SSE: 600905 - China Three Gorges Renewables (Group) Co.,Ltd.

Yield per half year: +4.89%
Dividend yield: +3.28%
Sector: Energy

Reporting China Three Gorges Renewables (Group) Co.,Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥				160.59		147.13	160.59	0.00
Выручка, млрд ¥	8.96	11.31	15.48	23.81	26.49	26.49	17.21	24.21
Чистая прибыль, млрд ¥	2.84	3.61	5.64	7.16	7.18	7.18	5.29	20.38
EV, млрд ¥	33.98	58.63	290.52	258.13	257.9	257.9	179.83	49.98
EBIT, млрд ¥	4.6	5.81	7.82	12.57			7.70	28.57
EBITDA, млрд ¥	8.22	14.52	14.84	21.33	13.25	21.33	14.43	10.02
Баланс стоимость, млрд ¥	38.47	41.91	68.83	77.05	82.53	82.53	61.76	16.49
FCF, млрд ¥	-8.15	-16.48	-21.09	-10.86	-14.28	-14.28	-14.1720	11.87
Операционный денежный поток, млрд ¥	6.12	8.98	8.82	16.87	14.42	14.42	11.04	18.70
Операционная прибыль, млрд ¥	4.68	6.01	8.1	12.57	12.73	12.73	8.82	22.16
Операционные расходы, млрд ¥	4.28	5.31	7.38	11.24	13.76	13.76	8.39	26.31
CAPEX, млрд ¥	14.27	25.46	29.91	27.73	33.25	33.25	26.12	18.43

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥			6.34	5.28	6.41	6.85	6.85	5.59	7.2	7.9	7.16	6.7	6.91	3.69
Чистая прибыль, млрд ¥			2.47	1.13	0.9855	2.43	2.08	0.9196	1.74	2.42	1.62	1.05	1.55	2.69
EV, млрд ¥			276.78	259.84	258.13	261.15	258.38	251.84	257.9	277.46	262.54	266.37	263.22	1.13
EBIT, млрд ¥				2.25	3.09	3.77	3.46						3.14	11.36
EBITDA, млрд ¥	2.66	3.89	4.13	2.4	2.73	4	3.52						3.36	-3.15
Баланс стоимость, млрд ¥			74.71	75.82	77.05	79.34	79.37	80.35	82.53	85.08	84.51	85.63	83.62	1.28
FCF, млрд ¥			-1.76	-2.62	-2.89	-2.31	-2.92	-6.18	-15.28	-2.35	-2.93	-0.5762	-5.4632	-37.78
Операционный денежный поток, млрд ¥				3.8	7.29	3.74	3.28						4.53	-3.61
Операционная прибыль, млрд ¥			3.81	2.36	2.68	3.77	3.6	2.21	3.15	4.31	3.29	2.81	3.15	4.92
Операционные расходы, млрд ¥			2.53	2.92	3.72	3.09	3.25	3.38	4.04	3.59	3.87	3.89	3.75	2.85
CAPEX, млрд ¥			5.9	6.42	10.18	6.06	6.2	10.81	18.04	6.77	6.63	6.7	9.79	-9.12

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥	4.89	4.21	1.89	13.08	10.57	5.1	5.1	6.97	3.91
Total Receivables ¥		10.48	12.36	19.09	26.73	36.67	36.67	21.07	28.47
Total Current Assets ¥		16.83	21.04	34.88	42.8	47.47	47.47	32.60	23.05
Чистые активы, млрд ¥		66.17	98.26	150.32	182.51	50	42.8	109.45	-5.45
Активы, млрд ¥	85.09	100.05	142.58	217.2	262.13	311.71	311.71	206.73	25.52
Short Term Debt ¥		6.58	7.82	5.5	4.34	0.5915	0.5915	4.97	-38.23
Long Term Debt ¥		31.61	52.7	83.53	106.09	138.75	138.75	82.54	34.43
Задолженность, млрд ¥	41.91	58.35	96.14	140.6	174.17	216.22	216.22	137.10	29.95
Чистый долг, млрд ¥		33.98	58.63	75.95	99.87	134.24	134.24	80.53	31.62
Долг, млрд ¥	0.3019	6.58	7.82	89.03	110.43	139.34	136.2	70.64	84.15
Interest income ¥		0.0446	0.0829	0.1755	0.2233	0.1645		0.1382	29.83
Расходы на обслуживание долга ¥		1.66	6.27	2.83	4.07	4.02	4.02	3.77	19.35
Чист. проц. доходы, млрд ¥		-1.63	-6.27	-2.86	-3.99	-3.95	0.1645	-3.7400	19.37
Goodwill ¥		0.281	0.6864	1.55	1.67	1.72		1.18	43.67
Себестоимость, млрд ¥		3.87	4.79	6.44	9.91	11.89	11.89	7.38	25.17
Товарно материальные запасы ¥	0.0548	0.0604	0.0792	0.131	0.2222	0.3529	0.3529	0.1691	42.34

