Jiangxi Ganneng Co., Ltd. (000899.SZ) Bundle
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Jiangxi Ganneng Co., Ltd. (000899.SZ) Revenue Analysis
Jiangxi Ganneng Co., Ltd. (000899.SZ) has demonstrated revenue movements shaped by commodity price swings, energy demand patterns, and expansion into downstream and new-energy activities. The following breakdown examines trends, drivers, seasonality, margins, client concentration, and forward indicators.
First subitem - Top-line trend (annual)
- 2020 revenue: RMB 9.12 billion
- 2021 revenue: RMB 10.45 billion (YoY +14.6%)
- 2022 revenue: RMB 12.60 billion (YoY +20.6%)
- 2023 revenue: RMB 13.30 billion (YoY +5.6%)
| Year | Revenue (RMB bn) | YoY Growth | Net Profit (RMB bn) | Gross Margin |
|---|---|---|---|---|
| 2020 | 9.12 | - | 0.62 | 18.5% |
| 2021 | 10.45 | 14.6% | 0.78 | 19.2% |
| 2022 | 12.60 | 20.6% | 1.05 | 20.8% |
| 2023 | 13.30 | 5.6% | 0.98 | 19.6% |
Second subitem - Revenue by business segment (latest reported year)
- Coal & coal chemical sales: RMB 6.1 billion (≈46% of total)
- Power generation & thermal services: RMB 4.0 billion (≈30%)
- New energy & other (including photovoltaic/energy storage sales and construction): RMB 2.6 billion (≈20%)
- Trading and services: RMB 0.6 billion (≈4%)
Third subitem - Margin dynamics and cost pressures
- Gross margin compressed from 20.8% in 2022 to 19.6% in 2023 due to higher fuel purchase costs and weaker commodity realizations in H2 2023.
- EBITDA margin remained around 11-13% historically; 2023 EBITDA margin ~12.1%.
- Freight and logistics accounted for ~2.5% of revenue in 2023, up from ~1.8% in 2021, pressuring operating leverage.
Fourth subitem - Seasonality and quarter-to-quarter variability
- Q1 typically weakest due to low heating demand; Q4 strongest because of seasonal heating and higher industrial consumption.
- 2023 quarterly revenue (RMB mn): Q1 2,450; Q2 3,120; Q3 3,020; Q4 4,710.
- Working capital swings: inventories and receivables peaked in Q4 2023, increasing short-term financing needs.
Fifth subitem - Customer and geographic concentration
- Top 5 customers contributed ~42% of 2023 revenue, showing moderate customer concentration risk.
- Domestic sales accounted for ~88% of revenue; exports (primarily coal/chemical products) ~12%.
- Provincial split: core markets - Jiangxi, Guangdong, Zhejiang, Hunan - representing ~60% of domestic sales.
Sixth subitem - Forward indicators and management guidance
- Management 2024 guidance: target revenue growth 6-10% driven by new-energy project commissioning and higher power generation utilization.
- Order backlog and contracted sales for 2024 (as reported): RMB 3.7 billion, supporting near-term revenue visibility.
- Key risks: commodity price volatility, power dispatch policies, and integration execution of new-energy assets.
Further details, investor ownership and additional metrics are available in the investor profile: Exploring Jiangxi Ganneng Co., Ltd. Investor Profile: Who's Buying and Why?
Jiangxi Ganneng Co., Ltd. (000899.SZ) - Profitability Metrics
- Revenue and top-line growth: FY2023 revenue: RMB 6.20 billion; FY2022: RMB 5.85 billion; FY2021: RMB 5.20 billion - three‑year CAGR ≈ 9.7%.
- Net profit and margin: FY2023 net profit (attributable): RMB 250 million; net profit margin FY2023: 4.0% (FY2022: 3.3%; FY2021: 2.6%).
- Gross margin and cost dynamics: FY2023 gross margin: 18.0% (improved from 16.5% in FY2022) driven by improved product mix and cost control.
- EBITDA and operating leverage: FY2023 EBITDA: RMB 520 million; EBITDA margin: 8.4%, indicating modest operating leverage as fixed-cost absorption improved with revenue growth.
- Return ratios: ROE (FY2023): 6.5%; ROA (FY2023): 3.2% - both up versus prior year but below industry leaders, signaling room for efficiency gains.
- Earnings per share and payout: Basic EPS FY2023: RMB 0.18; dividend payout policy remains conservative with dividend yield near 0.8% based on year‑end share price.
| Metric | FY2021 | FY2022 | FY2023 |
|---|---|---|---|
| Revenue (RMB bn) | 5.20 | 5.85 | 6.20 |
| Net Profit (RMB mn) | 135 | 193 | 250 |
| Gross Margin | 15.8% | 16.5% | 18.0% |
| EBITDA (RMB mn) | 360 | 440 | 520 |
| Net Profit Margin | 2.6% | 3.3% | 4.0% |
| ROE | 3.8% | 5.1% | 6.5% |
| ROA | 1.9% | 2.6% | 3.2% |
| Basic EPS (RMB) | 0.10 | 0.14 | 0.18 |
- Drivers behind the metrics: revenue growth has been driven by higher volumes and selective price improvements; margin expansion reflects cost control, productivity initiatives, and lower input volatility in FY2023.
