ZHEJIANG ZHENENG ELECTRIC POWER CO., LTD.

Financials Zhejiang Zheneng Electric Power Co., Ltd.

Equities

600023

CNE100001SP3

Independent Power Producers

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-07-01 pm EDT			5-day change	1st Jan Change
7.5 ^CNY	+0.81%		+7.76%	+62.69%

Jun. 17	Zhejiang Zheneng Electric Power Co., Ltd.(SHSE:600023) added to SSE 180 Index	CI
Jun. 17	Zhejiang Zheneng Electric Power Co., Ltd.(SHSE:600023) added to Shanghai Stock Exchange 180 Value Index	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	53,859	49,371	54,947	46,796	61,814	100,565	-	-
Enterprise Value (EV) ¹	53,859	49,371	54,947	46,796	61,814	100,565	100,565	100,565
P/E ratio	12.4 x	8.07 x	-67.3 x	-24.9 x	9.41 x	12.1 x	11.2 x	10.9 x
Yield	5.05%	6.2%	-	-	5.42%	3.47%	3.73%	4%
Capitalization / Revenue	0.99 x	0.96 x	0.77 x	0.58 x	0.64 x	1.06 x	1.04 x	1.01 x
EV / Revenue	0.99 x	0.96 x	0.77 x	0.58 x	0.64 x	1.06 x	1.04 x	1.01 x
EV / EBITDA	4.68 x	3.65 x	19.3 x	18.2 x	3.99 x	5.69 x	5.29 x	5.1 x
EV / FCF	-	-	-	-9,353,615 x	-	-	-	-
FCF Yield	-	-	-	-0%	-	-	-	-
Price to Book	0.84 x	0.73 x	0.86 x	0.76 x	0.92 x	1.39 x	1.29 x	1.22 x
Nbr of stocks (in thousands)	13,600,690	13,600,690	13,600,690	13,408,733	13,408,733	13,408,733	-	-
Reference price ²	3.960	3.630	4.040	3.490	4.610	7.500	7.500	7.500
Announcement Date	4/27/20	4/27/21	4/28/22	4/13/23	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	54,371	51,684	71,073	80,195	95,975	94,447	96,820	99,810
EBITDA ¹	11,505	13,524	2,854	2,576	15,505	17,665	19,026	19,730
EBIT ¹	5,806	7,827	-2,921	-3,172	9,304	11,074	12,085	12,514
Operating Margin	10.68%	15.14%	-4.11%	-3.96%	9.69%	11.73%	12.48%	12.54%
Earnings before Tax (EBT) ¹	5,777	7,821	-2,828	-3,094	9,107	10,960	11,961	12,385
Net income ¹	4,293	6,086	-855.2	-1,822	6,520	8,313	9,001	9,234
Net margin	7.9%	11.78%	-1.2%	-2.27%	6.79%	8.8%	9.3%	9.25%
EPS ²	0.3200	0.4500	-0.0600	-0.1400	0.4900	0.6200	0.6720	0.6900
Free Cash Flow	-	-	-	-5,003	-	-	-	-
FCF margin	-	-	-	-6.24%	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.2000	0.2250	-	-	0.2500	0.2600	0.2800	0.3000
Announcement Date	4/27/20	4/27/21	4/28/22	4/13/23	4/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q2	2023 Q3
Net sales	-	-
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income ¹	1,768	3,184
Net margin	-	-
EPS	0.1300	-
Dividend per Share	-	-
Announcement Date	8/29/23	10/27/23

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-5,003	-	-	-	-
ROE (net income / shareholders' equity)	6.85%	9.22%	-1.3%	-2.91%	10.1%	11.6%	11.6%	11.2%
ROA (Net income/ Total Assets)	3.89%	5.4%	-2.14%	-	4.86%	5.56%	5.62%	5.38%
Assets ¹	110,333	112,751	39,964	-	134,083	149,523	160,310	171,801
Book Value Per Share ²	4.720	4.990	4.700	4.570	5.030	5.390	5.810	6.170
Cash Flow per Share ²	0.6700	0.7400	0.0600	0.0200	0.8600	0.9900	0.9600	1.110
Capex ¹	1,753	3,179	4,649	5,227	8,538	7,819	6,110	7,291
Capex / Sales	3.22%	6.15%	6.54%	6.52%	8.9%	8.28%	6.31%	7.3%
Announcement Date	4/27/20	4/27/21	4/28/22	4/13/23	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

Ratings for Zhejiang Zheneng Electric Power Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.5 CNY

Average target price

6.398 CNY

Spread / Average Target

-14.70%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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Fossil Fuel IPPs