Major Estimate Revision • Apr 22
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from CN¥7.27 to CN¥6.31. Revenue forecast unchanged from CN¥3.18b at last update. Net income forecast to grow 38% next year vs 58% growth forecast for Semiconductor industry in China. Consensus price target of CN¥306 unchanged from last update. Share price was steady at CN¥249 over the past week. Reported Earnings • Apr 17
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥4.66 (up from CN¥3.18 in FY 2024). Revenue: CN¥2.50b (up 37% from FY 2024). Net income: CN¥783.6m (up 47% from FY 2024). Profit margin: 31% (up from 29% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 4.1%. Revenue is forecast to grow 26% p.a. on average during the next 2 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 30% per year whereas the company’s share price has increased by 27% per year. Annuncio • Apr 16
Anji Microelectronics Technology (Shanghai) Co., Ltd., Annual General Meeting, May 15, 2026 Anji Microelectronics Technology (Shanghai) Co., Ltd., Annual General Meeting, May 15, 2026, at 14:30 China Standard Time. Location: 1F, T6-5, No. 5001, Huadong Road, Pudong New Area, Shanghai China Annuncio • Mar 30
Anji Microelectronics Technology (Shanghai) Co., Ltd. to Report Q1, 2026 Results on Apr 29, 2026 Anji Microelectronics Technology (Shanghai) Co., Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥258, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 46x in the Semiconductor industry in China. Total returns to shareholders of 159% over the past three years. Major Estimate Revision • Mar 12
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from CN¥3.35b to CN¥3.59b. EPS estimate increased from CN¥6.51 to CN¥7.27 per share. Net income forecast to grow 55% next year vs 64% growth forecast for Semiconductor industry in China. Consensus price target broadly unchanged at CN¥302. Share price fell 2.1% to CN¥244 over the past week. Reported Earnings • Mar 05
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥4.69 (up from CN¥3.19 in FY 2024). Revenue: CN¥2.50b (up 37% from FY 2024). Net income: CN¥789.2m (up 48% from FY 2024). Profit margin: 32% (up from 29% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 2.9%. Revenue is forecast to grow 26% p.a. on average during the next 2 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 30% per year whereas the company’s share price has increased by 35% per year. Price Target Changed • Jan 30
Price target increased by 21% to CN¥301 Up from CN¥248, the current price target is an average from 3 analysts. New target price is 12% above last closing price of CN¥270. Stock is up 141% over the past year. The company is forecast to post earnings per share of CN¥4.83 for next year compared to CN¥3.18 last year. Price Target Changed • Jan 07
Price target increased by 8.0% to CN¥238 Up from CN¥220, the current price target is an average from 4 analysts. New target price is 15% below last closing price of CN¥278. Stock is up 173% over the past year. The company is forecast to post earnings per share of CN¥4.83 for next year compared to CN¥3.18 last year. Annuncio • Dec 26
Anji Microelectronics Technology (Shanghai) Co., Ltd. to Report Fiscal Year 2025 Results on Apr 16, 2026 Anji Microelectronics Technology (Shanghai) Co., Ltd. announced that they will report fiscal year 2025 results on Apr 16, 2026 Price Target Changed • Nov 07
Price target increased by 7.6% to CN¥178 Up from CN¥165, the current price target is an average from 4 analysts. New target price is 10% below last closing price of CN¥198. Stock is up 59% over the past year. The company is forecast to post earnings per share of CN¥4.72 for next year compared to CN¥3.18 last year. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥192, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 42x in the Semiconductor industry in China. Total returns to shareholders of 92% over the past three years. Reported Earnings • Oct 29
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: CN¥1.38 (up from CN¥0.95 in 3Q 2024). Revenue: CN¥670.7m (up 30% from 3Q 2024). Net income: CN¥232.7m (up 47% from 3Q 2024). Profit margin: 35% (up from 31% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 29% per year. New Risk • Oct 14
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 7.2% 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. This is currently the only risk that has been identified for the company. Annuncio • Sep 30
Anji Microelectronics Technology (Shanghai) Co., Ltd. to Report Q3, 2025 Results on Oct 29, 2025 Anji Microelectronics Technology (Shanghai) Co., Ltd. announced that they will report Q3, 2025 results on Oct 29, 2025 Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥219, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 42x in the Semiconductor industry in China. Total returns to shareholders of 72% over the past three years. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥190, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 41x in the Semiconductor industry in China. Total returns to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥78.87 per share. Reported Earnings • Aug 29
