Financials Triumph New Energy Company Limited Shanghai S.E.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-06-27 pm EDT			5-day change	1st Jan Change
9.44 ^CNY	-0.63%		-4.45%	-32.72%

May. 21	Binhai Unit to Supply Gas to Triumph's New Glass Factory	MT
Apr. 29	Triumph New Energy Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,530	18,172	9,727	6,524	4,745	-	-
Enterprise Value (EV) ¹	7,530	19,673	11,898	10,589	10,027	11,227	11,608
P/E ratio	11.6 x	31.1 x	11.5 x	6.33 x	5.56 x	3.68 x	3.32 x
Yield	-	-	-	-	-	-	-
Capitalization / Revenue	-	5.04 x	1.93 x	0.99 x	0.6 x	0.41 x	0.32 x
EV / Revenue	-	5.46 x	2.37 x	1.61 x	1.26 x	0.97 x	0.79 x
EV / EBITDA	-	30.9 x	16 x	12.5 x	8.38 x	6.82 x	5.39 x
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	-	2.16 x	1.1 x	0.54 x	0.51 x	0.45 x	0.41 x
Nbr of stocks (in thousands)	548,540	645,675	645,675	645,675	645,675	-	-
Reference price ²	6.868	14.29	7.242	3.863	4.039	4.039	4.039
Announcement Date	3/30/21	3/29/22	3/29/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	3,606	5,030	6,595	7,963	11,542	14,759
EBITDA ¹	-	637.7	744.8	846.6	1,197	1,647	2,153
EBIT ¹	-	362.6	467.1	500.9	647.8	925.9	1,105
Operating Margin	-	10.06%	9.29%	7.59%	8.14%	8.02%	7.49%
Earnings before Tax (EBT) ¹	-	365.8	470.3	501.4	608.5	860	1,025
Net income ¹	327.4	264.6	409	394.7	545.6	766.1	803.2
Net margin	-	7.34%	8.13%	5.98%	6.85%	6.64%	5.44%
EPS ²	0.5930	0.4600	0.6300	0.6100	0.7267	1.097	1.215
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-
Announcement Date	3/30/21	3/29/22	3/29/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	1,502	2,170	4,065	5,282	6,483	6,863
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	2.355 x	2.914 x	4.801 x	4.412 x	3.936 x	3.187 x
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	10.6%	10.1%	8.91%	10.6%	13.1%	12.8%
ROA (Net income/ Total Assets)	-	3.35%	4.13%	3.43%	3.88%	4.33%	3.65%
Assets ¹	-	7,897	9,909	11,497	14,074	17,679	22,037
Book Value Per Share ²	-	6.620	6.560	7.170	7.890	8.990	9.810
Cash Flow per Share ²	-	-	-0.6200	0.2200	2.860	2.000	-
Capex ¹	-	1,688	926	1,785	2,931	3,671	4,296
Capex / Sales	-	46.82%	18.41%	27.07%	36.8%	31.8%	29.11%
Announcement Date	3/30/21	3/29/22	3/29/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.039 CNY

Average target price

6.474 CNY

Spread / Average Target

+60.28%

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