Financials Flat Glass Group Co., Ltd.

Equities

6865

CNE100002375

Renewable Energy Equipment & Services

Market Closed - Hong Kong S.E. Other stock markets 01:38:42 28/06/2024 pm IST			5-day change	1st Jan Change
11.5 ^HKD	-1.20%		-9.87%	-12.75%

29/04	Flat Glass Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
03/04	Tranche Update on Flat Glass Group Co., Ltd.'s Equity Buyback Plan announced on February 23, 2024.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	20,261	72,372	1,12,855	63,939	56,223	42,778	-	-
Enterprise Value (EV) ¹	21,958	73,172	1,13,840	72,882	63,185	53,422	52,333	50,353
P/E ratio	12.4 x	33.9 x	32.6 x	16.8 x	9.66 x	7.11 x	5.68 x	4.88 x
Yield	-	0.55%	-	-	5.16%	4.6%	5.61%	6.41%
Capitalization / Revenue	4.22 x	11.6 x	13 x	4.14 x	2.61 x	1.76 x	1.43 x	1.23 x
EV / Revenue	4.57 x	11.7 x	13.1 x	4.71 x	2.94 x	2.2 x	1.75 x	1.44 x
EV / EBITDA	18.7 x	32.3 x	37.7 x	21.1 x	11.7 x	8.08 x	6.68 x	5.5 x
EV / FCF	-28.3 x	-308 x	-35.7 x	-9.24 x	-17.4 x	-31.8 x	58.4 x	30.3 x
FCF Yield	-3.53%	-0.32%	-2.8%	-10.8%	-5.73%	-3.14%	1.71%	3.3%
Price to Book	1.84 x	7.41 x	5.87 x	2.55 x	1.2 x	0.98 x	0.88 x	0.77 x
Nbr of stocks (in thousands)	19,50,000	19,54,600	21,46,893	21,46,894	23,51,324	23,34,789	-	-
Reference price ²	4.602	27.48	32.27	16.67	11.98	10.70	10.70	10.70
Announcement Date	26/03/20	29/03/21	21/03/22	27/03/23	26/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,807	6,260	8,713	15,461	21,524	24,239	29,855	34,858
EBITDA ¹	1,174	2,265	3,017	3,462	5,385	6,608	7,839	9,163
EBIT ¹	880.6	1,865	2,382	2,155	3,674	4,276	5,216	6,312
Operating Margin	18.32%	29.79%	27.33%	13.94%	17.07%	17.64%	17.47%	18.11%
Earnings before Tax (EBT) ¹	862.7	1,874	2,380	2,153	3,052	3,905	5,009	6,056
Net income ¹	717.2	1,629	2,120	2,123	2,760	3,642	4,461	5,368
Net margin	14.92%	26.02%	24.33%	13.73%	12.82%	15.02%	14.94%	15.4%
EPS ²	0.3700	0.8100	0.9900	0.9900	1.240	1.506	1.884	2.192
Free Cash Flow ¹	-775	-237.3	-3,189	-7,884	-3,623	-1,679	895.5	1,663
FCF margin	-16.12%	-3.79%	-36.6%	-51%	-16.83%	-6.93%	3%	4.77%
FCF Conversion (EBITDA)	-	-	-	-	-	-	11.42%	18.15%
FCF Conversion (Net income)	-	-	-	-	-	-	20.07%	30.99%
Dividend per Share ²	-	0.1500	-	-	0.6180	0.4922	0.6002	0.6857
Announcement Date	26/03/20	29/03/21	21/03/22	27/03/23	26/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	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	2,496	-	4,028	2,376	3,509	3,796	-	3,910	4,246	5,365	4,313	6,206	5,639	5,726	5,942	6,333	7,014	-	-
EBITDA ¹	804.6	-	1,695	550.8	655.4	929.6	-	690.5	1,469	-	-	-	-	-	1,825	1,825	1,596	-	-
EBIT	599.5	-	1,398	437.2	495.4	602.2	-	552.7	504.9	560	663.9	1,124	1,401	860.7	-	-	-	-	-
Operating Margin	24.02%	-	34.71%	18.4%	14.12%	15.87%	-	14.13%	11.89%	10.44%	15.39%	18.11%	24.85%	15.03%	-	-	-	-	-
Earnings before Tax (EBT) ¹	565.3	-	1,446	432	495.4	602	-	552.7	502.8	560.4	624.1	1,025	842.5	861.5	1,137	1,137	904.7	-	-
Net income ¹	460.8	1,168	1,261	403.1	436.7	566	1,003	501.5	618.5	511.5	573.9	883.7	790.6	759.9	1,040	1,040	813	-	-
Net margin	18.46%	-	31.31%	16.96%	12.45%	14.91%	-	12.83%	14.57%	9.53%	13.31%	14.24%	14.02%	13.27%	17.5%	16.42%	11.59%	-	-
EPS ²	-	-	-	0.1900	0.2000	0.2400	-	0.2200	0.3000	0.2400	0.2700	0.3900	0.3400	-	0.4423	0.4424	0.3458	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	0.2380	-	0.3800	-	-	-	0.6214	-	-
Announcement Date	04/08/20	29/03/21	09/08/21	21/03/22	27/04/22	25/08/22	25/08/22	27/10/22	27/03/23	24/04/23	28/08/23	31/10/23	26/03/24	29/04/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,697	800	986	8,943	6,962	10,644	9,554	7,575
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.446 x	0.3531 x	0.3268 x	2.584 x	1.293 x	1.611 x	1.219 x	0.8266 x
Free Cash Flow ¹	-775	-237	-3,189	-7,884	-3,623	-1,679	896	1,663
ROE (net income / shareholders' equity)	17.5%	29%	22.3%	16%	15.5%	15.1%	16.4%	17.2%
ROA (Net income/ Total Assets)	8.78%	15%	13.1%	8.09%	7.32%	7.45%	8.36%	8.47%
Assets ¹	8,173	10,829	16,174	26,232	37,682	48,911	53,362	63,370
Book Value Per Share ²	2.510	3.710	5.500	6.550	9.960	10.90	12.20	13.90
Cash Flow per Share ²	0.2700	0.8700	0.2700	0.8300	0.8800	2.320	3.130	3.430
Capex ¹	1,285	1,939	3,769	8,061	5,591	6,098	4,893	4,301
Capex / Sales	26.74%	30.96%	43.25%	52.14%	25.97%	25.16%	16.39%	12.34%
Announcement Date	26/03/20	29/03/21	21/03/22	27/03/23	26/03/24	-	-	-

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 Flat Glass Group Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

10.7 CNY

Average target price

21.45 CNY

Spread / Average Target

+100.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Photovoltaic Solar Systems & Equipment

	1st Jan change	Capi.
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TONGWEI CO.,LTD	-23.65%	1.18TCr
JINKO SOLAR CO., LTD.	-19.86%	977.54Cr
NEXTRACKER INC.	+0.06%	671.53Cr
XINJIANG DAQO NEW ENERGY CO.,LTD.	-31.04%	599.64Cr
JA SOLAR TECHNOLOGY CO., LTD.	-45.95%	506.97Cr
TCL ZHONGHUAN RENEWABLE ENERGY TECHNOLOGY CO.,LTD.	-44.69%	480.67Cr

Photovoltaic Solar Systems & Equipment