Reported Earnings • Oct 28
Third quarter 2025 earnings released: CN¥0.023 loss per share (vs CN¥0.002 loss in 3Q 2024) Third quarter 2025 results: CN¥0.023 loss per share (further deteriorated from CN¥0.002 loss in 3Q 2024). Revenue: CN¥1.38b (down 17% from 3Q 2024). Net loss: CN¥30.1m (loss widened CN¥28.2m from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 30
Hangzhou Turbine Power Group Co., Ltd. to Report Q3, 2025 Results on Oct 28, 2025 Hangzhou Turbine Power Group Co., Ltd. announced that they will report Q3, 2025 results on Oct 28, 2025 Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to HK$13.28, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 51x in the Electrical industry in China. Total returns to shareholders of 49% over the past three years. New Risk • Aug 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 39% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.4% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Large one-off items impacting financial results. Reported Earnings • Aug 26
Second quarter 2025 earnings released: EPS: CN¥0.085 (vs CN¥0.13 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.085 (down from CN¥0.13 in 2Q 2024). Revenue: CN¥1.37b (down 12% from 2Q 2024). Net income: CN¥110.7m (down 39% from 2Q 2024). Profit margin: 8.1% (down from 12% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 3% per year. Announcement • Jul 02
Hangzhou Turbine Power Group Co., Ltd. to Report First Half, 2025 Results on Aug 30, 2025 Hangzhou Turbine Power Group Co., Ltd. announced that they will report first half, 2025 results on Aug 30, 2025 Declared Dividend • Jun 06
Dividend of HK$0.23 announced Shareholders will receive a dividend of HK$0.23. Ex-date: 11th June 2025 Payment date: 13th June 2025 Dividend yield will be 2.0%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.1% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 14
Zhejiang Industrial Investment Group Co., Ltd. and Zhejiang Development Asset Management Co., Ltd. completed the acquisition of 5.01% stake in Hangzhou Turbine Power Group Co., Ltd. (SZSE:200771) from Hangzhou Qitong Equity Investment Partnership Enterprise (L.P.) and Guoxin Guotong (Hangzhou) Equity Investment Co., Ltd. Zhejiang Industrial Investment Group Co., Ltd. and Zhejiang Development Asset Management Co., Ltd. agreed to acquire 5.01% stake in Hangzhou Turbine Power Group Co., Ltd. (SZSE:200771) from Hangzhou Qitong Equity Investment Partnership Enterprise (L.P.) and Guoxin Guotong (Hangzhou) Equity Investment Co., Ltd. for CNY 490 million on March 30, 2025. A cash consideration of CNY 491.07 million valued at CNY 8.35 per share will be paid by Zhejiang Industrial Investment Group Co., Ltd. and Zhejiang Development Asset Management Co., Ltd. As part of consideration, CNY 491.07 million is paid towards common equity of Hangzhou Turbine Power Group Co., Ltd.
The transaction is subject to approval by regulatory board / committee.
Zhejiang Industrial Investment Group Co., Ltd. and Zhejiang Development Asset Management Co., Ltd. completed the acquisition of 5.01% stake in Hangzhou Turbine Power Group Co., Ltd. (SZSE:200771) from Hangzhou Qitong Equity Investment Partnership Enterprise (L.P.) and Guoxin Guotong (Hangzhou) Equity Investment Co., Ltd. on May 12, 2025. New Risk • Apr 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Announcement • Apr 16
Hangzhou Turbine Power Group Co., Ltd. Proposes Final Cash Dividend for the 2024 Hangzhou Turbine Power Group Co., Ltd. proposed final cash dividend of CNY 2.10 per 10 shares for the 2024. Reported Earnings • Apr 15
Full year 2024 earnings released: EPS: CN¥0.46 (vs CN¥0.44 in FY 2023) Full year 2024 results: EPS: CN¥0.46 (up from CN¥0.44 in FY 2023). Revenue: CN¥6.64b (up 12% from FY 2023). Net income: CN¥540.0m (up 4.3% from FY 2023). Profit margin: 8.1% (down from 8.7% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Apr 15
Hangzhou Turbine Power Group Co., Ltd., Annual General Meeting, May 08, 2025 Hangzhou Turbine Power Group Co., Ltd., Annual General Meeting, May 08, 2025, at 14:00 China Standard Time. Location: The Company's Meeting Room, Hangzhou, Zhejiang China Announcement • Mar 31
Hangzhou Turbine Power Group Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Hangzhou Turbine Power Group Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Reported Earnings • Feb 15
Full year 2024 earnings released: EPS: CN¥0.45 (vs CN¥0.44 in FY 2023) Full year 2024 results: EPS: CN¥0.45 (up from CN¥0.44 in FY 2023). Revenue: CN¥6.57b (up 11% from FY 2023). Net income: CN¥525.0m (up 1.4% from FY 2023). Profit margin: 8.0% (down from 8.7% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jan 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to HK$9.95. The fair value is estimated to be HK$8.29, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 14%. Buy Or Sell Opportunity • Jan 07