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: CN¥1.23 (up from CN¥0.77 in 2Q 2024). Revenue: CN¥596.2m (up 42% from 2Q 2024). Net income: CN¥206.8m (up 60% from 2Q 2024). Profit margin: 35% (up from 31% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 8.7%. Revenue is forecast to grow 21% 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 31% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Annuncio • Jun 30
Anji Microelectronics Technology (Shanghai) Co., Ltd. to Report First Half, 2025 Results on Aug 26, 2025 Anji Microelectronics Technology (Shanghai) Co., Ltd. announced that they will report first half, 2025 results on Aug 26, 2025 Major Estimate Revision • Jun 16
Consensus EPS estimates fall by 23% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from CN¥4.37 to CN¥3.36. Revenue forecast unchanged from CN¥2.45b at last update. Net income forecast to grow 29% next year vs 57% growth forecast for Semiconductor industry in China. Consensus price target down from CN¥149 to CN¥140. Share price was steady at CN¥137 over the past week. Price Target Changed • May 05
Price target increased by 13% to CN¥189 Up from CN¥167, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of CN¥185. Stock is up 43% over the past year. The company is forecast to post earnings per share of CN¥5.32 for next year compared to CN¥4.14 last year. New Risk • May 02
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 16
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: CN¥4.14 (up from CN¥3.15 in FY 2023). Revenue: CN¥1.84b (up 48% from FY 2023). Net income: CN¥533.6m (up 33% from FY 2023). Profit margin: 29% (down from 33% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Semiconductor 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 only increased by 16% per year, which means it is significantly lagging earnings growth. Annuncio • Apr 16
Anji Microelectronics Technology (Shanghai) Co., Ltd., Annual General Meeting, May 14, 2025 Anji Microelectronics Technology (Shanghai) Co., Ltd., Annual General Meeting, May 14, 2025, at 14:00 China Standard Time. Location: 1F, T6-5, No. 5001, Huadong Road, Pudong New Area, Shanghai China Annuncio • Mar 28
Anji Microelectronics Technology (Shanghai) Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Anji Microelectronics Technology (Shanghai) Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 Price Target Changed • Mar 25
Price target increased by 8.4% to CN¥155 Up from CN¥143, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of CN¥162. Stock is up 55% over the past year. The company is forecast to post earnings per share of CN¥5.38 for next year compared to CN¥4.17 last year. Reported Earnings • Mar 02
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: CN¥4.17 (up from CN¥3.15 in FY 2023). Revenue: CN¥1.84b (up 48% from FY 2023). Net income: CN¥538.2m (up 34% from FY 2023). Profit margin: 29% (down from 33% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 21% p.a. on average during the next 2 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 36% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Annuncio • Dec 27
Anji Microelectronics Technology (Shanghai) Co., Ltd. to Report Fiscal Year 2024 Results on Apr 16, 2025 Anji Microelectronics Technology (Shanghai) Co., Ltd. announced that they will report fiscal year 2024 results on Apr 16, 2025 Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥163, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 35x in the Semiconductor industry in China. Total returns to shareholders of 41% over the past three years. Reported Earnings • Oct 30
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: CN¥1.23 (up from CN¥0.62 in 3Q 2023). Revenue: CN¥515.0m (up 59% from 3Q 2023). Net income: CN¥158.6m (up 97% from 3Q 2023). Profit margin: 31% (up from 25% in 3Q 2023). Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) also surpassed analyst estimates by 34%. Revenue is forecast to grow 21% 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 increased by 39% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. New Risk • Sep 30
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 7.9% 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 (24% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.9% average weekly change). Annuncio • Sep 30
Anji Microelectronics Technology (Shanghai) Co., Ltd. to Report Q3, 2024 Results on Oct 30, 2024 Anji Microelectronics Technology (Shanghai) Co., Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to CN¥140, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 29x in the Semiconductor industry in China. Total returns to shareholders of 41% over the past three years. Reported Earnings • Aug 26
