Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥17.52, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 65x in the Semiconductor industry in China. Total loss to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥7.54 per share. New Risk • Jun 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.8% average weekly change). Profit margins are more than 30% lower than last year (4.5% net profit margin). Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥16.26, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 58x in the Semiconductor industry in China. Total loss to shareholders of 28% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥7.74 per share. New Risk • Apr 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.5% Last year net profit margin: 6.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.1% average weekly change). Profit margins are more than 30% lower than last year (4.5% net profit margin). Major Estimate Revision • Apr 15
Consensus EPS estimates increase by 16%, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from CN¥21.1b to CN¥19.7b. EPS estimate rose from CN¥0.565 to CN¥0.653. Net income forecast to grow 124% next year vs 58% growth forecast for Semiconductor industry in China. Consensus price target up from CN¥16.57 to CN¥18.13. Share price fell 4.2% to CN¥17.75 over the past week. Price Target Changed • Apr 14
Price target increased by 9.4% to CN¥18.13 Up from CN¥16.57, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of CN¥17.72. Stock is up 44% over the past year. The company is forecast to post earnings per share of CN¥0.65 for next year compared to CN¥0.30 last year. Reported Earnings • Apr 09
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥0.30 (down from CN¥0.50 in FY 2024). Revenue: CN¥15.5b (down 19% from FY 2024). Net income: CN¥769.7m (down 41% from FY 2024). Profit margin: 5.0% (down from 6.8% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 26%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Apr 09
Hangzhou First Applied Material Co., Ltd., Annual General Meeting, Apr 29, 2026 Hangzhou First Applied Material Co., Ltd., Annual General Meeting, Apr 29, 2026, at 14:00 China Standard Time. Location: The Company's Meeting Room, Hangzhou, Zhejiang China New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (93% payout ratio). Share price has been volatile over the past 3 months (8.3% average weekly change). Profit margins are more than 30% lower than last year (4.7% net profit margin). Announcement • Mar 30
Hangzhou First Applied Material Co., Ltd. to Report Q1, 2026 Results on Apr 28, 2026 Hangzhou First Applied Material Co., Ltd. announced that they will report Q1, 2026 results on Apr 28, 2026 Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥17.31, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 47x in the Semiconductor industry in China. Total loss to shareholders of 52% over the past three years. Announcement • Dec 26
Hangzhou First Applied Material Co., Ltd. to Report Fiscal Year 2025 Results on Apr 09, 2026 Hangzhou First Applied Material Co., Ltd. announced that they will report fiscal year 2025 results on Apr 09, 2026 Price Target Changed • Nov 17
Price target increased by 7.6% to CN¥16.61 Up from CN¥15.44, the current price target is an average from 8 analysts. New target price is 7.1% above last closing price of CN¥15.51. Stock is down 5.9% over the past year. The company is forecast to post earnings per share of CN¥0.39 for next year compared to CN¥0.50 last year. Reported Earnings • Oct 30
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: CN¥0.071 (down from CN¥0.12 in 3Q 2024). Revenue: CN¥3.83b (down 13% from 3Q 2024). Net income: CN¥191.8m (down 42% from 3Q 2024). Profit margin: 5.0% (down from 7.5% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 41%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 23% per year. Announcement • Sep 30
Hangzhou First Applied Material Co., Ltd. to Report Q3, 2025 Results on Oct 30, 2025 Hangzhou First Applied Material Co., Ltd. announced that they will report Q3, 2025 results on Oct 30, 2025 Reported Earnings • Sep 01
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: CN¥0.036 (down from CN¥0.16 in 2Q 2024). Revenue: CN¥4.33b (down 20% from 2Q 2024). Net income: CN¥94.6m (down 77% from 2Q 2024). Profit margin: 2.2% (down from 7.5% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.7%. Earnings per share (EPS) also missed analyst estimates by 84%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 22% per year. Announcement • Jun 30
