United Photovoltaics Group Ltd reports 80.0% CAPEX growth and 66.2% Revenue growth
31/03/2016 • About United Photovoltaics Group Ltd (
$686) • By InTwits
United Photovoltaics Group Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- United Photovoltaics Group Ltd has high CAPEX intensity: 5 year average CAPEX/Revenue was 180.4%. At the same time it's a lot of higher than industry average of 50.6%.
- CAPEX is quite volatile: 79.6 in 2015, 44.2 in 2014, 225 in 2013, 160 in 2012, 270 in 2011
- The company has potentially unprofitable business model: ROIC is at 3.8%
- It operates with high leverage: Net Debt/EBITDA is 13.2x while industry average is 5.1x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
United Photovoltaics Group Ltd ($686) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 697.9 | 181.6 | 29.9 | 379.4 | 630.7 | 66.2% |
| Gross Profit | 125.0 | -54.1 | 29.7 | 344.2 | 340.7 | -1.0% |
| SG&A | | 60.2 | | | | |
| EBITDA | 90.7 | -77.4 | -68.9 | 352.5 | 526.6 | 49.4% |
| Net Income | -953.9 | -662.8 | -1,827.0 | 251.9 | 360.7 | 43.2% |
Balance Sheet
|
|---|
| Cash | 132.0 | 26.0 | 107.3 | 212.7 | 947.2 | 345.4% |
| Short Term Debt | 110.7 | 79.4 | 294.1 | 504.0 | 1,627.8 | 223.0% |
| Long Term Debt | 481.9 | 525.0 | 1,620.0 | 2,452.9 | 6,292.7 | 156.5% |
Cash flow
|
|---|
| Capex | 269.7 | 160.0 | 224.6 | 44.2 | 79.6 | 80.0% |
Ratios
|
|---|
| Revenue growth | 221.6% | -74.0% | -83.5% | 1,168.8% | 66.2% | |
| EBITDA growth | 4,442.1% | -185.3% | -10.9% | -611.4% | 49.4% | |
| Gross Margin | 17.9% | -29.8% | 99.3% | 90.7% | 54.0% | -36.7% |
| EBITDA Margin | 13.0% | -42.6% | -230.5% | 92.9% | 83.5% | -9.4% |
| Net Income Margin | -136.7% | -364.9% | -6,110.3% | 66.4% | 57.2% | -9.2% |
| SG&A, % of revenue | | 33.1% | | | | 0.0% |
| CAPEX, % of revenue | 38.6% | 88.1% | 751.2% | 11.7% | 12.6% | 1.0% |
| ROIC | 2.8% | -10.5% | -5.6% | 5.7% | 3.8% | -2.0% |
| ROE | -89.1% | -154.5% | -685.9% | 28.2% | 20.2% | -7.9% |
| Net Debt/EBITDA | 5.1x | | | 7.8x | 13.2x | 5.5x |
Revenue and profitability
United Photovoltaics Group Ltd's Revenue jumped on 66.2% in 2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased on 9.4 pp from 92.9% to 83.5% in 2015.
Gross Margin dropped on 36.7 pp from 90.7% to 54.0% in 2015.
Net Income marign decreased on 9.2 pp from 66.4% to 57.2% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 the company had CAPEX/Revenue of 12.6%. CAPEX/Revenue dropped on 75.5 pp from 88.1% in 2012 to 12.6% in 2015. It's average level of CAPEX/Revenue for the last three years was 258%.
Return on investment
The company operates at good ROE (20.23%) while ROIC is low (3.76%). ROIC decreased slightly on 2.0 pp from 5.7% to 3.8% in 2015. ROE decreased on 7.9 pp from 28.2% to 20.2% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 13.2x and Debt / EBITDA is 15.0x. Net Debt / EBITDA surged on 5.5x from 7.8x to 13.2x in 2015. Debt jumped on 168% in 2015 while cash jumped on 345% in 2015.