Second quarter 2024 earnings released: EPS: CN¥1.01 (vs CN¥1.24 in 2Q 2023) Second quarter 2024 results: EPS: CN¥1.01 (down from CN¥1.24 in 2Q 2023). Revenue: CN¥418.8m (up 37% from 2Q 2023). Net income: CN¥128.9m (down 19% from 2Q 2023). Profit margin: 31% (down from 52% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% 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 increased by 38% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Jul 23
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 7.4% 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 (27% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.4% average weekly change). Price Target Changed • Jul 16
Price target increased by 8.6% to CN¥140 Up from CN¥129, the current price target is an average from 5 analysts. New target price is 15% above last closing price of CN¥121. Stock is up 2.7% over the past year. The company is forecast to post earnings per share of CN¥3.65 for next year compared to CN¥3.15 last year. Major Estimate Revision • Jul 12
Consensus EPS estimates increase by 16% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from CN¥3.02 to CN¥3.51. Revenue forecast steady at CN¥1.67b. Net income forecast to grow 14% next year vs 55% growth forecast for Semiconductor industry in China. Consensus price target up from CN¥129 to CN¥136. Share price fell 4.9% to CN¥116 over the past week. Annuncio • Jun 29
Anji Microelectronics Technology (Shanghai) Co., Ltd. to Report First Half, 2024 Results on Aug 26, 2024 Anji Microelectronics Technology (Shanghai) Co., Ltd. announced that they will report first half, 2024 results on Aug 26, 2024 Major Estimate Revision • Jun 13
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from CN¥3.40 to CN¥3.02. Revenue forecast unchanged from CN¥1.66b at last update. Net income forecast to grow 10% next year vs 57% growth forecast for Semiconductor industry in China. Consensus price target down from CN¥135 to CN¥129. Share price rose 4.2% to CN¥133 over the past week. New Risk • Jun 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 30% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (27% accrual ratio). Minor Risk Shareholders have been diluted in the past year (30% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to CN¥132, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 30x in the Semiconductor industry in China. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥164, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 29x in the Semiconductor industry in China. Total returns to shareholders of 60% over the past three years. Reported Earnings • Apr 18
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: CN¥4.09 (up from CN¥3.11 in FY 2022). Revenue: CN¥1.24b (up 15% from FY 2022). Net income: CN¥402.7m (up 34% from FY 2022). Profit margin: 33% (up from 28% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.6%. Revenue is forecast to grow 21% 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 increased by 43% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Annuncio • Apr 16
Anji Microelectronics Technology (Shanghai) Co., Ltd., Annual General Meeting, May 09, 2024 Anji Microelectronics Technology (Shanghai) Co., Ltd., Annual General Meeting, May 09, 2024, at 14:00 China Standard Time. Location: 1F, T6-5, No. 5001, Huadong Road, Pudong New Zone, Shanghai China Annuncio • Mar 29
Anji Microelectronics Technology (Shanghai) Co., Ltd. to Report Q1, 2024 Results on Apr 27, 2024 Anji Microelectronics Technology (Shanghai) Co., Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024 Reported Earnings • Feb 27
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: CN¥3.99 (up from CN¥3.11 in FY 2022). Revenue: CN¥1.24b (up 15% from FY 2022). Net income: CN¥386.8m (up 28% from FY 2022). Profit margin: 31% (up from 28% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.6%. Revenue is forecast to grow 25% p.a. on average during the next 2 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 42% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥142, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 24x in the Semiconductor industry in China. Total loss to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥97.13 per share. Annuncio • Dec 29
Anji Microelectronics Technology (Shanghai) Co., Ltd. to Report Fiscal Year 2023 Results on Apr 16, 2024 Anji Microelectronics Technology (Shanghai) Co., Ltd. announced that they will report fiscal year 2023 results on Apr 16, 2024 Reported Earnings • Nov 02
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: CN¥0.81. Revenue: CN¥323.3m (up 11% from 3Q 2022). Net income: CN¥80.4m (flat on 3Q 2022). Profit margin: 25% (down from 27% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Semiconductor industry in China. New Risk • Oct 12
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 6.7% 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 (30% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Annuncio • Sep 09