Hangzhou First Applied Material Co., Ltd. to Report First Half, 2025 Results on Aug 30, 2025 Hangzhou First Applied Material Co., Ltd. announced that they will report first half, 2025 results on Aug 30, 2025 Announcement • Jun 24
Hangzhou First Applied Material Co., Ltd.(SHSE:603806) dropped from Shanghai Stock Exchange 180 Value Index Hangzhou First Applied Material Co., Ltd. has been removed from Shanghai Stock Exchange 180 Value Index . Declared Dividend • Jun 23
Dividend of CN¥0.26 announced Shareholders will receive a dividend of CN¥0.26. Ex-date: 24th June 2025 Payment date: 24th June 2025 Dividend yield will be 2.0%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 86% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • May 02
Consensus EPS estimates increase by 14%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from CN¥20.6b to CN¥19.7b. EPS estimate rose from CN¥0.636 to CN¥0.725. Net income forecast to grow 64% next year vs 63% growth forecast for Semiconductor industry in China. Consensus price target broadly unchanged at CN¥16.74. Share price was steady at CN¥12.26 over the past week. Price Target Changed • Apr 15
Price target decreased by 8.3% to CN¥17.04 Down from CN¥18.58, the current price target is an average from 11 analysts. New target price is 39% above last closing price of CN¥12.28. Stock is down 31% over the past year. The company is forecast to post earnings per share of CN¥0.66 for next year compared to CN¥0.50 last year. Major Estimate Revision • Apr 10
Consensus revenue estimates fall by 26% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥25.9b to CN¥19.1b. EPS estimate fell from CN¥0.91 to CN¥0.718 per share. Net income forecast to grow 9.5% next year vs 56% growth forecast for Semiconductor industry in China. Consensus price target down from CN¥18.58 to CN¥17.50. Share price fell 9.1% to CN¥12.54 over the past week. Announcement • Apr 10
Hangzhou First Applied Material Co., Ltd., Annual General Meeting, Apr 30, 2025 Hangzhou First Applied Material Co., Ltd., Annual General Meeting, Apr 30, 2025, at 14:00 China Standard Time. Location: The Company's Meeting Room, Hangzhou, Zhejiang China Announcement • Mar 28
Hangzhou First Applied Material Co., Ltd. to Report Q1, 2025 Results on Apr 26, 2025 Hangzhou First Applied Material Co., Ltd. announced that they will report Q1, 2025 results on Apr 26, 2025 Announcement • Dec 27
Hangzhou First Applied Material Co., Ltd. to Report Fiscal Year 2024 Results on Apr 10, 2025 Hangzhou First Applied Material Co., Ltd. announced that they will report fiscal year 2024 results on Apr 10, 2025 Major Estimate Revision • Nov 06
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥24.1b to CN¥23.5b. EPS estimate also fell from CN¥0.861 per share to CN¥0.762 per share. Net income forecast to grow 43% next year vs 58% growth forecast for Semiconductor industry in China. Consensus price target broadly unchanged at CN¥19.02. Share price was steady at CN¥18.17 over the past week. Reported Earnings • Nov 02
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: CN¥0.12 (down from CN¥0.21 in 3Q 2023). Revenue: CN¥4.41b (down 27% from 3Q 2023). Net income: CN¥329.6m (down 40% from 3Q 2023). Profit margin: 7.5% (down from 9.1% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.5%. Earnings per share (EPS) also missed analyst estimates by 46%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥15.37, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 32x in the Semiconductor industry in China. Total loss to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥6.51 per share. Announcement • Sep 30
Hangzhou First Applied Material Co., Ltd. to Report Q3, 2024 Results on Oct 31, 2024 Hangzhou First Applied Material Co., Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥16.05, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 27x in the Semiconductor industry in China. Total loss to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥6.52 per share. Price Target Changed • Aug 29
Price target decreased by 7.0% to CN¥19.31 Down from CN¥20.77, the current price target is an average from 10 analysts. New target price is 27% above last closing price of CN¥15.18. Stock is down 32% over the past year. The company is forecast to post earnings per share of CN¥0.89 for next year compared to CN¥0.71 last year. Reported Earnings • Aug 24
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: CN¥0.16 (down from CN¥0.20 in 2Q 2023). Revenue: CN¥5.44b (down 4.6% from 2Q 2023). Net income: CN¥406.9m (down 22% from 2Q 2023). Profit margin: 7.5% (down from 9.1% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 41%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 37% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥15.52, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 30x in the Semiconductor industry in China. Total loss to shareholders of 66% over the past three years. Announcement • Jun 28
