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China Three Gorges Renewables (Group) Co Ltd Class A 600905

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Stock XSHG Rating as of
CNY 4.76 +0.04 (0.85%)
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As of Delayed Price Closed
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Company Report

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Chinese Utilities: Lackluster Sector Performance as Subsidy Settlement Remains Slow

Chokwai Lee

Year-to-date share price performance of China utilities under our coverage was generally lackluster, and we believe the market remains concerned about slow subsidy settlements and falling tariffs. We maintained our fair value estimates per share for CGN Power (HKD 2.24); China Longyuan (HKD 12.00); China Resources Power, or CR Power (HKD 25.00); China Suntien Green Energy (HKD 3.66); China Three Gorges Renewables, or CTGR (CNY 4.68); and Datang Renewable, or DR (HKD 2.94). Our preference among the renewable players is China Longyuan given its strong capacity growth and leadership position in the sector. Meanwhile, CR Power is our pick for investors who like exposure to coal-fired power, as the recovery in profitability for the thermal power segment should continue in 2024.

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Price vs Fair Value

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600905 is trading at a 1% premium.
Price
CNY 4.71
Fair Value
CNY 1.47
Uncertainty
High
1-Star Price
CNY 2.88
5-Star Price
CNY 8.45
Economic Moat
Xnk
Capital Allocation
Kbpwnck

Bulls Say, Bears Say

Bulls

CTGR will realize a higher average power tariff due to participation in green power and green certificate trading.

Bears

Increasing contribution from grid-parity projects lowers CTGR’s future returns.

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Trading Information

Previous Close Price
CNY 4.72
Day Range
CNY 4.71–4.77
52-Week Range
CNY 4.08–5.58
Bid/Ask
CNY 4.75 / CNY 4.76
Market Cap
CNY 136.24 Bil
Volume/Avg
87.1 Mil / 101.2 Mil

Key Statistics

Price/Earnings (Normalized)
19.76
Price/Sales
5.26
Dividend Yield (Trailing)
1.60%
Dividend Yield (Forward)
1.60%
Total Yield
1.60%

Company Profile

China Three Gorges Renewables, or CTGR, is one of China’s largest renewable energy producers. The firm operates wind farms, photovoltaic power plants, hydro-electric power plants, and energy storage projects. CTGR has a total generation capacity of about 26.5 gigawatts as of the end of 2022. In particular, the firm is also one of the largest offshore wind farm operators in China, with 4.9 GW of installed capacity at the end of 2022, representing about 16% of China’s total capacity. Parent company, China Three Gorges, a state-owned enterprise, owns approximately 52.4% of CTGR’s issued shares as of the end of 2022.
Sector
Utilities
Industry
Utilities - Renewable
Stock Style Box
Large Core
Total Number of Employees
5,723
Website
https://www.ctgne.com

Competitors

Valuation

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Metric
600905
01798
00836
Price/Earnings (Normalized)
 19.763.788.07
Price/Book Value
 1.680.611.11
Price/Sales
 5.260.850.91
Price/Cash Flow
 7.131.293.49
Price/Earnings
600905
01798
00836

Financial Strength

Metric
600905
01798
00836
Quick Ratio
 1.081.590.51
Current Ratio
 1.231.740.59
Interest Coverage
 2.973.564.69
Quick Ratio
600905
01798
00836

Profitability

Metric
600905
01798
00836
Return on Assets (Normalized)
 2.36%3.68%4.37%
Return on Equity (Normalized)
 8.12%21.48%16.01%
Return on Invested Capital (Normalized)
 4.36%5.85%6.39%
Return on Assets
600905
01798
00836
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