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to HK$9.95. The fair value is estimated to be HK$8.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 14%. Announcement • Dec 31
Hangzhou Turbine Power Group Co., Ltd. to Report Fiscal Year 2024 Results on Apr 15, 2025 Hangzhou Turbine Power Group Co., Ltd. announced that they will report fiscal year 2024 results on Apr 15, 2025 Buy Or Sell Opportunity • Nov 13
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 54% to HK$10.88. The fair value is estimated to be HK$8.76, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 14%. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to HK$9.89, the stock trades at a trailing P/E ratio of 25x. Average trailing P/E is 38x in the Electrical industry in China. Total returns to shareholders of 12% over the past three years. Announcement • Nov 12
Hangzhou Turbine Power Group Co., Ltd. (SZSE:200771) signed the Agreement to acquire Hangzhou Hirisun Technology Incorporated (SZSE:300277) in a reverse merger transaction. Hangzhou Turbine Power Group Co., Ltd. (SZSE:200771) signed the Agreement to acquire Hangzhou Hirisun Technology Incorporated (SZSE:300277) in a reverse merger transaction on November 8, 2024. As part of consideration Hangzhou Hirisun Technology will issue 1,175,009,600 shares on the basis of exchange ratio 1:1.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer board and subject to antitrust regulations. The deal has been approved by the board. Reported Earnings • Oct 30
Third quarter 2024 earnings released: CN¥0.002 loss per share (vs CN¥0.11 profit in 3Q 2023) Third quarter 2024 results: CN¥0.002 loss per share (down from CN¥0.11 profit in 3Q 2023). Revenue: CN¥1.65b (up 30% from 3Q 2023). Net loss: CN¥1.88m (down 101% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Sep 30
Hangzhou Turbine Power Group Co., Ltd. to Report Q3, 2024 Results on Oct 29, 2024 Hangzhou Turbine Power Group Co., Ltd. announced that they will report Q3, 2024 results on Oct 29, 2024 New Risk • Aug 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 38% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 107% Paying a dividend despite having no free cash flows. Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: CN¥0.13 (vs CN¥0.17 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.13 (down from CN¥0.17 in 2Q 2023). Revenue: CN¥1.55b (up 1.3% from 2Q 2023). Net income: CN¥181.8m (down 8.1% from 2Q 2023). Profit margin: 12% (down from 13% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 13% per year. Buy Or Sell Opportunity • Aug 20
Now 20% undervalued Over the last 90 days, the stock has risen 1.0% to HK$6.93. The fair value is estimated to be HK$8.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 14%. Buy Or Sell Opportunity • Aug 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.3% to HK$6.89. The fair value is estimated to be HK$8.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 14%. Announcement • Jun 29
Hangzhou Turbine Power Group Co., Ltd. to Report First Half, 2024 Results on Aug 28, 2024 Hangzhou Turbine Power Group Co., Ltd. announced that they will report first half, 2024 results on Aug 28, 2024 Declared Dividend • May 31
Dividend of HK$0.55 announced Shareholders will receive a dividend of HK$0.55. Ex-date: 5th June 2024 Payment date: 7th June 2024 Dividend yield will be 7.3%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is not adequately covered by earnings (97% earnings payout ratio) nor is it covered by cash flows (277% cash payout ratio). The dividend has increased by an average of 6.9% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 7.9% to bring the payout ratio under control, which is similar to the EPS growth achieved over the last 5 years. Announcement • May 30
Hangzhou Turbine Power Group Co., Ltd. Announces Final Dividend on B Shares for the Year 2023, Payable on June 7, 2024 Hangzhou Turbine Power Group Co., Ltd. announced final cash dividend/10 shares (tax included) of CNY 5.00000000 on B shares for the year 2023. Record date is June 7, 2024. Ex-date is June 5, 2024. Payment date is June 7, 2024. Announcement • May 02
Hangzhou Turbine Power Group Co., Ltd. Proposes Final Dividend for 2023 Hangzhou Turbine Power Group Co., Ltd. announced on 30 April 2024 the profit distribution proposal for 2023 as follows: Cash dividend/10 shares (tax included): CNY 5.00000000. Announcement • May 01
