SSE: 600025 - Huaneng Lancang River Hydropower Inc.

Yield per half year: -20.82%
Sector: Utilities

Reporting Huaneng Lancang River Hydropower Inc.

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥										124.38
Выручка, млрд ¥	12.94	11.55	12.85	15.52	20.8	19.25	20.2	23.58	23.46	23.46
Чистая прибыль, млрд ¥		0.5066	2.19	5.8	5.54	4.83	5.84	7.23	7.64	7.64
EV, млрд ¥				142.56	161.43	158.61	189.66	202.65	261.16	261.16
EBIT, млрд ¥		8.96	6.87	7.58	10.96	9.53	10.11
EBITDA, млрд ¥			10.91	16.28	16.7	15.48	10.5	16.82	11.3	16.82
Баланс стоимость, млрд ¥	33.03	33.66	39.42	44.26	55	61.62	64.36	71.79	67.33	67.33
FCF, млрд ¥			0.0259	3.22	11.86	10.3	10.47	8.71	-1.07	-1.07
Операционный денежный поток, млрд ¥	11.62	8.44	8.57	10.92	16.16	14.62	16.49	16.62	17.06	17.06
Операционная прибыль, млрд ¥	5.83	4.66	6.9	7.6	10.96	9.54	10.12	11.97	12.01	12.01
Операционные расходы, млрд ¥		6.9	5.95	7.92	9.84	9.72	10.08	11.61	11.45	11.45
CAPEX, млрд ¥	11.78	9.63	8.55	7.7	4.3	4.32	6.02	7.91	18.13	18.13

	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥								7.19	5.66	4.35	3.73	5.6	8.81	5.32	4.42	7.46	7.54
Чистая прибыль, млрд ¥								3.1	2.12	0.8368	0.8032	2.35	3.55	0.9342	1.07	3.1	3.06
EV, млрд ¥								197.7	197.21	190.14	195.56	204.05	226.55	261.16	270.41	296.47	311.51
EBIT, млрд ¥	4.09	1.73	1.66	3.39	3.22	1.84	1.72	4.51	3.33			3.33
EBITDA, млрд ¥			1.66	3.41	3.41	2.03	1.73	4.52	3.35	1.72	1.72	3.42
Баланс стоимость, млрд ¥								64.93	66.96	67.74	68.44	67.67	64.52	67.33	68.32	68.1	73.99
FCF, млрд ¥								4.4	3.47	-0.5617	0.6314	-0.2627	1.17	-2.61	-0.1209	0.4908	2.6
Операционный денежный поток, млрд ¥		3.95	2.99	5.29	4.25	3.96	2.04	6.11	5.28		3.46	3.46
Операционная прибыль, млрд ¥								4.47	3.32	1.45	1.71	3.33	5.17	1.8	2.11	4.39	4.3
Операционные расходы, млрд ¥								2.72	2.34	2.9	2.02	2.27	3.64	3.52	2.31	3.07	3.23
CAPEX, млрд ¥								1.71	1.81	3.75	3.73	3.73	5.45	6.86	3.21	3.96	4.21

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2007	2008	2010	2011	2012	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥						1.12	0.9637	1.72	1.5	2.32	1.6	1.51	2.51	1.76	1.76
Short Term Investments ¥	0.1465									0.3945	0.4633
Total Receivables ¥						1.82	1.41	2.97	3.8	4.15	1.37	1.9	1.77	1.97	1.97
Total Current Assets ¥							2.51	9.23	8.53	7.54	6.33	3.67	4.73	4.34	4.34
Чистые активы, млрд ¥						145.3	149.79	148.1	150.48	149.08	147.85	145.36	3.63	4.95	3.63
Активы, млрд ¥						156.59	162.08	167.98	168.37	167.46	164.63	160.65	181.63	195.24	195.24
Short Term Debt ¥							4.72	10.03	9.75	4.75	1.7	1.1	4.3	8.14	8.14
Long Term Debt ¥						79.73	85.1	87.39	78.58	82.81	78.23	71.45	82.06	94.76	94.76
Задолженность, млрд ¥						122.04	126.78	126.98	122.58	110.71	101.12	94.43	106.53	124.52	124.52
Чистый долг, млрд ¥								93.78	85.86	85.11	78.33	71.04	83.85	101.14	101.14
Долг, млрд ¥							89.82	97.42	88.33	87.56	79.93	72.55	86.36	102.9	87.93
Interest income ¥							0.0095	0.0137	0.0278	0.0634	0.0181	0.0164	0.0256	0.0418
Расходы на обслуживание долга ¥									4.14	4.5	3.84	3.37	3.01	2.78	2.78
Чист. проц. доходы, млрд ¥							-3.52	-3.49	-4.11	-4.44	-3.82	-3.35	-2.99	-2.74	0.0418
Goodwill ¥		0.0077	0.0077	0.0077	0.0077
Себестоимость, млрд ¥						2.29	6.43	6.74	7.62	9.13	9.02	9.17	10.44	10.24	10.24
Товарно материальные запасы ¥						0.0487	0.0452	0.0333	0.0232	0.0265	0.0408	0.044	0.0495	0.0441	0.0441

