Financials Shennan Circuit Company Limited

Equities

002916

CNE100003373

Semiconductors

End-of-day quote Shenzhen S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
92.1 CNY +5.70% Intraday chart for Shennan Circuit Company Limited +7.59% +29.74%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 48,223 52,876 59,595 37,004 36,409 47,236 - -
Enterprise Value (EV) 1 49,742 54,117 61,268 37,742 38,721 49,467 48,568 47,612
P/E ratio 38.9 x 36.3 x 40.5 x 22.5 x 26 x 28.2 x 23.2 x 19 x
Yield 0.81% 0.88% 0.78% 1.39% 1.27% 1.06% 1.27% 1.55%
Capitalization / Revenue 4.58 x 4.56 x 4.27 x 2.64 x 2.69 x 2.97 x 2.6 x 2.27 x
EV / Revenue 4.73 x 4.67 x 4.39 x 2.7 x 2.86 x 3.11 x 2.68 x 2.29 x
EV / EBITDA 26.4 x 23.3 x 24.9 x 13.6 x 14.5 x 15.7 x 12.4 x 10.5 x
EV / FCF -54.1 x -78.9 x -194 x -196 x -58.8 x 92.5 x 40.8 x 27.5 x
FCF Yield -1.85% -1.27% -0.52% -0.51% -1.7% 1.08% 2.45% 3.64%
Price to Book 9.64 x 7.11 x 7 x 3.02 x 2.76 x 3.25 x 2.97 x 2.64 x
Nbr of stocks (in thousands) 475,104 489,325 489,208 512,878 512,878 512,878 - -
Reference price 2 101.5 108.1 121.8 72.15 70.99 92.10 92.10 92.10
Announcement Date 2/28/20 3/12/21 3/14/22 3/14/23 3/14/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 10,524 11,600 13,943 13,992 13,526 15,881 18,150 20,815
EBITDA 1 1,885 2,321 2,464 2,785 2,670 3,152 3,903 4,538
EBIT 1 1,417 1,625 1,617 1,723 1,398 1,737 2,151 2,639
Operating Margin 13.47% 14.01% 11.6% 12.31% 10.33% 10.94% 11.85% 12.68%
Earnings before Tax (EBT) 1 1,403 1,606 1,609 1,720 1,398 1,763 2,159 2,596
Net income 1 1,233 1,430 1,481 1,640 1,398 1,676 2,028 2,452
Net margin 11.71% 12.33% 10.62% 11.72% 10.34% 10.55% 11.17% 11.78%
EPS 2 2.607 2.980 3.010 3.210 2.730 3.267 3.970 4.841
Free Cash Flow 1 -919.8 -686 -316.5 -192.2 -658.2 534.5 1,189 1,732
FCF margin -8.74% -5.91% -2.27% -1.37% -4.87% 3.37% 6.55% 8.32%
FCF Conversion (EBITDA) - - - - - 16.96% 30.47% 38.15%
FCF Conversion (Net income) - - - - - 31.89% 58.64% 70.61%
Dividend per Share 2 0.8214 0.9500 0.9500 1.000 0.9000 0.9752 1.171 1.426
Announcement Date 2/28/20 3/12/21 3/14/22 3/14/23 3/14/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S2 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 5,685 4,187 8,062 3,316 3,656 3,514 3,507 2,785 3,249 3,428 4,065 3,961 4,125 4,175 4,465 4,617 -
EBITDA 1 - 506.7 - - 543.8 865.8 - - - - - - 724.7 883.5 - - -
EBIT 1 - 495.3 - 380 439.5 467.3 436.4 209.6 239.1 437.9 510.9 407.6 427.1 508.6 418 514.3 -
Operating Margin - 11.83% - 11.46% 12.02% 13.3% 12.44% 7.53% 7.36% 12.77% 12.57% 10.29% 10.36% 12.18% 9.36% 11.14% -
Earnings before Tax (EBT) 1 - 492 - - 438.2 466.4 436 208.6 241.3 438.3 510.1 406.8 419 483.5 552.5 - -
Net income 1 - 454.1 - 347.8 404.3 429.7 457.9 206.4 267.5 434.2 490 379.6 397 458.5 492 - -
Net margin - 10.84% - 10.49% 11.06% 12.23% 13.06% 7.41% 8.23% 12.67% 12.05% 9.58% 9.63% 10.98% 11.02% - -
EPS 2 - 0.9200 - 0.7000 0.7800 0.8400 0.8900 0.4000 0.5200 0.8500 0.9600 0.7400 0.8172 0.8963 0.8705 1.070 -
Dividend per Share 2 - 0.9500 - - - - 1.000 - - - - - - - 0.9756 - -
Announcement Date 3/12/21 3/14/22 3/14/22 4/12/22 8/18/22 10/27/22 3/14/23 4/26/23 8/23/23 10/26/23 3/14/24 4/15/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,519 1,241 1,673 738 2,311 2,231 1,332 376
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.8061 x 0.5345 x 0.6789 x 0.2651 x 0.8658 x 0.7078 x 0.3414 x 0.0828 x
Free Cash Flow 1 -920 -686 -317 -192 -658 535 1,189 1,732
ROE (net income / shareholders' equity) 29.1% 23.9% 18.7% 14.7% 11.1% 11.6% 12.8% 14%
ROA (Net income/ Total Assets) 11.9% 10.9% 9.61% 8.74% 6.45% 7.2% 7.62% 8.05%
Assets 1 10,373 13,113 15,400 18,760 21,669 23,280 26,609 30,462
Book Value Per Share 2 10.50 15.20 17.40 23.90 25.70 28.30 31.00 34.90
Cash Flow per Share 2 2.660 3.680 4.760 6.200 5.050 5.230 6.330 7.800
Capex 1 2,170 2,480 2,653 3,372 3,247 2,119 2,387 2,259
Capex / Sales 20.62% 21.38% 19.03% 24.1% 24.01% 13.34% 13.15% 10.85%
Announcement Date 2/28/20 3/12/21 3/14/22 3/14/23 3/14/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
16
Last Close Price
92.1 CNY
Average target price
88.01 CNY
Spread / Average Target
-4.44%
Consensus
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  4. Financials Shennan Circuit Company Limited