Stock 600900 CHINA YANGTZE POWER CO., LTD.
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Financials China Yangtze Power Co., Ltd.

Equities

600900

CNE000001G87

Electric Utilities

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-05-23 pm EDT 		5-day change 1st Jan Change
26.3 CNY +0.57% Intraday chart for China Yangtze Power Co., Ltd. +2.02% +12.68%
Apr. 29 China Yangtze Power Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Apr. 09 China Yangtze Power's Total Power Generation Falls 5% in Q1 MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 404,360 435,734 516,240 477,579 571,088 643,514 - -
Enterprise Value (EV) 1 489,239 526,459 606,484 579,463 877,870 918,253 880,509 870,515
P/E ratio 18.8 x 16.2 x 19.6 x 22.4 x 20.9 x 18.7 x 17.9 x 17.1 x
Yield 3.7% 3.65% 3.59% 4.06% 3.51% 3.75% 3.98% 4.08%
Capitalization / Revenue 8.11 x 7.54 x 9.28 x 9.17 x 7.32 x 7.36 x 7.21 x 7.11 x
EV / Revenue 9.81 x 9.11 x 10.9 x 11.1 x 11.2 x 10.5 x 9.87 x 9.61 x
EV / EBITDA 12.5 x 11.8 x 13.7 x 15.3 x 16.8 x 13.2 x 12.7 x 12.2 x
EV / FCF 14.5 x 14.1 x 18.8 x 22.2 x - 15.3 x 17.6 x 15.4 x
FCF Yield 6.9% 7.11% 5.32% 4.5% - 6.53% 5.69% 6.51%
Price to Book 2.7 x 2.53 x 2.85 x 2.57 x 2.82 x 3.01 x 2.68 x 2.65 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 26.30 26.30 26.30
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 87,455 89,247 90,567
EBITDA 1 38,992 44,534 44,296 37,975 52,341 69,690 69,421 71,432
EBIT 1 26,933 32,896 32,876 26,936 33,192 43,435 45,434 46,658
Operating Margin 54% 56.93% 59.08% 51.74% 42.52% 49.66% 50.91% 51.52%
Earnings before Tax (EBT) 1 26,627 32,456 32,409 26,313 32,369 41,651 43,904 45,578
Net income 1 21,543 26,298 26,273 21,309 27,389 34,336 36,074 37,685
Net margin 43.2% 45.51% 47.21% 40.93% 35.09% 39.26% 40.42% 41.61%
EPS 2 0.9792 1.185 1.155 0.9370 1.119 1.404 1.471 1.541
Free Cash Flow 1 33,760 37,409 32,281 26,079 - 59,964 50,086 56,684
FCF margin 67.69% 64.74% 58.01% 50.09% - 68.57% 56.12% 62.59%
FCF Conversion (EBITDA) 86.58% 84% 72.87% 68.67% - 86.04% 72.15% 79.35%
FCF Conversion (Net income) 156.71% 142.25% 122.87% 122.39% - 174.64% 138.84% 150.42%
Dividend per Share 2 0.6800 0.7000 0.8153 0.8533 0.8200 0.9860 1.047 1.073
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 18,445 36,889 21,249 - -
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% - 37.63% 45.43% 33.13% - -
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 - - - - - - - - - - - - 0.9928 - -
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 90,244 101,884 306,781 274,739 236,994 227,001
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.177 x 2.037 x 2.037 x 2.683 x 5.861 x 3.942 x 3.414 x 3.178 x
Free Cash Flow 1 33,760 37,409 32,281 26,079 - 59,964 50,086 56,684
ROE (net income / shareholders' equity) 14.8% 16.7% 14.9% 11.7% 13.5% 16.1% 15.4% 15.9%
ROA (Net income/ Total Assets) 7.28% 8.38% 8.03% 6.53% - 6.09% 6.12% 7.24%
Assets 1 296,008 313,772 327,345 326,408 - 563,464 589,811 520,612
Book Value Per Share 2 6.800 7.570 7.960 8.160 8.290 8.730 9.810 9.920
Cash Flow per Share 2 1.660 1.800 1.570 1.360 2.650 2.160 2.430 2.400
Capex 1 2,705 3,628 3,452 4,834 - 6,067 7,555 5,725
Capex / Sales 5.42% 6.28% 6.2% 9.28% - 6.94% 8.46% 6.32%
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
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
22
Last Close Price
26.3 CNY
Average target price
28.93 CNY
Spread / Average Target
+10.00%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hydroelectric & Tidal Utilities

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Hydroelectric & Tidal Utilities
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