	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q4	2013Q1	2013Q3	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥																								2.39	2.57	1.86	2.89	2.32	2.45	1.76	2.28	2.02	3.02
Short Term Investments ¥												0.3133	0.2899	0.3945	0.2778	0.3064	0.3661	0.4633	0.4613	0.4035
Total Receivables ¥																								3.38	2.21	1.56	1.75	3.34	3.06	1.97	2.36	3.94	2.78
Total Current Assets ¥																								6.01	5.05	3.63	4.95	5.78	6.27	4.34	5.35	7.09	6.72
Чистые активы, млрд ¥																			146.66	143.86	143.35	145.36	144.76	144.69	144.37	3.63	4.95	150.48
Активы, млрд ¥																								162.09	160.9	162.88	164.66	168.36	190.33	195.24	196.68	201.34	203.94
Short Term Debt ¥																								1.58	1.5	4.28	6.57	7.32	9.81	8.14	11.86	11.81	10.01
Long Term Debt ¥																								70.7	72.47	71.25	67.5	70.71	85.63	94.76	93.44	95.71	96.62
Задолженность, млрд ¥																								95.14	91.83	93.08	94.07	98.61	122.22	124.52	124.75	129.49	126.31
Чистый долг, млрд ¥																								69.9	71.39	73.68	71.18	75.71	92.99	101.14	103.01	105.49	103.61
Долг, млрд ¥											86.5	93.44	87.41															78.03	95.44	102.9	105.29	107.51	106.63
Interest income ¥																					0.0015	0.0083	0.0036	0.006	0.0042	0.0394	0.0041	0.0241	-0.0472	0.0689
Расходы на обслуживание долга ¥																								0.7945	0.732	0.6876	0.6743	0.5942	0.7901	0.7213	0.6858	0.6681	0.6618
Чист. проц. доходы, млрд ¥																						2.57	-0.8125	-0.7731	-0.6873	-0.7166	-0.6685	-0.5838	-0.7715	-0.7154	0.0045
Goodwill ¥	0.0077	0.0077	0.0077	0.0077	0.0077	0.0077	0.0077	0.0077	0.0077	0.0077
Себестоимость, млрд ¥																								2.43	2.16	2.57	1.88	2.03	3.25	3.08	2.13	2.73	2.93
Товарно материальные запасы ¥																								0.1855	0.1855	0.0434	0.0424	0.0465	0.0505	0.0441	0.0458	0.0465	0.052

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	0.0319	0.3224	0.308	0.2686	1.14	0.4019	0.4243			0.4243
Цена акции ао	5.3	3.15	4.22	4.46	6.59	6.6	8.63	9.51	9.24	9.24
Число акций ао, млн		18000	18000	18000	18000	18000	18000			18000
FCF/акцию		0.1788	0.6591	0.5722	0.5819	0.4836	-0.0592			-0.0592

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
EPS				0.17	0.12	0.04	0.04	0.1306	0.1972	0.0519	0.0592	0.1724	0.1698
Цена акции ао	5.96	6.48	6.1	6.65	7.2	6.62	6.93	7.18	7.19	8.08
FCF/акцию				0.2444	0.1928	-0.0312	0.0351	-0.0146	0.0653	-0.145	-0.0067	0.0273	0.1446

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	1.5	5.55	13.11	10.08	7.85	9.07	10.63	10.98			10.98	10.39
ROA, %	0.3126	1.3	3.45	3.31	2.94	3.63	4.23	4.05			4.05	3.26
ROIC, %	5.87	5.32	9.08	8.87	8.37	9.35	9.03
ROS, %		17.04	37.4	26.66	25.11	28.9	30.68	32.56	32.56	32.56	32.56	46.56
ROCE, %	25.4	16.76	16.56	19.31	15	15.27
Рентаб EBITDA, %		84.95	104.95	80.28	80.38	52	71.35	54			79.58	68.45
Чистая рентаб, %	4.39	17.04	37.4	26.66	25.11	28.9	30.68	32.56			32.56	46.56
Operation Margin, %		53.69	48.95	52.69	49.53	50.1	50.76	51.2	51.2	51.2	51.2	22.62