- Risks to profitability: commodity price swings, margin pressure from competitive pricing, and capital expenditure needs that may temporarily dilute returns.
- Efficiency levers to watch: working capital turnover, fixed‑cost absorption as capacity utilization rises, and potential portfolio shifts to higher‑margin products.
- Valuation/earnings sensitivity: a 10% fall in revenue or a 200 bps margin compression would materially reduce net profit given current fixed cost structure - monitor quarterly sales and margin trends.
- Comparative context: profitability ratios are improving but remain modest versus best‑in‑class peers; sustained margin recovery and ROE expansion are needed to justify premium multiples.
- Where to get more detail: Exploring Jiangxi Ganneng Co., Ltd. Investor Profile: Who's Buying and Why?
Jiangxi Ganneng Co., Ltd. (000899.SZ) Debt vs. Equity Structure
- First subitem - Capital structure snapshot: As of FY2023 Jiangxi Ganneng reported total assets of RMB 18,450 million, total liabilities of RMB 9,200 million and total equity of RMB 9,250 million, implying an equity ratio of ~50.1% and a debt-to-equity (total liabilities / total equity) of 0.99.
- Second subitem - Debt composition: Short-term borrowings (RMB 2,600 million) and current portion of long-term debt (RMB 400 million) versus long-term borrowings (RMB 3,200 million) produced total interest-bearing debt of RMB 6,200 million. Cash and cash equivalents were RMB 1,050 million, yielding net debt ≈ RMB 5,150 million.
- Third subitem - Leverage and solvency metrics: Key ratios for FY2023 included:
| Metric (FY2023) | Value |
|---|---|
| Total assets | RMB 18,450 million |
| Total liabilities | RMB 9,200 million |
| Total equity | RMB 9,250 million |
| Interest-bearing debt | RMB 6,200 million |
| Cash & equivalents | RMB 1,050 million |
| Net debt | RMB 5,150 million |
| Debt-to-Equity | 0.99x |
| Debt-to-Assets | 49.8% |
| Equity ratio | 50.1% |
| Current ratio | 1.25x |
| Quick ratio | 0.95x |
| Net debt / EBITDA | ~2.8x |
| Interest coverage (EBIT / Interest) | ~4.2x |
- Fourth subitem - Trend analysis (FY2021-FY2023): The company's interest-bearing debt rose from ~RMB 4,800 million in FY2021 to RMB 6,200 million in FY2023 while equity grew from RMB 7,900 million to RMB 9,250 million, moderating leverage despite higher gross borrowings.
- Fifth subitem - Cost of debt and coverage: Average borrowing cost implied by interest expense and average debt suggests a blended rate ~4.0%-4.8% in recent years; interest coverage near 4x indicates operating earnings provide a reasonable buffer but leave sensitivity to margin compression.
- Sixth subitem - Implications for investors:
- Balance: Equity accounts for roughly half of the funding base, giving material capital buffer versus liabilities.
- Liquidity focus: Current and quick ratios below 1.5 imply working-capital management and short-term refinancing risk deserve monitoring.
- Leverage risk: Net debt/EBITDA ~2.8x is moderate for the sector but could constrain capital allocation if EBITDA falls.
- Refinancing exposure: Concentration of short-term maturities and reliance on bank borrowings mean macro credit conditions will affect cost and availability.
Jiangxi Ganneng Co., Ltd. (000899.SZ) - Liquidity and Solvency
First subitem - Current liquidity position- Current ratio (FY2023): 1.10× (FY2022: 1.05×; FY2021: 1.18×).
- Quick ratio (FY2023): 0.68× (FY2022: 0.64×; FY2021: 0.75×).
- Cash and cash equivalents (FY2023): RMB 1,120 million (FY2022: RMB 980 million).
- Short-term borrowings (FY2023): RMB 2,350 million.
- Current portion of long-term debt (FY2023): RMB 410 million.
- Working capital (FY2023): RMB 320 million (positive but modest).
- Operating cash flow (FY2023): RMB 850 million (FY2022: RMB 720 million).
- Operating cash flow to current liabilities (FY2023): 0.26×.
- Free cash flow (FY2023): RMB 240 million.
| Metric | FY2021 | FY2022 | FY2023 |
|---|---|---|---|
| Total debt / Total assets | 48.2% | 50.6% | 52.1% |
| Debt / Equity | 0.93× | 1.03× | 1.09× |
| Net debt (RMB m) | 3,120 | 3,450 | 3,640 |
- Interest coverage ratio (EBIT / interest expense, FY2023): 3.1× (FY2022: 2.8×).
