Shanghai Fullhan Microelectronics (SZSE:300613) - Share price, News & Analysis

Q: What is the Fair Price of 300613 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

300613 (CN¥83.57) is trading above our estimate of [[fair value]] (CN¥27.42)

300613 fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	6/6
Past Performance	5/6
Financial Health	5/6
Dividends	0/6

300613 Stock Overview

Shanghai Fullhan Microelectronics Co., Ltd.

Rewards

Price-To-Earnings ratio (44.4x) is below the Semiconductor industry average (55.2x)

Earnings are forecast to grow 25.03% per year

Earnings grew by 368.2% over the past year

Risk Analysis

Highly volatile share price over the past 3 months

High level of non-cash earnings

Shanghai Fullhan Microelectronics Competitors

Beijing Jingyuntong Technology

SHSE:601908

CN¥18.4b

Smartsens Technology (Shanghai)

SHSE:688213

CN¥22.7b

Hunan Goke MicroelectronicsLtd

SZSE:300672

CN¥14.3b

China Wafer Level CSP

SHSE:603005

CN¥16.3b

Price History & Performance

Summary of all time highs, changes and price drops for Shanghai Fullhan Microelectronics
Historical stock prices
Current Share Price	CN¥83.57
52 Week High	CN¥128.18
52 Week Low	CN¥45.62
Beta	0.49
1 Month Change	42.13%
3 Month Change	40.02%
1 Year Change	6.28%
3 Year Change	371.42%
5 Year Change	144.49%
Change since IPO	434.91%

Shareholder Returns

	300613	CN Semiconductor	CN Market
7D	17.2%	4.3%	2.9%
1Y	6.3%	-3.0%	-8.8%

Return vs Industry: 300613 exceeded the CN Semiconductor industry which returned -3% over the past year.

Return vs Market: 300613 exceeded the CN Market which returned -8.8% over the past year.

Price Volatility

Is 300613's price volatile compared to industry and market?
300613 volatility
300613 Average Weekly Movement	11.1%
Semiconductor Industry Average Movement	8.1%
Market Average Movement	7.2%
10% most volatile stocks in CN Market	10.1%
10% least volatile stocks in CN Market	5.1%

Stable Share Price: 300613 is more volatile than 90% of CN stocks over the past 3 months, typically moving +/- 11% a week.

Volatility Over Time: 300613's weekly volatility (11%) has been stable over the past year, but is still higher than 75% of CN stocks.

About the Company

Founded	Employees	CEO	Website
2004	391	Xiaoqi Yang	https://www.fullhan.com

Shanghai Fullhan Microelectronics Co., Ltd. manufactures and sells chips and solutions for video surveillance products in China. The company offers H.264 codec SoC, image signal processor IC products, and analog and IP cameras, as well as IoT and vehicle application products. The company was founded in 2004 and is headquartered in Shanghai, China.

Shanghai Fullhan Microelectronics Fundamentals Summary

How do Shanghai Fullhan Microelectronics's earnings and revenue compare to its market cap?
300613 fundamental statistics
Market Cap	CN¥19.12b
Earnings (TTM)	CN¥430.79m
Revenue (TTM)	CN¥2.02b

44.4x

P/E Ratio

9.5x

P/S Ratio

Is 300613 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
300613 income statement (TTM)
Revenue	CN¥2.02b
Cost of Revenue	CN¥1.18b
Gross Profit	CN¥842.16m
Other Expenses	CN¥411.37m
Earnings	CN¥430.79m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	1.88
Gross Margin	41.70%
Net Profit Margin	21.33%
Debt/Equity Ratio	21.9%

How did 300613 perform over the long term?

See historical performance and comparison

Dividends

0.2%

Current Dividend Yield

9%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is 300613 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 300613?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for 300613. This is calculated by dividing 300613's market cap by their current preferred multiple.
What is 300613's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	CN¥19.12b

300613 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	9.4x
Enterprise Value/EBITDA	33.6x
PEG Ratio	1.8x

Price to Earnings Ratio vs Peers

How does 300613's PE Ratio compare to its peers?

300613 PE Ratio vs Peers

The above table shows the PE ratio for 300613 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	42.1x
601908 Beijing Jingyuntong Technology	29.8x	n/a	CN¥18.4b
688213 Smartsens Technology (Shanghai)	57.1x	n/a	CN¥22.7b
300672 Hunan Goke MicroelectronicsLtd	53x	30.0%	CN¥14.3b
603005 China Wafer Level CSP	28.4x	29.1%	CN¥16.3b
300613 Shanghai Fullhan Microelectronics	44.4x	25.0%	CN¥19.1b

Forward PE

Price-To-Earnings vs Peers: 300613 is expensive based on its Price-To-Earnings Ratio (44.4x) compared to the peer average (42.1x).