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥			16.01	12.84	10.57	12.63	11.85	11.23	5.1	6.58	5.49	8.95	7.47	-4.44
Total Receivables ¥			26.67	29.59	28.45	31.33	34.18	33.39	36.67	40.08	42.44	42.49	39.01	4.94
Total Current Assets ¥			48.23	47.7	42.8	50	51.77	51.99	47.47	54.2	53.87	56.4	52.79	1.64
Чистые активы, млрд ¥		44.9	48.23	171.95	182.51	182.68	187.08						154.49	31.14
Активы, млрд ¥			249.58	254.16	262.13	270.95	275.67	284.5	311.71	324.95	331.14	340.07	318.47	3.63
Short Term Debt ¥			2.14	2.23	4.34	1.21	1.17	0.3403	0.5915	1.62	4.08	3.53	2.03	59.66
Long Term Debt ¥			105.76	109.02	106.09	115.99	116.77	127.34	138.75	147.9	141.16	151.29	141.29	3.51
Задолженность, млрд ¥			164.85	167.61	174.17	179.91	184.26	191.68	216.22	225.38	231.28	238.96	220.70	4.51
Чистый долг, млрд ¥			91.89	98.42	99.87	104.57	106.1	116.45	134.24	142.94	139.75	145.88	135.85	4.61
Долг, млрд ¥							117.94	127.68	139.34	149.52	145.24	154.82	143.32	3.93
Interest income ¥	0.2708	0.0435	0.1399	0.2499	0.3768	0.0294	0.097	-0.1656	0.2625				0.1200	-6.97
Расходы на обслуживание долга ¥			0.7456	1	1.15	0.9902	0.9638	1.02	1.05	1.07	1.03	1.05	1.04	0.58
Чист. проц. доходы, млрд ¥	-0.7613	-1.16	-0.7255	-0.967	-1.14	-0.9752	-1	-1.03	-0.9476	0.0145			-0.7877	-143.10
Goodwill ¥	1.55	1.55	1.64	1.64	1.67	1.67	1.67	1.67	1.72				1.68	0.59
Себестоимость, млрд ¥			2.29	2.53	3.18	2.82	2.82	2.98	3.26	3.24	3.43	3.45	3.27	2.97
Товарно материальные запасы ¥			0.1867	0.2271	0.2222	0.2267	0.2367	0.2443	0.3529	0.3408	0.3723	0.3953	0.3411	10.10

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	0.142	0.1805	0.1975	0.25	0.2509			0.2509	0.2042	12.06
Цена акции ао			7.51	5.65	4.37	4.37	4.29	4.29	5.24	-10.59
Число акций ао, млн	19998	20005	24282	28619.53	28622.96			28622.96	24305.50	7.43
FCF/акцию	-0.4076	-0.824	-0.7381	-0.3794	-0.4989			-0.4989	-0.5696	4.13

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
EPS				0.1	0.04	0.03	0.1	0.0728	0.0321	0.061	0.0846	0.0565	0.0368	0.0542	2.77
Цена акции ао	6.23	7.02	6.78	6.02	6.13	5.7	5.66	5.43	5.13	4.62				5.31	-4.11
FCF/акцию				-0.0614	-0.0916	-0.1009	-0.0808	-0.1021	-0.216	-0.5337	-0.0821	-0.1024	-0.0201	-0.1909	-37.81

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	7.38	8.62	8.2	9.81	9			9	16.31	8.60	4.05
ROA, %	2.84	2.53	2.6	2.99	2.5			2.5	6.96	2.69	-2.52
ROIC, %	7.05	7.84	6.63	7.2						7.18	0.53
ROS, %	31.71	31.91	36.44	30.05	27.11	27.11	27.11	27.11	18.11	29.56	-5.74
ROCE, %	11.03	12.51	10.21	5.85			0	0	0.00	9.90	-14.66
Ebit margin, %	51.37	51.36	50.52	52.79			0	0		51.51	0.68
Рентаб EBITDA, %	91.75	128.29	95.87	89.58	53.26		80.53	80.53	46.27	89.51	-8.89
Чистая рентаб, %	31.71	31.91	36.44	30.05	27.11			27.11	18.11	31.44	-3.09
Operation Margin, %	52.24	53.11	52.33	52.79	48.05	48.05	48.05	48.05	29.40	49.85	-1.69

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %			3.3	1.49	1.28	3.07	2.69	1.17	2.19	2.99	1.96	1.26	16.31	1.91	1.49
ROA, %			0.9879	0.4458	0.376	0.8983	0.7621	0.3283	0.5853	0.7608	0.4928	0.3143	6.96	0.4963	-0.87
ROIC, %							1.62	1.95	1.2	1.5	1.2	1.8		1.53	-1.59
ROS, %			38.88	21.47	15.38	35.51	30.4	16.46	24.25	30.66	22.58	15.74	18.11	21.94	-0.89
ROCE, %				2.6	3.52	4.14	1.56						0.00	2.96	-11.99
Ebit margin, %							50.51							50.51	0.00
Рентаб EBITDA, %	61.39	67.23	65.06	45.47	42.57	58.31	51.37						46.27	52.56	-4.62
Чистая рентаб, %			38.88	21.47	15.38	35.51	30.4	16.46	24.25	30.66	22.58	15.74	18.11	21.94	-0.89
Operation Margin, %			60.07	44.71	41.91	54.95	52.54	39.51	43.84	54.59	45.93	41.88	29.40	45.15	1.17

