TONGWEI CO.,LTD |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 17.51 CNY | +0.81% |
|
+4.66% | -30.04% |
| Jul. 10 | LONGi's Market Cap Falls to Below 100 Billion Yuan | MT |
| Jul. 05 | Nomura Adjusts Tongwei's Price Target to 19 Yuan From 22 Yuan, Keeps at Neutral | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 50,978 | 173,040 | 202,390 | 173,676 | 112,684 | 78,830 | - | - |
| Enterprise Value (EV) 1 | 61,352 | 178,365 | 215,101 | 164,821 | 135,434 | 122,918 | 122,592 | 125,475 |
| P/E ratio | 20 x | 45.4 x | 24.7 x | 7.03 x | 8.71 x | 32.7 x | 11.6 x | 11 x |
| Yield | 1.42% | 0.63% | 2.03% | 7.41% | 3.62% | 2.2% | 2.78% | 2.91% |
| Capitalization / Revenue | 1.36 x | 3.91 x | 3.19 x | 1.22 x | 0.81 x | 0.63 x | 0.51 x | 0.46 x |
| EV / Revenue | 1.63 x | 4.04 x | 3.39 x | 1.16 x | 0.97 x | 0.98 x | 0.79 x | 0.73 x |
| EV / EBITDA | 12 x | 24.8 x | 15.8 x | 3.68 x | 4.65 x | 9.39 x | 6.02 x | 5.36 x |
| EV / FCF | -34.5 x | -76.6 x | -34.5 x | 5.76 x | -23.9 x | -6.76 x | 14.5 x | 20.6 x |
| FCF Yield | -2.9% | -1.31% | -2.9% | 17.4% | -4.19% | -14.8% | 6.91% | 4.86% |
| Price to Book | 2.9 x | 5.67 x | 5.4 x | 2.95 x | 1.89 x | 1.31 x | 1.2 x | 1.16 x |
| Nbr of stocks (in thousands) | 3,882,585 | 4,501,548 | 4,501,548 | 4,501,713 | 4,501,970 | 4,501,978 | - | - |
| Reference price 2 | 13.13 | 38.44 | 44.96 | 38.58 | 25.03 | 17.51 | 17.51 | 17.51 |
| Announcement Date | 4/20/20 | 4/6/21 | 2/13/22 | 4/24/23 | 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 | 37,555 | 44,200 | 63,491 | 142,423 | 139,104 | 125,745 | 155,132 | 171,899 |
| EBITDA 1 | 5,119 | 7,192 | 13,650 | 44,760 | 29,121 | 13,092 | 20,355 | 23,411 |
| EBIT 1 | 3,123 | 4,713 | 10,834 | 39,574 | 22,291 | 5,541 | 10,717 | 12,476 |
| Operating Margin | 8.32% | 10.66% | 17.06% | 27.79% | 16.02% | 4.41% | 6.91% | 7.26% |
| Earnings before Tax (EBT) 1 | 3,152 | 4,274 | 10,390 | 38,339 | 22,052 | 3,693 | 10,421 | 10,662 |
| Net income 1 | 2,635 | 3,608 | 8,208 | 25,726 | 13,574 | 2,422 | 6,877 | 7,236 |
| Net margin | 7.02% | 8.16% | 12.93% | 18.06% | 9.76% | 1.93% | 4.43% | 4.21% |
| EPS 2 | 0.6558 | 0.8466 | 1.823 | 5.489 | 2.874 | 0.5361 | 1.509 | 1.587 |
| Free Cash Flow 1 | -1,779 | -2,329 | -6,233 | 28,633 | -5,676 | -18,190 | 8,468 | 6,102 |
| FCF margin | -4.74% | -5.27% | -9.82% | 20.1% | -4.08% | -14.47% | 5.46% | 3.55% |
| FCF Conversion (EBITDA) | - | - | - | 63.97% | - | - | 41.6% | 26.06% |
| FCF Conversion (Net income) | - | - | - | 111.3% | - | - | 123.13% | 84.33% |
| Dividend per Share 2 | 0.1860 | 0.2410 | 0.9120 | 2.858 | 0.9050 | 0.3848 | 0.4876 | 0.5100 |
| Announcement Date | 4/20/20 | 4/6/21 | 2/13/22 | 4/24/23 | 4/29/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2020 S2 | 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 | - | - | 16,791 | 24,685 | 35,654 | - | 41,745 | 40,338 | 33,245 | 40,824 | 37,352 | 27,684 | 19,570 | 28,585 | 31,740 | 33,952 | 26,762 | 32,863 |