Hangzhou First Applied Material Co., Ltd. to Report First Half, 2024 Results on Aug 24, 2024 Hangzhou First Applied Material Co., Ltd. announced that they will report first half, 2024 results on Aug 24, 2024 Announcement • Apr 12
Hangzhou First Applied Material Co., Ltd., Annual General Meeting, May 09, 2024 Hangzhou First Applied Material Co., Ltd., Annual General Meeting, May 09, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Hangzhou, Zhejiang China Reported Earnings • Apr 12
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.99 (up from CN¥0.85 in FY 2022). Revenue: CN¥22.6b (up 20% from FY 2022). Net income: CN¥1.85b (up 17% from FY 2022). Profit margin: 8.2% (down from 8.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 9% per year. Announcement • Mar 29
Hangzhou First Applied Material Co., Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Hangzhou First Applied Material Co., Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥21.93, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 27x in the Semiconductor industry in China. Total loss to shareholders of 51% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥16.91 per share. Price Target Changed • Jan 11
Price target decreased by 8.3% to CN¥29.80 Down from CN¥32.50, the current price target is an average from 10 analysts. New target price is 21% above last closing price of CN¥24.64. Stock is down 52% over the past year. The company is forecast to post earnings per share of CN¥1.12 for next year compared to CN¥0.85 last year. Announcement • Dec 30
Hangzhou First Applied Material Co., Ltd. to Report Fiscal Year 2023 Results on Apr 12, 2024 Hangzhou First Applied Material Co., Ltd. announced that they will report fiscal year 2023 results on Apr 12, 2024 Price Target Changed • Nov 03
Price target decreased by 12% to CN¥33.96 Down from CN¥38.50, the current price target is an average from 10 analysts. New target price is 35% above last closing price of CN¥25.12. Stock is down 51% over the past year. The company is forecast to post earnings per share of CN¥1.10 for next year compared to CN¥0.85 last year. Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: CN¥0.30 (vs CN¥0.26 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.30 (up from CN¥0.26 in 3Q 2022). Revenue: CN¥6.03b (up 33% from 3Q 2022). Net income: CN¥546.3m (up 15% from 3Q 2022). Profit margin: 9.1% (down from 11% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 8% per year. Price Target Changed • Oct 18
Price target decreased by 8.8% to CN¥38.50 Down from CN¥42.23, the current price target is an average from 10 analysts. New target price is 50% above last closing price of CN¥25.72. Stock is down 39% over the past year. The company is forecast to post earnings per share of CN¥1.44 for next year compared to CN¥0.85 last year. Reported Earnings • Aug 25
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: CN¥0.28 (down from CN¥0.38 in 2Q 2022). Revenue: CN¥5.70b (up 11% from 2Q 2022). Net income: CN¥520.3m (down 28% from 2Q 2022). Profit margin: 9.1% (down from 14% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 46%. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Aug 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (26% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Profit margins are more than 30% lower than last year (8.1% net profit margin). Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥33.35, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 40x in the Semiconductor industry in China. Total returns to shareholders of 78% over the past three years. Announcement • Jun 01
Hangzhou First Applied Material Co., Ltd. (SHSE:603806) announces an Equity Buyback for CNY 150 million worth of its shares. Hangzhou First Applied Material Co., Ltd. (SHSE:603806) announces a share repurchase program. Under the program, the company will repurchase up to CNY 150 million worth of its shares. The program will be valid for a period of 12 months. Price Target Changed • Apr 28
Price target decreased by 17% to CN¥64.67 Down from CN¥78.18, the current price target is an average from 10 analysts. New target price is 32% above last closing price of CN¥49.13. Stock is down 26% over the past year. The company is forecast to post earnings per share of CN¥1.96 for next year compared to CN¥1.19 last year. Price Target Changed • Apr 24
