$Cheniere Energy (LNG.US)$In the past 5 years, in addition t...
$Cheniere Energy(LNG.US$In the past 5 years, in addition to shrinking 3.8% in 2020, revenue grew rapidly for 4 years, with an average growth rate of 43%. The growth rate in 2022 reached 1.1 times. Operating profit increased in the remaining 4 years, with an average 5-year growth rate of 26.4%. However, gross margin declined from about 30% to about 15%, and net profit fluctuated more due to interest leverage. The 5-year average growth rate was 36%, and the 5-year average net profit was 800 million yuan. Interest expenses account for 31% of operating profit in 2022, which is a heavy burden.
Revenue shrank 26.3% in the first half of 2023. Due to negative Q1 costs, gross profit surged 9 times and operating profit increased 10 times. This may be due to the decline in shipping expenses. Net profit increased 60 times to 8.1 billion yuan. After deducting minority shareholders' income, net profit to mother reached 6.8 billion yuan.
The balance sheet accounts receivable and inventory ratio and growth rate are not high. Long-term loans reached 23.38 billion yuan, which is 3.6 times the net assets of 6.492 billion yuan, and the leverage ratio is extremely high.
Currently, the price-earnings ratio is 30, and the price-earnings ratio has dropped to 5. The price-earnings ratio is 51 based on the 5-year average net profit. If this year's profit reaches 11.1 billion, the price-earnings ratio will drop to 3.7, so you can wait for the next quarterly report before making a judgment.
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