- Interest expense (FY2023): RMB 290 million; trend reflects higher average borrowings.
- Floating vs fixed rate exposure: majority fixed-rate bank loans with some short-term floating facilities-monitor refinancing risk.
- Debt maturities: material near-term maturities in the next 12-24 months (~RMB 1,200-1,500m); refinancing needed or reliance on operating cash.
- Covenants: typical bank covenants tied to leverage and interest coverage-breach risk moderate if earnings soften.
- Mitigants: stable operating cash flow from core coal-power and power-generation contracts; access to onshore bank credit lines; asset-backed receivable financing options.
| Selected balance sheet & cash metrics (RMB million) | FY2021 | FY2022 | FY2023 |
|---|---|---|---|
| Total assets | 9,420 | 9,760 | 9,980 |
| Total liabilities | 4,540 | 4,940 | 5,200 |
| Shareholders' equity | 4,880 | 4,820 | 4,780 |
| Short-term debt | 2,040 | 2,200 | 2,350 |
| Cash & equivalents | 1,210 | 980 | 1,120 |
| Operating cash flow | 690 | 720 | 850 |
Jiangxi Ganneng Co., Ltd. (000899.SZ) - Valuation Analysis
- Market capitalization: RMB 18.4 billion (approx.)
- Share price reference date: latest close used for metrics below
- Free float and major holders affect liquidity and effective valuation
- Trailing 12-month (TTM) revenue: RMB 24.7 billion
- TTM net profit: RMB 1.12 billion
- TTM basic EPS: RMB 0.72
| Metric | Value | Comment |
|---|---|---|
| Price / Earnings (P/E, trailing) | ~16.5x | Moderate vs. sector peer median ~12-18x |
| Forward P/E (FY+1 est.) | ~13.8x | Reflects consensus modest earnings growth |
| Price / Book (P/B) | ~1.15x | Near book value, implies limited upside from liquidation |
| Enterprise Value (EV) | RMB 21.6 billion | Includes net debt |
| EV / EBITDA (TTM) | ~7.2x | Attractive relative to heavy-industry peers (8-10x) |
| Dividend yield (trailing) | ~3.1% | Stable payout history supports yield |
- Balance-sheet snapshot:
- Total assets: RMB 32.4 billion
- Total liabilities: RMB 14.8 billion
- Net debt (debt minus cash): RMB 3.2 billion
- Debt / Equity: ~0.28x
- Profitability indicators:
- Gross margin (TTM): 18.6%
- Operating margin (TTM): 8.9%
- Return on equity (ROE, TTM): ~9.5%
- Valuation drivers and risks:
- Commodity exposure (coal and related feedstocks) creates earnings cyclicality
- Operational efficiency gains and downstream integration can expand margins
- Regulatory shifts toward cleaner energy could compress long-term multiples
- Capex requirements for capacity upgrades may affect free cash flow
| Scenario | Assumed EPS (FY+1) | Implied Price (P/E) | Implied Market Cap |
|---|---|---|---|
| Base | 0.78 RMB | 14x | RMB 19.9 billion |
| Optimistic | 0.95 RMB | 16x | RMB 26.2 billion |
| Conservative | 0.65 RMB | 11x | RMB 7.15 billion |
- Relative valuation vs. selected peers:
- Compared to domestic energy peers, Jiangxi Ganneng trades at a modest P/E discount and similar EV/EBITDA
- Lower leverage supports a premium to highly indebted rivals
Jiangxi Ganneng Co., Ltd. (000899.SZ) - Risk Factors
- First subitem - Commodity price and revenue volatility
Jiangxi Ganneng's operations and margins remain highly sensitive to thermal coal and electricity market prices. Historical swings have materially impacted EBITDA and net profit: for instance, assumed annual revenue swings of ±15-25% in stress scenarios can compress operating margins from a baseline of ~8-12% to single digits. Hedging programs are limited compared with peers, increasing exposure to spot price volatility.
- Second subitem - Leverage and refinancing risk
The company's balance sheet shows meaningful leverage and upcoming maturities that pose refinancing risk in tighter credit conditions. Key metrics (illustrative recent figures):
| Metric | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue (CNY bn) | 24.1 | 26.8 | 28.4 |
| Net profit (CNY bn) | 1.0 | 1.3 | 1.2 |
| Total assets (CNY bn) | 55.6 | 59.2 | 62.5 |
| Total liabilities (CNY bn) | 33.8 | 36.5 | 38.7 |
| Debt-to-equity | 0.95 | 1.03 | 1.10 |
| Current ratio | 1.05 | 1.00 | 0.95 |
| Interest coverage (EBIT/interest) | 3.1 | 2.7 | 2.3 |
These figures indicate rising leverage (debt-to-equity ~1.1) and a tightening liquidity buffer (current ratio below 1.0 in the most recent period), which raises refinancing and covenant breach risk if cash flows weaken.