Price target decreased by 12% to CN¥68.92 Down from CN¥78.18, the current price target is an average from 9 analysts. New target price is 43% above last closing price of CN¥48.19. Stock is down 19% over the past year. The company is forecast to post earnings per share of CN¥1.84 for next year compared to CN¥1.19 last year. Reported Earnings • Apr 23
Full year 2022 earnings released: EPS: CN¥1.19 (vs CN¥1.68 in FY 2021) Full year 2022 results: EPS: CN¥1.19 (down from CN¥1.68 in FY 2021). Revenue: CN¥18.9b (up 47% from FY 2021). Net income: CN¥1.58b (down 28% from FY 2021). Profit margin: 8.4% (down from 17% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥66.44, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 33x in the Semiconductor industry in China. Total returns to shareholders of 220% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥45.13 per share. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Meijuan Liu was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Nov 12
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from CN¥19.4b to CN¥19.2b. EPS estimate rose from CN¥1.71 to CN¥1.93. Net income forecast to grow 27% next year vs 55% growth forecast for Semiconductor industry in China. Consensus price target broadly unchanged at CN¥78.28. Share price fell 8.2% to CN¥65.25 over the past week. Major Estimate Revision • Nov 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from CN¥1.99 to CN¥1.71 per share. Revenue forecast steady at CN¥19.4b. Net income forecast to grow 25% next year vs 52% growth forecast for Semiconductor industry in China. Consensus price target broadly unchanged at CN¥77.02. Share price rose 4.6% to CN¥66.93 over the past week. Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: CN¥0.36 (vs CN¥0.33 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.36 (up from CN¥0.33 in 3Q 2021). Revenue: CN¥4.53b (up 41% from 3Q 2021). Net income: CN¥476.4m (up 10% from 3Q 2021). Profit margin: 11% (down from 14% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 18
Price target decreased to CN¥81.84 Down from CN¥90.07, the current price target is an average from 9 analysts. New target price is 40% above last closing price of CN¥58.52. Stock is down 42% over the past year. The company is forecast to post earnings per share of CN¥1.98 for next year compared to CN¥1.68 last year. Reported Earnings • Aug 31
Second quarter 2022 earnings released: EPS: CN¥0.53 (vs CN¥0.32 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.53 (up from CN¥0.32 in 2Q 2021). Revenue: CN¥5.13b (up 77% from 2Q 2021). Net income: CN¥718.0m (up 76% from 2Q 2021). Profit margin: 14% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 45%, compared to a 47% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥76.08, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 43x in the Semiconductor industry in China. Total returns to shareholders of 344% over the past three years. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥65.15, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 40x in the Semiconductor industry in China. Total returns to shareholders of 321% over the past three years. Price Target Changed • Jun 02
Price target decreased to CN¥83.82 Down from CN¥90.81, the current price target is an average from 10 analysts. New target price is 7.8% above last closing price of CN¥77.75. Stock is up 55% over the past year. The company is forecast to post earnings per share of CN¥1.92 for next year compared to CN¥1.68 last year. Valuation Update With 7 Day Price Move • May 24
Investor sentiment deteriorated over the past week After last week's 26% share price decline to CN¥78.36, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 35x in the Semiconductor industry in China. Total returns to shareholders of 288% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥94.42 per share. Price Target Changed • May 04
Price target decreased to CN¥132 Down from CN¥144, the current price target is an average from 9 analysts. New target price is 42% above last closing price of CN¥92.74. Stock is up 22% over the past year. The company is forecast to post earnings per share of CN¥2.65 for next year compared to CN¥2.35 last year. Reported Earnings • May 02
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: CN¥0.36 (down from CN¥0.53 in 1Q 2021). Revenue: CN¥3.88b (up 38% from 1Q 2021). Net income: CN¥339.1m (down 32% from 1Q 2021). Profit margin: 8.7% (down from 18% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Over the next year, revenue is forecast to grow 44%, compared to a 44% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 66% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 01