Anji Microelectronics Technology (Shanghai) Co., Ltd. (SHSE:688019) announces an Equity Buyback for CNY 20 million worth of its shares. Anji Microelectronics Technology (Shanghai) Co., Ltd. (SHSE:688019) announces a share repurchase program. Under the program, the company will repurchase up to CNY 20 million worth of its shares. The shares will be repurchased at a price not more than CNY 180 per share. The source of funds for repurchases is company's self-raised funds. The repurchased shares will be used for employee stock ownership and/or equity incentive plan. The program will be valid for 12 months. Price Target Changed • Sep 07
Price target decreased by 10% to CN¥173 Down from CN¥193, the current price target is an average from 5 analysts. New target price is 9.8% above last closing price of CN¥158. Stock is down 25% over the past year. The company is forecast to post earnings per share of CN¥4.16 for next year compared to CN¥3.53 last year. Reported Earnings • Aug 31
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: CN¥2.76 (up from CN¥1.68 in 2Q 2022). Revenue: CN¥305.6m (up 13% from 2Q 2022). Net income: CN¥158.8m (up 82% from 2Q 2022). Profit margin: 52% (up from 32% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is forecast to grow 24% 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 48% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jun 15
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from CN¥4.25 to CN¥3.70 per share. Revenue forecast steady at CN¥1.40b. Net income forecast to grow 26% next year vs 65% growth forecast for Semiconductor industry in China. Consensus price target broadly unchanged at CN¥185. Share price was steady at CN¥181 over the past week. Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥228, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 35x in the Semiconductor industry in China. Total returns to shareholders of 14% over the past three years. Price Target Changed • Apr 29
Price target increased by 8.0% to CN¥242 Up from CN¥224, the current price target is an average from 5 analysts. New target price is 10% below last closing price of CN¥270. Stock is up 52% over the past year. The company is forecast to post earnings per share of CN¥4.78 for next year compared to CN¥4.59 last year. Reported Earnings • Apr 12
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: CN¥4.02 (up from CN¥1.68 in FY 2021). Revenue: CN¥1.08b (up 57% from FY 2021). Net income: CN¥299.8m (up 140% from FY 2021). Profit margin: 28% (up from 18% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) exceeded analyst estimates by 20%. Revenue is forecast to grow 28% p.a. on average during the next 2 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 37% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥243, the stock trades at a forward P/E ratio of 59x. Average forward P/E is 45x in the Semiconductor industry in China. Total returns to shareholders of 145% over the past three years. Price Target Changed • Nov 26
Price target increased to CN¥241 Up from CN¥213, the current price target is an average from 5 analysts. New target price is 26% above last closing price of CN¥192. Stock is down 10% over the past year. The company is forecast to post earnings per share of CN¥3.33 for next year compared to CN¥1.68 last year. 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 not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Tianxi Zhang was the last independent director to join the board, commencing their role in 2017. 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 • Oct 31
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: CN¥1.07 (up from CN¥0.34 in 3Q 2021). Revenue: CN¥290.4m (up 55% from 3Q 2021). Net income: CN¥79.7m (up 221% from 3Q 2021). Profit margin: 27% (up from 13% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is forecast to grow 27% 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 34% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 15
Price target decreased to CN¥207 Down from CN¥236, the current price target is an average from 4 analysts. New target price is 10% above last closing price of CN¥188. Stock is up 15% over the past year. The company is forecast to post earnings per share of CN¥3.56 for next year compared to CN¥1.68 last year. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment deteriorated over the past week After last week's 31% share price decline to CN¥180, the stock trades at a forward P/E ratio of 45x. Average forward P/E is 28x in the Semiconductor industry in China. Total returns to shareholders of 98% over the past three years. Major Estimate Revision • Sep 06
Consensus EPS estimates increase by 23% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from CN¥1.04b to CN¥1.12b. EPS estimate increased from CN¥2.89 to CN¥3.56 per share. Net income forecast to grow 64% next year vs 52% growth forecast for Semiconductor industry in China. Consensus price target up from CN¥226 to CN¥257. Share price was steady at CN¥257 over the past week. Price Target Changed • Sep 02