Hangzhou Turbine Power Group Co., Ltd., Annual General Meeting, May 22, 2024 Hangzhou Turbine Power Group Co., Ltd., Annual General Meeting, May 22, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Hangzhou, Zhejiang China Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: CN¥0.01 (vs CN¥0.042 loss in 1Q 2023) First quarter 2024 results: EPS: CN¥0.01 (up from CN¥0.042 loss in 1Q 2023). Revenue: CN¥1.06b (down 2.8% from 1Q 2023). Net income: CN¥9.66m (up CN¥57.8m from 1Q 2023). Profit margin: 0.9% (up from net loss in 1Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Mar 30
Hangzhou Turbine Power Group Co., Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Hangzhou Turbine Power Group Co., Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Jan 23
Full year 2023 earnings released: EPS: CN¥0.46 (vs CN¥0.45 in FY 2022) Full year 2023 results: EPS: CN¥0.46 (up from CN¥0.45 in FY 2022). Revenue: CN¥5.94b (up 7.6% from FY 2022). Net income: CN¥526.8m (flat on FY 2022). Profit margin: 8.9% (in line with FY 2022). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Dec 29
Hangzhou Turbine Power Group Co., Ltd. to Report Fiscal Year 2023 Results on Apr 30, 2024 Hangzhou Turbine Power Group Co., Ltd. announced that they will report fiscal year 2023 results on Apr 30, 2024 Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: CN¥0.11 (vs CN¥0.072 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.11 (up from CN¥0.072 in 3Q 2022). Revenue: CN¥1.27b (up 5.6% from 3Q 2022). Net income: CN¥124.5m (up 56% from 3Q 2022). Profit margin: 9.8% (up from 6.6% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: CN¥0.17 (vs CN¥0.14 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.17 (up from CN¥0.14 in 2Q 2022). Revenue: CN¥1.53b (up 19% from 2Q 2022). Net income: CN¥197.8m (up 20% from 2Q 2022). Profit margin: 13% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Jul 04
Hangzhou Steam Turbine Power Group Co., Ltd. Approves Management Appointments Hangzhou Steam Turbine Power Group Co., Ltd. at its Extraordinary General Meeting held on 30 June 2023 approved election of Li Bo as non-independent director. The company approved election of Xie Xueqing as supervisor. New Risk • Jun 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 12% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 100% Dividend per share is over 9x cash flows per share. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.0% net profit margin). Shareholders have been diluted in the past year (12% increase in shares outstanding). Announcement • Jun 08
Hangzhou Steam Turbine Power Group Co., Ltd. Implements Cash Dividend for the Year of 2022, payable on June 16, 2023 Hangzhou Steam Turbine Power Group Co., Ltd. announced implementation of Cash dividend/10 shares (tax included): CNY 3.00000000. Last trading day: 13 June 2023. Exchange rate: HKD:CNY=1: 0.87900000. Record date: 16 June 2023. Ex-date: 14 June 2023. Payment date: 16 June 2023. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: CN¥0.54 (vs CN¥0.68 in FY 2021) Full year 2022 results: EPS: CN¥0.54 (down from CN¥0.68 in FY 2021). Revenue: CN¥5.52b (down 4.7% from FY 2021). Net income: CN¥522.4m (down 20% from FY 2021). Profit margin: 9.5% (down from 11% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 25% per year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Hejie Zhang was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: CN¥0.087 (vs CN¥0.15 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.087 (down from CN¥0.15 in 3Q 2021). Revenue: CN¥1.20b (up 8.1% from 3Q 2021). Net income: CN¥79.9m (down 47% from 3Q 2021). Profit margin: 6.6% (down from 14% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 28% per year. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: CN¥0.17 (vs CN¥0.28 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.17 (down from CN¥0.28 in 2Q 2021). Revenue: CN¥1.29b (down 28% from 2Q 2021). Net income: CN¥164.3m (down 38% from 2Q 2021). Profit margin: 13% (down from 15% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 33% per year. Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: CN¥0.18 (vs CN¥0.28 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.18 (down from CN¥0.28 in 2Q 2021). Revenue: CN¥1.29b (down 28% from 2Q 2021). Net income: CN¥169.6m (down 36% from 2Q 2021). Profit margin: 13% (down from 15% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 29% per year. Reported Earnings • Apr 27
