Financials Hangzhou Silan Microelectronics Co.,Ltd

Equities

600460

CNE000001DN1

Semiconductors

End-of-day quote Shanghai S.E. 06:00:00 2024-07-11 pm EDT 5-day change 1st Jan Change
18.14 CNY -0.11% Intraday chart for Hangzhou Silan Microelectronics Co.,Ltd +4.55% -20.54%

Valuation

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 32,802 76,751 46,433 37,991 30,186 - -
Enterprise Value (EV) 1 34,840 77,889 49,646 38,154 25,426 27,727 27,249
P/E ratio 500 x 48 x 44.3 x -1,142 x 42.7 x 28.2 x 25.3 x
Yield 0.06% 0.18% 0.3% - 0.32% 0.59% 0.75%
Capitalization / Revenue 7.66 x 10.7 x 5.61 x 4.07 x 2.72 x 2.31 x 2.04 x
EV / Revenue 8.14 x 10.8 x 5.99 x 4.09 x 2.29 x 2.12 x 1.84 x
EV / EBITDA 81 x 34.4 x 25.8 x 24.7 x 12.5 x 10.6 x 8.82 x
EV / FCF - 3,903 x -36.9 x -47.8 x 243 x 98.5 x 34.9 x
FCF Yield - 0.03% -2.71% -2.09% 0.41% 1.02% 2.86%
Price to Book - 12 x 6.3 x 3.16 x 2.37 x 2.24 x 2.09 x
Nbr of stocks (in thousands) 1,312,062 1,416,072 1,416,072 1,664,072 1,664,072 - -
Reference price 2 25.00 54.20 32.79 22.83 18.14 18.14 18.14
Announcement Date 3/12/21 3/28/22 3/30/23 4/8/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net sales 1 4,281 7,194 8,282 9,340 11,091 13,077 14,796
EBITDA 1 429.9 2,265 1,926 1,547 2,037 2,612 3,088
EBIT 1 -35.77 1,735 1,194 -48.78 1,060 1,391 1,453
Operating Margin -0.84% 24.11% 14.41% -0.52% 9.56% 10.64% 9.82%
Earnings before Tax (EBT) 1 - 1,731 1,192 -56.88 713.7 1,073 1,392
Net income 1 67.6 1,518 1,052 -35.79 532.9 922.4 1,167
Net margin 1.58% 21.1% 12.71% -0.38% 4.8% 7.05% 7.89%
EPS 2 0.0500 1.130 0.7400 -0.0200 0.4250 0.6433 0.7174
Free Cash Flow 1 - 19.96 -1,346 -797.7 104.5 281.5 780
FCF margin - 0.28% -16.26% -8.54% 0.94% 2.15% 5.27%
FCF Conversion (EBITDA) - 0.88% - - 5.13% 10.78% 25.26%
FCF Conversion (Net income) - 1.31% - - 19.61% 30.52% 66.84%
Dividend per Share 2 0.0160 0.1000 0.1000 - 0.0586 0.1062 0.1360
Announcement Date 3/12/21 3/28/22 3/30/23 4/8/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 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 1,972 2,001 2,184 2,059 2,038 2,066 2,409 2,424 2,440 2,465 2,773 2,871 3,017 3,081 3,389
EBITDA 1 - - - - - - - - - - 435.6 484.5 558.5 495.3 527.9
EBIT 1 932.4 303.5 384.1 189.5 316.5 233.7 -293.6 -184.6 195.7 172.1 267.1 272.4 196 - -
Operating Margin 47.28% 15.17% 17.59% 9.2% 15.53% 11.31% -12.18% -7.62% 8.02% 6.98% 9.63% 9.49% 6.5% - -
Earnings before Tax (EBT) 1 927.6 303.1 383.7 190.2 315.3 233 -293.6 -188.7 192.5 -85.62 255.2 208.7 196.1 191.6 219.8
Net income 1 790.1 268.4 330.9 175 278 213.6 -254.8 -148 153.5 -15.28 77.17 148.8 170.3 170.8 196.3
Net margin 40.07% 13.42% 15.15% 8.5% 13.64% 10.34% -10.58% -6.11% 6.29% -0.62% 2.78% 5.18% 5.65% 5.54% 5.79%
EPS 2 0.5800 0.1900 0.2300 0.1300 0.1900 0.1500 -0.1800 -0.1000 0.1100 -0.009000 0.0732 0.1197 0.1562 0.1463 0.1540
Dividend per Share 2 - - - - - - - - - - - - 0.0573 - -
Announcement Date 3/28/22 4/29/22 8/22/22 10/28/22 3/30/23 4/28/23 8/18/23 10/26/23 4/8/24 4/29/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,038 1,138 3,213 163 - - -
Net Cash position 1 - - - - 4,760 2,460 2,938
Leverage (Debt/EBITDA) 4.741 x 0.5026 x 1.668 x 0.1053 x - - -
Free Cash Flow 1 - 20 -1,346 -798 105 282 780
ROE (net income / shareholders' equity) - 30.8% 15.3% -0.47% 4.36% 7.42% 7.96%
ROA (Net income/ Total Assets) - 12.8% 6.85% -0.18% 3.49% 3.17% 4.29%
Assets 1 - 11,823 15,364 20,414 15,268 29,099 27,235
Book Value Per Share 2 - 4.530 5.210 7.220 7.650 8.090 8.690
Cash Flow per Share 2 - 0.7100 0.1400 0.1900 0.6000 0.6600 1.330
Capex 1 - 940 1,550 1,115 1,198 1,228 1,052
Capex / Sales - 13.06% 18.72% 11.93% 10.8% 9.39% 7.11%
Announcement Date 3/12/21 3/28/22 3/30/23 4/8/24 - - -
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
D+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
18.14 CNY
Average target price
21.75 CNY
Spread / Average Target
+19.90%
Consensus
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  4. Financials Hangzhou Silan Microelectronics Co.,Ltd