Financials China Wafer Level CSP Co., Ltd.

Equities

603005

CNE100001SM0

Semiconductor Equipment & Testing

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
17.95 ^CNY	+1.18%		+1.36%	-18.26%

Apr. 29	China Wafer Level CSP Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 19	China Wafer Level CSP Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,045	20,695	22,441	12,096	14,306	11,714	-	-
Enterprise Value (EV) ¹	8,186	18,507	22,441	9,919	14,306	11,714	11,714	11,714
P/E ratio	83.8 x	54.1 x	39.1 x	53 x	95.5 x	39.9 x	29 x	23.3 x
Yield	0.25%	0.37%	0.51%	0.38%	0.21%	1.06%	0.45%	0.56%
Capitalization / Revenue	16.1 x	18.8 x	15.9 x	10.9 x	15.7 x	9.18 x	7.01 x	5.61 x
EV / Revenue	16.1 x	18.8 x	15.9 x	10.9 x	15.7 x	9.18 x	7.01 x	5.61 x
EV / EBITDA	38.3 x	36.9 x	28.7 x	28.8 x	42.8 x	23.7 x	19 x	16.3 x
EV / FCF	117,371,857 x	57,524,237 x	-	45,341,538 x	-	-	-	-
FCF Yield	0%	0%	-	0%	-	-	-	-
Price to Book	4.56 x	6.15 x	5.84 x	3.04 x	3.51 x	2.7 x	2.49 x	2.28 x
Nbr of stocks (in thousands)	617,378	617,378	651,772	652,060	651,463	652,601	-	-
Reference price ²	14.65	33.52	34.43	18.55	21.96	17.95	17.95	17.95
Announcement Date	3/22/20	3/26/21	4/8/22	4/24/23	4/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	560.4	1,104	1,411	1,106	913.3	1,276	1,670	2,087
EBITDA ¹	235.9	560.3	783	419.6	334.3	494	618	720.8
EBIT ¹	112.5	432.9	639.1	258	161	325.2	445.2	544.9
Operating Margin	20.07%	39.23%	45.29%	23.33%	17.63%	25.48%	26.65%	26.11%
Earnings before Tax (EBT) ¹	112.4	432.8	638.8	241.6	160.8	319.6	439.6	539.2
Net income ¹	108.3	381.6	576	227.9	150.1	296.1	407.2	499.6
Net margin	19.33%	34.58%	40.82%	20.6%	16.43%	23.2%	24.38%	23.94%
EPS ²	0.1748	0.6198	0.8812	0.3500	0.2300	0.4500	0.6200	0.7700
Free Cash Flow	77.06	359.8	-	266.8	-	-	-	-
FCF margin	13.75%	32.6%	-	24.12%	-	-	-	-
FCF Conversion (EBITDA)	32.67%	64.21%	-	63.57%	-	-	-	-
FCF Conversion (Net income)	71.15%	94.27%	-	117.08%	-	-	-	-
Dividend per Share ²	0.0372	0.1224	0.1769	0.0700	0.0460	0.1900	0.0800	0.1000
Announcement Date	3/22/20	3/26/21	4/8/22	4/24/23	4/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2023 S1	2023 S2
Net sales ¹	359.9	455	648.5	694.4	-	431.5
EBITDA	-	-	-	-	-	-
EBIT ¹	87.21	175.8	257.1	308.7	-	66.91
Operating Margin	24.23%	38.64%	39.64%	44.45%	-	15.51%
Earnings before Tax (EBT) ¹	87.16	175.7	257	308.7	-	66.71
Net income ¹	86.75	156.1	225.6	267.9	76.61	73.48
Net margin	24.1%	34.3%	34.78%	38.58%	-	17.03%
EPS ²	0.1414	0.2552	0.3646	0.4125	0.1200	0.1100
Dividend per Share	-	-	-	-	-	-
Announcement Date	3/22/20	8/7/20	3/26/21	8/27/21	8/25/23	4/19/24

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	859	2,188	-	2,176	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	77.1	360	-	267	-	-	-	-
ROE (net income / shareholders' equity)	5.61%	17.6%	15.9%	5.85%	3.72%	6.81%	8.67%	9.73%
ROA (Net income/ Total Assets)	-	-	14.1%	5.04%	-	5.86%	7.36%	8.18%
Assets ¹	-	-	4,098	4,525	-	5,053	5,533	6,107
Book Value Per Share ²	3.220	5.450	5.900	6.100	6.270	6.660	7.200	7.870
Cash Flow per Share ²	-	-	0.9400	0.6000	0.4700	0.6500	1.000	1.160
Capex ¹	56.5	124	365	125	211	126	-	-
Capex / Sales	10.08%	11.25%	25.84%	11.3%	23.07%	9.87%	-	-
Announcement Date	3/22/20	3/26/21	4/8/22	4/24/23	4/19/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China Wafer Level CSP Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

17.95 CNY

Average target price

21 CNY

Spread / Average Target

+16.99%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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