Price to Earnings Ratio vs Industry

How does 300613's PE Ratio compare vs other companies in the CN Semiconductor Industry?

Price-To-Earnings vs Industry: 300613 is good value based on its Price-To-Earnings Ratio (44.4x) compared to the CN Semiconductor industry average (55.2x)

Price to Earnings Ratio vs Fair Ratio

What is 300613's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

300613 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	44.4x
Fair PE Ratio	45.3x

Price-To-Earnings vs Fair Ratio: 300613 is good value based on its Price-To-Earnings Ratio (44.4x) compared to the estimated Fair Price-To-Earnings Ratio (45.3x).

Share Price vs Fair Value

What is the Fair Price of 300613 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 300613 (CN¥83.57) is trading above our estimate of fair value (CN¥27.42)

Significantly Below Fair Value: 300613 is trading above our estimate of fair value.

Price to Earnings Growth Ratio

PEG Ratio: 300613 is poor value based on its PEG Ratio (1.8x)

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Future Growth

How is Shanghai Fullhan Microelectronics forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score

6/6

Future Growth Score 6/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

25.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 300613's forecast earnings growth (25% per year) is above the savings rate (3.3%).

Earnings vs Market: 300613's earnings (25% per year) are forecast to grow faster than the CN market (24% per year).

High Growth Earnings: 300613's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: 300613's revenue (23.5% per year) is forecast to grow faster than the CN market (17.5% per year).

High Growth Revenue: 300613's revenue (23.5% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 300613's Return on Equity is forecast to be high in 3 years time (22.1%)

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Past Performance

How has Shanghai Fullhan 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

31.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 300613 has a high level of non-cash earnings.

Growing Profit Margin: 300613's current net profit margins (21.3%) are higher than last year (13.8%).

Past Earnings Growth Analysis

Earnings Trend: 300613's earnings have grown significantly by 31.8% per year over the past 5 years.

Accelerating Growth: 300613's earnings growth over the past year (368.2%) exceeds its 5-year average (31.8% per year).

Earnings vs Industry: 300613 earnings growth over the past year (368.2%) exceeded the Semiconductor industry 68.3%.

Return on Equity

High ROE: 300613's Return on Equity (20.1%) is considered high.

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Financial Health

How is Shanghai Fullhan Microelectronics's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: 300613's short term assets (CN¥1.9B) exceed its short term liabilities (CN¥197.9M).

Long Term Liabilities: 300613's short term assets (CN¥1.9B) exceed its long term liabilities (CN¥552.4M).

Debt to Equity History and Analysis

Debt Level: 300613 has more cash than its total debt.

Reducing Debt: Insufficient data to determine if 300613's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: 300613's debt is well covered by operating cash flow (44%).

Interest Coverage: 300613 earns more interest than it pays, so coverage of interest payments is not a concern.

Balance Sheet

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Dividend

What is Shanghai Fullhan Microelectronics's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

0.19%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 300613's dividend (0.2%) isn’t notable compared to the bottom 25% of dividend payers in the CN market (0.47%).

High Dividend: 300613's dividend (0.2%) is low compared to the top 25% of dividend payers in the CN market (1.93%).

Stability and Growth of Payments

Stable Dividend: 300613 is not paying a notable dividend for the CN market, therefore no need to check if payments are stable.

Growing Dividend: 300613 is not paying a notable dividend for the CN market, therefore no need to check if payments are increasing.

Earnings Payout to Shareholders

Earnings Coverage: 300613 is not paying a notable dividend for the CN market.

Cash Payout to Shareholders

Cash Flow Coverage: 300613 is not paying a notable dividend for the CN market.

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Management

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

0.6yrs

Average board tenure

CEO

Xiaoqi Yang (58 yo)

no data

Tenure

Mr. Xiaoqi Yang serves as Chairman and General Manager at Shanghai Fullhan Microelectronics Co., Ltd. Mr. Yang serves as an Executive Director of Shanghai Langhan Co., Ltd. He is Executive Partner of Shang...

Board Members

Experienced Board: 300613's board of directors are not considered experienced ( 0.6 years average tenure), which suggests a new board.

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.

Data	Last Updated (UTC time)
Company Analysis	2022/06/28 00:00
End of Day Share Price	2022/06/28 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31