3.51%	3.47%	3.69%	3.75%
Capitalization / Revenue	8.11 x	7.54 x	9.28 x	9.17 x	7.32 x	7.93 x	7.76 x	7.64 x
EV / Revenue	9.81 x	9.11 x	10.9 x	11.1 x	11.2 x	11.1 x	10.4 x	10.2 x
EV / EBITDA	12.5 x	11.8 x	13.7 x	15.3 x	16.8 x	13.9 x	13.4 x	12.9 x
EV / FCF	14.5 x	14.1 x	18.8 x	22.2 x	16.7 x	16.1 x	18.6 x	16.2 x
FCF Yield	6.9%	7.11%	5.32%	4.5%	5.98%	6.2%	5.38%	6.15%
Price to Book	2.7 x	2.53 x	2.85 x	2.57 x	2.82 x	3.2 x	2.93 x	2.84 x
Nbr of stocks (in thousands)	22,000,000	22,741,859	22,741,859	22,741,859	24,468,218	24,468,218	-	-
Reference price ²	18.38	19.16	22.70	21.00	23.34	28.31	28.31	28.31
Announcement Date	1/16/20	1/27/21	1/26/22	1/30/23	1/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	49,874	57,783	55,646	52,060	78,062	87,371	89,250	90,702
EBITDA ¹	38,992	44,534	44,296	37,975	52,341	69,634	69,672	71,393
EBIT ¹	26,933	32,896	32,876	26,936	33,192	43,379	45,419	46,658
Operating Margin	54%	56.93%	59.08%	51.74%	42.52%	49.65%	50.89%	51.44%
Earnings before Tax (EBT) ¹	26,627	32,456	32,409	26,313	32,369	41,562	43,898	45,725
Net income ¹	21,543	26,298	26,273	21,309	27,389	34,327	36,123	37,811
Net margin	43.2%	45.51%	47.21%	40.93%	35.09%	39.29%	40.47%	41.69%
EPS ²	0.9792	1.185	1.155	0.9370	1.119	1.404	1.479	1.546
Free Cash Flow ¹	33,760	37,409	32,281	26,079	52,486	59,964	50,086	56,684
FCF margin	67.69%	64.74%	58.01%	50.09%	67.24%	68.63%	56.12%	62.49%
FCF Conversion (EBITDA)	86.58%	84%	72.87%	68.67%	100.28%	86.11%	71.89%	79.4%
FCF Conversion (Net income)	156.71%	142.25%	122.87%	122.39%	191.63%	174.69%	138.65%	149.92%
Dividend per Share ²	0.6800	0.7000	0.8153	0.8533	0.8200	0.9824	1.046	1.061
Announcement Date	1/16/20	1/27/21	1/26/22	1/30/23	1/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 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	-	-	-	15,650	-	15,881	10,791	15,397	15,577	26,880	20,207	15,641	17,884	33,392	21,888	17,432	17,636
EBITDA ¹	-	-	-	12,180	-	12,347	-	-	-	-	-	-	15,493	27,331	16,100	-	-
EBIT	-	-	-	10,222	-	9,463	3,108	-	6,371	14,753	-	-	-	-	-	-	-
Operating Margin	-	-	-	65.32%	-	59.59%	28.8%	-	40.9%	54.88%	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	10,047	-	9,323	3,018	-	6,363	14,659	6,922	-	8,259	19,065	9,215	-	-
Net income ¹	7,903	6,706	3,137	8,154	11,292	7,653	2,365	3,613	5,269	12,642	5,865	-	6,941	16,758	7,039	-	-
Net margin	-	-	-	52.1%	-	48.19%	21.92%	23.46%	33.83%	47.03%	29.03%	-	38.81%	50.18%	32.16%	-	-
EPS ²	-	0.3000	0.1380	0.3600	-	0.3300	0.1100	0.1527	0.2100	0.5200	0.2397	0.1621	0.2818	0.6724	0.3088	-	-
Dividend per Share ²	-	0.8153	-	-	-	-	-	-	-	-	0.8200	-	-	-	0.9928	-	-
Announcement Date	8/30/20	1/26/22	4/29/22	8/30/22	8/30/22	10/30/22	1/30/23	4/27/23	8/30/23	10/30/23	1/19/24	4/29/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	84,879	90,725	90,244	101,884	306,781	274,872	237,558	228,267
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.177 x	2.037 x	2.037 x	2.683 x	5.861 x	3.947 x	3.41 x	3.197 x
Free Cash Flow ¹	33,760	37,409	32,281	26,079	52,486	59,964	50,086	56,684
ROE (net income / shareholders' equity)	14.8%	16.7%	14.9%	11.7%	13.5%	16.1%	15.6%	15.7%
ROA (Net income/ Total Assets)	7.28%	8.38%	8.03%	6.53%	4.74%	5.75%	6.3%	6.91%
Assets ¹	296,008	313,772	327,345	326,408	578,364	597,110	573,620	546,864
Book Value Per Share ²	6.800	7.570	7.960	8.160	8.290	8.850	9.660	9.980
Cash Flow per Share ²	1.660	1.800	1.570	1.360	2.650	2.130	2.440	2.320
Capex ¹	2,705	3,628	3,452	4,834	-	5,755	6,072	5,780
Capex / Sales	5.42%	6.28%	6.2%	9.28%	-	6.59%	6.8%	6.37%
Announcement Date	1/16/20	1/27/21	1/26/22	1/30/23	1/19/24	-	-	-

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 China Yangtze Power Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

28.31 CNY

Average target price

29.4 CNY

Spread / Average Target

+3.86%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hydroelectric & Tidal Utilities

	1st Jan change	Capi.
CHINA YANGTZE POWER CO., LTD.	+21.29%	95.59B
CENTRAIS ELETRICAS BRASILEIRAS S.A.	-15.09%	15.48B
NHPC LIMITED	+59.75%	12.41B
SICHUAN CHUANTOU ENERGY CO.LTD	+23.54%	12.57B
MERIDIAN ENERGY LIMITED	+13.72%	9.96B
GUANGXI GUIGUAN ELECTRIC POWERCO.,LTD.	+30.87%	7.89B
MERCURY NZ LIMITED	+0.76%	5.66B
CHINA SOUTHERN POWER GRID ENERGY STORAGE CO., LTD.	+7.91%	4.69B
FEDERAL HYDRO-GENERATING COMPANY - RUSHYDRO	-.--%	3.98B
CHONGQING THREE GORGES WATER CONSERVANCY AND ELECTRIC POWER CO., LTD.	-2.12%	1.93B

Hydroelectric & Tidal Utilities