Price target decreased to CN¥138 Down from CN¥150, the current price target is an average from 9 analysts. New target price is 48% above last closing price of CN¥92.74. Stock is up 22% over the past year. The company is forecast to post earnings per share of CN¥2.65 for next year compared to CN¥2.35 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 19
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: CN¥2.35 (up from CN¥1.74 in FY 2020). Revenue: CN¥12.9b (up 53% from FY 2020). Net income: CN¥2.20b (up 40% from FY 2020). Profit margin: 17% (down from 19% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) exceeded analyst estimates by 16%. Over the next year, revenue is forecast to grow 35%, compared to a 54% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 82% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥131, the stock trades at a forward P/E ratio of 52x. Average forward P/E is 47x in the Semiconductor industry in China. Total returns to shareholders of 752% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥54.76 per share. Price Target Changed • Dec 19
Price target increased to CN¥153 Up from CN¥139, the current price target is an average from 9 analysts. New target price is 20% above last closing price of CN¥127. Stock is up 89% over the past year. The company is forecast to post earnings per share of CN¥2.10 for next year compared to CN¥1.74 last year. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS CN¥0.46 (vs CN¥0.44 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: CN¥3.21b (up 54% from 3Q 2020). Net income: CN¥432.7m (up 4.2% from 3Q 2020). Profit margin: 14% (down from 20% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 114% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Sep 01
Price target increased to CN¥126 Up from CN¥116, the current price target is an average from 9 analysts. New target price is 14% below last closing price of CN¥147. Stock is up 150% over the past year. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 20% share price gain to CN¥151, the stock trades at a forward P/E ratio of 67x. Average forward P/E is 57x in the Semiconductor industry in China. Total returns to shareholders of 1,015% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥60.60 per share. Reported Earnings • Aug 22
Second quarter 2021 earnings released: EPS CN¥0.45 (vs CN¥0.35 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: CN¥2.90b (up 55% from 2Q 2020). Net income: CN¥408.6m (up 36% from 2Q 2020). Profit margin: 14% (down from 16% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 110% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improved over the past week After last week's 21% share price gain to CN¥141, the stock trades at a forward P/E ratio of 66x. Average forward P/E is 58x in the Semiconductor industry in China. Total returns to shareholders of 923% over the past three years. Price Target Changed • Jul 24
Price target increased to CN¥97.47 Up from CN¥85.47, the current price target is an average from 9 analysts. New target price is 24% below last closing price of CN¥128. Stock is up 154% over the past year. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥128, the stock trades at a forward P/E ratio of 60x. Average forward P/E is 66x in the Semiconductor industry in China. Total returns to shareholders of 914% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥54.57 per share. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥116, the stock trades at a forward P/E ratio of 54x. Average forward P/E is 66x in the Semiconductor industry in China. Total returns to shareholders of 785% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥54.77 per share. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥84.35, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 55x in the Semiconductor industry in China. Total returns to shareholders of 546% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥52.17 per share. Price Target Changed • May 24
Price target increased to CN¥89.17 Up from CN¥82.20, the current price target is an average from 8 analysts. New target price is 15% above last closing price of CN¥77.21. Stock is up 154% over the past year. Reported Earnings • Apr 20
First quarter 2021 earnings released: EPS CN¥0.64 (vs CN¥0.21 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥2.81b (up 87% from 1Q 2020). Net income: CN¥495.0m (up 220% from 1Q 2020). Profit margin: 18% (up from 10% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥90.66, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 53x in the Semiconductor industry in China. Total returns to shareholders of 369% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥48.71 per share.