China Power New Energy Development Co Ltd Net Income surged on 274% and Revenue jumped on 96.6%
23/03/2017 • About China Power New Energy Development Co Ltd (
$735) • By InTwits
China Power New Energy Development Co Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: It operates with high leverage: Net Debt/EBITDA is 6.0x while industry average is 3.3x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
China Power New Energy Development Co Ltd ($735) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,819 | 2,188 | 2,344 | 2,405 | 4,727 | 96.6% |
| Gross Profit | 1,333 | 1,549 | 1,687 | 1,801 | | -100.0% |
| EBITDA | 993 | 1,129 | 1,277 | 1,325 | | -100.0% |
| Net Income | 193 | 257 | 275 | 108 | 405 | 273.8% |
Balance Sheet
|
|---|
| Cash | 2,693 | 1,735 | 776 | 1,000 | | -100.0% |
| Short Term Debt | 1,155 | 1,667 | 1,554 | 1,547 | | -100.0% |
| Long Term Debt | 6,267 | 6,268 | 7,456 | 9,976 | | -100.0% |
Cash flow
|
|---|
| Capex | 1,496 | 1,752 | 2,801 | 2,380 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -2.3% | 20.3% | 7.2% | 2.6% | 96.6% | |
| EBITDA growth | 28.2% | 13.7% | 13.1% | 3.7% | | |
| Gross Margin | 73.3% | 70.8% | 72.0% | 74.9% | | -74.9% |
| EBITDA Margin | 54.6% | 51.6% | 54.5% | 55.1% | 0.0% | -55.1% |
| Net Income Margin | 10.6% | 11.8% | 11.7% | 4.5% | 8.6% | 4.1% |
| CAPEX, % of revenue | 82.2% | 80.1% | 119.5% | 99.0% | | -99.0% |
| ROIC | 4.7% | 4.3% | 4.6% | 3.6% | | -3.6% |
| ROE | 3.2% | 3.6% | 3.6% | 1.4% | | -1.4% |
| Net Debt/EBITDA | 4.8x | 5.5x | 6.4x | 7.9x | | -7.9x |
Revenue and profitability
The company's Revenue jumped on 96.6%.
Net Income marign increased on 4.1 pp from 4.5% to 8.6% in FY2016.
Appendix 1: Peers in Electric
Below we provide China Power New Energy Development Co Ltd benchmarking against other companies in Electric 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Huaneng Renewables Corp Ltd ($958) | 26.0% | 46.7% | 4.1% | 19.6% | |
| CGN Power Co Ltd ($1816) | | -1.2% | 19.3% | 12.3% | 41.4% |
| Huadian Fuxin Energy Corp Ltd ($816) | 56.0% | 16.7% | 4.9% | 10.4% | |
| China Datang Corp Renewable Power Co Ltd ($1798) | | 28.9% | -7.9% | 7.8% | 3.5% |
| HK Electric Investments & HK Electric Investments Ltd ($2638) | | -1.8% | 2.9% | 6.7% | 1.9% |
| |
|---|
| Median (15 companies) | 9.7% | 11.4% | 4.9% | -3.5% | -1.5% |
|---|
| China Power New Energy Development Co Ltd ($735) | | 20.3% | 7.2% | 2.6% | 96.6% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Power Assets Holdings Ltd ($6) | 60.0% | 63.5% | 85.6% | 99.4% | 99.5% |
| HK Electric Investments & HK Electric Investments Ltd ($2638) | 60.1% | 58.6% | 54.0% | 53.7% | 53.0% |
| CGN Power Co Ltd ($1816) | 46.5% | 46.9% | 48.6% | 47.9% | 43.7% |
| Tianjin Development Hldgs Ltd ($882) | 8.5% | 5.0% | 18.7% | 18.6% | |
| CNNC International Ltd ($2302) | 9.0% | 12.3% | 7.6% | 2.7% | -8.0% |
| |
|---|
| Median (5 companies) | 27.8% | 46.9% | 37.9% | 47.9% | 48.3% |
|---|
| China Power New Energy Development Co Ltd ($735) | 73.3% | 70.8% | 72.0% | 74.9% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Huaneng Renewables Corp Ltd ($958) | 94.0% | 80.5% | 91.3% | 93.1% | |
| China Datang Corp Renewable Power Co Ltd ($1798) | 90.5% | 82.8% | 87.0% | 82.4% | |
| HK Electric Investments & HK Electric Investments Ltd ($2638) | 72.6% | 77.6% | 73.3% | 71.7% | 70.4% |
| Power Assets Holdings Ltd ($6) | 66.2% | 68.0% | 2,533.1% | 71.2% | -84.2% |
| CGN Power Co Ltd ($1816) | 66.0% | 62.6% | 60.5% | 59.4% | 52.9% |
| |
|---|
| Median (15 companies) | 28.5% | 33.9% | 34.1% | 41.9% | 34.6% |
|---|
| China Power New Energy Development Co Ltd ($735) | 54.6% | 51.6% | 54.5% | 55.1% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Enerchina Holdings Ltd ($622) | 24.1% | 28.3% | 3.8% | 321.6% | |
| Huaneng Renewables Corp Ltd ($958) | 163.4% | 124.0% | 217.8% | 171.9% | |
| Huadian Fuxin Energy Corp Ltd ($816) | 62.2% | 54.3% | 91.8% | 96.0% | |
| China Datang Corp Renewable Power Co Ltd ($1798) | 157.1% | 81.7% | 106.3% | 93.4% | |
| CGN Power Co Ltd ($1816) | 47.5% | 57.2% | 94.5% | 50.0% | |
| |
|---|
| Median (15 companies) | 27.4% | 26.7% | 15.8% | 20.0% | 18.5% |
|---|
| China Power New Energy Development Co Ltd ($735) | 82.2% | 80.1% | 119.5% | 99.0% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| CLP Holdings Ltd ($2) | 7.0% | 4.8% | 8.5% | 12.8% | 10.1% |
| China Resources Power Holdings Co Ltd ($836) | 7.7% | 9.7% | 8.0% | 11.0% | 9.2% |
| China Power International Development Ltd ($2380) | 5.7% | 7.5% | 8.0% | 10.1% | 6.4% |
| Huadian Power International Corp Ltd ($1071) | 5.0% | 8.4% | 10.4% | 10.0% | |
| Amber Energy Ltd ($90) | 5.4% | 4.6% | 3.6% | 8.6% | |
| |
|---|
| Median (15 companies) | 5.4% | 6.1% | 6.1% | 5.5% | 5.4% |
|---|
| China Power New Energy Development Co Ltd ($735) | 4.7% | 4.3% | 4.6% | 3.6% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| CGN Meiya Power Holdings Co Ltd ($1811) | 9.1x | 8.1x | 4.3x | 8.6x | 6.5x |
| China Datang Corp Renewable Power Co Ltd ($1798) | 9.1x | 8.2x | 8.7x | 8.5x | |
| CGN Power Co Ltd ($1816) | 6.5x | 6.7x | 7.8x | 8.4x | 9.3x |
| Huadian Fuxin Energy Corp Ltd ($816) | 6.9x | 6.2x | 6.5x | 7.4x | |
| Huaneng Renewables Corp Ltd ($958) | 7.7x | 6.6x | 7.3x | 7.1x | |
| |
|---|
| Median (13 companies) | 6.2x | 5.8x | 4.9x | 5.1x | 5.1x |
|---|
| China Power New Energy Development Co Ltd ($735) | 4.8x | 5.5x | 6.4x | 7.9x | |