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E			38.03	22.12	17.22			17.22	12.28	25.79	-23.21
P/BV			2.8	1.8	1.29			1.29	1.31	1.96	-22.77
P/S			13.86	6.65	4.67			4.67	1.98	8.39	-30.41
P/FCF					-13.55	-10.3	-10.3	-10.3	-7.77	-11.3833	-8.74
E/P					0.0487	0.0488	0.0488	0.0488	0.15	0.0488	0.07
EV/EBIT	7.39	10.09	37.14	20.53		0	0	0		18.79	29.10
EV/EBITDA	4.13	4.04	19.57	12.1	19.35			12.1	6.30	11.84	36.19
EV/S	3.79	5.18	18.76	10.84	9.74	9.74	9.74	9.74	3.09	11.76	-12.29
EV/FCF	-4.17	-3.56	-13.78	-23.77	-18.06	-18.06	-18.06	-18.06	-20.72	-18.3460	5.56
Debt/EBITDA	4.65	4.17	6	5.18	6.39	6.39	6.39	6.39	2.49	6.07	1.27
Netdebt/Ebitda	4.13	4.04	5.12	4.68	4.68	6.29	6.29	6.29	1.75	5.41	4.20
Debt/Ratio	0.3817	0.4245	0.4099	0.4213	0.447	0.4369	0.4369	0.4369	0.26	0.4304	1.28
Debt/Equity	0.9926	1.44	1.29	1.43	1.69	3.18	3.18	3.18	1.10	2.15	19.78
Debt/Net Income	13.45	16.76	15.78	15.43	19.4	18.97	18.97	18.97	7.02	17.71	3.75
Бета				0	1.77	0.0874	-0.3137	-0.3137	-0.35	0.5146	-156.17
Индекс Альтмана				0	1.16	0.9619	0.9619	0.9619	1.90	1.03	-6.05

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	Industry average	5 quarters average	CAGR 5
P/E			27.66	20.65	22.12	22.31	22.95	21.08	17.22	18.77	18.32	17.62		12.28	18.60	-3.52
P/BV			2.18	1.87	1.8	1.72	1.67	1.46	1.29	1.35	1.23	1.19		1.31	1.30	-4.01
P/S			11.22	7.42	6.65	6.29	6	5.27	4.67	4.89	4.41	4.16		1.98	4.68	-4.62
EV/EBIT							74.67								74.67	0.00
EV/EBITDA		40.46	25.92	19.87	19.64	19.71	20.44							6.30	21.12	-4.64
EV/S							37.72	45.09	35.84	35.13	36.67	39.75		3.09	38.50	-2.49
EV/FCF							-88.39	-40.74	-16.88	-118.03	-89.58	-462.29		-20.72	-145.5040	62.55
Debt/EBITDA							33.51							2.49	33.51	0.00
Netdebt/Ebitda	28.54	22.98	22.27	41.01	36.62	26.17	30.15							1.75	31.24	6.25
Debt/Ratio							0.4278	0.4488	0.447	0.4601	0.4386	0.4553		0.26	0.4500	0.29
Debt/Equity							1.49	1.59	1.69	1.76	1.72	1.81		1.10	1.71	2.63
Debt/Net Income							56.63	138.85	79.86	61.74	89.83	146.8		7.02	103.42	1.12
Бета													-0.3137	-0.35	-0.3137	0.00
Индекс Альтмана													0.9619	1.90	0.9619	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	5.03	5.03	2.56	4.42	6.33	6.33		4.86		4.93	4.70
Дивиденд				0.0379	0.0212	0.076	0.078	0.078		0.0533	19.77
Див доход, ао, %				0.5782	0.9296	1.93	3.28	3.28	1.93	1.68	54.33
Дивиденды / прибыль, %		177	70.98	78.36	67.33	88.21		88.21	75.09	96.38	-13.00

	2021Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд		1.15	1.63	1.04	1.04	1.11	3.14	0.9241	1.09	1.15	3.26		1.91	0.75
Дивиденд	0.0379		0.0212				0.076						0.0450	26.10
Див доход, ао, %	0.5403		0.3462				1.48					1.93	0.7888	39.92
Дивиденды / прибыль, %		46.53	144.23	105.35	42.82	53.4	341.62	52.96	45.2	70.89	309.47	75.09	164.03	-1.96

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2018	2019	2020	2022	2023	CAGR 5
Всего задолженность	11.57	22.07	30.24			37.75
Персонал, чел				4420	5723	13.79

	CAGR 5

	CAGR 5