	2019Q1	2019Q2	2019Q3	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %											4.77	3.17	1.24	1.17	3.49	5.27	1.39	1.59	4.63	4.48	10.39
ROA, %											1.91	1.32	0.5137	0.4878	1.41	1.98	0.4846	0.5437	1.56	1.51	3.26
ROIC, %	1.52	4.14	2.55												4.48	3.08	1.15	1.08	4.15	2.09
ROS, %											43.13	37.49	19.23	21.52	42.01	40.29	17.55	24.11	41.6	40.55	46.56
ROCE, %				6.47	2.72	2.59	5.38	4.94	2.78	2.58	6.74	4.82			2.37
Рентаб EBITDA, %						43.27	56.55	60.22	43.32	43.81	62.82	59.11	39.49	46.15	61.15						68.45
Чистая рентаб, %											43.13	37.49	19.23	21.52	42.01	40.29	17.55	24.11	41.6	40.55	46.56
Operation Margin, %											62.19	58.64	33.29	45.78	59.46	58.71	33.9	47.79	58.79	57.09	22.62

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E		9.77	13.76	16.61	20.32	16.42	20.95			20.95	13.96
P/BV		1.24	1.34	1.26	1.79	1.58	2.26			2.26	1.06
P/S		3.65	3.67	4.17	5.87	5.04	6.82			6.82	7.03
P/FCF							14.28	-116.63	-116.63	-116.63	-69.21
E/P							0.0547	0.0614	0.0614	0.0614	0.08
EV/EBITDA		8.75	9.67	10.25	18.06	12.05	17.43			11.3	11.58
EV/Ebit			14.73	16.65	18.76			0	0	0
EV/S			7.76	8.24	9.39	8.59	11.13	11.13	11.13	11.13	9.69
EV/FCF			13.61	15.4	18.11	23.28	-244.88	-244.88	-244.88	-244.88	-84.53
Debt/EBITDA	8.93	5.42	5.24	5.16	6.91	5.13	5.23	5.23	5.23	5.23	7.83
Netdebt/Ebitda	8.59	5.27	5.1	5.06	6.76	4.98	4.38	6.01	6.01	6.01	5.94
Debt/Ratio	0.58	0.5246	0.5229	0.4855	0.4516	0.4755	0.5271	0.4504	0.4504	0.4504	0.47
Debt/Equity	2.47	2	1.59	1.3	1.13	1.2	1.53	24.22	24.22	24.22	6.52
Debt/Net Income	44.51	15.22	15.79	16.53	12.43	11.94	13.47	11.51	11.51	11.51	22.33
Бета							-2.85	-0.5497	-0.3943	-0.3943	-0.11
Индекс Альтмана							1.46	1.24	1.24	1.24	1.36

	2019Q1	2019Q2	2019Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
P/E									18.29	18.13	17.12	18.12	21	17.71	20.95	21.19	22.07	25.48	13.96
P/BV									1.91	1.82	1.67	1.76	1.84	1.96	2.26	2.33	2.66	2.68	1.06
P/S									5.95	5.86	5.51	5.94	6.64	5.94	6.82	6.93	7.34	8.4	7.03
EV/EBITDA								16.71	16.92	16.98	16.82	17.3	19.99						11.58
EV/Ebit													61.29
EV/S													36.47	25.71	49.06	61.18	39.74	41.33	9.69
EV/FCF													-776.89	192.88	-100.07	-2236.26	604.12	119.71	-84.53
Debt/EBITDA													22.81						7.83
Netdebt/Ebitda				46.31	22.24	21.77	35.04	41.22	15.48	21.34	42.87	41.33	22.13						5.94
Debt/Ratio	0.5095	0.5565	0.5247										0.4635	0.5014	0.5271	0.5353	0.534	0.5229	0.47
Debt/Equity	1.92	2.11	1.73										1.15	1.48	1.53	1.54	1.58	1.44	6.52
Debt/Net Income	107.53	46.45	42.66										33.2	26.88	110.15	98.83	34.64	34.89	22.33

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	8.86	6.74	5.09	6.24	7.47	7.1	7.01	7.04	-7.04	6.54
Дивиденд				0.055	0.178	0.18	0.16	0.17	0.175	0
Див доход, ао, %				1.61	4.33	4.56	2.79	4.65	4.93	0	0.00
Дивиденды / прибыль, %		1330.88	232.59	107.47	134.76	146.77	120.17	96.33	92.16	92.16	109.20

	2018Q2	2019Q3	2020Q2	2021Q2	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд					3.92	1.18	0.975	4.18	4.18	1.38	1.02	0.8115	4.19	0.7163
Дивиденд	0.055	0.178	0.18	0.16	0.17				0.175
Див доход, ао, %	1.61	3.95	5	2.79	2.56				2.44						0.00
Дивиденды / прибыль, %					126.43	55.69	116.52	520.37	177.83	38.76	109.21	76.16	134.99	23.44	109.20

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2023	2024	CAGR 5
ebit_margin	52.69	49.49	50.05
Персонал, чел				3624	3757

	2023Q2	CAGR 5
ebit_margin	59.5

	CAGR 5