| EBITDA 1 | - | - | 3,457 | - | 11,947 | - | 15,272 | - | - | - | - | - | - | 3,522 | 4,503 | 4,492 | - | - |
| EBIT 1 | - | - | 3,321 | 6,879 | 10,381 | - | 14,127 | 8,187 | 12,671 | 7,719 | 4,384 | -2,483 | - | 1,340 | 2,321 | 2,310 | - | - |
| Operating Margin | - | - | 19.78% | 27.87% | 29.12% | - | 33.84% | 20.3% | 38.11% | 18.91% | 11.74% | -8.97% | - | 4.69% | 7.31% | 6.8% | - | - |
| Earnings before Tax (EBT) 1 | - | - | - | - | - | - | - | - | - | - | 4,357 | -2,680 | - | 1,001 | 1,868 | 1,566 | - | - |
| Net income 1 | 1,010 | 2,597 | - | 5,194 | - | 12,224 | 9,507 | 3,996 | 8,601 | 4,669 | 3,031 | -2,728 | - | 689.4 | 1,453 | 1,018 | - | - |
| Net margin | - | - | - | 21.04% | - | - | 22.77% | 9.91% | 25.87% | 11.44% | 8.12% | -9.85% | - | 2.41% | 4.58% | 3% | - | - |
| EPS 2 | - | - | 0.5000 | 1.154 | 1.470 | - | 2.021 | 0.8700 | 1.787 | 0.9500 | 0.6300 | -0.5000 | -0.1748 | 0.2716 | 0.2864 | 0.2281 | - | - |
| Dividend per Share 2 | - | - | 0.9120 | - | - | - | - | 2.858 | - | - | - | 0.9050 | - | - | - | 0.1583 | - | - |
| Announcement Date | 8/7/20 | 4/6/21 | 2/13/22 | 4/25/22 | 8/17/22 | 8/17/22 | 10/25/22 | 4/24/23 | 4/24/23 | 8/21/23 | 10/25/23 | 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 | 10,374 | 5,325 | 12,712 | - | 22,750 | 44,088 | 43,762 | 46,645 |
| Net Cash position 1 | - | - | - | 8,855 | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.027 x | 0.7404 x | 0.9313 x | - | 0.7812 x | 3.368 x | 2.15 x | 1.992 x |
| Free Cash Flow 1 | -1,779 | -2,329 | -6,233 | 28,633 | -5,676 | -18,190 | 8,468 | 6,102 |
| ROE (net income / shareholders' equity) | 16.1% | 16.1% | 24.2% | 52.4% | 22.6% | 4.54% | 9.52% | 10.2% |
| ROA (Net income/ Total Assets) | 6.18% | 6.5% | 10.8% | - | 8.76% | 1.6% | 3.68% | 4.03% |
| Assets 1 | 42,651 | 55,541 | 76,322 | - | 154,969 | 151,353 | 186,707 | 179,634 |
| Book Value Per Share 2 | 4.530 | 6.780 | 8.330 | 13.10 | 13.20 | 13.40 | 14.50 | 15.10 |
| Cash Flow per Share 2 | 0.6100 | 0.6700 | 1.690 | 9.730 | 6.810 | 3.380 | 4.640 | 5.230 |
| Capex 1 | 4,137 | 5,354 | 13,851 | 15,185 | 36,355 | 28,199 | 15,363 | 13,716 |
| Capex / Sales | 11.01% | 12.11% | 21.82% | 10.66% | 26.14% | 22.43% | 9.9% | 7.98% |
| Announcement Date | 4/20/20 | 4/6/21 | 2/13/22 | 4/24/23 | 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
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
25
Last Close Price
17.51
CNY
Average target price
24.4
CNY
Spread / Average Target
+39.36%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -30.04% | 10.79B | |
| +23.88% | 24.97B | |
| -14.44% | 16.24B | |
| -39.34% | 14.82B | |
| -18.06% | 10.21B | |
| +1.96% | 7.41B | |
| -36.86% | 5.67B | |
| -16.24% | 5.66B | |
| -46.80% | 4.8B | |
| -50.53% | 4.76B |
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