Appendix 1: Peers in Energy-Alternate Sources
Below we provide United Photovoltaics Group Ltd benchmarking against other companies in Energy-Alternate Sources industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| HaiTian Hydropower International Ltd ($8261) | | 26.6% | 8.5% | 114.0% | 220.2% |
| Xinyi Solar Holdings Ltd ($968) | | 24.3% | 28.3% | 22.5% | 97.1% |
| Beijing Jingneng Clean Energy Co Ltd ($579) | | 2.5% | 50.7% | 39.6% | 64.4% |
| Canvest Environment Protection Group Co Ltd ($1381) | | 150.6% | 0.8% | 103.5% | 49.2% |
| China Renewable Energy Investment Ltd ($987) | | 10.7% | 14.3% | -14.4% | 36.6% |
| |
|---|
| Median (10 companies) | | 12.7% | 20.1% | 28.0% | 29.1% |
|---|
| United Photovoltaics Group Ltd ($686) | | -74.0% | -83.5% | 1,168.8% | 66.2% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| HaiTian Hydropower International Ltd ($8261) | 70.0% | 74.2% | 74.3% | 79.3% | 64.6% |
| Canvest Environment Protection Group Co Ltd ($1381) | 61.5% | 53.4% | 51.9% | 43.1% | 37.1% |
| Xinyi Solar Holdings Ltd ($968) | 35.9% | 17.2% | 30.1% | 31.6% | 36.0% |
| China Renewable Energy Investment Ltd ($987) | 12.2% | 20.2% | 37.1% | 24.7% | 33.3% |
| China Suntien Green Energy Corp Ltd ($956) | 28.8% | 33.5% | 31.3% | 25.2% | 26.5% |
| |
|---|
| Median (7 companies) | 35.9% | 22.9% | 31.3% | 25.2% | 33.3% |
|---|
| United Photovoltaics Group Ltd ($686) | 17.9% | -29.8% | 99.3% | 90.7% | 54.0% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Renewable Energy Investment Ltd ($987) | 28.1% | 54.1% | 66.1% | 64.3% | 74.3% |
| HaiTian Hydropower International Ltd ($8261) | 86.2% | 61.9% | 75.9% | 80.2% | 69.0% |
| China Longyuan Power Group Corp Ltd ($916) | 48.8% | 56.3% | 54.4% | 63.5% | 64.5% |
| Canvest Environment Protection Group Co Ltd ($1381) | 71.0% | 59.3% | 56.6% | 50.3% | 41.8% |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 58.5% | 57.7% | 50.4% | 41.8% | 36.6% |
| |
|---|
| Median (10 companies) | 40.6% | 47.5% | 43.9% | 36.9% | 36.2% |
|---|
| United Photovoltaics Group Ltd ($686) | 13.0% | -42.6% | -230.5% | 92.9% | 83.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Suntien Green Energy Corp Ltd ($956) | 101.3% | 41.4% | 25.7% | 35.9% | 128.8% |
| China Longyuan Power Group Corp Ltd ($916) | 83.1% | 79.5% | 54.9% | 100.2% | 77.7% |
| Xinyi Solar Holdings Ltd ($968) | 71.2% | 22.7% | 12.2% | 98.8% | 75.4% |
| International Standard Resources Holdings Ltd ($91) | 13.5% | 51.5% | 2.4% | 11.1% | 69.3% |
| Concord New Energy Group Ltd ($182) | 199.2% | 64.2% | 19.0% | 52.7% | 54.7% |
| |
|---|
| Median (10 companies) | 75.1% | 32.4% | 16.3% | 44.3% | 48.7% |
|---|
| United Photovoltaics Group Ltd ($686) | 38.6% | 88.1% | 751.2% | 11.7% | 12.6% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Xinyi Solar Holdings Ltd ($968) | 33.6% | 13.8% | 21.6% | 16.9% | 18.7% |
| HaiTian Hydropower International Ltd ($8261) | 9.5% | 6.4% | 7.5% | 7.5% | 11.9% |
| Canvest Environment Protection Group Co Ltd ($1381) | | 27.0% | 18.1% | 12.4% | 10.0% |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 7.0% | 5.8% | 6.8% | 6.3% | 8.1% |
| GCL-Poly Energy Holdings Ltd ($3800) | 15.8% | 0.3% | 2.8% | 6.9% | 7.2% |
| |
|---|
| Median (10 companies) | 7.0% | 6.1% | 6.5% | 6.3% | 6.7% |
|---|
| United Photovoltaics Group Ltd ($686) | 2.8% | -10.5% | -5.6% | 5.7% | 3.8% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Suntien Green Energy Corp Ltd ($956) | 4.7x | 4.5x | 4.1x | 4.9x | 9.5x |
| China Longyuan Power Group Corp Ltd ($916) | 5.9x | 5.5x | 5.3x | 5.8x | 5.7x |
| GCL-Poly Energy Holdings Ltd ($3800) | 2.9x | 11.4x | 7.7x | 5.4x | 5.0x |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 5.0x | 6.7x | 6.3x | 6.7x | 4.4x |
| Concord New Energy Group Ltd ($182) | 0.2x | 3.8x | 1.4x | 2.2x | 4.2x |
| |
|---|
| Median (9 companies) | 4.5x | 4.5x | 4.1x | 5.4x | 4.2x |
|---|
| United Photovoltaics Group Ltd ($686) | 5.1x | | | 7.8x | 13.2x |
