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6883

China Resources Microelectronics SHSE:688396 Stock Report

Last Price

CN¥50.28

Market Cap

CN¥66.4b

7D

6.8%

1Y

-16.1%

Updated

14 May, 2022

Data

Company Financials +
688396 fundamental analysis
Snowflake Score
Valuation3/6
Future Growth3/6
Past Performance5/6
Financial Health6/6
Dividends2/6

688396 Stock Overview

China Resources Microelectronics Limited, an investment holding company, engages in the open foundry, integrated circuits (IC) design, IC testing and packaging, and discrete device businesses.

Rewards

PE ratio (26.7x) is below the CN market (30.4x)

Earnings are forecast to grow 15.68% per year

Earnings grew by 99% over the past year

Risk Analysis

No risks detected for 688396 from our risk checks.

China Resources Microelectronics Competitors

Price History & Performance

Summary of all time highs, changes and price drops for China Resources Microelectronics
Historical stock prices
Current Share PriceCN¥50.28
52 Week HighCN¥104.47
52 Week LowCN¥43.60
Beta1.48
1 Month Change4.32%
3 Month Change-10.95%
1 Year Change-16.09%
3 Year Changen/a
5 Year Changen/a
Change since IPO19.69%

Recent News & Updates

Shareholder Returns

688396CN SemiconductorCN Market
7D6.8%7.3%3.6%
1Y-16.1%9.8%-14.6%

Return vs Industry: 688396 underperformed the CN Semiconductor industry which returned 9.8% over the past year.

Return vs Market: 688396 underperformed the CN Market which returned -14.6% over the past year.

Price Volatility

Is 688396's price volatile compared to industry and market?
688396 volatility
688396 Average Weekly Movement6.2%
Semiconductor Industry Average Movement7.9%
Market Average Movement7.3%
10% most volatile stocks in CN Market10.3%
10% least volatile stocks in CN Market5.3%

Stable Share Price: 688396 is not significantly more volatile than the rest of CN stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: 688396's weekly volatility (6%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19978,989Hong Lihttps://www.crmicro.com

China Resources Microelectronics Limited, an investment holding company, engages in the open foundry, integrated circuits (IC) design, IC testing and packaging, and discrete device businesses. The company provides IC manufacturing services for fables design houses and integrated device manufacturers. It also offers analog and power process technologies, including mixed signal, complementary metal-oxide-semiconductor (CMOS) logic, planar and trench double diffused metal oxide semiconductor (DMOS), an integration of bipolar and CMOS technology (BiCMOS), and DMOS devices (BCDMOS).

China Resources Microelectronics Fundamentals Summary

How do China Resources Microelectronics's earnings and revenue compare to its market cap?
688396 fundamental statistics
Market CapCN¥66.37b
Earnings (TTM)CN¥2.49b
Revenue (TTM)CN¥9.72b

26.7x

P/E Ratio

6.8x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
688396 income statement (TTM)
RevenueCN¥9.72b
Cost of RevenueCN¥6.15b
Gross ProfitCN¥3.57b
Other ExpensesCN¥1.08b
EarningsCN¥2.49b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)1.88
Gross Margin36.73%
Net Profit Margin25.59%
Debt/Equity Ratio5.4%

How did 688396 perform over the long term?

See historical performance and comparison

Dividends

0.3%

Current Dividend Yield

9%

Payout Ratio

Valuation

Is China Resources Microelectronics undervalued compared to its fair value and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • PE vs Industry

  • PE vs Market

  • PEG Ratio

  • PB vs Industry


26.68x

Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: 688396 (CN¥50.28) is trading above our estimate of fair value (CN¥5.35)

Significantly Below Fair Value: 688396 is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: 688396 is good value based on its PE Ratio (26.7x) compared to the CN Semiconductor industry average (44.8x).

PE vs Market: 688396 is good value based on its PE Ratio (26.7x) compared to the CN market (30.4x).


Price to Earnings Growth Ratio

PEG Ratio: 688396 is poor value based on its PEG Ratio (1.7x)


Price to Book Ratio

PB vs Industry: 688396 is good value based on its PB Ratio (3.7x) compared to the CN Semiconductor industry average (4.3x).


Future Growth

How is China Resources Microelectronics forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


15.7%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 688396's forecast earnings growth (15.7% per year) is above the savings rate (3.3%).

Earnings vs Market: 688396's earnings (15.7% per year) are forecast to grow slower than the CN market (23.7% per year).

High Growth Earnings: 688396's earnings are forecast to grow, but not significantly.

Revenue vs Market: 688396's revenue (20.2% per year) is forecast to grow faster than the CN market (17.2% per year).

High Growth Revenue: 688396's revenue (20.2% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 688396's Return on Equity is forecast to be low in 3 years time (13.1%).


Past Performance

How has China Resources Microelectronics performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


51.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 688396 has high quality earnings.

Growing Profit Margin: 688396's current net profit margins (25.6%) are higher than last year (16.4%).


Past Earnings Growth Analysis

Earnings Trend: 688396 has become profitable over the past 5 years, growing earnings by 51.2% per year.

Accelerating Growth: 688396's earnings growth over the past year (99%) exceeds its 5-year average (51.2% per year).

Earnings vs Industry: 688396 earnings growth over the past year (99%) exceeded the Semiconductor industry 66.5%.


Return on Equity

High ROE: 688396's Return on Equity (13.6%) is considered low.


Financial Health

How is China Resources Microelectronics's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: 688396's short term assets (CN¥15.6B) exceed its short term liabilities (CN¥4.0B).

Long Term Liabilities: 688396's short term assets (CN¥15.6B) exceed its long term liabilities (CN¥1.2B).


Debt to Equity History and Analysis

Debt Level: 688396 has more cash than its total debt.

Reducing Debt: 688396's debt to equity ratio has reduced from 6.4% to 5.4% over the past 5 years.

Debt Coverage: 688396's debt is well covered by operating cash flow (384%).

Interest Coverage: 688396 earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet


Dividend

What is China Resources Microelectronics's current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


0.34%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 688396's dividend (0.34%) isn’t notable compared to the bottom 25% of dividend payers in the CN market (0.54%).

High Dividend: 688396's dividend (0.34%) is low compared to the top 25% of dividend payers in the CN market (2.13%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, 688396 has been paying a dividend for less than 10 years.

Growing Dividend: 688396's dividend payments have increased, but the company has only paid a dividend for 2 years.


Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (9.1%), 688396's dividend payments are thoroughly covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (9.8%), 688396's dividend payments are thoroughly covered by cash flows.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

0.7yrs

Average management tenure


CEO

Hong Li

0.083

Tenure

Mr. Hong Li is President & Director of China Resources Microelectronics Limited from April 2022. He was COO & Director of China Resources Microelectronics Limited until April 2022. He is General Manager of...


Leadership Team

Experienced Management: 688396's management team is not considered experienced ( 0.7 years average tenure), which suggests a new team.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

China Resources Microelectronics Limited's employee growth, exchange listings and data sources


Key Information

  • Name: China Resources Microelectronics Limited
  • Ticker: 688396
  • Exchange: SHSE
  • Founded: 1997
  • Industry: Semiconductors
  • Sector: Semiconductors
  • Implied Market Cap: CN¥66.374b
  • Shares outstanding: 1.32b
  • Website: https://www.crmicro.com

Number of Employees


Location

  • China Resources Microelectronics Limited
  • No 14 Liangxi Road
  • Wuxi
  • Jiangsu Province
  • 214061
  • China

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/05/14 00:00
End of Day Share Price2022/05/13 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.