Price target increased to CN¥257 Up from CN¥226, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of CN¥262. Stock is up 43% over the past year. The company is forecast to post earnings per share of CN¥3.13 for next year compared to CN¥1.68 last year. Price Target Changed • Aug 17
Price target increased to CN¥226 Up from CN¥209, the current price target is an average from 5 analysts. New target price is 15% below last closing price of CN¥266. Stock is up 31% over the past year. The company is forecast to post earnings per share of CN¥2.89 for next year compared to CN¥1.68 last year. Price Target Changed • May 25
Price target decreased to CN¥174 Down from CN¥209, the current price target is an average from 4 analysts. New target price is 17% below last closing price of CN¥210. Stock is up 31% over the past year. The company is forecast to post earnings per share of CN¥3.05 for next year compared to CN¥2.35 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¥208, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 35x in the Semiconductor industry in China. Total loss to shareholders of 4.4% over the past year. Reported Earnings • Apr 30
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: CN¥0.74 (up from CN¥0.04 in 1Q 2021). Revenue: CN¥233.1m (up 95% from 1Q 2021). Net income: CN¥39.6m (up CN¥37.5m from 1Q 2021). Profit margin: 17% (up from 1.7% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.2%. Earnings per share (EPS) missed analyst estimates by 1.3%. Over the next year, revenue is forecast to grow 48%, compared to a 44% growth forecast for the industry in China. 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. 12 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Tianxi Zhang was the last independent director to join the board, commencing their role in 2017. 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 • Apr 16
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: CN¥2.35 (down from CN¥2.90 in FY 2020). Revenue: CN¥686.7m (up 63% from FY 2020). Net income: CN¥125.1m (down 19% from FY 2020). Profit margin: 18% (down from 37% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 28%. Over the next year, revenue is forecast to grow 53%, compared to a 46% growth forecast for the industry in China. Price Target Changed • Apr 03
Price target decreased to CN¥298 Down from CN¥326, the current price target is an average from 5 analysts. New target price is 6.5% above last closing price of CN¥279. Stock is up 26% over the past year. The company is forecast to post earnings per share of CN¥4.35 for next year compared to CN¥2.36 last year. Reported Earnings • Feb 27
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: CN¥2.36 (down from CN¥2.90 in FY 2020). Revenue: CN¥686.5m (up 63% from FY 2020). Net income: CN¥125.6m (down 19% from FY 2020). Profit margin: 18% (down from 37% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 28%. Over the next year, revenue is forecast to grow 46%, compared to a 56% growth forecast for the industry in China. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS CN¥0.47 (vs CN¥1.20 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CN¥187.5m (up 60% from 3Q 2020). Net income: CN¥24.9m (down 61% from 3Q 2020). Profit margin: 13% (down from 55% in 3Q 2020). Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS CN¥1.28 (vs CN¥0.50 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥163.7m (up 72% from 2Q 2020). Net income: CN¥70.1m (up 167% from 2Q 2020). Profit margin: 43% (up from 28% in 2Q 2020). Price Target Changed • Jul 29
Price target decreased to CN¥336 Down from CN¥452, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of CN¥340. Stock is down 13% over the past year. Major Estimate Revision • Jul 07
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from CN¥2.56 to CN¥2.27. Revenue forecast unchanged from CN¥622.4m at last update. Net income forecast to grow 4.2% next year vs 49% growth forecast for Semiconductor industry in China. Consensus price target down from CN¥373 to CN¥355. Share price fell 8.6% to CN¥284 over the past week. Price Target Changed • May 24
Price target decreased to CN¥364 Down from CN¥446, the current price target is an average from 4 analysts. New target price is 75% above last closing price of CN¥208. Stock is down 29% over the past year. Major Estimate Revision • May 05
Consensus EPS estimates fall to CN¥2.33 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from CN¥648.8m to CN¥622.4m. EPS estimate also fell from CN¥3.35 to CN¥2.33. Net income forecast to grow 7.0% next year vs 50% growth forecast for Semiconductor industry in China. Consensus price target down from CN¥446 to CN¥419. Share price fell 19% to CN¥187 over the past week. Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorated over the past week After last week's 19% share price decline to CN¥187, the stock trades at a forward P/E ratio of 70x. Average forward P/E is 52x in the Semiconductor industry in China. Total loss to shareholders of 31% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CN¥274 per share.