Financials Sungrow Power Supply Co., Ltd.

Equities

300274

CNE1000018M7

Renewable Energy Equipment & Services

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-27 pm EDT			5-day change	1st Jan Change
99.79 ^CNY	-1.36%		-1.64%	+13.93%

May. 23	Sungrow Showcases Its Cutting-Edge Solar-Plus-Storage Solutions At Solar & Storage Live Philippines 2024	CI
May. 22	Sungrow Supplies Equipment to CleanPeak to Power Australia's Arnott's Biscuit Factory with Renewable Energy	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	15,343	105,329	216,544	165,319	129,516	146,556	-	-
Enterprise Value (EV) ¹	12,998	100,089	212,376	160,046	119,801	130,636	125,321	114,833
P/E ratio	17.3 x	53.9 x	135 x	46.2 x	13.8 x	14 x	12 x	10.4 x
Yield	0.66%	0.19%	0.08%	0.2%	1.1%	0.98%	1.2%	1.38%
Capitalization / Revenue	1.18 x	5.46 x	8.97 x	4.11 x	1.79 x	1.66 x	1.37 x	1.15 x
EV / Revenue	1 x	5.19 x	8.8 x	3.98 x	1.66 x	1.48 x	1.17 x	0.9 x
EV / EBITDA	10.2 x	41.5 x	96.5 x	35.4 x	9.95 x	9.24 x	7.73 x	6.02 x
EV / FCF	-	46.9 x	-64.5 x	-521 x	-	19 x	20 x	17 x
FCF Yield	-	2.13%	-1.55%	-0.19%	-	5.25%	4.99%	5.88%
Price to Book	1.79 x	10.1 x	13.8 x	8.9 x	4.7 x	3.96 x	3.06 x	2.4 x
Nbr of stocks (in thousands)	1,457,087	1,457,237	1,485,216	1,478,706	1,478,666	1,468,642	-	-
Reference price ²	10.53	72.28	145.8	111.8	87.59	99.79	99.79	99.79
Announcement Date	2/28/20	4/26/21	4/19/22	4/24/23	4/22/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,003	19,286	24,137	40,257	72,251	88,172	107,294	127,191
EBITDA ¹	1,274	2,411	2,201	4,525	12,039	14,136	16,212	19,074
EBIT ¹	1,048	2,168	1,898	4,141	11,466	13,085	15,023	17,794
Operating Margin	8.06%	11.24%	7.86%	10.29%	15.87%	14.84%	14%	13.99%
Earnings before Tax (EBT) ¹	1,032	2,182	1,893	4,134	11,460	12,914	14,866	17,587
Net income ¹	892.6	1,954	1,583	3,593	9,440	10,979	12,637	14,727
Net margin	6.86%	10.13%	6.56%	8.93%	13.07%	12.45%	11.78%	11.58%
EPS ²	0.6100	1.340	1.080	2.420	6.360	7.106	8.291	9.604
Free Cash Flow ¹	-	2,136	-3,292	-306.9	-	6,859	6,254	6,756
FCF margin	-	11.07%	-13.64%	-0.76%	-	7.78%	5.83%	5.31%
FCF Conversion (EBITDA)	-	88.57%	-	-	-	48.52%	38.58%	35.42%
FCF Conversion (Net income)	-	109.28%	-	-	-	62.48%	49.49%	45.87%
Dividend per Share ²	0.0700	0.1400	0.1100	0.2200	0.9650	0.9793	1.197	1.377
Announcement Date	2/28/20	4/26/21	4/19/22	4/24/23	4/22/24	-	-	-

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	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	-	8,763	-	7,714	-	9,943	18,033	12,580	16,042	17,792	25,836	-	20,612	22,193	30,627	17,368	22,147
EBITDA ¹	-	-	-	-	412.4	-	1,273	-	-	-	-	-	-	3,562	3,872	4,160	-	-
EBIT ¹	-	-	62.27	-	604.1	-	1,352	1,706	1,775	3,244	3,306	3,142	-	3,369	3,679	3,967	-	-
Operating Margin	-	-	0.71%	-	7.83%	-	13.59%	9.46%	14.11%	20.22%	18.58%	12.16%	-	16.34%	16.58%	12.95%	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	1,350	1,685	-	3,226	3,319	3,129	-	3,386	3,697	3,967	-	-
Net income ¹	446.1	757	77.93	410.9	-	900.4	1,160	1,533	1,508	2,846	2,869	2,217	2,096	2,789	3,076	3,196	-	-
Net margin	-	-	0.89%	-	-	-	11.67%	8.5%	11.98%	17.74%	16.12%	8.58%	-	13.53%	13.86%	10.43%	-	-
EPS ²	-	-	0.0500	-	0.3300	-	0.7800	1.030	1.020	1.910	1.930	1.500	-	1.879	2.072	2.152	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.128	-	-
Announcement Date	8/27/20	8/27/21	4/19/22	4/19/22	8/26/22	8/26/22	10/26/22	4/24/23	4/24/23	8/24/23	10/27/23	4/22/24	4/22/24	-	-	-	-	-

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	2,345	5,240	4,169	5,273	9,716	15,920	21,235	31,723
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	2,136	-3,292	-307	-	6,859	6,255	6,756
ROE (net income / shareholders' equity)	10.9%	20.4%	13.1%	21%	41%	31%	27.3%	24.5%
ROA (Net income/ Total Assets)	4.32%	7.69%	4.47%	6.88%	-	11.2%	10.7%	10.1%
Assets ¹	20,656	25,410	35,423	52,233	-	97,688	117,602	145,335
Book Value Per Share ²	5.900	7.180	10.50	12.60	18.70	25.20	32.60	41.50
Cash Flow per Share ²	1.700	2.120	-1.100	0.8200	4.700	9.010	6.940	8.300
Capex ¹	682	953	1,653	1,517	-	2,520	2,664	2,726
Capex / Sales	5.24%	4.94%	6.85%	3.77%	-	2.86%	2.48%	2.14%
Announcement Date	2/28/20	4/26/21	4/19/22	4/24/23	4/22/24	-	-	-

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 Sungrow Power Supply Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

99.79 CNY

Average target price

130.4 CNY

Spread / Average Target

+30.72%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Renewable Energy Equipment & Services

	1st Jan change	Capi.
SUNGROW POWER SUPPLY CO., LTD.	+13.93%	20.51B
TRINA SOLAR CO., LTD.	-28.08%	6.24B
MING YANG SMART ENERGY GROUP LIMITED	-17.46%	3.11B
GOODWE TECHNOLOGIES CO., LTD.	-20.80%	2.46B
ARRAY TECHNOLOGIES, INC.	-19.70%	2.06B
NEL ASA	+23.34%	1.18B
SHENZHEN HOPEWIND ELECTRIC CO., LTD.	-29.44%	1.08B
SMART GÜNES ENERJISI TEKNOLOJILERI ARASTIRMA VE GELISTIRME ÜRETIM SANAYI VE TICARET	-3.08%	1.02B
AZAD ENGINEERING LIMITED	+103.79%	989M
SHINFOX ENERGY CO., LTD.	+22.54%	886M

Other Renewable Energy Equipment & Services