First quarter 2022 earnings released: EPS: CN¥0.25 (vs CN¥0.22 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.25 (up from CN¥0.22 in 1Q 2021). Revenue: CN¥1.79b (up 51% from 1Q 2021). Net income: CN¥184.0m (up 14% from 1Q 2021). Profit margin: 10% (down from 14% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Hejie Zhang was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 11
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Hejie Zhang was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 02
Hangzhou Steam Turbine Co., Ltd., Annual General Meeting, Apr 27, 2022 Hangzhou Steam Turbine Co., Ltd., Annual General Meeting, Apr 27, 2022, at 14:00 China Standard Time. Agenda: To consider 2021 work report of the board of directors; to consider 2021 work report of the supervisory committee; to consider 2021 annual report and its summary; to consider 2021 financial report; to consider 2021 profit distribution plan; to consider reappointment of 2022 audit firm; and to consider change of the Company's domicile and amendments to the Company's articles of association. Reported Earnings • Apr 02
Full year 2021 earnings released: EPS: CN¥0.85 (vs CN¥0.62 in FY 2020) Full year 2021 results: EPS: CN¥0.85 (up from CN¥0.62 in FY 2020). Revenue: CN¥5.81b (up 29% from FY 2020). Net income: CN¥629.1m (up 37% from FY 2020). Profit margin: 11% (in line with FY 2020). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Apr 01
Hangzhou Steam Turbine Co., Ltd. Proposes Final Cash Dividend for 2021 Hangzhou Steam Turbine Co., Ltd. proposed final cash dividend of CNY 4.00000000 per 10 shares (tax included) for 2021. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to HK$11.16, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 37x in the Electrical industry in China. Total returns to shareholders of 62% over the past three years. Reported Earnings • Feb 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: CN¥0.85 (up from CN¥0.62 in FY 2020). Revenue: CN¥5.81b (up 29% from FY 2020). Net income: CN¥629.1m (up 37% from FY 2020). Profit margin: 11% (in line with FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 28% per year and the company’s share price has also increased by 28% per year. Reported Earnings • Oct 21
Third quarter 2021 earnings released: EPS CN¥0.19 (vs CN¥0.18 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: CN¥1.11b (down 12% from 3Q 2020). Net income: CN¥151.7m (up 15% from 3Q 2020). Profit margin: 14% (up from 10% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 31
Second quarter 2021 earnings released: EPS CN¥0.36 (vs CN¥0.34 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: CN¥1.78b (up 35% from 2Q 2020). Net income: CN¥264.1m (up 7.2% from 2Q 2020). Profit margin: 15% (down from 19% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 34% per year. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 19% share price gain to HK$16.25, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 40x in the Electrical industry in China. Total returns to shareholders of 161% over the past three years. Reported Earnings • Apr 28
First quarter 2021 earnings released: EPS CN¥0.22 (vs CN¥0.02 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥1.18b (up 69% from 1Q 2020). Net income: CN¥161.6m (up CN¥177.1m from 1Q 2020). Profit margin: 14% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 10
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥4.50b (up 5.1% from FY 2019). Net income: CN¥459.3m (up 33% from FY 2019). Profit margin: 10% (up from 8.1% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Mar 08
Hangzhou Steam Turbine Co., Ltd. to Report Fiscal Year 2020 Results on Apr 17, 2021 Hangzhou Steam Turbine Co., Ltd. announced that they will report fiscal year 2020 results on Apr 17, 2021 Is New 90 Day High Low • Dec 25
New 90-day high: HK$10.61 The company is up 24% from its price of HK$8.56 on 25 September 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 26% over the same period. Is New 90 Day High Low • Dec 03
New 90-day high: HK$9.22 The company is up 10.0% from its price of HK$8.36 on 04 September 2020. The Chinese market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 8.0% over the same period. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥419.4m, up 22% from the prior year. Total revenue was CN¥4.39b over the last 12 months, largely unchanged from the prior year. Is New 90 Day High Low • Oct 13
New 90-day high: HK$8.91 The company is up 9.0% from its price of HK$8.16 on 15 July 2020. The Chinese market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 3.0% over the same period. Announcement • Aug 13
Hangzhou Steam Turbine Co., Ltd. to Report First Half, 2020 Results on Aug 28, 2020 Hangzhou Steam Turbine Co., Ltd. announced that they will report first half, 2020 results on Aug 28, 2020