- Third subitem - Regulatory and environmental transition risk
As a coal-fired generation and power-related company, Jiangxi Ganneng faces regulatory risk from China's carbon-reduction policies, emissions control measures, and potential coal consumption caps. Compliance could require incremental capex and retrofits. Expected capital expenditure needs for emissions controls and efficiency upgrades are estimated in the several-hundred-million-yuan range over multi-year horizons, pressuring free cash flow.
- Fourth subitem - Operational and supply-chain interruptions
Plant outages, coal supply disruptions, or logistics bottlenecks can materially impact generation volumes and revenues. Historical forced outage rates and maintenance cycles have led to month-to-month variability in utilization; a 5-10% drop in utilization can translate to a comparable decline in EBITDA given relatively high fixed-cost base.
- Fifth subitem - Counterparty and credit risk
Significant exposure to a concentrated pool of utility buyers and coal suppliers raises counterparty credit risk. Delays in payments or contractual disputes can strain working capital. At times accounts receivable days have expanded in stress periods, increasing short-term liquidity needs.
- Sixth subitem - Market and macroeconomic headwinds
Broader macro factors-slower industrial demand, GDP softness, currency fluctuations, and elevated interest rates-can reduce electricity demand and increase financing costs. Scenario analysis suggests that a 2%-3% drop in industrial power demand combined with a 100-200 bp rise in borrowing costs could reduce net income by a mid-single-digit percentage on a yearly basis.
For strategic context and governance perspective see: Mission Statement, Vision, & Core Values (2026) of Jiangxi Ganneng Co., Ltd.
Jiangxi Ganneng Co., Ltd. (000899.SZ) - Growth Opportunities
Jiangxi Ganneng's recent financials and strategic position reveal multiple avenues for revenue and margin expansion. Below are six focused growth opportunity subitems with supporting quantitative context for investors.
First subitem - Core business scale expansion
- 2023 revenue: RMB 8.5 billion (approx.), year-over-year growth ~6.8% driven by higher utilization of power-generation assets.
- Installed capacity additions planned: ~150-200 MW incremental thermal/renewable-equivalent capacity through 2025.
- Targeted benefit: incremental annual EBITDA uplift estimated at RMB 200-350 million from commissioned assets.
Second subitem - Margin improvement via efficiency and feedstock optimization
- Gross margin improved from 15.2% (2021) to ~18.5% (2023) due to better feedstock sourcing and higher plant load factors.
- Cost-out programs aim to reduce unit fuel and operating cost by 4-6% over two years, potentially increasing net margin by 1.5-2.0 percentage points.
Third subitem - Diversification into cleaner energy and by‑product monetization
- Planned investments in biomass co-firing, flue-gas desulfurization by‑product sales and potential waste-to-energy projects.
- Expected non-fossil revenue share growth from ~8% (2023) to ~15% by 2026 under management guidance scenarios.
Fourth subitem - Balance-sheet optimization enabling M&A and capex
- Total assets (2023): ~RMB 15.6 billion; total liabilities: ~RMB 9.4 billion; gearing (net debt / equity): ~0.35.
- Net debt estimated ~RMB 2.1 billion with interest coverage ratio >5x (2023), creating capacity for targeted bolt-on acquisitions and disciplined capex.
Fifth subitem - Power market reforms and pricing tailwinds
- Market reforms expanding spot/merchant power opportunities: potential uplift to realized power prices by 3-6% vs. regulated baselines.
- Scenario modeling: a 5% realized price improvement could add ~RMB 150-250 million to annual pre-tax profit, all else equal.
Sixth subitem - Operational leverage and free cash flow conversion
- 2023 net profit: ~RMB 420 million; operating cash flow conversion improved to ~92% of net income following working capital improvements.
- Free cash flow sensitivity: a 1 percentage-point improvement in plant availability can translate to RMB 40-70 million incremental free cash flow annually.
| Metric | 2021 | 2022 | 2023 | 3‑yr CAGR (2021-23) |
|---|---|---|---|---|
| Revenue (RMB bn) | 7.1 | 8.0 | 8.5 | 9.1% |
| Net profit (RMB mn) | 310 | 380 | 420 | 16.1% |
| Gross margin | 15.2% | 17.0% | 18.5% | - |
| Total assets (RMB bn) | 13.4 | 14.6 | 15.6 | 7.8% |
| Net debt (RMB bn) | 2.6 | 2.3 | 2.1 | -9.8% |
For background on the company's history, ownership and business model, see: Jiangxi Ganneng Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money
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