Financials Wuxi Chipown Micro-electronics limited

Equities

688508

CNE1000041P2

Semiconductors

End-of-day quote Shanghai S.E. 06:00:00 2024-07-11 pm EDT 5-day change 1st Jan Change
38.73 CNY -1.50% Intraday chart for Wuxi Chipown Micro-electronics limited +10.34% -21.30%

Valuation

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 10,660 13,104 7,334 6,399 4,957 - -
Enterprise Value (EV) 1 10,660 13,104 6,858 6,399 4,957 4,957 4,957
P/E ratio 90.9 x 65.1 x 82 x 98.4 x 41.6 x 28 x 20.6 x
Yield 0.32% 0.52% 0.39% 0.3% 0.74% 0.85% 0.98%
Capitalization / Revenue 24.8 x 17.4 x 10.2 x 8.2 x 5.17 x 4.26 x 3.55 x
EV / Revenue 24.8 x 17.4 x 10.2 x 8.2 x 5.17 x 4.26 x 3.55 x
EV / EBITDA 102 x 59.1 x 72.6 x 87.3 x 55.9 x 33.7 x 23.1 x
EV / FCF - 60.7 x 573 x -156 x 81.3 x 48.1 x 39 x
FCF Yield - 1.65% 0.17% -0.64% 1.23% 2.08% 2.56%
Price to Book 8.25 x 8.65 x 4.99 x 2.6 x 1.75 x 1.66 x 1.56 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 38.73 38.73 38.73
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 1,164 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 45.78 109.5 174.3 240.9
Operating Margin 23.44% 28.14% 11.36% 5.87% 11.41% 14.98% 17.25%
Earnings before Tax (EBT) 1 105.5 211.9 79.22 42.41 107.7 172.5 238.8
Net income 1 99.74 201.3 89.84 58.8 122.1 181.8 247.2
Net margin 23.23% 26.72% 12.49% 7.54% 12.72% 15.62% 17.7%
EPS 2 1.040 1.780 0.7900 0.5000 0.9300 1.383 1.880
Free Cash Flow 1 - 216 12.81 -41.08 61 103 127
FCF margin - 28.68% 1.78% -5.27% 6.36% 8.85% 9.09%
FCF Conversion (EBITDA) - 97.43% 12.68% - 68.84% 70.01% 59.24%
FCF Conversion (Net income) - 107.3% 14.25% - 49.96% 56.66% 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% 5.98% 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 - 2,866 3,270 3,382
Book Value Per Share 2 11.50 13.40 13.00 19.00 22.10 23.30 24.90
Cash Flow per Share 2 0.3200 2.270 0.4600 -0.0500 0.7000 0.5600 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% 2.93% 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
3
Last Close Price
38.73 CNY
Average target price
46 CNY
Spread / Average Target
+18.77%
Consensus
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