Financials Wuxi Chipown Micro-electronics limited

Equities

688508

CNE1000041P2

Semiconductors

End-of-day quote Shanghai S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
31.8 CNY +5.23% Intraday chart for Wuxi Chipown Micro-electronics limited +11.93% -35.38%

Valuation

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 10,660 13,104 7,334 6,399 4,070 - -
Enterprise Value (EV) 1 10,660 13,104 6,858 6,399 4,070 4,070 4,070
P/E ratio 90.9 x 65.1 x 82 x 98.4 x 33.3 x 22.6 x 16.9 x
Yield 0.32% 0.52% 0.39% 0.3% 0.9% 1.04% 1.19%
Capitalization / Revenue 24.8 x 17.4 x 10.2 x 8.2 x 4.24 x 3.31 x 2.91 x
EV / Revenue 24.8 x 17.4 x 10.2 x 8.2 x 4.24 x 3.31 x 2.91 x
EV / EBITDA 102 x 59.1 x 72.6 x 87.3 x 45.9 x 27.7 x 19 x
EV / FCF - 60.7 x 573 x -156 x 66.7 x 39.5 x 32 x
FCF Yield - 1.65% 0.17% -0.64% 1.5% 2.53% 3.12%
Price to Book 8.25 x 8.65 x 4.99 x 2.6 x 1.44 x 1.54 x 1.28 x
Nbr of stocks (in thousands) 112,800 113,099 113,159 130,027 127,985 - -
Reference price 2 94.50 115.9 64.81 49.21 31.80 31.80 31.80
Announcement Date 2/25/21 2/16/22 2/24/23 2/28/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net sales 1 429.3 753.2 719.6 780.1 959.7 1,231 1,397
EBITDA 1 104.5 221.7 101 73.3 88.61 147.1 214.4
EBIT 1 100.6 211.9 81.73 45.78 115.6 179.2 240.9
Operating Margin 23.44% 28.14% 11.36% 5.87% 12.05% 14.56% 17.25%
Earnings before Tax (EBT) 1 105.5 211.9 79.22 42.41 114.3 177.9 238.8
Net income 1 99.74 201.3 89.84 58.8 125.6 185.3 247.2
Net margin 23.23% 26.72% 12.49% 7.54% 13.09% 15.06% 17.7%
EPS 2 1.040 1.780 0.7900 0.5000 0.9550 1.410 1.880
Free Cash Flow 1 - 216 12.81 -41.08 61 103 127
FCF margin - 28.68% 1.78% -5.27% 6.36% 8.37% 9.09%
FCF Conversion (EBITDA) - 97.43% 12.68% - 68.84% 70.01% 59.24%
FCF Conversion (Net income) - 107.3% 14.25% - 48.57% 55.57% 51.37%
Dividend per Share 2 0.3000 0.6000 0.2500 0.1500 0.2850 0.3300 0.3800
Announcement Date 2/25/21 2/16/22 2/24/23 2/28/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3
Net sales 1 185.2 190.2 152.1 192.1 187.1 197.2 195.7
EBITDA - - - - - - -
EBIT 1 33.95 25 19.52 3.272 17.77 24.61 9.191
Operating Margin 18.33% 13.14% 12.83% 1.7% 9.5% 12.48% 4.7%
Earnings before Tax (EBT) - - - 3.271 - - -
Net income - 24.71 - 10.98 - - -
Net margin - 12.99% - 5.72% - - -
EPS 2 - - - 0.1000 0.1800 0.2400 0.1000
Dividend per Share - - - - - - -
Announcement Date 4/27/22 8/29/22 10/27/22 2/24/23 4/21/23 8/29/23 10/27/23
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - -
Net Cash position - - 476 - - - -
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow 1 - 216 12.8 -41.1 61 103 127
ROE (net income / shareholders' equity) 12.2% 14.1% 6.09% 3.39% 4.22% 7.39% 7.76%
ROA (Net income/ Total Assets) 10.3% 13.3% 5.36% - 4.26% 5.56% 7.31%
Assets 1 971 1,515 1,677 - 2,948 3,334 3,382
Book Value Per Share 2 11.50 13.40 13.00 19.00 22.10 20.70 24.90
Cash Flow per Share 2 0.3200 2.270 0.4600 -0.0500 0.5900 0.7100 0.9200
Capex 1 109 40.6 39 34.9 32.9 34.1 38.7
Capex / Sales 25.35% 5.4% 5.42% 4.48% 3.43% 2.77% 2.77%
Announcement Date 2/25/21 2/16/22 2/24/23 2/28/24 - - -
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
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
4
Last Close Price
31.8 CNY
Average target price
46 CNY
Spread / Average Target
+44.65%
Consensus
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